If you have any questions about the online loan industry and the processes behind obtaining a short term loan or an online personal loan, you may be able to find the answer to your question here. This is a list of the questions that LoanSolo.com is asked most frequently about the process of obtaining loans and the industry in general. If you cannot find the answer to your question here for any reason, you can contact us via any of the methods listed on our Contact Us page. Please, keep in mind that we do not have any access to the information about specific loans or offers, so these questions should be directed toward your lender individually. We are working hard to respond to any inquiry within 48 hours.
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Even Imperfect Credit Is Welcomed to Try
Short term loans are generally small sums of cash—between $100 and $1,000—that are made available to consumers in the event of financial emergencies. This cash is generally available to applicants on the business day following their approval.
Online personal loans are medium term loans that are paid off in monthly installments in most cases. The terms of online personal loans provided by our lenders are usually limited to 24 months. The lenders you may be connected with via this website limit the amount of online loans to $3,000.
You may be approved for an online personal loan even if you have been turned down by banks and credit card companies in the past. We may successfully connect the users who provide their information via our online form and request to be connected with one of our lenders. General qualification requirements are the following:
• You must be at least 18 years of age, have a regular source of income and live in the United States. Those receiving benefits also qualify;
• You must have a working telephone number and email address, and you must have a bank account in your name;
• You must be employed for at least 90 consecutive days with the same employer or receive benefits (i.e. have a regular source of income) and meet minimum income guidelines.
The total amount of money that you will be permitted to borrow depends on several factors which include the terms provided by lenders, the state in which you live and your unique financial situation. The maximum amount of short term loan is limited by $1,000. The maximum amount of online personal loan is limited by $3,000.
In most cases, your lender will deposit the funds into your bank account on the business day following your loan approval and the receipt of your electronically signed loan agreement.
It’s possible that the lenders in our network will need to perform credit check as a part of the qualification process. In many cases your bad credit or your lack thereof will not be the major factor to influence the final decision to approve or reject your loan request. As long as you can meet the basic guidelines, there is a very good chance that you will be approved for a short term loan or an online personal loan.
From start to finish, the entire process can take as little as one business day. First, you will fill out our short two-minute online form. Once you have submitted it, it will be forwarded throughout our network of lenders that provide short term and online personal loans. Then, you will be connected with a lender from our network who may offer you a loan according to your requirements. Soon after you will be forwarded with loan details for your revision to let you make your final decision about the offer. If you decide to provide your electronic signature, your lender may be able to deposit the funds into your bank account on as soon as the following business day in most cases.
If this is the first time you are offered a short term loan or an online personal loan by a particular lender, there is a chance that you may be asked to fax some information for verification such as your bank statements or paycheck stubs. If this is the case and you do not have a fax machine, you can visit your local public library or UPS store. They will fax this information for you for a small per-page fee.
The connecting service provided by the website is always free of charge. You can fill out the online form on the website as many times as you need. You can also terminate registration on the site at any point of time before you finish filling out the form and submitting it for processing.
The overall costs associated with obtaining a short term loan or an online personal loan are ultimately determined by the lender in accordance with the regulations in your state of living. We will never charge you for the service provided by LoanSolo.com. Please, take the time to review the loan 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 in details.
The APRs associated with short term loans are higher than those associated with other forms of credit. 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.
The APRs associated with online personal loans may be lower than those associated with short term loans. However, online personal loans are repaid over a longer period of time and may incur additional fees, for example origination and documentation fees.
If your state regulations allow it, you may have more than one short term or online personal loan outstanding at any given point in time. However, when applying for a consecutive loan, you must disclose information about all other loans upon the application. It’s also possible that your lender will perform credit check to obtain all the information on other loans you may have. You should check your loan agreement for details or contact your lender directly for more information.
The terms for repaying your loan will be listed in your loan agreement. The terms for short term loans vary based on your lender and your individual situation. To make things simple for you, if you opt for direct withdrawal option while closing the loan deal, your lender will simply withdraw the amount of your loan plus any applicable fees and interest from your bank account on the repayment date. You will not have to visit a retail location or mail a check or money order. This paperless process also helps to negate the possibility that your payment will be received late. If you need an extension, you should contact your lender. Please keep in mind that extensions on your loan will be associated with additional fees, charges and possible penalties.
Online personal loans are repaid in a series of equal monthly installments. The term and schedule of loan repayment depend on a particular loan agreement you close with your lender. Regulations in different states may apply. We have no information concerning your agreement or loan deal with the lender we’ve connected you with. You should contact your lender to get the details of your online personal loan terms and repayment schedule.
