The following questions and answers represent those that we are most commonly asked in regard to short term lending and our website in general. If the answer to your question is not listed here, please visit our Contact Us page to send us your inquiry and we will respond as quickly as possible. If your question pertains to a particular loan or offer for credit, you should inquire directly with your lender.
What is a Short Term Loan?
A short term loan is essentially a financial instrument that allows consumers to access cash quickly during times of great financial need. Since these loans are available to consumers regardless of their credit scores, they will not have to deal with the hassle of a credit check in order to get funds. The process is incredibly fast and far less frustrating than attempting to obtain credit from traditional lenders. Our lenders can help you obtain as much as $1,000 depending on the lender, your state and your financial situation.
How Can I Qualify for a Short Term Loan?
It is much simpler to qualify for the payday loan than other forms of credit. In fact, we can match a great part of the users who request through us. You need to be 18 years old or older, legally employed and living in the United States, have a bank account in your name, have a valid email address, have a working telephone number and meet the minimum income requirements as set forth by your lender. Some lenders may offer funds if you do not have an employer as long as you are still receiving regular income through SSI or other methods. You should check each lender’s terms carefully as we cannot provide you with any guarantees.
When is a Short Term Loan a Good Option?
Short term loans are designed to be used only in financial emergencies as a short-term solution to help you make ends meet between paychecks. All of the same cautions used when obtaining any form of credit should be used when deciding whether or not to take out a short term loan. You should never request a loan for any other reason but financial emergency, and if you are experiencing serious financial troubles, you should consult a counselor before taking out a loan.
What if I Have Multiple Jobs or I am Self-Employed?
If you have multiple jobs, you should disclose the information about your primary job on your request form and then provide additional information about second or even third jobs during communication with your lender. Similarly, if your lender asks you to send them paycheck stubs, you should send stubs from all of your employers. If you are self-employed, you only need to show that you have significant income to meet the lender’s guidelines and that your business has been established and your income has been regular for 90 days or more.
Are Short Term Loans Expensive?
Short term loans can cost as much as credit card cash advances or overdraft fees from your bank. In fact, when used responsibly, these loans may actually cost less. The interest rates for short term loans are higher than those for other forms of credit because lenders are assuming a great deal of risk when they lend to individuals without performing a credit check, but since these loans are designed to be repaid quickly, the interest is minimized. You should always be sure to repay your loan on time in order to avoid any unnecessary expense associated with your loan.
How Much Does it Cost?
The total amount that you will be expected to repay is determined by several factors including your financial situation, your lender, the state in which you live, the amount of money you borrow and whether or not you repay your loan on time. Some of the fees that may be applied to your loan include finance charges, interest, late fees, rollover charges and more. Please review your offers carefully to determine exact charges.
Will I Have to Fax Documents?
Although it is the goal of our lenders to provide you with the funds you need as quickly as possible, there may be times when your additional information will have to be verified to reduce the lenders’ risks. You may be asked to provide proof of employment, bank account status and legal status within the United States to obtain a loan. If you do not have a fax machine, your local UPS Store or public library can help you fax these documents for a small per-page fee.
What if I Have Questions about the Lending Terms?
According to the Truth in Lending Act, each lender is required to provide you with the terms, conditions and charges associated with your loan in writing before extending any credit to you. If you have questions regarding the terms of a loan offer, or if you do not agree with these terms, this should be directed to the lender who made the offer and you should not accept the offer until clarification has been provided. Since we are not a lender, we cannot offer such clarification. However, we do want to remind you that once you have provided an electronic signature, you are contractually obligated to follow its provisions. Therefore, please read your offers carefully and ask your lender about anything you do not understand.
How Do I Request a Match?
Requesting a match with a lender is as simple as visiting our online form page and taking two minutes to fill it out for free. We only ask you for the information that is absolutely necessary for processing your request for credit. Once this has been completed, the information is forwarded throughout our network of lenders. If you are matched with a lender and approved for a loan, your lender will contact you via email; you may also be redirected to that lender’s website home page. You should review the offer you get carefully, and if you agree with the terms, e-sign loan agreement. After you have provided your signature, your funds will be deposited into your bank account in as soon as the following business day in most cases.
How Do I Repay My Loan?
The terms associated with the repayment of your loan will also be detailed in the terms and conditions you receive from your lender. In most cases, the lender will simply withdraw the amount you owe—the loan amount plus fees and interest—from your bank account on the repayment date; you only need to ensure that the funds are available on that date. If you cannot do so, please contact your lender as soon as possible. You may be eligible for alternatives like rollovers or extensions that could save you money in the long run.
What if I Have Questions about My Loan?
