Frequently Asked Questions
Welcome to Lendtly, where we connect you with a diverse network of credible financiers. Our platform is a free marketplace, offering a cost-free opportunity to submit loan inquiries. Lendtly is not a direct lender; we do not make credit decisions. We provide you with options from lenders, each with their own terms and fees, which will be clearly laid out before you accept any loan offer.
New to Lendtly? You likely have questions, and we’re here to help! Below, you’ll find answers to some of the most common queries we receive. If your question isn’t listed, feel free to reach out to us for further assistance
For queries related to specific loans, such as approval, payments, or terms, please contact the lender directly. As a marketplace, we don’t handle loan inquiries post-connection. If you’ve secured a loan, you should have the lender’s contact details.
- 1. What is a Personal Loan?
- 2. Who is Eligible for a Personal Loan?
- 3. How Much Can I Borrow?
- 4. How Will I Receive the Loan?
- 5. Can I Get a Loan with Bad Credit?
- 6. What's the Duration of the Loan Process?
- 7. Is a Printer or Fax Machine Necessary?
- 8. What Does a Short-Term Consumer Loan Cost?
- 9. Can I Have Multiple Loans?
- 10. How and When Do I Repay My Loan?
- 11. What If I'm Late on a Payment?
- 12. How is My Information Protected?
- 13. When Can I Apply for Another Loan?
- 14. Are Loan Extensions Possible?
- 15. What if I Can't Repay My Loan?
What is a Personal Loan?
Personal loans through Lendtly are financial tools for short-term relief. They cater to varied needs, like emergencies or unexpected bills. They’re not long-term financial solutions but offer quick aid.
Who is Eligible for a Personal Loan?
To qualify, applicants should have steady income, be at least 18 years old, and a U.S. resident or permanent resident. Lenders also require a valid email and contact numbers. Employment for about 90 days is usually preferred.
How Much Can I Borrow?
Loan amounts depend on lender assessment and state laws, typically ranging from $1,000 to $50,000. Your financial situation and credit history play a role. The final amount is at the lender’s discretion.
How Will I Receive the Loan?
Once approved, the loan is directly deposited into your bank account. This process is typically quick, often by the next business day. Ensure your bank details are accurate for smooth transactions.
Can I Get a Loan with Bad Credit?
Lenders consider various factors, including credit history. Bad credit may lead to alternative loan options like short-term consumer loans. Lendtly aims to find suitable lenders regardless of credit status.
What's the Duration of the Loan Process?
The online application is quick, taking only a few minutes. Lender responses can be expected within minutes. Final approval and funding usually occur within 24 to 48 hours.
Is a Printer or Fax Machine Necessary?
Most lenders prefer digital document handling, reducing the need for physical copies. Occasionally, lenders may request faxed or emailed documents. Access to a printer is useful for keeping loan agreements.
What Does a Short-Term Consumer Loan Cost?
Lendtly’s marketplace service is free to use. Specific loan costs, including rates and fees, are provided by the lender. Personal loans are more cost-effective than late fees on utilities.
Can I Have Multiple Loans?
This depends on state laws and the lender’s policies. Always disclose existing loans when applying for a new one. Lenders consider your current financial commitments.
How and When Do I Repay My Loan?
Repayment is usually through automatic bank withdrawals on due dates. This method helps avoid late fees or defaults. Contact your lender for any repayment concerns or extension requests.
What If I'm Late on a Payment?
Late payment policies and fees vary by lender and are governed by state laws. Review your loan agreement for specifics. Always communicate with your lender about any payment issues.
How is My Information Protected?
Lendtly uses advanced encryption and security measures to protect your data. Personal information is stored and transmitted securely. Our privacy policy provides more details.
When Can I Apply for Another Loan?
You can apply for a new loan anytime, subject to state laws and existing loans. Inform lenders about any current loans. Repeat borrowing is subject to lender approval.
Are Loan Extensions Possible?
Extensions depend on the lender’s policies and state regulations. Some states allow multiple rollovers, while others do not. Contact your lender before missing a payment for extension options.
What if I Can't Repay My Loan?
Failure to repay can lead to defaults and impact your credit score. Early communication with your lender is crucial to explore possible solutions. Don’t ignore repayment difficulties; seek assistance promptly.