Personal Loans - FAQ.
What is Secured Loan?
A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral — in the event that the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to satisfy the debt by regaining the amount originally lent to the borrower.
What is Personal Loan Or Signature Loan?
An unsecured loan is a loan that is not backed by collateral. Also known as a signature loan or personal loan.
Unsecured loans are based solely upon the borrower's credit rating. As a result, they are often much more difficult to get than a secured loan, which also factors in the borrower's income. An unsecured loan is considered much cheaper and carries less risk to the borrower. However, when an unsecured loan is granted, it does not necessarily have to be based on a credit score. For example, if your friend lends you money without any collateral, meaning something of worth that can be repossessed if the loan isn't repaid, then your credit score has zero to do with it, but rather the value of your friendship is at stake.
What is Payday Loan?
A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.
What are your minimum requirements to apply ?
You must be at least 18 years of age. You must have a checking account that has been open and in use for at least 90 days. You must have a minimum of $1000 in payday or fixed income deposits per month.
How does Personal Loans work?
They provides short-term cash advances that are electronically deposited into your checking account. Everything from application to payment is done electronically via our web site. When your loan is due, the amount borrowed plus a service fee is debited from your checking account.
Why do I have to pay extra on the principal when I do an extension?
Personal loans are designed to be short term loans to meet an immediate need. Unfortunately, a dependence on extensions moves a customer into a long term situation which is not in their best financial interest. We are committed to dealing with consumers with honesty and integrity and do not wish to take advantage of anyone or to allow them to abuse a system to their own harm.
What if I cannot pay the amount owed by the due date?
If you choose not to pay your loan on the due date, you can extend the loan for an additional fee. You can extend your loan up to three times, paying only the finance charges and fees due at that time.
How can I get a loan from Personal Loans?
After filling out the online application or calling them to apply by phone, you will have to fax in your bank statement and a voided check. They examine your bank statement to determine your income, and they loan you funds based on the monthly amounts we see deposited into your account. If they approve your loan request, the funds will be deposited into your account overnight so that you can get your money the next banking day.
When can I get my money?
You should fax in your bank statement as soon as possible. The deadline for next-day funds is 4:00 p.m. Pacific Standard Time. You must be approved by this hour for your funds to be available by the next banking day.