Loan Q&A

Credit.com answers the most frequently asked loan questions. Read our responses or submit your own question today.

How will I receive my loan? Direct deposit, wire transfer, or check?
If you were accepted for an unsecured personal loan, you will receive your funds in the form of a check. You may be able to request that these funds be wire transferred to your account. If you were accepted for an emergency payday loan, your funds will deposited directly into your banking account.

How soon can I expect a loan approval?
You can generally expect to receive notice of your approval within 48 hours.

What should I do if it’s been 48 hours since I applied and I haven´t heard anything?
Often you are sent an initial email letting you know that your application has been received and is being processed. Because these emails are sent from an unfamiliar email address, they are frequently sent to your junk, bulk, or trash folders. Be sure to check carefully for messages relating to your loan. If you did not receive an email or accidentally deleted your email you can contact us at cs@credit.com and we will send you the status of application. Please allow a full 48 business hours for us to make the inquiry and keep in mind that many of our lending partners are closed over the weekend.

If I am denied a loan, is there a waiting period before I can reapply?
Yes, you must wait seven days to reapply.

How will I know if I am approved or declined for a loan?
If you are approved for the loan, you will be notified by email or by phone. If you are declined, you will be sent an email and/or you will be notified by US mail.

Should I contact Credit.com if I am approved for loan?
You do not need to contact Credit.com once you are approved for the loan; the lender who notified you of your approval will be your contact from that point forward. However, if you have questions that your direct lender is not able to answer, please feel free to contact us at cs@credit.com.

I forgot who my lender is. How do I contact them?
Send us an email at cs@credit.com. Include the email address you used for your application, your first and last name, and the type of loan you applied for. We will send you the contact information for your lender.

Why was I denied a loan?
A lender may deny your application if you did not meet one of the minimum requirements listed on the first page of the application or if:

• Your credit score is too low or you don’t have a credit history
• You do not live in the U.S.
• You have a recent past bankruptcy
• You have a poor repayment history, your bills are in collection, or you have recently bounced checks.
• You have recently had a vehicle repossessed

Sometimes you can be denied through no fault of your own.

• We choose a lender based on the information that you provide us and the area in which you live.. If we do not have lender in your immediate area you may be turned down for a loan.
• Our lending partners have a limit regarding the amount of individuals they can approve in a given time frame. At certain times of the month or year we have a large volume of applicants. As a result, some of our applicants may be turned down. We highly encourage you to reapply in this situation.

How do I cancel my loan?
When you are approved for the loan you will be contacted by one of our lenders. If you are no longer interested in the loan, simply decline their offer. You do not need to cancel your loan application with us.

How much does it cost to apply for a loan?
There are no fees for any of our loan services.

I would like a different lender. How do I switch?
If you would like a different lender please send an email request to cs@credit.com. We may be able to find you an alternative.

What is the difference between an emergency payday loan and a personal unsecured loan?
An unsecured personal loan allows you to borrow between $1,000-$10,000. These loans can be paid off during the course of 1-4 years. To qualify for the loan you must have a credit score of a 580 + or have a co-signer. Emergency payday loans allow you to borrow between $200-$1,000. The repayment term of these loans is very short -- approximately two pay periods. However, there is no credit check required for the application.

How much money can I borrow?
This depends on what type of loan you apply for, but in general the better your credit history and score, the easier it will be to borrow more money. The maximum amount of money you can request when applying for an unsecured personal loan is $10,000. If you are a homeowner you could qualify for $15,000. If you apply for an emergency payday loan, the maximum amount of money you can qualify for is $1,000.

Should I use a co-signer?
A co-signer is advisable if you have poor credit history or no credit history. Make sure that your co-signer has better credit standing than you. The idea is that your co-signer’s good credit will help bring up your poor credit. Be careful about choosing a co-signer, however. The records for the shared account, both good and bad, can appear on both the co-signer and the borrower’s credit reports for 7-10 years.

What will my interest rate be?
Your interest rate will depend primarily on three things: your credit score, how much you borrow, and the state you live in. Each state has different regulations governing interest rates. The general rule of thumb is that the better your credit score, the lower your interest rate will be.

What is a person-to-person loan?
A person-to-person loan is financing for a car that you want to purchase directly from a friend, family, the newspaper, online, or a particular dealership. To qualify for this type of loan you must have a good credit history and a credit score above 680.

Is Credit.com a direct lender?
Credit.com has a select group of lending partners but we are not a direct lender ourselves.

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