How It Works:
Taking out a personal loan can be a huge step.
So it's important to understand how everything works before you proceed. We've outlined the main steps which you need to take in order to get a loan online, and there's also some further useful information that you can read.
Decide whether you're eligible to get a loan
Before you can apply with an online lender, you will have to meet some basic requirements that are regulated by state and federal law, and also determined by the lenders themselves. Failure to meet these will result in an automatic rejection.
- You must be at least 18 years of age, have a valid form of identification and a Social Security number. The identification could be a birth certificate, drivers' license or passport, which you may be ask to scan, though we cannot promise there will be no faxing. This will prove that you're a legal citizen of the United States and that you are legally able to apply for a loan in the first place. You will also need a fixed address where you can be contacted.
- You will also need to demonstrate that you have a regular and stable source of income, of at least $1,000 per month. This does not necessarily have to be from standard employment, but you may be asked to provide statements as evidence.
- A checking account is also needed in order to take out a loan. This is used for approval purposes, and will also be where the cash will be deposited and repayments taken.
- If you have bad credit, don't worry. While no reputable lender will promise you no credit check, this isn't always the deciding factor on whether you are approved. If you submit your information through 5000LoanHelp, the lenders in our network will consider your application as long as you meet the other requirements. People will all types of credit history have been approved in the past.
1. The first step: Submit Your Information
If you are eligible to get a loan, you can get started and submit your basic personal details with us. This is a very simple online form which you can complete with any internet connected device with a browser. You will be asked for details such as your address, telephone number, date of birth and how much you want to borrow. You can request anything from a few hundred to a $5,000 dollar loan, although this won't necessarily be what you get offered.
We will then try to match you to one of the lenders in our network within 3 minutes. If matched, a lender will then require some extra information to complete the application. Once you have everything they require submitted, you will know if you have been approved in as fast as 5 minutes, the closest you will get to instant approval on the web!
2. The second step: Approving
Approval is usually an automatic process that will involve checking your information against public records and some back end number crunching. Once approved you will be made an offer based on the lender's internal policies and the information you provided (such as income and employment status). This will be as close to the amount you requested as possible and is often the same.
If for whatever reason you are rejected you can go through the process at a later date if your circumstances change.
3. The third step: Signing The Agreement
Along with the offer will be a loan agreement that will outline all of the terms and policies for the loan. For example if you were offered a 5000 dollar loan, this amount along with the interest, repayment schedule, late payment policies, and other terms will be made clear to you. It is important that you read through this information carefully. You are free to walk away if you do not accept the terms.
If you do accept the terms you will have to digitally sign the agreement, at which point the loan is legally binding. The lender will begin the deposit process as soon as possible, and you could get the cash in your account in as fast as 24 hours, excluding weekends and bank holdiays.
What can you get a loan for?
If you're thinking about applying for up to a $5,000 loan, remember that you can use the money for whatever you want. We or the lender won't ask you any questions about what you need the loan for. Perhaps you are starting a business or refurbishing your home. As long as you have the income to meet repayments and are not using it to cycle existing debt, lenders will be happy to assist.
After and during the process, don't forget the importance of responsible borrowing. Although it can be tempting to borrow a lot of money and have some fun with it, it's important that you are able to pay it back.
You will be asked for your income details and other personal information so that the lender can accurately assess whether or not you will be able to pay back the money that you owe. Only if they believe you can afford the loan will they lend you the money. Knowingly lying on an application could be a crime and is usually detected quickly by the system.
If you don't need a loan urgently or don't have a good reason to borrow money, it is strongly advisable that you refrain from taking out a loan. We pride ourselves in being a responsible service that connected genuine borrowers with reputable lenders.Get Started!