If you have any questions regarding a particular loan, you should discuss them with your lender as soon as possible. In order to protect your privacy, this service does not have access to any information about your loan. Your loan agreement should contain all contact information so that you can reach the lender if you have any issues. If your lender fails to respond or if you feel that the answer you receive is unsatisfactory or unfair, you can contact various government agencies through the links we provide. These agencies will work to help you obtain issue resolution.
How Many Loans Can I Have at One Time?
Although we discourage you from taking out more than one loan at any given time, there are some states that allow for two or sometimes even three outstanding loans at the same time. When you request a new loan, you are required to disclose any information about your existing loans in your request form. Even in states that allow multiple loans, there may be limits on the total amount of credit that can be extended to you, meaning that you may be denied. Our lenders also reserve the right to refuse credit to anyone who already has an outstanding loan regardless of the regulations in that state.
What if I Cannot Repay My Loan on Time?
First and foremost, you should review your loan offer and finances carefully before filling out the form, and you should never request loan if there is any doubt that you will be able to repay the loan on time. However, our lenders understand that emergencies happen, and many offer alternatives. If for any reason you are unable to repay your loan on time, you should contact your lender as soon as possible. You may be subject to debt collection attempts, but our lenders can never threaten criminal action against you. You should also remember that your debt will continue to accrue interest at a very high rate until it is unpaid.
Why was My Request Denied?
If your request was denied, this could be for several reasons. First, it could be that you did not meet the basic criteria associated with obtaining a short term loan. You will also be denied for a loan if you are currently in bankruptcy, if you are in default with another short term loan lender, or perhaps even if you already have an outstanding loan with another lender that is still in good standing. If you feel that you have been discriminated against in any way, please contact the Consumer Financial Protection Bureau.
Can I Request a Loan From the Same Lender Again?
If you had a great experience with a particular lender and you would like to use that lender again, you can certainly do so. In fact, this is even encouraged as it will help you build a business relationship with that lender which could lead to larger loans, lower interest rates and access to other credit-related products offered by that lender. Simply review the loan agreement or any communication you received from that lender to obtain their contact information and request a loan directly.
DISCLAIMER: THIS SERVICE IS NOT A LENDER AND THEREFORE CANNOT DETERMINE WHETHER OR NOT YOU ARE ULTIMATELY APPROVED FOR A SHORT TERM LOAN, NOR CAN WE DETERMINE THE AMOUNT OF CREDIT YOU MAY BE OFFERED. INSTEAD, WE FACILITATE BUSINESS RELATIONSHIPS BETWEEN CONSUMERS LIKE YOU AND THE LENDERS IN OUR NETWORK. OUR PURPOSE AND GOAL IS TO MATCH YOU WITH ONE OR MORE LENDERS FROM WITHIN OUR NETWORK WHO CAN PROVIDE YOU WITH THE CASH YOU NEED IN AN EMERGENCY. WE WILL NEVER ACT AS AN AGENT OR REPRESENTATIVE FOR ANY OF OUR LENDERS, SO YOU CAN REST COMFORTABLY IN THE KNOWLEDGE THAT YOU WILL RECEIVE FAIR AND COMPETITIVE OFFERS.
IN ORDER TO REQUEST A SHORT TERM LOAN THROUGH THIS WEBSITE, YOU SHOULD FIRST FILL OUT OUR SHORT, EASY AND SECURE ONLINE FORM. ONCE YOU CLICK TO SUBMIT IT, THIS INFORMATION WILL BE FORWARDED THROUGHOUT OUR NETWORK OF LENDERS WHO WILL REVIEW YOUR DETAILS AND DETERMINE WHETHER OR NOT THEY CAN OFFER YOU A CREDIT. SINCE EACH LENDER IS DIFFERENT AND WE HAVE NO SAY IN THE RATES AND FEES YOU ARE CHARGED FOR A LOAN, WE URGE YOU TO TAKE THE TIME TO REVIEW THE DETAILS OF EACH OFFER YOU RECEIVE VERY CAREFULLY BEFORE YOU ACCEPT OR DECLINE IT. ONCE YOU HAVE FOUND A LOAN OFFER THAT WORKS FOR YOU, YOU WILL BE ASKED TO PROVIDE YOUR ELECTRONIC SIGNATURE; THIS BINDS YOU INTO A CONTRACT WITH THE LENDER WHICH MEANS THAT YOU ARE LEGALLY OBLIGATED TO ADHERE TO THE TERMS IN THE LOAN AGREEMENT. YOU ARE NEVER UNDER ANY OBLIGATION TO ACCEPT AN OFFER FROM ANY LENDER AND YOU MAY CANCEL THE PROCESS AT ANY TIME WITHOUT PENALTY. WE WILL NOT BE HELD ACCOUNTABLE FOR ANY CHARGES OR TERMS PRESENTED TO YOU BY ANY LENDER AND WE ARE NOT RESPONSIBLE FOR ANY BUSINESS AGREEMENT BETWEEN YOU AND ANY LENDER.
