If you don’t want to apply for a payday loan, which usually comes with a higher fee and APR, you can opt for a personal loan, which is a much cheaper loan to repay in the end. Personal loans are term-loans for a longer period of time. Unlike payday loan, a personal loan doesn’t have to be repaid on your next payday. You can take it out for a few months or years. All terms and conditions are provided by a participating lender upon approval. The terms and conditions are subject to your your acceptance.
You can request a personal loan any time of the day, including weekends and holidays. Regardless whether you apply on a Friday nigh, Saturday or Sunday, the form is there 24/7. It usually takes a lender one business day to process your request.
Most lenders we work with don’t ask for documents to be faxed or submitted in other form. There are exception to this rule. Depending on factors such as your employment (self employment), a lender may request your tax return to be submitted. This is something that you can discuss with the lender directly.
Most lenders will definitely check your credit. Personal loans are usually for larger amounts e.g. $5,000 or $10,000. A lender will have to verify your credit with one of the three major national databases in order to avail a loan.
Many lenders will disqualify bad credit applicants but there are lenders who will be willing to take a chance. This greatly depends on factors such as home ownership, employment, possession of collateral, etc. Bad credit will not necessarily preclude you from getting a personal loan, but it is surely not very helpful.
It is up to each individual lender to approve or decline your application. If you have less-than-perfect credit, you must realize that you may not find a lender who would provide you with a loan. Turndowns are very common. You stand a better chance of getting a payday loan, which is designed for people with bad credit history.
Disclosure: Our lenders may offer you a loan with an APR ranging from 390% to 780% based on a two-week loan.
The APR on a short term loan represents the amount of your loan, cost of the loan and term of the loan. Example: You borrow $100 for two weeks. A lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs, and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.
NOTICE: THIS IS AN EXPENSIVE FORM OF CREDIT. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.
If you do not pay your loan according to its terms, your lender may: • Charge you late fees • Send your account to a collection agency • Report your information to a consumer reporting agency, which may negatively affect your credit score • Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. Ask your lender for their current rates and charges and their policies for non-payment.