If you have any questions about the cash loan industry and the processes behind obtaining a short term cash loan, you may be able to find the answer to your question here. This is a list of the questions that 12MonthsLoansBadCredit.com is asked most frequently about the process of obtaining loans and the industry in general. If you cannot find the answer to your question here for any reason, you can contact us via any of the methods listed on our Contact Us page. Please, keep in mind that we do not have any access to the information about specific loans or offers, so these questions should be directed toward your specific lender. We will respond to any inquiry within 48 hours.
What are short term loans?
Short term loans are generally small sums of cash—between $100 and $1000 — that are made available to consumers in the event of financial emergencies in most cases regardless of their credit histories. This cash is generally available to applicants on the business day following their approval.
What are the qualifications?
You are likely to be approved for a short term loan even if you have been turned down by banks and credit card companies in the past. We can successfully match more than 92% of the users who provide their information via our online form and request a match with one of our lenders. The 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 loan amount?
The total amount of money that you will be permitted to borrow depends on several factors which include your lender, the state in which you live and your unique financial situation.
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 a short term loan.
How long will it take?
From start to finish, the entire process can take as little as one business day. First, you will fill out our short two-minute online form. Once you have submitted it, it will be forwarded throughout our network of lenders. In minutes, you will get matched with a lender from our network who can offer you a loan according to your requirements. Then, you will be forwarded with loan details to make your final decision about the offer. After you provide your electronic signature, your lender will be able to deposit the funds into your bank account on the following business day in most cases.
Do I need to fax information?
If this is the first time you are offered a short term loan with 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.
How much does it cost?
The overall costs associated with obtaining a short term cash loan are ultimately determined by the lender in accordance with the regulations in the state in which you live. We will never charge you for the service provided by 12MonthsLoansBadCredit.com. Please, take the time to review the loan offer you receive very carefully for the rates and fees associated with your loan as well as any late fees or interest that may be charged if you fail to repay your loan on time. Lenders are required to provide this information in details. The APRs associated with short term loans are higher than those associated with other forms of credit, but since these loans are intended to be repaid quickly, they are highly competitive with the rates associated with other forms of credit, overdraft fees and bounced checks as long as they are repaid on time.
Can I have more than one loan at once?
If your state regulations allow it, you may have more than one short term loan outstanding at any given point in time. However, when applying for a consecutive loan, you must disclose information about all other short term loans on the application.
How and when will my loan be repaid?
The terms for repaying your loan will be listed in your loan agreement. The terms for short term loans vary based upon your lender and your individual situation. To make things simple for you, if you opt for this option while closing the loan deal, your lender will simply withdraw the amount of your loan plus any applicable fees and interest from your bank account on the repayment date. You will not have to visit a retail location or mail a check or money order. This paperless process also helps to negate the possibility that your payment will be received late. If you need an extension, you should contact your lender. Please keep in mind that extensions on your loan will be associated with additional fees and interest.
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 avoid potentially huge charges. States typically regulate the maximum amounts that lenders can charge in the form of late fees, so be sure to compare these maximums with any late payment fees you are quoted by your lender.
Is my information safe?
What if I cannot repay my loan?
Lenders can use any method that is legally available to them to collect your debt if you fail to repay your loan. While they may turn you into collection agencies, most stick to in-house collection methods. Our lenders will never press criminal charges against you due to your failure to repay. If you are unable to repay your loan, you should inform your lender as soon as possible to minimize damage and avoid overwhelming fees.
Is there a waiting period between applications?
Although it is free to request a match with a lender who provides short term loans through 12MonthsLoansBadCredit.com, and you can submit your information via our online form as many times as you would like, we ask that you wait 72 hours between consecutive applications. 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.
How many extensions can I have?
Most of the lenders in our network will offer you an extension on your loan if you are unable to repay it according to the original agreement. The number of extensions that are available to you is determined by the state in which you live as well as your individual lender. Please, keep in mind that these extensions are associated with higher fees and interest, as well.
Any questions that are directly related to a loan or an offer for credit should be discussed with the lender who provided the loan or offer. You will be provided with 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.