Welcome to loansharkpro.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 are online personal loans?
Online personal loans are medium term loans that are paid off in monthly personals in most cases. The terms of online personal loans provided by our lenders are usually limited to 24 months. The lenders you can be connected with via this website limit the amount of online loans to $3,000.
What does one need to be approved?
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 can 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, and you must legally work and live in the United States;
• 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 and meet minimum income guidelines.
What is the maximum amount for an online personal loan?
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 online personal loans provided by our lenders is limited to $3,000.
Are the procedures safe?
When you make your request on loansharkpro.com, we collect your information to process it and find the right loan provider for you. We encrypt your data and use industry-leading technologies to make all the procedures secure and protect your privacy at high level. Please, find out more about the way we use your information on the Privacy Policy page.
How will I get my money?
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.
What if I have bad credit?
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 an online personal loan from our lenders.
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?
loansharkpro.com 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.
Do I need to fax information?
If this is the first time you are offered 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.
Can I have more than one online personal loan at once?
If your state regulations allow it, you may have more than one 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 your request. 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.
How and when will my online personal loan be repaid?
Online personal loans are repaid in a series of equal monthly personals. The term and schedule of loan repayment depend on 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 connected you with. You should contact your lender to get the details of your online personal loan terms and repayment schedule.
What if my payment is late?
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.
Is my information safe?
loansharkpro.com uses top-rated security technology as well as physical protocols to protect your information as it is being transmitted through and stored on our servers. Any information you provide to us will be used only to help you obtain the products and services you request as well as provide you with the offers from third party lenders that you may find interesting. For more information about the ways in which your information is collected, used, distributed and protected, please, visit our Privacy Policy.
What if I cannot make a timely payment on my online personal loan?
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.
What is a 72-hour satisfaction guarantee?
The regulations of some states make lenders provide their borrowers with a 72-hour satisfaction guarantee option that allows borrowers to return the loaned money in full within 72 hours after the loan agreement came into force without paying additional charges or incurring any interest.
Is there a waiting period between applications?
Although it is free to request a loan through loansharkpro.com, and you can submit your information via our online form as many times as you need, we recommend that you wait for 72 hours between consecutive form submissions. If you have any outstanding loans at the time you need to take another loan, you are required to disclose this information to your potential lender.
Any questions that are directly related to an online personal loan or an offer provided by the lender you are connected with should be discussed with the lender who provides this loan or offer. You will get 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.