Some of your Questions:
Q. WHAT IS A PAYDAY LOAN?
When you borrow an amount and repay by your subsequent payday, it is known as a payday loan. This short-term loan is quite accessible as evidence of income and bank account details are the essential requirements. No credit check loan company usually offers payday loans to individuals having poor credit.
It's worth stating that payday loans are known in different names from regions. While some call it credit access business or cash advance, others refer to a payday loan as a cash advance or deferred presentment. Regardless of the name or format, every borrower must refund the loan company in the next payday. An important note to remember is that small personal loans online differ from payday loans.
Q. WHAT IS AN INSTALLMENT LOAN?
An installment loan is a popular form of loan in different regions. This loan allows you to repay your debt over a scheduled period. The process is simple; you simply have to sign the agreement about the specific amount to repay over a particular period once your loan application is approved. Aside from cash or money transfer, installment loans are receivable in other ways. A good example is a home mortgage.
Installment loans often range from $500 to $4000. However, the amount may vary depending on your financial record and the loan company online. One of the advantages of an installment loan is that it comes handy in improving credit score. You simply have to refund timely. It's possible to get an installment loan from a student loan company and other loan institutions.
Q. WHAT IS A PERSONAL LOAN?
When a borrower receives a lump sum of money from a loan company with an agreement to refund with interest over a fixed period, it is known as a personal loan. Depending on individuals, the reason behind a personal loan may differ. While some use it for debt consolidation, others collect personal loans to cover unexpected expenses such as home repair, etc
Compared to a line of credit or cash advance on a credit card, personal loan offers more advantage concerning getting loans for considerable expenses. Nevertheless, you need to be meticulous about the application process and think wisely about the loan duration to make it a smart financial move.
Q. HOW VILEND WORKS?
ViLend does not get involved in credit decisions. Instead, our loan company offers loan connecting services to clients who need financial assistance. In other words, we connect potential borrowers to independent, third-party lenders.
The process is straightforward. We'll provide a form that you need to fill. After submission, the information will be shared with independent lenders who are ready to release loans. Once a loan application is approved, you can choose to accept or decline the offer. If you accept the offer, further instructions will be sent to you. Always remember that terms and conditions differ depending on the third-party lender. Thus, you should read the information on the annual percentage rate (APR), applied charges, non-payment penalties, renewal terms, among others.
If you have any questions regarding the loan's terms and conditions, endeavor to reach your lender.
Q. DOES VILEND CHARGE A FEE TO CONNECT CONSUMERS WITH INDEPENDENT, THIRD-PARTY LENDERS?
At ViLend, we don't collect any fee for customer's registration. The associated third-party lenders are responsible for our services' payment since we provide referrals. However, the lenders may charge you for their services. The lending party will inform you about the applied fees once the loan application is approved. Remember that you don't have to accept the loan offer if you are not convenient with the terms and conditions. Only when you sign the electronic loan offer that you have entered an agreement with the lender. Bear in mind that the terms of loan conditions on APR, fees, and other details may differ, depending on the independent loan company. So, ensure that you take your time to read through the information.
Q. HOW MUCH CAN I BORROW?
Based on the specific loan, the possible loan amount usually differ. A payday loan company online may offer from $100 to $1000. As for the installment loan, a borrower may request between $100 and $5,000 from a student loan company or any loan company in the USA. Personal loan company offers range from $500 to $35,000. Important information to remember is that a loan offer may not be the same as what you requested. The offer may differ because of your income rate, source of income, loan company, among other factors.
Q.WHAT IF AM UNABLE TO REPAY MY LOAN ACCORDING TO ITS TERMS?
The penalties for non-repayment of the loan may differ from one loan company to another. But the common ones include:
- Additional late fee.
- Loan renewal offer with extra charges and/or interest.
- Submission of loan account to a collection agency.
- Non-repayment situation report to a consumer credit agency, which can lead to reduced credit score.
Endeavor to read about the penalties of non-repayment from your loan company. Bear in mind that ViLend only connects – we don’t lend funds.
Q. IS APPROVAL GUARANTEED?
Until the application is evaluated and considered, none of our loan companies guarantee approval.
Q. APPROVED FOR A PAYDAY LOAN BY AN INDEPENDENT THIRD-PARTY LENDER, HOW QUICKLY CAN I RECEIVE IT?
After reaching an agreement with the loan company, the bank transfer will happen within 24 hours, if it is a business day. However, the transfer can take place in a shorter or longer time, depending on your loan company and financial institution. For further inquiries about the transfer time, you can reach out to your loan company.
Q. WHAT ARE THE MINIMUM REQUIREMENTS TO APPLY FOR A LOAN?
The loan company in the USA demands different conditions. However, the common requirements are:
- Stable employment with at least $1,000 monthly income.
- An active checking or savings account that accepts direct deposit.
- Minimum age of 18 years.
- An average credit score or rating for personal loans only.
Bear in mind that if you belong to any of the following categories, it can jeopardize your chance of getting a loan approval: Regular or reserve serving member of the Navy, Air force, Coast Guard, Marine Corps, or Army. Also, if you are under an order without a specified period of 30 days maximum, you may be denied loan approval.
Q. WHAT INFORMATION DO I HAVE TO SHARE IN ORDER TO REGISTER WITH VILEND?
ViLend requires personal information, proof of employment, and banking details. This information usually includes – but is not limited to – full name, workplace, bank account detail, address, driver's license number, social security, and source of regular income. A "loan company near me" may decide to perform a credit check or verify your details with other relevant bodies.
Q. IS THE INFORMATION I PROVIDE SECURE?
Q. HOW LONG DOES A LOAN TRANSACTION TAKE?
From the moment of loan offer to the transfer, a loan transaction process may complete within one business day. But you can experience a shorter or longer duration, depending on different conditions. Such conditions may include the accuracy of the application form, loan company, the time of the day when you apply, financial institution, among others.
Q. WHEN MUST I REPAY MY LOAN?
ViLend will like to reiterates that we are not the independent, third-party lender. Several loan company near me provides different terms for their loans, including repayment conditions. The loan agreement document will include the date and time for repayment. To learn more about reimbursement, you can reach out to your third-party lender.
Q. WILL INDEPENDENT, THIRD-PARTY LENDERS PERFORM A CREDIT CHECK AND WHAT ARE THE CREDIT IMPLICATIONS?
Many loan companies online will assess your credit score. They can also check the validity of your information and check whether it correlates with other records on the national database. The loan company also checks the driver’s license numbers, social security numbers, and banking information to verify the borrower.
Due to several inquiries about your credit score in top credit bureaus, you may experience reduced credit rating. Such bureaus include Equifax, Experian, and Transunion. For this reason, it is advisable to request a single loan in most cases.
Q. WILL MY LOAN BE AUTOMATICALLY RENEWED?
The state of residence and the loan company play crucial roles in the automatic renewal of loans. Several renewal policies exist and differ from one lender to another. Payday loans in different states usually come with different automated renewal policies, depending on the state’s laws. Thus, you should reach out to your loan company and get the necessary clarifications. Sometimes, you might need permission for an automatic loan renewal. It’s worth noting that loan renewal charges may be included in the agreement if you request for it. So, ensure that you check whether fees apply before accepting a loan renewal offer.
Q. WHAT ARE THE IMPLICATIONS OF LATE PAYMENT AND NON-PAYMENT?
You are best advised to inquire from your lender about the implications. The loan company will provide accurate information about the consequences of non-payment or late repayment of the loan. Also, you’ll find such information in the loan offer document. Hence, ensure that you read the loan offer agreement carefully before accepting it. If you fail to comprehend the consequences properly, you can end up in severe penalties.