1: What are the general requirements for a loan?
For you to qualify for a loan:
- Have a bank account or debit card
- Have a minimum monthly income of at least $1,000
- Must be at least 18 years of age
2: How fast will my loan be funded?
The time it takes to fund a loan is called payout time. For some lenders, if you apply for your loan before 15 pm and your lender is using ACH or credit card, you’ll receive the money the same day. Otherwise you will receive your loan the next business day.
3: Do I need a credit card to get a loan?
It depends on your lender. Most lenders use ACH, but some transfer loans to credit cards. If you intend to borrow money for your expenses, you can either go for a credit card or a personal loan. You will have to choose between the two depending on the situation at hand.
A credit card is ideal when seeking for short-term advances that are repayable each month, while a personal loan is convenient for long-term debts. Please ask your lender if you are unsure.
4: Is it possible to pay my loan early?
Yes in some cases. You can choose to repay your loan early and you’ll not be charged for that. You’ll only be charged interest up to the settlement day/date.
5: Can I qualify for a loan despite a bad credit?
Yes. You can still secure a loan with a bad credit score under 500. Your income is the most important requirement, and it should be over $1000 per month.
6: What is the normal repayment term when it comes to bad credit loans?
Normally, most lenders will dictate that you repay your loan within 14 – 30 days. However; some lenders offer installments loans also paid back over a period of 5 – 10 months.
7: Do credit checks affect my FICO-score?
There are no checks that can affect your FICO-score when it comes to Payday loans. However, your lender can make credit inquires concerning your credit legibility. Most installment loans do a soft credit, so they don’t affect your credit score. Please check with your lender prior to signing anything if they do a hard check after you accept their offer.
As for personal loans, credit inquiries are usually classified as hard and soft inquiries; your FICO-score can only be affected by hard inquiries.
8: How should I repay my loan?
Repaying your loan is easy. In most cases your lender will automatically deduct money from your account.