Frequently Asked Questions

Here at That’s My Loan, our goal is to connect you with one of the loan providers from our network of reputable lenders. It’s important to note that That’s My Loan is not a lender and does not make credit decisions.

Our service is always free for our customers – there is never a cost to you for submitting an inquiry. We instead work on a commission basis with our lenders. Your lender will have their own rates and fees, which you will be informed about before you accept the loan. If you have questions regarding a loan inquiry, approval, or funded loan, you’ll need to contact your lender directly.

For any questions about our services, we have explored a few of the most common questions below. Though if you have a question that is not answered here, please don’t hesitate to get in touch!

1. What is a Short Term Loan?
   A short term loan is a type of personal loan, which, as the name suggests, is intended for short term use. Personal loans come with many different names, but they’re all designed to provide you with temporary financial relief.
2. Who Can Qualify for a Personal Loan?
   In order to meet the eligibility criteria for a short term loan, most lenders require you to be at least 18 years old, a US citizen or a permanent resident, as well be in employment. Some loan providers will also ask that you have an income of at least $1,000 per month after tax. You should furthermore have a valid email address, work phone number and home phone number.
3. How Much Can I Borrow?
   That’s My Loan can help you find a loan of between $1000 and $1,000. The amount that you can borrow may also depend on factors such as your state of residence and applicable legal restrictions (loans are not available in all states).
4. How Will I Receive the Loan Money?
   Once the lender approves your loan and you accept the loan terms, the money will be deposited directly in your bank account, usually as soon as the next business day. It is a good idea to check whether your bank applies clearing holds though, which can slow the process down.
5. If I’m Bankrupt or Have Bad Credit, Can I Still Get a Loan?
   Personal loans can be easier to obtain for people with good credit, although each lender will have their own underwriting policies. However, even if you have bad credit you should still be considered for a short term loan. Many lenders specialize in bad credit loans, and may be able to help.
6. How Long Does the Process Take?
   It should only take a few minutes to complete our secure online form. After we receive your information, we’ll immediately start looking for a suitable lender for you. You should have a response from one of our loan providers within minutes, and final approval and funding can be done in as little as 24 hours.
7. Will I Need a Printer or Fax Machine?
   The short answer is no – while some lenders may ask to see information such as your bank statements or income verification, this can usually be done online, saving you from having to fax or email copies of those documents. You may wish to print a copy of your loan agreement, so you can refer back to it if you have questions after your loan is funded, but you can always just look at the online copy!
8. What is the Cost of a Short Term Consumer Loan?
   There is no cost to use our broker service – we instead work on a commission basis with our lenders. The actual cost of your loan may vary from lender to lender – you’ll be provided information on the rates and fees before you accept the loan. It’s essential to keep in mind that short term loans are not designed as long term financial solutions, and are intended to cover emergency expenses.
9. If I Have an Outstanding Cash Advance Loan Can I Get a New One?
   You may be allowed to secure more than one personal loan at any given time, but this will depend on your state’s laws as well as your lender’s practices. If you have an outstanding personal loan, you may need to let your new lender know about it before you accept a new loan.
10. When and How Do I Repay My Loan?
    Many borrowers choose the convenient and secure ACH payment option, which means your loan payments will be withdrawn from your bank account on the due date. This option helps you avoid potential late payments or fees. Should you need an extension on your loan, you’d need to contact your lender, but additional fees may be applied.
11. What Happens If I’m Late With a Payment?
    Each lender will have their own late payment policy and fees. You should therefore check your loan documents for details, or contact your lender directly. Some states may regulate or limit late fees, so it’s often helpful to look into this too.
12. How is My Private Information Protected?
    We use industry-recognized security and advanced encryption technology to protect your personal information. Your details are transmitted and stored securely in an encrypted format. Please review our privacy policy for additional details.
13. When Can I Get Another Loan?
    You can use our service to find a new loan at any time, though this will of course be subject to state law restrictions. If you have recently taken out another personal loan that is still outstanding, you may need to inform your new lender of this.
14. Are Extensions Possible, and How Many Extensions Can I Get?
    The rules on extensions, or rollovers, vary among lenders and may also be regulated by state law. Some states allow for multiple rollovers while others do not allow these at all. If you need an extension on your loan, make sure to contact your lender before you miss any payments. Most lenders will work with you to help you avoid missing payments or defaulting on your loan.
15. What Happens If I’m Not Able to Repay My Loan?
    If you can’t make your loan payments on time, your loan may be defaulted. Late payments and loan defaults may adversely affect your credit rating and can make it difficult to obtain loans in the future. If you can’t make your payments on time, it’s important to talk to your lender ahead of time, to see what they can do to help.