A personal loan is a type of unsecured loan provided by banks, credit unions, or online lenders to individuals for various personal expenses. Unlike secured loans, such as auto loans or mortgages, where collateral (like a car or a house) is used to secure the loan, personal loans are typically granted based on the borrower's creditworthiness and ability to repay.
Eligibility criteria for a personal loan typically include:
- 1. Steady Income: You should have stable employment for around 90 days or a reliable source of income.
- 2. Age and Citizenship: You must be at least 18 years old and either a U.S. citizen or a permanent resident.
- 3. Minimum Income: Generally, you should earn approximately $1,000 per month after taxes.
- 4. Contact Information: You'll need a valid email address, a working phone number (both for your job and home), to facilitate communication with the lender.
The loan amount you're eligible for hinges on various factors, such as your place of residence and legal regulations (please note that loans may not be available in all states). Typically, lenders within our network offer loans ranging from $100 to $5,000.
After your loan is approved by the lender, and you agree to the terms, the loan amount will be directly deposited into your bank account, often within as little as one business day.
Typically, personal loans are designed for individuals with a good credit history, though each lender sets its own approval criteria. If you have a less-than-stellar credit score, you might consider exploring short-term consumer loans as an alternative. In cases where we cannot connect you with a lender who can provide the personal loan amount you requested, we'll extend our search to include our network of short-term lenders to potentially find an alternative solution for you.
You can expect to complete our secure online form in just a matter of minutes. Once we have your information, our search for a compatible lender begins promptly. You can typically anticipate a response from one of our lenders within minutes. Final approval and funding often occur within a remarkably short window, typically within 24 to 48 hours.
While some lenders may request permission to access your information online, including bank statements or income verification, eliminating the need for faxing or emailing documents, there's a possibility that your lender might still require you to send copies of documents like bank statements or paycheck stubs via fax or email. If you don't have access to scanning or printing facilities, you might consider visiting an office service provider like Office Max or Kinkos. Additionally, it's a good idea to have access to a printer for keeping a copy of your loan agreement. In case you have questions or need assistance after your loan is approved, having your lender's contact information readily available is essential.
The precise cost of your loan can differ based on the lender you choose. You'll receive detailed information about interest rates and fees before you decide to accept the loan. Personal loans are not intended as long-term financial solutions, but they can often be more cost-effective than incurring late charges, NSF fees, or utility reconnection fees for overdue bills. Please proceed with accepting a loan only if you're confident in your ability to repay it.
It may be possible to obtain multiple personal loans simultaneously, but this is contingent upon your state's regulations and your lender's policies. If you currently have an active personal loan or any other type of personal debt, it's essential to inform your prospective lender before accepting a new loan.
If you've opted for the hassle-free and secure ACH payment method, your loan payment will be automatically debited from your bank account on its scheduled due date. This option is designed to provide convenience and prevent the possibility of late fees or default. If you anticipate needing an extension on your loan, please reach out to your lender before missing a payment (please note that additional fees may apply).
Every lender maintains its individual policy concerning late payments and associated fees. For specific details, kindly refer to your loan agreement documents or get in touch with your lender directly. It's important to note that certain states may have regulations or restrictions on late fees.
While certain lenders may request your authorization to access information like bank statements and income verification online, thereby eliminating the need for you to send copies of these documents via fax or email, it's possible that your lender may still require you to submit a copy of your bank statement, paycheck stubs, or other documentation through fax or email. It's also advisable to have access to a printer for the purpose of printing a copy of your loan agreement. Additionally, ensure you have your lender's contact information handy in case you have questions after your loan has been funded!
You have the flexibility to utilize our service to secure a new loan whenever you need one (keeping in mind state law limitations, of course). If you've recently obtained another active personal loan, it's essential to notify your prospective new lender before agreeing to take on an additional loan.
Policies regarding loan extensions or 'rollovers' differ between lenders and may also be subject to state regulations. Some states permit multiple rollovers, while others prohibit them altogether. If you require an extension on your loan, it's essential to reach out to your lender proactively, ideally before any missed payments occur. Most lenders are willing to collaborate with you to prevent missed payments and loan default.
