FAQ | Payday Loans and Short-Term Loans Online

What is a loan?

A loan is when you receive money from a friend, bank or financial institution in exchange for future repayment of the principal, plus interest.

What is a loan application?

A loan application is a form you need to submit when applying for a loan.

What are the most popular loan types?

The common types of loans are:

Personal loans;
Payday loans;
Auto loans;
Student loans;
Mortgage loans;
Home equity loans;
Credit-builder loans;
Loans from friends/family.

Which loan is the most expensive?

Usually, payday loans come with the highest interest rate.

What is a payday loan?

A payday loan is a small-dollar loan that usually comes with high annual percentage rates (APRs), and payments are typically due within 2 weeks—or close to the date when you receive your next paycheck.

Which loan is the easiest to get?

A secured loan (loans that require some type of collateral as a condition of borrowing) is the easiest loan to get.

What are the common requirements for payday loans?

To be approved for a payday loan, you typically must:

Live in one of the states where payday loans are legal;
Be 18+ years old (19+ in some states);
Have a proof of steady income;
Have a bank account in your name;
Have an email and phone number.

When will I get the money?

The time when you receive the requested funds varies by lender. Typically, the funds are transferred to your bank account the same day or next day.

Can I repay a loan before the due date to save on interest?

Yes. Most lenders from our network allow early loan repayment and do not charge any fees for that.

What if I have a bad credit history?

You can still be approved for a loan.

Can I get approved if I have no credit at all?

Yes. Many lenders from our network provide loans to consumers who have no credit history.

How can I get a payday loan online in Illinois?

For this, you must go to the lender’s website (or the matching service website) and fill out a short online application. You will need to provide your full name, residence address, birth date, phone number, email, income information, etc. Then ubmit your application and wait for the lender’s decision.

What is a line of credit?

A line of credit is a preset amount of money that a lender has agreed to lend you and that you can draw on when you need it.

What is a student loan?

A student loan is money borrowed from the government or a private lender in order to pay for college.

What is a personal loan?

A personal loan is money borrowed from a lender that can be used for many purposes, including debt consolidation.

What is an auto loan?

A car loan is secured against the vehicle you intend to purchase, which means the vehicle serves as collateral for the loan.

What is a mortgage?

A mortgage is a loan that you use to buy a property.

What is a home equity loan?

A home equity loan is essentially a one-time consumer loan using your home as collateral.

What is a credit-builder loan?

A credit-builder loan is designed to help people who have little or no credit history build credit.

Can I extend a loan?

Yes. You can apply for a loan extension if you are cannot repay it on the due date. Bear in mind that not all lenders offer a loan extension option. Typically, lenders have a definite number of days when a borrower can apply for a loan extension.

How do I repay a loan?

You must repay loans on a due date specified in the loan agreement. Typically, installment loans are repaid via regular payments (usually monthly). Payday loans are usually repaid in a lump sum.

Are you a direct lender?

No. We are not a direct lender. We are a matching service that helps consumers find the most reliable lenders in the U.S.

What loan amount can I be approved for?

The lenders from our network offer loan amounts ranging from $200 to $5,000.

In what states are payday loans legal?

Payday loans are legal in the following states: Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

What states have banned payday loans?

Payday loans are illegal in Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia.