Frequently Asked Questions about Personal Loans

Here are the answers to the most commonly asked questions about personal loans.

What are personal loans?

Our lenders' personal loans are much like payday loans, which are loans that are secured by your paycheck and that are provided over a short period of time. These loans are designed to help you cover pressing expenses until your paycheck arrives. They are usually considered faster, more accessible, and more convenient than conventional loans from banks or credit unions.

How large of a personal loan can I get?

The maximum personal loans that you can get will depend on your lender. Some of our lenders offer loans as large as $1500. Usually, you can get loans in increments of $50 or $100 up to that amount (varies by lender). Also remember that the size of the loan for which you qualify will depend heavily on your monthly income. The more you make, the larger the loan you can get.

Are you a bank?

No, we are not a bank or a financial institution of any kind. We are simply a free referral service that helps our visitors find lenders that can offer affordable personal loans. We do not charge for our service, and our visitors are under no obligation for signing up for a referral through us.

Will I need to provide collateral to get a loan?

No, the type of personal loans our lenders provide do not require collateral. These loans are referred to as "unsecured," which means they are not tied to a physical piece of property. Instead, the loans are secured by your next paycheck because repayment is automatically withdrawn from it once it's deposited into your bank account.

What if I don't have a perfect financial track record?

If you've made a few late payments or had other financial troubles in your past, you still might qualify for personal loans. The type of personal loans that our lenders offer do not have the stringent qualification requirements that traditional loans do. As long as you are at least 18 years old, have a job, make at least $1,000 monthly, are a U.S. citizen, and have a bank account with a direct deposit feature, you can qualify for a loan (varies by lender).

How much do personal loans cost?

To determine the cost of your personal loan, consult your consumer loan agreement. This document will disclose the finance charge associated with your loan. Typically, lenders assess a finance charge that is a percentage of the amount you borrow. For instance, you might pay $20 for every $200 you borrow.