Frequently Asked Questions

BorrowYourLoan.com provides a marketplace service where your loan request is submitted to a network of reputable lenders. Our service is always free-there is never a cost to you for submitting an inquiry. Your lender will have its own rates and fees that will be provided to you before you accept the loan. BorrowYourLoan.com is not a lender and does not make credit decisions.

New customers may have questions about BorrowYourLoan.com, which is why we have compiled the most common questions below. If you have a question that is not answered here, we are happy to answer your questions.

If you have questions regarding a loan inquiry, approval, funded loan, payments or any other question about a particular loan, please contact your lender or lending partner directly. If you received a loan, you should already have the lender’s or lending partner's contact information. Since we are not the lender or lending partner, we cannot answer questions about pending or approved loans.

1. What is a short-term loan?

Short-term loans are a form of personal financing designed to help cover unexpected or temporary expenses. They provide quick access to funds and are typically repaid within a short period.

2. Who is eligible for a personal loan?

To be considered by most lenders or partners, you should generally:

  • Be at least 18 years old and either a U.S. citizen or permanent resident

  • Have been employed for around 90 days or have reliable, steady income

  • Earn at least $1,000 per month after taxes

  • Maintain a valid email address and working phone number

3. How much money can I borrow?

Loan amounts depend on your state laws and the individual lender's policies. Many lending partners offer loans from $100 up to $5,000, though your eligibility and offer may vary.

4. How is the loan delivered to me?

Once your application is approved and you agree to the terms, your funds are typically deposited directly into your bank account, often by the next business day.

5. Can I apply if I have poor credit or past bankruptcy?

While personal loans are often based on good credit, some lenders may work with those who have less-than-perfect credit. If you're not eligible for a traditional personal loan, we'll try to connect you with a short-term lender instead.

6. How long does the application process take?

The application usually takes only a few minutes to complete online. Once submitted, we start matching you with a lender. Responses are usually received within minutes, and funding may occur within 24 to 48 hours.

7. Do I need to use a printer or fax machine?

Most lenders now offer digital document verification, eliminating the need for faxing. However, some may request scanned copies of pay stubs or bank statements. If needed, you can visit a local print and copy center. It's also a good idea to print and keep a copy of your loan agreement.

8. What is the cost of a short-term loan?

Using BorrowYourLoan.com's marketplace is free. The actual fees, interest rates, and terms will depend on your lender and the loan you accept. These loans are typically more affordable than overdraft fees or utility reconnection costs, but you should only borrow what you can repay.

9. Can I get a loan if I already have one?

That depends on state regulations and the policies of your current and prospective lenders. If you already have an active loan, be sure to disclose it before taking another.

10. How do I repay the loan?

Repayment is usually done automatically via ACH transfer from your bank account on the due date. This helps ensure timely payments and avoid late fees. If needed, contact your lender ahead of time for possible extensions

11. What if I'm late on a payment?

Each lender has their own policy on late payments. Review your loan agreement or contact the lender directly for specifics. Late fees may apply, and some states limit how much can be charged.

12. How is my personal data protected?

We use advanced encryption and industry-standard security protocols to keep your data secure. Your information is stored and transferred securely. For full details, please see our Privacy Policy.

13. Can I apply for another loan later?

Yes, you may apply again anytime as long as you meet the eligibility criteria and local laws permit. Be sure to inform any new lender if you currently have an active loan.

14. Can I extend my loan term?

Extensions or rollovers depend on your lender's policy and local laws. Some states permit multiple extensions; others don't allow any. If you're having difficulty making a payment, contact your lender before your due date to discuss your options.

15. What happens if I can't repay the loan?

Failure to make payments may result in loan default, which can negatively impact your credit. If you anticipate problems repaying, contact your lender as soon as possible-they may offer assistance or alternative arrangements to avoid default.