Welcome to justbloans.com board of frequently asked questions. Please, go through the main issues about short-term loans. If you will not find the answers to your questions regarding the use of the service or short-term loan industry in general, please, contact us to ask directly.
Please keep in mind, the information below is not an expert assessment of short-term loans conditions. Do not regard it as legal advice. We don’t have any access to information about specific loans or offers, so these questions should be directed toward your specific lender.
What is a short-term loan?
This is a relatively small personal credit (between $100 and $1000) for 1-4 weeks (the terms vary depending on the regulations in different states). This credit option is associated with high acceptance rate, because the lenders secure it with borrower’s income. For this reason, many applicants may be approved despite their imperfect credit reputation and get access to this option in a relatively short time.
What does one need to be approved?
Usually, lenders need only basic information about applicants to decide if it is secure to provide credit or not.
- one needs to be a legal USA resident of 18 years old or more;
- one needs to provide valid contact details;
- one needs to be legally employed and have steady income;
- one needs to have an active bank account for direct deposit.
It is possible that lenders will enquire more information about applicants (for example, to send pay stubs to prove income) individually. In this case, the procedures can take more time and involve additional procedures and paperwork (faxing or scanning).
Are the procedures safe?
How much time does it take?
This financial product is considered relatively fast, because most processing can be performed completely online, and this online search and match service works 24/7. It takes just minutes to fill out the form and request a loan, less than an hour to process request and connect a customer with a lender. As soon as the lender is able to make final decision to approve the borrower’s application, the lender provides loan agreement. All one needs to do is to familiarize with the offer and make credit decision. If one opts for rejecting the loan offer, one can simply ignore further procedures and repeat loan request if necessary. If accepted, the loan agreement should be e-signed. Usually, it takes just one business day to have money sent to the borrower’s account (in case direct deposit option is available). In most cases, borrowers can get their money in as soon as one business day.
Can a bad credit applicant be approved?
Some lenders need to perform credit verifications with traditional credit bureaus, the others may just check if an applicant is not a bankrupt or has no outstanding debts with other lenders. In many cases bad credit or lack of credit will not impede applicants from being approved, because short-term loans are secured by the borrower’s income. Nevertheless, low credit score and insufficient credit information may influence the amount and terms of loan offers, provided by lenders.
Why does one need to contact lender directly?
justbloans.com works as a matching service, which enables users to access reputable lenders and get better loan options. We don’t have information regarding particular loan products or their terms. Nor do we make any credit decision. If the borrowers who used our service have issues regarding their loan contracts, they should contact their lenders directly.
What if My Payment is Late?
You should always contact your lender as soon as you are aware that your payment will be late in order to avoid potentially huge charges. States typically regulate the maximum amounts that lenders can charge in the form of late fees, so be sure to compare these maximums with any late payment fees you are quoted by your lender.
What happens when one can’t pay off on time or at all?
The cases of defaulted payment terms are explained in every loan agreement together with applicable penalties, additional fees, collection practices and other actions associated with delinquency. One should check these terms before signing agreement in the first place. If you are unable to repay your loan, you should discuss this with your lender as soon as possible.
How Much Does it Cost?
The overall costs associated with obtaining a short term loan are ultimately determined by the lender in accordance with the regulations in the state in which you live. We will never charge you a penny to apply for short term loans through justbloans.com. Please take the time to review each offer you receive very carefully for the rates and fees associated with your loan as well as any late fees or interest that may be charged if you fail to repay your loan on time. Lenders are required to provide this information as part of the Truth in Lending Act. The APRs associated with short term loans are higher than those associated with other forms of credit, but since these loans are intended to be repaid quickly, they are highly competitive with the rates associated with other forms of credit, overdraft fees and bounced checks as long as they are repaid on time.
How many loans can one take at a time?
The number of credit products taken simultaneously as well as the “cooling time” terms are determined by the laws of each state (if applicable). Additionally, every lender reserves the right to determine the maximum of simultaneous and/or consequent credit agreements within the limits of applicable laws. It’s recommended to inform a lender about current credit standing and the facts of defaulted loans before any agreement is signed.