Frequently Asked Questions

  1. What is a short-term loan?

A short-term loan is generally understood as an unsecured loan that must be paid back anywhere from a couple of weeks to one year.

  1. Who can qualify for a personal loan?

Although loan eligibility criteria vary by lender, the minimum requirements usually include:

  • Be over 18 years old;
  • Be a legal US resident;
  • Have a job (be employed in the current position for about 90 days) or another source of regular income;
  • Provide valid contact information;
  • Have a monthly income of at least $1,000 after tax withholdings;
  • Have a valid bank account.
  1. How much can I borrow?

The loan amount you can qualify for depends on multiple factors, from your state of residence and related legal restrictions to your credit score and a particular lender’s policy.

Most online lenders in the network provide fast payday and installment loans from $100 to $5,000.

  1. How will I receive the loan money?

Once your loan application is approved and you agree with all the loan terms, the lender will deposit your funds directly into your bank account. Typically, the money is available as soon as the next day.

  1. If I have bankruptcy or bad credit, can I still get a loan?

Generally, underwriting standards vary from lender to lender. Although with a very good or excellent credit score you can access more options and lower interest rates, this does not mean you cannot get a payday or small installment loan with below-average credit.

Some lenders in the network specialize in serving bad-credit borrowers, providing them with short-term loans.

  1. How long does the process take?

It usually takes just a few minutes to complete our initial online form and then another few minutes to match your loan request with the lender ready to approve it. After that, the loan approval process takes one business day in most cases.

  1. Will I need a printer or fax machine?

Seeking loans from online lenders generally helps to avoid excessive paperwork. Most online lenders in our network ask borrowers’ permission to access the necessary data (like bank statements, income verification, etc.) online. However, you still may need to print a copy of your loan agreement.

In any case, you should contact your lender directly to know whether you need to fax, email, or print any documents in your particular case.

  1. What is the cost of a short-term consumer loan?

Roughly speaking, the total cost of borrowing is based on the principal amount and interest rate. Therefore, how much you will need to pay depends on your circumstances, the loan amount, repayment term, credit score, etc. Your lender will provide you with detailed information on their rates and fees.

And as for, our services are always free for all users, regardless of their credit, loan type, or how many loan requests they make.

  1. If I already have an outstanding cash advance loan, is it possible to get a new one?

Generally, it is possible. Many lenders allow having several outstanding personal loans. However, you should inform your new lender about an outstanding loan in advance to ensure this does not contradict their loan terms or your state’s regulations.

  1. When and how do I repay my loan?

The repayment due date must be prescribed in the loan agreement.

The payday loan term may range from two weeks to a month, and the small installment loan term can go up to a year.

If you are afraid of missing payments, you can use the ACH payment option, i.e., allow automatic direct transactions from your bank account.

  1. What happens if I’m late with a payment?

Loan charges and penalties vary from case to case, depending on the lender, the loan type, the amount of borrowing, and more.

Each borrower should carefully read the loan terms before accepting the loan, paying attention to provisions regarding default, late fees, etc. Besides, some states may limit late fees to a certain amount.

  1. How is my private information protected? ensures that our users’ information is transmitted and stored securely. We protect your personal data using up-to-date security measures and advanced 256-bit encryption.

  1. When can I get another loan?

Unless otherwise prohibited by the state’s law, a borrower can take out a new loan (or even multiple loans) at any time. Moreover, it is not uncommon for people to take a so-called debt consolidation loan to pay off their existing debt.

  1. Is an extension possible on repaying my loan, and how many extensions can I get?

Regulations regarding extensions may vary from state to state and from lender to lender. So, if you need an extension or rollover, you should foremost contact your lender so that they help you evaluate the options available in your situation.

  1. What happens if I’m not able to repay my loan?

By missing mandatory payments, you could face fees and penalties, which will increase the overall cost of the loan and destroy your credit score. Prolonged missed payments can lead to default, allowing a lender to return the outstanding costs through the court.

So, If you cannot make your payment on the due date, don’t ignore this problem! You need to inform your lender about your situation in advance, as they may have options to help you.

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