What are the common types of loans?
- Personal loans;
- Auto loans;
- Student loans;
- Mortgage loans;
- Home equity loans;
- Credit-builder loans;
- Loans from friends/family;
- Payday loans.
Which loan has the highest interest rate?
Usually, payday loans come with the highest interest rate.
What is a payday loan?
A payday loan is a short-term loan (2-4 weeks) that comes with a high-interest rate. The amount and lending period are based on a borrower’s income and credit profile.
What is the easiest loan to get approved for?
A secured loan is the easiest loan to get.
What are the requirements and eligibility to apply for a loan?
To be approved, applicants usually must:
- Live in one of the states the lender operates in;
- Be at least 18 years old (19 in some states);
- Have a regular source of income;
- Have a checking or savings account;
- Receive paychecks through direct deposit.
When will I receive my funds?
The receipt of your funds will vary based on the time at which your application was approved. You should receive your funds the same day or next day.
Can I repay early or make additional payments?
Yes! In most cases, lenders do not charge any prepayment fees.
Will my credit score be affected if I apply?
No. Your credit score won’t be affected.
Can I get a loan with bad credit online?
Yes. In most cases, you will be approved even if you have bad credit.
Can I get a loan if I have no credit?
Yes. Some lenders accept non-traditional credit histories like rent or utility payments.
How can I get a payday loan online?
To get a cash advance, you must go to the lender’s website and fill in an online application providing your personal information such as name, address, income information, etc. Submit your application and wait for the lender’s decision.
In what states are payday loans illegal?
You cannot get payday loans in Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia.
What is a line of credit?
A line of credit is a loan that is very similar to a credit card: you get a specific sum that you can use for any purpose.
What is a student loan?
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fee.
What is a personal loan?
A personal loan is a loan that allows flexible use, short- to moderate-term repayment options and relatively quick funding. A personal loan can be used for almost any reason, such as unexpected doctor bills or a vacation.
What is an auto loan?
An auto loan is a loan that a person takes out in order to buy a motor vehicle.
What is a mortgage loan?
A mortgage is a loan that helps a borrower purchase a home.
What is a home equity loan?
A home equity loan is a personal loan secured by a second mortgage, allowing homeowners to borrow against their equity in the home.
What is a credit-builder loan?
A credit-builder loan is a loan whose only purpose is to help you increase your credit score.
Is it possible to extend a loan?
Yes. You can apply for a loan extension if you are having a hard time meeting your financial requirements. Always read the terms that are applicable to your loan.
How is a loan repaid?
Typically, the return of money happens through regular payments (usually every month) which include both principal and interest. Loans can typically also be fully paid in a lump sum at any time, though in some cases you will need to pay an early repayment fee.