WE CAN NOT GUARANTEE THAT COMPLETING AN ONLINE FORM WILL RESULT IN YOUR BEING MATCHED WITH A LENDER, BEING OFFERED A LOAN PRODUCT WITH SATISFACTORY RATES OR TERMS, OR A LOAN PRODUCT OF THE REQUESTED SUM OR ON THE DESIRABLE TERMS, OR RECEIVING ANY APPROVAL FROM A LENDER IN THE FIRST PLACE. PARTICIPATING LENDERS MAY VERIFY YOUR SOCIAL SECURITY NUMBER, DRIVER LICENSE NUMBER, NATIONAL ID, OR ANY OTHER STATE OR FEDERAL IDENTIFICATIONS AND REVIEW YOUR INFORMATION AGAINST NATIONAL DATABASES TO INCLUDE BUT NOT LIMITED TO EQUIFAX, TRANSUNION, AND EXPERIAN TO DETERMINE CREDIT WORTHINESS, CREDIT STANDING AND/OR CREDIT CAPACITY. BY SUBMITTING YOUR INFORMATION VIA OUR ONLINE FORM ON THIS WEBSITE, YOU AGREE TO ALLOW ANY AND ALL PARTICIPATING LENDERS TO VERIFY YOUR INFORMATION AND CHECK YOUR CREDIT. CASH TRANSFER TIMES AND TERMS MAY VARY FROM LENDER TO LENDER. NOT ALL THE LENDERS IN OUR NETWORK CAN PROVIDE UP TO $1,000. THE LIMITS AND REGULATIONS VARY FROM STATE TO STATE. WE REMIND THAT SHORT-TERM LOANS ARE NOT A LONG TERM FINANCIAL SOLUTION.
TO HELP GOVERNMENT FIGHT IDENTITY THEFT, THE FUNDING OF TERRORISM AND MONEY LAUNDERING ACTIVITIES, AND TO HELP ATTEMPT TO VERIFY A CUSTOMER’S IDENTITY, LENDERS MAY OBTAIN, VERIFY, AND RECORD INFORMATION THAT IDENTIFIES THE CUSTOMER.
• Nonsufficient Funds with Bounced Check Fee: $45 total charge, 1173.21% APR
• Overdraft Fee: $40 charge, 782.14% APR
• Late Fee: $20 charge, 521.43% APR
• Short Term Loan: $10 charge, 260.71% APR
If you are unable to repay your loan on time for any reason, please contact your lender as soon as possible. Late payment fees are set by your lender in accordance with the regulations in your state, and lenders also determine their own policies in regard to how they handle late payments. There are several courses of action that your lender may take, so you should check your loan agreement for specific information that pertains to your lender.
Financial Implications – The cost associated with short term loans of up to $500 can range from 15% to 40%, and these costs may climb even higher for loans that are greater than $500 in value. Before you sign your agreement, you should check these fees carefully. Similarly, there may also be charges applied for nonsufficient funds. As an example, if your $100 loan is 15 days past due, you may be assessed a charge that is equal to 10% of the principle balance as well as a $25 nonsufficient funds fee.
Many of the lenders in our network stick with in-house debt collection practices rather than selling your debt to an outside collection agency, and they will never sue you or threaten criminal charges against you. Your lender may attempt to collect your debt via email, postal mail, telephone, or text message, and they may offer you a settlement so that you can repay your debt over time. All of our lenders are required to adhere to the Fair Debt Collection Practices Act which protects you from harassment. You can contact your lender for more information about its specific policies.
Lenders are within their rights to file reports with the three major credit bureaus—Experian, Equifax and Transunion—if you fail to repay your loan. This negative remark will lower your credit score and may make it impossible for you to obtain short term loans or other forms of credit in the future. However, once you have repaid your debt to your lender in full, this will be reported to the credit agencies and the negative remark will be removed from your credit history.
Some of the lenders in our network participate in what is known as automatic loan renewal. Simply put, if your loan is beyond a specific amount of time past due, your lender will rollover your loan. This may be offered to you in addition to options like repaying your loan in full at a later date or repaying your debt in installments over time. The minimum term for an automatic renewal is 15 days and you will likely be required to pay renewal fees and additional interest charges.