You should always contact your lender as soon as you are aware that your payment will be late in order to try to avoid penalties and additional charges. States regulate the maximum amounts that lenders can charge in the form of late fees differently. Make sure to compare these maximums with any late payment fees or other penalties you are quoted by your lender.
Lenders can use any method that is legally available to them to collect your debt if you fail to repay your loan. While they may turn you into collection agencies, most stick to in-house collection methods. Our lenders will never press criminal charges against you due to your failure to repay. If you are unable to repay your loan, you should inform your lender as soon as possible to minimize damage and avoid overwhelming fees.
You should contact your lender directly if you find out that you are about to or have missed a regular payment on your online personal loan. Late payment fees and other penalties may apply. In case of troubles with loan payoff, you may be offered an Extended Payment Plan that will allow you to prolong your loan term to help you pay it off. Not all lenders may provide this option.
Most of the lenders in our network will offer you an extension on your loan if you are unable to repay it according to the original agreement. The number of extensions that are available to you is determined by the state in which you live as well as your lender individually. Please, keep in mind that loan extensions are associated with higher fees and interest, as well.
Any questions that are directly related to a short term or online personal loan or an offer provided by the lender you may be connected with should be discussed with the lender who provided the loan or offer. You will be provided with the lender’s contact information while communicating on your loan terms and have all the details in your loan agreement if you decide to close the deal.
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Representative APR Range
plnearme.com is not a lender and does not provide short term or online personal loans but refers consumers to the lenders who may provide such loans. LoanSolo.com is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APRs depend on multiple factors, including the lender’s requirements and offers, your credit worthiness, your state of residence, and the type and term of the loan you request. You will be given the details on the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement during the loan request process.
The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on. See a Representative Example
The APR on online personal loans can reach up to 1,386% depending on the lender’s terms, borrower’s residence state, the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan extension plan, and other factors. Some states cap APR and the amounts of charges for online personal loan.
Implications of Late Payment
You are encouraged to contact your lender as soon as possible if you are unable to repay your loan on the scheduled repayment date or make regular installment payment on time. Your lender may set late payment fees in accordance with state regulations, and your lender has several courses of action to deal with late payment. For more information about your lender’s specific procedures as they apply to late payments, please review your loan agreement or contact your lender directly. Origination, documentation and other additional fees may apply to your online personal loan deal. Late payment, non-payment fees and other penalties may apply to both short term and online personal loan deals in case of missed payments. Please review your loan agreement carefully for information about the financial implications before you provide your electronic signature.
Implications of Non-Payment
The costs associated with loans of up to $500 can range from 15% to 40% of the entire loan amount, and the charges associated with loans of more than $500 can be even more. Your lender may also charge you late fees as well as fees for non-sufficient funds. As an example, your lender may charge you a $20 nonsufficient funds fee as well as 15% of the loan balance as a late fee. Please review your loan agreement carefully for information about the financial implications of non-payment before you provide your electronic signature.
Non-payment may involve debt collection practices as it is set by applicable law. The majority of the lenders in our network do not intend to sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will generally offer debt settlements over time instead. Every lender in our network is required to adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collectors.
Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies — Experian, Equifax and Transunion. This negative record can be reflected on your credit history indefinitely until the loan is repaid in full. After the lenders receive payment in full, they can report it to the credit reporting agencies. We remind that late payment or non-payment of your loan can have negative impact on your credit history.
Some of the lenders in our network may automatically renew your short term loan if it becomes past due. This term is clearly identified in your loan agreement. You should check your loan agreement for your lender’s policy on automatic loan renewal prior to e-signing it. If your loan is renewed, there will be additional charges as determined by your lender, and the minimum term can be set up. Your lender may offer you other options in addition to renewal, including the ability to repay your loan in full at a later date or repay your loan over time in a series of installments.
Credit Check: Participating lenders may verify your social security number, driver license number, national id, or any other state or federal identifications and review your information against national databases, including but not limited to Equifax, TransUnion, and Experian, to determine your credit worthiness, credit standing and/or credit capacity. By submitting your information via our online form on this website, you agree to allow any and all participating lenders to verify your information and check your credit.
Not all the lenders in our network can provide up to $1,000 in payday loans and $3,000 in online personal loans. The limits and regulations vary from state to state. Cash transfer times and terms may vary from lender to lender.
Consumer Notice: We remind that payday loans and online personal loans for small dollar amounts are not a long term financial solution. These credit options imply relatively high interest rates and become a very costly solution if used improperly. Consumers that seek funds for longer terms or debt relief should consult credit advisor prior to making credit decisions of taking a short term or an online personal loan for small dollar amount.