Frequently asked questions
This page has been put up in order to answer all your questions that you may have about Payday Loans in general, about the loan procedure or FurnishLoans.com. We have tried to cover all the questions that our customers generally have. In case we have missed a question, please feel free to reach us through one of the methods mentioned in our ‘Contact Us’ page.
What is short term Payday loan?
Short term loan is a form of credit suitable for handling emergency financial situations. Short term loans are very different from traditional forms of credit with respect to the time needed to process a loan, formalities required etc. Even if you are not getting a traditional loan because of your poor credit history, getting a short term loan is most likely possible. Since Payday Loans are taken for a small interval, only relatively small amounts, generally less than $1000 are approved.
Do short terms loans have a high charges?
Short terms loans are given without doing any credit check of the customer. In addition, a short term loan is generally disbursed within 2 business days of an applicant submitting the form. All this comes at a price. Since a lender is taking a risk by giving a loan even if you have had a poor credit history, it is preferred to charge a greater interest rate in order to counter the risk. However, since short term loan is supposed to be returned in a short amount of time, the interest rates would not pinch at all. If you ensure that you are paying the entire amount back according to the agreement, you should be fine.
How much would a payday loan cost?
The final amount to be paid by a customer depends on several factors that include the state regulations, the APR, the amount of money to be loaned, time by which the loan was paid and other factors. FurnishLoans.com does in no way influence the charges of a short term loans. All the charges are determined by the lender who is making the final offer. It is a customer’s responsibility to review all the costs and charges set out by a lender and choose the best available offer. The customer also reserves the right to reject an offer if he or she feels that the charges or interest being quoted is very high.
When should I apply for a short term loan?
Short term loans are not a solution to a long time financial instability. Short term loans are instead designed to take care of emergency financial needs that may come at any time. Such emergency needs include medical emergencies, house or vehicle repairs etc. Short term loans are advised to be taken only when it is absolutely necessary. For example, it is strictly not advised to take a loan in order to go for a vacation, buy new unnecessary furniture, gadgets etc. In case you have been under financial debts for a long time, it is advised that you consult a credit counsellor and structure out a plan to pay off all long impending debts.
How do I know if I qualify for a short term loan?
The qualifications to apply for a short term loan are rather simple. Almost all lenders have a similar rules which include the following:
Must be aged 18 years or older
Should be a resident of the United States.
Should be employed in the United States.
Must have a valid bank account
Have a valid contact address, email address and telephone number
Should be employed with the current employer for a minimum of three months
Should have a minimum eligible income, depending upon the amount of loan applied for.
Some lender may agree to provide you a short term loan even if you are not employed with the same employer for 90 days or not employed at all, however you will have to show a steady income source in this case. All loan approvals are provided on the discretion of the lender and FurnishLoans.com plays no role in approving or rejecting a loan application
I am self-employed, am I eligible?
Yes, you are eligible for a short term loan provided the income has been steady and it meets a minimum criterion. In most cases the minimum criteria is an income of $1200 per month, however, this also depends on the amount of loan you are applying, number of dependents etc.
I have more than one job, what should I do?
There are a number of cases when an applicant is doing multiple jobs, income from which when clubbed meets the criterion for applying for a short term loan. In such a case, you should provide the details of the primary job, while the income mentioned can be clubbed from both the sources. When, the lender contacts you for the loan, make sure that you mentioned that the income mentioned is the combined income from two jobs. In case the lender asks for documents like pay slips etc., make sure that the pay slips from both the employers are provided. In most cases, there should not be any problem if you are doing two jobs till the total income is above a required level.
What is I do not agree with the term proposed by the lender?
When a lender makes you an offer, he/she would give you a detailed set of terms and conditions on the loan. These terms and conditions would contain the charges involved, the time in which the amount should be paid, terms of extending the loan agreement and other such terms and conditions. In case you do not agree with the terms set out by the lender, you can reject the offer. If you have any questions about the terms set out, please contact the lender directly as FurnishLoans.com has no roles in setting out the terms and conditions and would not be in a position to answer your queries. Please remember, that once you give your electronic signature, you enter a legally binding agreement. Kindly clarify all questions prior to giving the signature.
How would I provide my documents?
