What are Payday Loans?
A payday loan is usually a small cash advance that you pay back with your next paycheck. The loan term is usually 30 days or less.
What are Short Term or Installment Loans?
A short term or installment loan is as the title states. a loan you can repay over a short period of time, usually between 2 and 6 months.
Who are They For?
Payday or short term loans are for people who need cash quickly, ideally for an emergency. Your car might have broken down, your heating has gone off or you need a deposit on a place but can’t pull together the cash quickly.
There are a variety of reasons you might need a loan like this for, but remember, the interest is higher than standard loans so use them sparingly, only when you need them but not every month as they are unsustainable.
Are you the Lender?
No, we are not the lender, we are an advertising referral service. Once you have filled in our online form for a loan, we issue your details to qualified participating lenders that may be able to provide amounts between $100 and $2500
Does this Service Cost Money?
Completing a loan search with LoanPig USA is free to you, the consumer. We are paid by independent, third party lenders for potential customer referrals.
Each of our third party lenders have their own fees, APR and terms. These charges come directly from the lender.
Any fees and charges from the Lender, will be provided to you at the time of the loan offer, if one is made. You are under no obligation to accept them.
Your loan is only accepted by you when you electronically “sign” the offer and send back to the lender.
Please read all documents carefully, for the terms and conditions of the loan.
How do I Get a Loan?
To find a loan with LoanPigUSA just complete the online form in full and truthfully. Once you click Get started, your information will be securely sent to our panel of lenders who will evaluate your details and come back to you with a decision as to whether they can offer you a loan facility or not.
Are They Legal?
In short Yes, these types of loans are legal and are backed by US Law.
Even though, in recent times, payday and installment loans have been getting some bad press, but they are completely legal in the United States and are heavily regulated at the state and local level. Depending on which state you live in means the amount you are allowed to borrow, how much interest you can be charged and other terms, are limited by the law.
Our lending panel only contains licensed and reputable lenders and will never make misleading promises like “no credit check” or “instant approval.”
Before you sign any loan agreement, the lender will provide you with a full copy of the terms, which is required by law.
Can I Get a Loan with Bad Credit?
Yes you can, each individual is assessed on a number of factors other than your financial score or rating. Although, having bad credit may affect your chances of getting a better rate of interest on your loan, it shouldn’t stop one of our lending panel offering you a loan facility.
Your circumstances may have changed recently like, you just got a raise, you just found a job after being out of work for a year. All these positive factors help your cause.
Who is Eligible?
There are a few criteria items you must meet to be eligible for a loan.
- You must be at least 18 years of age
- You must be employed or otherwise have a stable source of income (of at least $1,000)
- You must live in the United States with a fixed contact address
- You must have a basic checking account where the loan can be deposited and the repayment automatically taken on the agreed-upon date.
If you meet these requirements you are able to use our loan request service and if matched, will be able to complete an offer with a lender.
Do I Need a Job?
You don’t necessarily have to have a job to get a loan, but you do have to demonstrate that you have a stable source of income. This might be from employment, but could also be from self-employment, pension, disability or other welfare payments, income protection insurance payments, or other sources.
You may be required to provide statements and other documentation to a lender to verify your income status.
How Much Can I Borrow?
The lenders in our network offer payday and short term loans of between $100 and $2,500.
However, in some circumstances, the exact amount a lender might offer you depends on the information you submit with your online form, your financial situation, any credit checks carried out, and the lender’s internal criteria at the time. They will aim to offer as close to the amount you have chosen as possible, without repayment becoming a risk.