Frequently Asked Questions:
Regardless of which type of loan you want us to help you access, you should gain some knowledge before you doing so.
We've compiled a handy list of frequently asked questions to help you decide on the right type of loan for your needs and to fully understand the online process.
What is a payday loan?
A payday loan can be borrowed at any time during the month. These cash loans are considered to be short-term solutions to your financial problems, and normally cover the cost of emergencies or unexpected bills. You will have around two weeks to pay back the loan, and this date will usually be around the same day as your payday. If you pay it back in time there will only be one single finance charge, and there is no collateral.
What is an installment loan?
An installment loan is slightly different from a payday loan, although the way you apply is very similar. An installment loan is paid back in several payments (installments) over the course of several months, with added interest. You can also borrow a larger amount of money with an installment loan (up to $5,000). Again no collateral is required.
How old do I need to be in order to borrow money?
According to US law, you must be at least 18 years of age in order to obtain a cash loan. If you are not 18 years old yet, you are very welcome to submit your info once you reach this minimum age. If you are underage our automated system will easily detect this and we will not connect you to a lender. If you lie about your age, the lender verification process will also be able to detect this, and they will not approve you.
Do I need a bank account?
Yes, you need at least basic checking account which is in good standard. The lender deposits the funds and takes repayments through the Automatic Clearinghouse, which means once you give the lender authorization they can make these transactions automatically. If you haven't got a bank account at the moment, you should set one up and then apply for a loan from us at a later date.
I don't have a job; can I still get a cash loan?
As long as you have some form of stable income that you can prove, the lenders in out network may consider your request. This could be from employment, self-employment, disability benefits, bank interest, among other things. They usually look out for a monthly income of at least $750.
Will I be subject to a credit check?
While we cannot say there will be no credit check, as all lenders reserve the right to pull some kind of background info (even if its not from the big 3 credit rating bureaus), even if you have bad credit this doesn't automatically exclude your application. It is only one of several factors, such as your income and employment status.
Do I need to file paperwork for my loan?
There may be no faxing in some cases, however lenders will often need to verify your details with some kind of documentation. In today's online world this can be done quickly and efficiently by downloading statements from your online bank account, or scanning documents, rather than faxing, depending on what they require from you.
How long do I need to wait before getting the cash?
We understand that our users are often in desperate need for some quick cash, which is why you shouldn't expect to wait any longer than 24 hours during the working week for the lender to fund the loan. Once your information has been screened, we'll match you with a lender, taking 3 minutes maximum. They may then approve you in as fast as 5 minutes, so as long as you start the process during the day, funds will usually be there the next morning.
What happens to my personal information?
We use the latest technology to encrypt your personal information, so you don't need to worry about it getting lost or stolen. We'll use the information you submit in our simple form to connect you with one of our trusted lenders from the network. We will never pass on the information to anybody else.
Can the loan be paid back early?
Sometimes, you may want to pay your loan back early. This often happens in the case of installment loans, where the borrower has several months in order to pay back the cash. If you would like to repay your loan early, simply refer to the loan agreement and get in touch with the lender accordingly. You may even save on interest by paying early!
What if I change my mind?
If you change your mind before you've signed the loan agreement with the lender, you can simply walk away with no obligation. You can still apply for another loan at a later date if you so desire. However, if you have already signed the loan agreement but have changed your mind, you will have to contact the lender to see if they have a grace period.
How much can I borrow?
If you are requesting a payday loan, you can borrow between $100 and $1000. For installment loans, the range is from $1000 to $5000. Installment loans are usually borrowed by people who need larger sums of money over a longer period of time, while payday loans are more suitable for those who simply want a small amount of cash to get them through the next couple of weeks.
Can I borrow more than one loan at a time?
You can only borrow one loan at a time. After paying back the first loan, you can apply for another, but there must only be one loan taken out at any given time. This also means that you won't be at risk of getting trapped in the debt cycle, since you'll have time to pay back one loan before taking out another.