FAQ

Payday loans are short-term loans that are used to cover urgent small-dollar expenses such as medical bills, car repairs, quick home improvements, and so on. The loan is unsecured, that is, it does not require collateral and, consequently, does not pose the risk of losing property in the event of your default.

Payday loans are given for a short period, and you are obliged to repay the debt after receiving your paycheck, that is, in 14 - 31 days. This lending option also features a few eligibility criteria and does not require hard credit checks. So this is a great financial solution for people with bad credit scores.

Cash advances are available in many US states and are issued by banks, credit unions, direct lenders, and lending companies. Thus, you can apply offline at brick-and-mortar stores or contact online lenders. The latter option is easier and more convenient and, therefore, proves to be more popular among US residents who seek quick financial aid.

Payday loans are traditionally considered small-dollar since they are meant to cover minor expenses before payday. Amount limits and other terms of cash advances are regulated by state authorities and differ throughout the US. In general, applicants can borrow about $500 - $1 000. In some states, this amount is limited to only $300. So contact your lender to find out how much you can get in your state.

The overall package of documents that you need to provide when applying for a payday loan depends on where you request a cash advance. Online application does not require paperwork, but you will still need to attach documents that prove your identity, income, and place of residence. What's more, prepare your social security number, you will need it as well.

An installment loan is a popular lending option offered as a fixed amount of money that the borrower must repay in equal parts over a certain period. There are different types of installment loans, including mortgages, personal, auto, and student loans. Each option is used for different purposes, but they all feature regularly scheduled payments.

When you receive an installment loan, the money is credited directly to your bank account. You are free to use the funds however you like but must pay off the debt in pre-scheduled payments, typically on a monthly basis. Installment loans come with interest, although the APR is usually low, especially if you have an excellent credit score. No credit check loans are available too for those who have an adverse credit history.

Installment loans are among the most beneficial for covering all possible expenses from simple car repairs to home purchases. Their amount limits vary greatly depending on the lender and the type of loan you need. Thus, you can borrow $10 000, $30 000, $50 000, and so on up to $100 000, provided that you qualify for a loan.

The documents required to apply for an installment loan may differ from lender to lender. Here is a list of the most common papers you should prepare:

• Proof of identity (driver's license, government-issued ID, etc.)
• Proof of income (pay stubs, bank statements, etc.)
• Proof of address (often utility bills)
• Social security number
• Your banking information

The good thing about installment loans is that you can apply for multiple options at once and get paid legally. Meanwhile, money can be provided by one or several lenders at the same time. For example, you can get a mortgage if you already have a personal loan, assuming that you meet the eligibility criteria. But be careful, as too much debt can lead to default. It is better to apply for a new loan when you pay off the previous one.

A title loan is a short-term cash advance that allows you to get some extra money for various expenses. A distinctive feature of car loans is that they are secured and require collateral. They are also characterized by higher interest rates and may come with additional fees. Title loans do not require high credit scores, since lenders do not conduct hard credit checks, which is really good for those with low FICO points.

When you take out a title loan, you must back up the deal with collateral in the form of your vehicle, be it a car, motorcycle, yacht, boat, etc. Debt repayment occurs in one payment, typically 30 days after loan disbursement. If you fail to return the money, the lender will seize your vehicle – this is the main disadvantage of title loans. In other respects, it’s a good option to get financial aid if you do not qualify for other loans.

The number of title loans you can get in the US is unlimited. But note that one car loan is backed up by one title, meaning you cannot use the same pink slip to get multiple cash advances. Therefore, the more vehicles you have, the more title loans you can apply for. But do not forget about the consequences of your default. So it's better to take out loans one by one so as not to lose everything you have.

While you are paying off your loan, your title is held by the lender and can be arranged in two ways – list your loan provider as the owner or co-owner of your vehicle. In any case, you will need to get a new title in your name when your loan is paid in full. Some lenders notify DMV themselves, so you just have to wait for a new title. Otherwise, you will need to contact the DMV and apply for a new pink slip.

Title loans are available in various financial institutions both online and offline. The point is to find a reliable lending company licensed to provide car loans in your state. Thus, you will protect yourself from scammers and money loss. What's more, it's better to apply for a loan online, as it's the easiest way to find cheaper deals.