Questions and Answers
Before you pull up our loan request form here are the answers to some common queries that our users have had over the years. Taking out an installment loan online is an important decision, so we want to help you be as informed as possible.
Many people need some extra cash for emergencies or a rainy day but are unaware of the options available. If you're in a hurry to get some quick cash, researching all the different options and choices might simply be impossible. However, installment loans are quick, simple and will give you the financial flexibility that you really need.
What is it?
It is a simple personal loan that is repaid in installments over several months. There is no collateral and you can have the funds deposited in as fast as 24 hours during the working week.
Do I qualify?
To be eligible for such loans you must be at least 18 years old and a legal citizen of the US. As long as you have a stable income of at least $1,000 a month and a basic checking account, you can use our loan request form and we will attempt to match you with a lender from the network.
But what if I have bad credit?
While no reputable lender can promise no credit check, having bad credit will not automatically exclude you from applying. Lenders will also look at your income, employment status and other personal information to decide whether to approve the application. So if you have bad credit, do not be deterred. There is still a chance you will be approved.
How much can I borrow?
Lenders typically issue loans to a maximum of $5,000. The exact amount you are offered will depend on the amount you choose, the period you wish to borrow it for, and your personal details. Lenders will only offer what they feel you can afford based on your application, thus you may be offered less than you desire.
You can only take out one installment loan at a time, however there is no limit to the number of loans you can take out in the long term.
Are there fees and interest?
Like all, online installment loans require you to pay interest on top of the principal. The exact rate you will pay is determined by your application, the amount you borrow and local state law. Before you sign any agreement with the lender they will provide the full terms and conditions, which will include all of the information you need about interest and fees. Typically you won't face added fees unless you miss payments.
Is there guaranteed approval?
Any website or lender that promotes guaranteed approval are misleading. Nobody is guaranteed that they will be matched with a lender and they will approve their application. However if you meet the basic requirements, have a stable income, and a reasonable credit rating, it is likely you will be approved.
How long does it take?
Online installment loans are one of the fastest methods of borrowing available. Once you have completed our loan request form we will attempt to match you with a lender within minutes. Completing the application should then only take a few more minutes, especially if you have access to online statements that can be uploaded with no faxing. The lender will then do some backend number crunching and you will soon know if you have been approved. Once you've signed the agreement you can expect the funds in your designated bank account within 24 hours (excluding weekends).
How do I repay?
Repayments will be taken automatically from your bank account as per the schedule in your agreement. All you have to do is ensure enough funds are there.
Can I repay early?
Most lenders will have an early repayment policy. You will have to repay the loan in full when doing so, otherwise you will need to stick to the schedule. Because interest is only applied while the loan is outstanding, repaying early will save you money.
What if I miss repayment?
If you miss a repayment you may be charged extra fees. If you miss several repayments and show no intent to meet the obligation, the lender will begin collection proceedings. If you believe you will miss a repayment or are struggling to meet the obligation, it is important to contact the lender to discuss the situation.
Are my details safe?
We and the lenders in our network use all the latest encryption technology to keep your data safe. We never sell or share your information with third parties.
How do I get started?
To get started visit our loan request form and will attempt to match you with a lender from the network right away.