How Unsecured Personal Loans Work

The process of requesting and accessing unsecured loans on our website is very fast and easy. We are committed to help you access the funds you need fast so that you can solve your financial emergencies. In most cases you will not be required to fax any documents for your loan to be approved.

Personal payday loans do not always require paperwork because you are expected to clear the full amount in the next payday. You may request for funds just a week or two to your next pay and hence there is no need for lengthy paper work.

Personal installment loans take a longer period to repay and sometimes require a few documents to show your commitment and ability to pay.

You can request any amount between $100 and $5000 through the following simple steps:

1. Submit your request online

The first step to accessing unsecured personal loans is to fill our online form. You are required to give accurate personal details including your full names, state, age, employment history, the amount, contact details, and address. Remember to fill all the required sections in the form to increase your chances of fast approval. Cross check the form before submitting to ensure that all the information given is accurate and complete.

Remember, you may qulify for a loan even with bad credit or poor credit.

Your credit history does not limit you from accessing funds as long as you can repay the loan with your current income. Remember to go through the basic requirements before submitting your request. At least you should be above 18 years, a permanent US resident, and have a stable source of income. Visit our FAQ page for more information about the requirements for unsecured loans.

2. Wait for approval

When you submit a complete form, your loan is usually processed within seconds or minutes. The approval decision largely depends on the information you include in your request. For instance, your chances of a positive response to your request are very high if you opt for an amount that you can pay with your salary. In case of installment loans, you should be in a position to pay your installment comfortably every month.

After you received a notification about your loan approval and was connected to a lender, you will receive a copy of the loan terms and conditions. They include the repayment plan and period, rates, renewals and fees charged and the consequences of failing to pay your loan on time. Make sure that you read all the terms carefully and ask for clarification where necessary. Most of the terms are straightforward and easy to interpret.

You should only accept the terms if you can repay the loan within the period and installment amount given.

Late repayment attracts penalties. If you are uncomfortable with the terms, you can withdraw your request and seek for assistance elsewhere. However, the terms and conditions are almost similar across financial institutions.

3. Get funds fast

When you accept the terms and conditions given, the requested amount is transferred to your bank account very fast, usually in one business day. Sometimes transfers may delay because of banking procedures but such cases are rare. The transfer is faster if your banking institution is fast in processing direct transfers.

It also helps to submit request for a loan early in the day instead of late afternoon when banks are about to close business.

Consider the banking hours when trying to get a loan. Banks work from Monday to Friday and close early on weekends. Bank holidays may also delay transfers. The annual percentage rate, fees, and repayment terms vary depending on your state, lender and the amount of money requested. Review these terms before signing or accepting the loan contract. Do not rely on past data because rates and fees vary from time to time.

Personal loans are an easy way to solve emergencies fast and conveniently. They are considered as short-term loans because they should be repaid within a short period. Do not be caught up in the trap of extending your debts to a future date. Honor your loan agreement and payback on time.

Rates and Fees

Our website's service of matching you with a lender is always free. Rates and fees apply on approved loans only. Our goal is to help you access unsecured loans even with poor credit. The approval process is very fast. However, this does not mean that you should ignore or underestimate your financial obligation to repay the loan. Financial institutions take payday and installment loans very seriously just like other conventional loans. Seek financial help from other sources if you are not committed or unable to pay a loan.

Remember, unsecured loans are easy to access but also come at a cost.

Their Annual Percentage Rates (APRs) are higher than those of traditional loans are. Interest rates, fees, and APRs vary across lenders and states. Sometimes these charges change and according to many loan terms, the lender is not obliged to notify of every change. Your credit history may also affect the rates and fees charged.

Given the financial implications of loan fees and rates, it is important to review the terms and conditions before signing the loan contract. Once your loan is approved, you receive a copy of term and conditions that clearly outlines the charges that apply to your loan application. Even if you are in a crisis, take time to read the terms and conditions before accepting the loan. Ask questions if you do not understand the terms especially on calculation of rates and fees. You cannot change your mind after submitting your loan contract with an e-Signature on it.

Rates and Fees Disclosure

Financial institutions are obliged by law to disclose their APRs, rates, fees and terms to their clients. Our lenders comply with this law and provide all this information before you sign any contract. It is your responsibility to read and understand the loan terms and conditions before signing the loan contract. However, lenders usually are available and willing to help you throughout your repayment period.

Late payment

It is important to pay your installment on time and the full amount on the agreed date in case of a payday loan. Late repayment attracts penalties and fees, which increase the unpaid loan amount. You increase your financial burden when you fail to pay on time. Check the terms for late repayment on the loan form before signing. Every state and financial institution has a different policy for late repayments.

Partial Payment

Lenders treat partial payment differently from nonpayment and late repayment. This policy varies across states and financial institutions. Partial payment reduces your unpaid loan but still attracts some penalties. Check the partial payment terms in your state before accepting any unsecured loans.


Nonpayment attracts the most severe penalties and charges. The law allows lenders to initiate collection proceedings against borrowers who fail to meet their financial commitment. This means that on top of paying your outstanding amount, you will pay additional fees, rates, penalties, and legal costs. The law also allows lenders to contact borrowers to reach a repayment agreement before initiating collection proceedings.

You will receive email messages and phone calls constantly about your outstanding amount, which can be annoying and intimidating. The lender is authorized to report your missed or late payment to credit bureaus. Such a move by your lender does not only affect your credit but also your ability to access loans in the future. The best way to avoid all these consequences is to borrow what you can repay. Avoid borrowing for non-urgent issues.

Renewals and Extensions

Lenders can extend or renew an outstanding loan to help the borrower repay. Do not assume that you will be allowed to extend your repayment period or push your payday loan to another month. Some states and lenders do not have such a policy for unsecured personal loans. Plan to pay your loan within the given period in the terms and conditions without considering the possibility on an extension or renewal.

The decision to accept or decline a loan offer lies with you. Make an informed decision by checking the laws that apply to personal loans in your state. Some states do not have such laws. You need to contact your lender or legal advisers in such cases to understand the terms and conditions that apply to your personal loan. Your legal adviser can also help you interpret specific terms in your loan contract.