Location1125 E Broadway, #545 Glendale, CA 91205

FAQ’s

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Frequently Asked Questions

At The Loans Point we understand the need for cash for paying little expenses, that’s we have developed a smart search facility for finding payday loans and installment loans as per your personal eligibility and need. We have listed answers for most frequently asked questions about payday loans and installment loans to help you have a better understanding of the loan process. For more information regarding APR, repayment terms, maximum loan amounts etc. please visit our Rates and Terms section for specific states as certain states have different rules and procedures for payday loans and installment loans.

+What is the difference between payday loans and installment loans?
A payday loans are short term cash loans amounting up to $1500 (maximum loan amount varies according to state rules) that are typically provided for short period of 7 Days to 31 Days and repaid with a single payment at the end of loan period whereas installment loans are offered from $100 to $2500 that can be repaid via fixed bi-weekly or monthly payments for a period of up to 36 months or more.
+What is the criteria for eligibility and qualification for payday loans and installment loans.
Most lenders have different set of requirements and qualification criteria for payday loans and installments. However, some of the most of common requirements are listed below: 1) Minimum age - 18 years 2) An active checking account where your income is directly deposited. 3) Regular monthly source of income 4) A permanent resident of USA 5) A Valid phone and a valid USA address
+What is the maximum loan amount I can borrow?
Maximum loan amount varies according to state rules. Typically payday loans are available for up to $1500 and installment loans are available for much bigger loan amounts of up to $2500 depending on the state or residence. For more information regarding maximum loan amount in your state, please visit Rates And Terms.
+What is the rate of interest (APR) for payday loans and installment loans?
Annual Percentage Rate or APR is the YEARLY rate of interest that lenders charge for the loan amount depending up on repayment terms. Lenders may apply different rates in certain states as per laws and rules for payday loans and installment loans in a state. Please check APR information carefully before signing any loan agreement. For more information regarding maximum APR in your state, please visit Rates And Terms. Please read below, representative example for payday loan in Alabama. Representative Example for payday loans in Alabama Maximum interest charges or fees that can be charged by a payday loan lender in Alabama are 17.5% interest per $100. The APR in this case will be 456.25% for a 14 day loan and 206.05% for a 30 day loan period.
+When will I get cash in my bank account?
Once approved, payday loans and installment loans are typically funded by next business day. However, if you are applying on a bank holiday or one day before a bank holiday it might take a bit longer to deposit the funds into your bank account. Please read below typical list of holidays that are observed by all Federal Banks: Christmas Day, New Years Day, President‘s Day, Martin Luther King, Jr. Day, George Washington’s Birthday, Memorial Day, Independence Day, Columbus Day, Thanksgiving Day, Labor Day, Veterans Day.
+Can I apply even if I do not have a good credit score?
Yes, you can apply for payday loans and installment loans even if you have less than perfect credit score. After completing our application form, our smart search facility will try to find payday loans and installment loans offers according to your details and if your application meets the eligibility criteria of different lenders associated with us, you will be offered a loan by the participating lender. Also, some lenders do not perform a credit check before offering payday loans which increases the chances of approval.
+Is there any application fees for finding payday loans and installment loans?
No, our smart search facility for finding payday loans and installment loans is 100% free. We do not charge anything for using our website to find a loan.
+What happens if I am not able to replay my loan or miss a scheduled payment?
In case of non-payment of payday loans on due date, the lender might charge a late fee on your loan. Also, some lenders might report loan activity to credit rating agencies which may have an adverse impact on your credit score. Some lenders also have refinancing options in case you fail to make timely payment. The amount of late fee and refinancing rates and options varies according to state rules. Please read Rates and Terms for more information.