What Happens Next
Once you complete this application it will be sent to a network of lenders. This network is either managed by RoundSky or LeadsGate. These networks are two of the the largest in the country giving you access to mulitple lenders using a single application. The downside is that you are unable to chose your lender or shop around for the best price. You can, of course, not take the loan. You are under no obligation to accept the loan that is offered to you. If you do accept the loan then you are obligated to pay back the loan plus fees. RoundSky is the same networks used by the vast majority of short-term loan matching sites on the internet.
If you are approved for a loan you will then leave our site where we have no control over a lender's policies so make sure you understand the site's terms. In addition, you are responsible for reviewing all loan terms such as rates, fees and renewal policy before accepting a loan so review them carefully. If you accept the loan, cash is generally deposited into your checking account usually within one business day.
This is a Short Term Loan
This cash must be repaid and is designed for short-term, emergency funding. Repayment plus fees is generally due in full at your next pay period for payday loans and over the next few periods for installment loans. Please review your terms carefully before accepting any loan.
Rates and Fees
APR and fees vary and are disclosed by your lender once your are approved. Example loan costs from our network range from $7-$45 per $100 borrowed per pay period. APR's may range from 100% to 900%.
Non-payment and Collections
Non-payment and collection policies depend on your the lender and should be disclosed in your loan agreement. In general, when you accept the loan agreement you are agreeing to repay the loan plus fees. Failure to pay the loan on time results in additional fees. Some lenders are known to repeatedly attempt to withdrawal from your checking account if there are insufficient funds. This can greatly increase costs as your bank will also charge overdraft fees so make sure you have adequate funds on your payment due dates.
Applying for a short-term loan and paying it off on time generally does not improve your credit score BUT failure to repay your loan may hurt your credit score. This is because short term loan companies generally do not report to credit bureaus but if you fail to pay they may sell your loan to a collection agency and most collection agencies do report to the standard credit bureaus.
Loan renewal policies depend on your specific lender and are disclosed in your loan agreement. In some cases loan renewals may be automatic which means you will incur additional fees. To avoid automatic renewal you often must notify the lender 3 days advance. Repaying your loan on-time avoids additional fees. Make sure you read and understand your loan terms.
Short-Term Loans are Expensive
Remember payday loans and other short-term loans are a very expensive form of borrowing. They are generally only make sense if use infrequently to cover unexpected emergency expenses. They are best used when other options such as banks, credit unions, friends, and family have been exhausted. For other ideas see Borrow Money Options