Welcome to WWW.Ozloans300.com board of frequently asked questions. Please, go through the main issues about short-term loans and the peculiarities of our service. 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. Our expert team is happy to help you get along with short-term loans and understand how to make the best of this credit option and use it safely.
What is a short-term loan?
This is a relatively small personal credit (up to $1,000) 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?
Qualification for short-term loans is simple. 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 in our network 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?
%siteName% 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.
Why does one need to renew a loan?
Sometimes borrowers find it hard to repay their loans on time due to unforeseeable circumstances. In these cases, most lenders allow borrowers to renew their loans for additional interest added to the total. This option can be expensive, so we recommend contacting lenders before these circumstances take place to avoid additional payments and penalties. In addition, not all the states allow renewals. One should first check the status of short-term loans and applicable laws, which regulate short-term lending in one’s state. Use the information on Rates and Fees page to find out more.
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. All the lenders in our network adhere to the best practices in the industry, follow federal and state laws and promote responsible lending practices. All the lenders in our network operate within the stated limits. We encourage borrowers who anticipate delinquency or default payments contact corresponding lender as soon as possible.
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.
APR Disclosure (Annual Percentage Rate). Some states have laws limiting the APR that a lender can charge you. APRs for cash advance loans range from 200% and 1386%, and APRs for installment loans range from 6.63% to 225%. Loans from a state that has no limiting laws or loans from a bank not governed by state laws may have an even higher APR. The APR is the rate at which your loan accrues interest and is based upon the amount, cost and term of your loan, repayment amounts and timing of payments. Lenders are legally required to show you the APR and other terms of your loan before you execute a loan agreement. APR rates are subject to change.
Exclusions. Residents of some states may not be eligible for some or all short-term, small-dollar loans. Residents of Arkansas, New York, Vermont and West Virginia are not eligible to use this website or service. The states serviced by this website may change from time to time, without notice.
Credit Implications. The operator of this website does not make any credit decisions. Independent, participating lenders that you might be matched with may perform credit checks with credit reporting bureaus or obtain consumer reports, typically through alternative providers to determine credit worthiness, credit standing and/or credit capacity. By submitting your information, you agree to allow participating lenders to verify your information and check your credit. Loans provided by independent, participating lenders in our network are designed to provide cash to you to be repaid within a short amount of time. The short-term loans are not a solution for long-term debt and credit difficulties. Only borrow an amount that can be repaid on the date of your next pay period. Consider seeking professional advice regarding your financial needs, risks and alternatives to short-term loans. Late Payments of loans may result in additional fees or collection activities, or both. Each lender has their own terms and conditions, please review their policies for further information. Nonpayment of credit could result in collection activities. Each lender has their own terms and conditions, please review their policies for further information. Every lender has its own renewal policy, which may differ from lender to lender. Please review your lender’s renewal policy.