Frequently Asked Questions
What Is An Online Installment Loan?
An online Installment loan is a form of personal loan that is issued online. As the name suggests the loan is repaid in regular installments over a short to long period of time - usually no longer than 3 years.
What Is An Installment Loan For?
An Installment loan can be useful in a number of situations. Perhaps you have a temporary financial issue that can be overcome with some cash upfront, or maybe there is a large purchase you want to make but don't want to spend time saving up. If however you are struggling with debt an installment loan is not the best solution as it might result in you getting it to further trouble.
Who Is Eligible For A Loan?
Anyone who wishes to obtain a loan through LendMe1000.com must be over 18 years of age and a legal citizen of the United States. They must also be in stable employment (or self employment) holding their current position for at least 90 days. At the very least the borrower's monthly income must be more than $1000. To use our service you will also need a basic checking account for the loan to be deposited and repayments to be taken.
How Much Can I Borrow?
A $1,000 loan is a common amount issued by lenders in our network, but amounts can range between $100 and $5,000. The amount you are issued is dependent on how much you wish to borrow and what you personal details reveal about how much you can afford to borrow. Somebody with a high monthly salary for example is likely to be offered a large loan if that's what they request.
When Will I Receive the Money?
If you are matched with a lender you will receive an offer from that lender with the terms and conditions of the loan. Approved loans can get you cash as soon as the next business day.
What If I Have Bad Credit?
Lenders reserve the right to run a credit check, but some may perform no credit check and no teletrack at all. Regardless, it is your income and current financial situation that has the most weight in determining whether you are approved.
Do I Need To Fax Documents?
In most cases there is no faxing required but lenders reserve the right to ask for further verification of your details, with bank statements, pay stubs etc. Even then these can usually be provided through email rather than faxing.
What Are The Interest Rates and Fees?
As with all types of loan you will have to pay extra on top of the principal in the form of interest. You may also incur other fees. These will be fully outlined to you in the loan agreement before you sign the contract, which is a legal requirement. Different states have different rules regarding how much can be charged in interest and fees, and the lender will also use the information you supply to determine the ideal amounts for you.
What If I Already Have A Loan?
If you already have a loan or other form credit from other providers you are still free to pursue a loan through LendMe1000.com, however restrictions may apply if you already have the same type of loan, have a loan from the same lender or are attempting to apply for more than one loan at a time.
When and How Do I Make Repayments?
The repayment schedule for your loan will be fully outlined in the loan agreement before you sign the contract, which is a legal requirement. This will inform you how much each installment will cost (including interest) and the dates that they are due. Repayments are taken automatically from your designated bank account.
What If I Miss A Repayment?
Making one of the repayments late, missing it altogether or ceasing to pay back the loan completely will result in added fees and interest, pursuant of local state law. If you foresee that you will miss a payment it is important to contact your lender as they may be able to offer an extension or work out some other kind of solution. If you fail to meet your obligations the lender reserves the right to bring collection proceedings against you (such as phone calls and letters) and may inform the credit rating bureaus, which will harm your credit rating.
Can I Get An Extension or Renewal?
Extensions or renewals of loans are at the lender's discretion and are governed by state law. See the loan agreement for further details or contact the lender if you have any queries.
What If I Change My Mind?
At any step before you digitally sign the contract you are free to walk away with no obligation. So even if an offer has been made, you do not have to accept it. Reading through the terms and coming to an informed decision about whether to accept the offer is actively encouraged. Rejecting an offer will not harm your credit score.
Is My Personal Information Safe?
What Service Is Provided By This Website?
LendMe1000.com is not a direct lender and doesn't extend any credit itself. We connect you free of charge with lenders from our network.