FAQ

In case there any questions you have about the loan industry and how to get an online personal loan or short-term loan, the answer may be found here. This list contains questions that MicroPaydayLoans.com is asked very frequently. If you have a question that is not featured on our list, feel free to contact us through any method listed on our Contact Us page. Before this, please remember that we don’t have access to data about specific offers or loans. If any of your questions are about that, you should contact the lender individually, and he will be able to answer your question. We are working hard to make sure we respond to any of your inquiries within 48 hours.

• What Is a Short-Term Loan?

A short-term loan is usually a small amount of money that is given to a consumer if he/she has financial emergencies. The amount is generally between $100 and $1,000, and the money is available to an applicant on the following business day, after approval.

• What Is an Online Personal Loan?

An online personal loan is a medium-term loan that is usually repaid in monthly installments. Generally, the terms of these loans provided by lenders from MicroPaydayLoans.com are limited to 24 months. Our lenders limit the number of online loans to $3,000.

• What Are the Qualifications?

Your loan application may be approved even if you have been turned down by credit card companies and banks in the past. If users provide information through our online form, we may be able to connect them to one of our lenders. The qualifications needed for loan application are:

• You must have a valid email address and telephone number, and have an existing bank account on your name
• You must be 18 years old or older
• You must legally live and work in the United States
• You must be an employee with the same employer for at least 90 consecutive days
• You need to meet some minimum income guidelines

• What Is the Maximum Amount for Short Term and Online Personal Loans?

How much you’ll be able to borrow depends on several factors. Some of these factors include your state, terms provided by lenders and your financial situation. The maximum amount of an online personal loan is limited by $3,000. The maximum amount of a short-term loan is limited by $1,000.

• How Can I Get My Money?

Once your loan is approved and you electronically sign the loan agreement, the lender usually deposits the money into your bank account the next business day.

• Is My Bad Credit an Issue?

Our lenders may want to perform a credit check before deciding whether to lend you money or not, as a part of the qualification process. Usually, bad credit is not a decisive factor when it comes to the lender’s decision to give you money. As long as the basic guidelines are met, you don’t have to worry. The chance to have your loan application approved is very high.

• How Long Is It Going to Take?

From the beginning to the end, the whole process can take only one business day. The first step, which is filling out our online form, takes only two minutes. After submitting it, it will be forwarded throughout our network of lenders. After that, you will be connected with one of our lenders who may offer you a loan according to your requirements. Not long after, you will get loan details for your revision to let you make a final decision regarding the offer. If you decide in its favor, you have to provide your electronic signature. Once that is done, your lender may be able to deposit the loan into your bank account soon, usually the next business day.

• Do I Need to Fax Some Information?

In case this is your first time being offered an online personal loan or short-term loan by a certain lender, you may be asked to fax information for verification. Some of this information includes paycheck stubs and bank statements. If you need to do this but you don’t own a fax machine, you can visit your local public library or UPS store. They will be able to fax the information for a small per-page fee.

• What Are the Costs?

The connecting service that our website provides is free. So, the online form can be filled out as many times as you need, without any fee. The registration on the site can be terminated at any point before you are done filling out the form and submitting it.

The costs that come with obtaining an online personal loan or a short-term loan are determined by your lender depending on the regulations in your state. The MicroPaydayLoans.com service will never charge you. Please review the received loan very carefully. You need to check the interest or fees that may be charged in case of late payment. Lenders must provide this information in the details.

The APRs that are associated with short-term loans are higher than the ones associated with other credit forms. Considering these loans should be repaid quickly, they are competitive with other credit form rates, bounded checks and overdraft fees.

APRs associated with online personal loans may be lower than the short-term loans ones. Still, online personal loans are paid off over a longer period of time. Therefore, it includes some additional fees, such as documentation and origination fees.

• Can I Have More than One Online Personal Loan or Short Term Loan at Once?

You may have more than one short-term loan or online personal loan at once if it’s allowed in your state. However, you must give information about the other loans once you apply for the new one. Your lender may also want to perform a credit check to obtain more information about your other loans. Make sure you check your loan agreement for details or contact your lender directly to obtain more information.

• How and When Will My Short-Term Loan Be Paid Off?

When it comes to repaying your short-term loan, the repaying terms will be listed on your loan agreement. The terms may vary depending on your individual situation and your lender. To make things simpler, you can opt for a direct withdrawal option while closing the loan deal. Then, your lender can simply take the money back by withdrawing the loan amount plus applicable interest and fees from your account. It will all happen on the decided repayment date. You don’t have to mail any check or money order, and you don’t have to visit any retail location. This paperless process is also helpful in negating the possibility of receiving late payment. In case you need an extension, you should contact the lender you’re connected with. One thing you should know is that extensions come with their own additional charges, fees, and possible penalties.

• How and When Will My Online Personal Loan Be Paid Off?

An online personal loan is paid off in a series of equal monthly installments. The schedule and term of the loan repayment depend on what the loan agreement with your lender says. Depending on your state, regulations may apply. We don’t have access to the information regarding your loan deal or agreement with your lender. If you want details about your online personal loan terms and repayment schedule, please contact your lender.

• What If My Payment Is Not on Time?

Once you are sure that your repayment will be late, it’s highly recommended to contact your lender, so you avoid additional charges and penalties. The states are the ones that regulate the maximum amounts a lender can charge in the form of late fees. Ensure you compare these late payments to what you are quoted by your lender.

• How Safe Is My Information?

On MicroPaydayLoans.com, we have top-rated security technology and physical protocols that ensure the safety of your provided information. Any information you give us will only be used to obtain the services or products you require. It will also only be used to provide you with the best offers from third-party lenders that you find interesting. If you need more information about the way your data is collected, distributed, used and protected, please visit our Privacy Policy.

• What Happens If I Can’t Repay My Short-Term Loan?

If something occurs and you can’t repay your loan, your lender will use any legal method to collect your debt. Whereas some may turn you into collection agencies, most lenders stick to in-house collection methods. None of our lenders will press criminal charges against you if you fail to pay. In case you are unable to repay your loan, you should let your lender know as soon as possible. This way, you may minimize the damage and avoid huge fees.

• What Happens If I Cannot Make a Timely Payment on My Online Personal Loan?

If there are any issues with making timely payments on your online personal loan, contact your lender directly. There may be late payment fees and other penalties applied. If you have troubles with paying off your loan, you may be offered an Extended Payment Plan to allow you to prolong your loan term so you can repay it. However, not every lender provides this option.

• How Many Extensions on My Short-Term Loan Am I Allowed to Have?

Usually, most of our lenders will offer you an extension in case you are not able to repay your loan according to your original agreement. How many extensions you are allowed depends on your state you live in, as well as your individual lender. Please remember that loan extensions are associated with higher interest and fees.

If you have any question that is directly related to an online personal loan or a short-term loan, you should discuss with your lender. The lender is the one who should be able to answer your questions. You will get the lender’s contact information while communicating on the terms of your loan. So, you will have all the details in your loan agreement in case you decide to close the deal.