F.A.Q. — Here you’ll find answers to the most frequently asked questions about short-term lending and our website. If you don’t see your question listed, please visit our Contact Us page to send an inquiry, and we’ll reply promptly. For questions about a specific loan or credit offer, we recommend contacting your lender directly.
F.A.Q. Ques – What is a Short Term Loan?
A short-term loan offers a quick way for consumers to access cash during urgent financial situations. These loans are open to individuals regardless of credit score, so there’s no hassle of a credit check to get funds. The process moves quickly and is much easier than applying for credit through traditional lenders. Depending on your state, lender, and financial condition, you can borrow up to $1,000 through our lending partners.
F.A.Q. Ques – How Can I Qualify for a Short Term Loan?
Qualifying for a payday loan is simpler than applying for other types of credit. In fact, we successfully match many users who apply through our platform. To qualify, you must be at least 18 years old, legally employed, and a U.S. resident. You also need a bank account in your name, a valid email address, a working phone number, and an income that meets the lender’s minimum requirements. Some lenders may still provide funds if you don’t have an employer but receive regular income through SSI or other sources. Always review each lender’s terms carefully, as we do not guarantee approval.
F.A.Q. Ques – 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.
F.A.Q. Ques – What if I Have Multiple Jobs or I am Self-Employed?
If you work multiple jobs, list your primary job on the application form. Share details about your second or third jobs when you speak with your lender. Include paycheck stubs from all employers when the lender asks for them. If you are self-employed, provide proof that your income meets the lender’s requirements. Show that your business has operated consistently and generated steady income for at least 90 days.
F.A.Q. Ques – 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.
F.A.Q. Ques – How Much Does it Cost?
The total amount you repay depends on several factors, such as your financial situation, lender, state of residence, loan amount, and repayment timing. Lenders may add various fees, including finance charges, interest, late fees, and rollover costs. Always review your offers carefully to understand the exact charges.
F.A.Q. Ques – Will I Have to Fax Documents?
Our lenders aim to provide your funds as quickly as possible, but sometimes they must verify extra information to reduce risk. They may request proof of employment, bank account status, and legal status within the United States before approving your loan. If you don’t have access to a fax machine, you can visit a local UPS Store or public library to send your documents for a small per-page fee.
F.A.Q. Ques – What if I Have Questions about the Lending Terms?
According to the Truth in Lending Act, lenders must give you written details of the terms, conditions, and charges before offering any credit. If you have questions or disagree with the loan terms, contact the lender directly before accepting the offer. Since we are not a lender, we cannot clarify these details. However, remember that once you provide your electronic signature, you are legally bound by the agreement. Always review your offers carefully and ask your lender about anything unclear.
F.A.Q. Ques – How Do I Request a Match?
Requesting a match with a lender is easy. Simply visit our online form and fill it out in two minutes for free. We only ask for the information necessary to process your credit request. After submission, our network of lenders receives your information. If a lender approves your loan, they will contact you via email, and you may also be redirected to the lender’s homepage. Review your offer carefully, and if you agree with the terms, e-sign the loan agreement. Once you sign, most funds are deposited into your bank account by the next business day.
F.A.Q. Ques – How Do I Repay My Loan?
Your lender will provide the repayment terms in the terms and conditions. In most cases, they withdraw the loan amount, fees, and interest from your bank account on the repayment date. You only need to make sure the funds are available. If you cannot, contact your lender immediately. You might qualify for options like rollovers or extensions, which can help reduce costs over time.
F.A.Q. Ques – What if I Have Questions about My Loan?
If you have questions about a specific loan, contact your lender promptly. To protect your privacy, we do not access any details about your loan. Check your loan agreement for all contact information so you can reach the lender if issues arise. If your lender does not respond or the answer seems unfair, you can contact government agencies using the links we provide. These agencies help resolve your concerns efficiently.
F.A.Q. Ques – How Many Loans Can I Have at One Time?
Although we discourage taking more than one loan at a time, some states allow two or even three simultaneous loans. When requesting a new loan, you must disclose information about any existing loans on the form. Even in states that permit multiple loans, total credit limits may apply, which could result in denial. Lenders also have the right to refuse credit to anyone with an outstanding loan, regardless of state rules.
F.A.Q. Ques – What if I Cannot Repay My Loan on Time?
First, carefully review your loan offer and finances before filling out the form. Never request a loan if you doubt your ability to repay it on time. Emergencies can happen, and many lenders provide alternative options. If you cannot repay your loan on time, contact your lender immediately. Debt collection efforts may occur, but lenders cannot threaten criminal action. Keep in mind that your debt will continue to accumulate interest at a high rate until fully repaid.
F.A.Q. Ques – Why was My Request Denied?
If your request was denied, there may be several reasons. You might not have met the basic criteria for a short-term loan. Lenders also reject applications from people in bankruptcy or those who have defaulted with another short-term loan provider. You could be declined if you already have an active loan with another lender, even if it’s in good standing. If you believe you were treated unfairly, contact the Consumer Financial Protection Bureau for assistance.
F.A.Q. Ques – Can I Request a Loan From the Same Lender Again?
If you had a great experience with a lender, you can easily choose to borrow from them again. Doing so is encouraged because it helps you build a strong business relationship. This connection may lead to larger loans, lower interest rates, and access to other credit products. Just check your previous loan agreement or messages from that lender to find their contact details and request a new loan directly.