In order to approve your loan application, the lenders may require certain documents that may include the proof of residence, proof of employment, identification proof, paycheck stubs, bank account pass book etc. All this information is required in order to minimize the risk that a lender takes while giving a loan. In order to speed up the entire process, all these documents are sent to the lender through fax. If you do not have access to fax machine at home or at work, you can choose to pay a small fee at any public place in order to send the documents.
How can I apply for a loan?
In order to apply for a short term loan, you have to fill a small form available on this website’s “Apply Now” section. Please provide up to date and correct details in order to make the loan processing faster. Once you submit this form, we would send it to our network of over 300 lenders for a review. At this point, you would start getting offers from lenders. It is advised that you choose the best possible offer and study the terms laid out carefully. Once you have accepted an offer, you would be asked to provide an electronic signature. Providing an electronic signature means that you are entering into a legal agreement with the lender. After providing the signature, the loan amount would be transferred to the account by the lender.
How will I repay the loan?
The repayment terms, the amount to be repaid and the date at which it is supposed to be repaid are set out by the lender at the time of making the final offer. In most cases, the entire amount to be repaid, plus the charges and interest are withdrawn from the bank account on the defined date. In order to facilitate the payment, you have to ensure that there are sufficient funds in your bank account. In case you feel that you would not be able to repay by the defined date, please reach out to the lender and ask for a rollover. The rollover is offered at the discretion of the lender and would involve additional charges. To avoid any late payment, it is always advised that you take a loan of only that amount that you would be able to repay in the defined time. The lender reserves the right to decide the terms of a repayment which are set at the time of the final offer.
Can I take more than one loan at a time?
FurnishLoans.com does not recommend any of its customers to have more than one outstanding loan at any time. This is just an advice from us; however a number of state regulations may allow a lender to take up to two loans and sometimes even three. All this depends on the regulations set out in the state and the discretion of the lender. States that allow multiple loans have a ceiling on the total amount that is loaned y a person through all the loans. Some lenders never offer a customer more than one loan in order to avoid the risk. In case you have an outstanding loan on your name, it is advised that you mention the same in your application. In case such a loan shows up in the verifications carried out by the lender, he or she reserves the right to reject the loan.
I cannot repay the loan on time, what should I do?
In our customer’s best interests, we always recommend them to take a loan that they can repay by the due date. We strongly advise our customers from taking a loan in case they are not fully sure about their repayment ability. In the case you have found yourself in such a situation, kindly contact your lender well in advance, explain the situation and request for an extension or rollover. Please be advised that there would be additional costs attached with such a request that would have to be borne by the customer. The rollover or extension depends entirely on the discretion of the lender. If you fail to repay the loan on the due date or after repeated extension, our lenders would not press any legal charges, however, they reserve the right to make collection efforts. All our lenders follow our Fair Lending Policies and would not take any illegal or unethical means in order to collect the amount from a customer. Please be warned that interest would continue to accrue on the loan until it remains unpaid. We strongly advise our customers to take a short term loan only when they are sure that they would be able to repay the amount within the defined time.
What are reasons for rejection of my application?
Short term loans acceptance rate is very high. Since we have a network of over 300 lenders, in most cases an application is accepted by at least one of these lenders.
In case a loan application is rejected, it may be because of one of the following reasons:
1. The applicant does not meet the eligibility criteria.
2. The applicant has already filed for bankruptcy.
3. The applicant does not have a steady source of income.
4. The applicant already has a short term loan outstanding
The decision to provide a loan to a customer is reserved with a lender and the lender may choose to reject a loan on other grounds too. Since all our lenders are bound by our fair lending policies, the reason for rejecting a loan is always financial. We or our lenders do not discriminate against our customers on any grounds.
Can I choose my lender?
FurnishLoans.com does not store information about lenders who have previously provided a loan to you and has no such facility of choosing a lender. In case you wish to obtain a loan from a lender who loaned you an amount previously, it is advised that you contact them through their website. In case you do not wish to obtain a loan from a particular lender, you can always choose to reject his/her offer, in case an offer is made. Since applying with FurnishLoans.com does not involve any fee and gives you access to a large network of lenders, we advise that you fill the application form each time you wish to obtain a short term loan.