Personal Loans FAQ
Personal Loans Basics
? What is a personal loan?
A personal loan is a low-interest loan that is made up of the principle and interest and is repaid in fixed monthly payments. The loan period can vary from a few months up to 5 years. Personal loans are usually taken out for amounts over $1,000 and can be used for debt consolidation or to buy a car. They can be secured or unsecured depending on the credit history of the borrower.
? What can I use a personal loan for?
A personal loan may be used for any purpose the borrower chooses. This is what makes it a “personal” loan.
Customers may use a personal loan for small business expenses, debt consolidation, credit cards payoff, automotive repairs, health bills, or any number of other purposes.
? What is the maximum loan amount I can qualify for?
Currently, PayDayAllDay offers online personal loans up to $35,000.
? How long will I have to pay off my personal loan?
Borrowers can choose a loan term which works for their needs. Longer-term personal loans may be paid back from 12 to 60 months. By contrast, installment loans tend to be paid off within 2 years or less, and payday loans usually must be paid off within a month or less.
? Is my personal loan secured or unsecured?
PayDayAllDay offers unsecured personal loans only. This means you get the loan without any collateral.
? Why apply for a personal loan online instead of in person?
Applying for a personal loan online provides you with a lot more in the way of options. Your application goes out to a whole network of lenders, so you may receive multiple loan offers.
This allows you to choose the lowest interest rates and the best overall terms. These may be more competitive than those offered by your local bank or credit union.
The application and approval process employed by your bank also is likely to be extensive and time-consuming. Online, the entire application process takes minutes. You may be approved the same day.
? What if I have a bad credit?
We partner specifically with lenders who are willing to work with customers with less than ideal credit scores.
? I need a loan right away. Is a personal loan the best choice?
Most customers think of payday loans when they think about getting a quick loan for an emergency. A payday loan is a perfectly suitable choice for fast cash, but so is a personal loan. Some of our lenders are even able to provide same-day funding for personal loans.