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Frequently Asked Questions
We’ve compiled a list of answers to common questions.
- What is an Online Loan?
An online loan is an emergency loan that must be paid back in a short period of time. The borrower may have bad credit, no credit or good credit to qualify for such a loan because, in most cases, lenders do not check the credit histories of borrowers.
An online loan is a temporary solution for emergency and urgent situations when cash is needed. The online loan is paid off in a short period of time and, once the loan is paid off, the borrower can take out another loan, if desired.
- How Do I Apply for an Online Loan?
Simply complete the application on the site. Your request is matched with a lender from our network of partners. The lender will work directly with you to provide you with the cash you need. You will sign a contract with the lender. The contract states the terms of the loans, the payment amounts and the date that payments are due. The contract will also state the interest rate, any fees and the total amount that must be paid back to the lender.
- What are the Qualifications for an Online Loan?
The applicant must have:
- Regular paychecks
- A bank account
- A phone and email address
You must also be at least 18 years old, a permanent U.S. resident or an American citizen. Many lenders may have additional requirements, but these are the most common.
- Will I Need to Fax Documents?
In most cases, you will not need to fax document into the lenders office in order to verify your loan. However, your lender may ask that you fax certain information to them. In most cases, your data can be verified electronically.
- How Much Does it Cost to Apply for an Online Loan?
You can apply for an online loan for no charge. There is no application fee associated with the use of our site to apply for a payday or online loan. The only fees that are associated with the loan are assessed as interest and fees by your lender. You will pay these fees along with the balance of the loan when you pay off the loan.
- Is My Information Safe When I Apply for an Online Loan?
Your information is safe when you apply for an online loan on our site. We diligently protect the personal data of each customer. We also implement 128 bit Secure Socket Layer, or SSL technology on our site. This means that your personal data is encrypted before it is sent over the Internet. Our servers decrypt and store your data. Encryption ensures that your data is not intercepted during the transmittal and, if the data is intercepted, the data is encrypted so the recipient cannot use it. Please contact our support department if you have additional questions or concerns about the safety of your financial and personal information when applying for an online loan.
- Can I Obtain More Than One Online Loan?
We highly recommend that you carry only one online loan at a time. Some states limit borrowers' abilities to obtain more than one cash loan or payday advance at a time. Other states do not regulate the number of loans a borrower may have out at one time. However, even if you can take out more than one loan, we recommend that you pay off one loan before obtaining another loan.
- What Information is Needed for an Online Loan?
You will provide your name, address, social security number, bank routing and account number, employer's name, address and phone number. You may be asked on the application if you own or rent your home and how long you have lived at your current address.
Because an online loan is not based on your credit history, but rather on your job and paycheck, lenders generally do not obtain copies of your credit reports. However, the lender may need to verify your banking information, deposits and status of the account by speaking with a representative from your bank.
- How Are My Payments Made?
Online loans are convenient in many ways. One way is that when your payment is due, the payment is debited from your bank account via ACH debit. There is no need to drop the payment off at any location or to mail the payment to a payment center. Your loan contract will indicate the dates that the payments will be drafted.
- How Long Does it Take to Get Approved for an Online Loan?
The approval process is generally very fast. Some lenders may approve your application in an hour or less. Others may take a bit longer. However, in most cases, your loan is approved and the funds are deposited into your bank account within two business days. We know that when you apply for an online loan, you are often dealing with an emergency situation. Therefore, we make the process as quick and smooth as possible.
- How am I Notified if I am Approved?
The lender you are matched with will contact you. Lenders will generally contact you by phone. When the lender's representative calls you, he or she may ask you additional questions to clarify your application. The lender may also ask for a conference call with your bank to verify your banking information. Some lenders will not approve loans for borrowers with an excessive number of bounced checks. Some lenders will not approve loans for borrowers with bank accounts that have restrictions imposed on them.
Once the lender has approved your loan, you will likely receive the contract and additional information via email. You will also be notified regarding when the funds will be deposited into your bank account.
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