Frequently Asked Questions
What Are Installment Loans?
Installment loans are a common form of personal loan that allow you to borrow up to five thousand dollars over several years. As the name suggests the loan is paid back in installments, which are of equal amounts and include a fixed rate of interest. Due to their flexibility they are suited to both people who wish to borrow a small amount over a short period of time or a larger amount over a longer period. This form of loan is legal in the majority of US states, though there may be differences in regulations at the state level.
How Is 48Loans' Service Different From Others?
Unlike going through a bank or storefront lender 48Loans.com keeps the process as simple as possible. Everything is completed online and there may be no faxing or physical paperwork at all in some cases. There is also no face to face or telephone interviews, and most users will receive cash the next business day if approved. Furthermore, no collateral is required.
What Are The Requirements?
Before you can get started you must meet some simple requirements. You must be over 18 years of age, a legal US citizen, with a fixed address and means of contact. You must also be in full time employment or self employment, with a stable income and a checking account in your name, which is where the loan will be deposited and repayments taken.
What Is The Borrowing Limit?
It is up to you how much you wish to borrow though it is not guaranteed that you will be offered this amount. The length of the loan term is also a factor, for example you are less likely to be approved for $5,000 loan over a couple of months, but over 2 years this is more managemable.
How Long Do I Have To Repay?
Again, while you can state your desired loan duration the lender may offer different terms that they feel are more practical. In general lenders do not issue loans with a duration longer than 3 years.
What Interest Is Charged?
Installment loans come with a fixed interest rate that is calculated based on the amount borrowed, the length of the loan term, and the personal information from your application. Some states have legally defined limits on the amount of interest that can be charged, but on average this will fall between 125% APR and 800% APR. As a rule, the shorter the term the higher the rate. By law lenders must fully disclose your interest rate, so this will be made clear to you before you digitally sign the loan agreement.
How Do I Get Started?
Using our online form we will help you connect with one of over a hundred lenders in our network. This can be accessed through a web browser on any internet connected device. You can be approved as fast as 5 minutes and the lender can deposit funds as soon as the very next working day.
Is There A Credit Check?
Lenders reserve the right to run a credit check, though this might not be the deciding factor for a approval, and in some cases no credit check might be carried out at all. Some lenders happily accept those with bad credit.
What If I've Changed My Mind?
No loan is final until you have read and digitally signed the loan agreement. You are therefore free to walk away at any stage prior this, with no obligation. If you have changed your mind, you are also free to apply again at any time. If you have questions about the process do not hesitate to contact us or explore the website for further information. If you have any questions about the offer you should contact the lender.
How Long Until The Loan Is Deposited?
As soon as you have signed the loan agreement the lender will begin the deposit process. During the working week most customers will see the cash in their account the very next morning. However if you apply on Friday you may not see the cash until Monday morning. Deposits also do not go through during bank holidays.
Can I Pay Back The Loan Early?
In most cases yes. While lenders do not usually permit extensions you are however usually free to pay the loan off early, so long as it's in full. What's more is you will only have to pay the outstanding principal and will not be charged interest for the full loan duration. In other words if you had 4 installments left, but decided to pay early, you will not have to pay the interest for those 4 months. There may be other fees however.
What If I Fail To Make Payments?
If at any time you feel you will not be able to pay an installment, you should contact the lender right away to discuss how to proceed. Failing to make a payment on the agreed upon date or completely defaulting on the obligation may result in added fees and interest, and lenders reserve the right to begin collection proceedings. This may negatively affect your credit rating. The exact repercussions of failed payments may vary from state to state.
How Is My Credit Rating Affected?
All outstanding loans affect your credit rating to some degree. For example if you have multiple outstanding loans and credit card debt at the same time you may temporarily find it harder to apply for new credit. Successfully making repayments on a loan and completing the loan term will have a positive effect, as it shows other lenders that you are responsible and can meet your obligations. However missing payments or defaulting altogether will leave a black mark, making it more difficult to take out loans and credit in the future.
Is 48Loans.com The Lender?
48Loans.com does not directly lend to our users, rather we connect you with a lender from out vast network. The full application process and any subsequent loan agreement is between you and the lender.
Can I Contact You?