This is the simplest question for people who are unfamiliar with the process. Installment loans are short term loans. Often called payday loans or cash advances, these are loans that give you some money prior to payday. You get some money and repay that money when you get paid.
2. Do I have what it takes to qualify for installment loans?
No matter your circumstance, there is a good chance that you qualify for installment loans. You just have to have a couple of things. The following are generally requirements for getting these loans:
* Have a steady job that pays on a regularly scheduled basis
* You must be at least 18 years old in order to get a loan
* Citizen or permanent United States residents can apply
* Make at least $1,000 per month in pay after taxes are taken out
* Have identification
* Have contact information – work or home – where you can be reached
3. So much money is available for me?
That depends upon your particular circumstances. First, you should know that most people can qualify for up to $1,000. It will depend upon your job and the lender you choose.
4. But how do you send me the money? Do I have to pick it up?
The process is very simple. Once the lender grants approval for the loan, you will see the money right away in your checking account. It is an automatic process.
5. I have terrible credit because of something in my past. Can I still qualify?
This is the cool thing about installment loans. You can still qualify for you credit despite your bad past. Even if you have had a foreclosure or a bankruptcy, you can probably still get approved if you meet the other qualifications.
6. Is your process cumbersome? How long will it take to complete?
We understand that people do not have all day to get their stuff done. The process is quite easy. In many cases, people will have their money on the next day.
7. How much money is this going to cost me?
On our end, we do not charge any fee for using the site. You can apply for the installment loans and review your offer without having any kind of financial obligation. When you finally agree to take on the loan, you will have some fees.
You should be aware of the fees that you will incur with the loan provider. It all depends upon how much your borrow and which borrower you choose. The lender will provide notice of how much you have to pay in order to get the loan. These loans are typically there for people who have emergency monetary needs. Installment loans come with certain fees. The idea is that these fees are typically less than over the limit fees on credit cards, late fees on cards and other financial charges. It is important to borrow in a responsible manner.
8. I have a cash advance pending with another company. Can I still qualify for a new one?
The answer is maybe. Some people might be able to get two loans at one time if they are in the right state. In some states, the law prohibits a new lender from giving you a second loan. You will have to check your state laws in order to figure this out.
9. What is the loan repayment process like?
Companies have set up an easy way for you to repay your installment loans. Rather than sending in a check or something of that nature, the money is taken right out of your account. You can set the loan to be paid automatically. This means you won’t have to think about it again.
10. It looks like I might be late in repaying my loan. What happens now?
There are many installment loan providers in our network of companies. They will decide how to handle these situations on their own. You should check with each lender to see what they might do in those situations. You should know that any loan you agree to will put a legal obligation on you to make the payments.
11. Do you protect the information that I give you?
12. I lost my log-in information. What do I do?
Losing your information can be a major problem. We are here to help when this happens. You should see a “forgot password?” option on our website. In addition to that, you can always get in touch with us via email if something happens with your information. We are here to help you in any way possible.
13. Will your system allow me to check the status of my loan?
Know that if you want to check your loan status, you need to get in touch with the individual lending company that gave you the installment loan. They will be able to provide information on what is going on with your loan. We will provide you with the details of how to get in touch with each lender. Know that your lender cannot provide the loan information to us because of applicable law. You will have to get in touch with them in order to get any information.
14. I need to change the personal information that I have given you before!
If you have to change your information, you can do it quite easily through our website. The first time you return to our site, you will see the input box used for applying for a new loan. When you apply for that new loan, you will be asked to enter the information. Simply enter your new contact information in the form. It will be saved for the next time you visit our website.
15. I am in a bind and I need an extension on my loan. Can you help?
Know that your state law will determine some of the rules about how many extensions you can get. The lender will also have policies for how to handle this. They may grant you a rollover of your loan. When you do this, you will need to pay an extra fee. You should contact the lender right away if you need an extension. The earlier you do this, the better you will be. You should understand that the lender has the right to charge certain fees in the event that you do not repay the loan.
16. I had some problems and I can’t repay my loan. What do I do now?
The best move is to get in touch with your lender to see if they have a solution for you. Many lenders will help you out with a good payment plan or an extension. If you do not work out a solution with them, you will run into financial problems.