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What is a short term loan?
A short term loan is a way for consumers to get the money they need in emergencies without the same hassle that is associated with other forms of consumer credit. Getting cash from credit cards or traditional banks can be time consuming and frustrating. Short term loans are headache-free and relatively easy for most people to obtain—even if they have been denied other forms of credit due to their credit histories. In just a few short minutes, consumers can request and be approved for a short term loan of up to $1000.
What are the qualifications?
In most cases, the criteria you must meet in order to be eligible for a short term loan are the same across all lenders. You must be 18 years of age or older, a legal resident of the United States, employed within the United States with the same employer for a period of at least 90 days, have a bank account that is not currently overdrawn, and have a working telephone number and email address. Some lenders may provide you with funds even if you are not employed, but you must be able to show proof of steady income from various sources such as SSI or unemployment. Remember that each lender has its own rules and regulations and sunsetloans.co cannot guarantee that a lender will approve you for a loan.
Are short term loans expensive?
Short term loans certainly have a reputation for being expensive, but they are truthfully no more expensive than getting a credit card loan or overdrawing a checking account. Think of it this way: while the interest rates for short term loans are indeed higher, these loans are made to be paid off within a very short period of time. As long as consumers are able to stick to the terms of the loan and pay them off according to the original agreement, it can certainly be a very convenient and affordable option.
When should I take out a short term loan?
You would not overdraw your checking account or get a loan from your credit card without good reason, so the same principles should be applied to short term loans. They are designed to be used during financial crises as a short-term solution and never as a way to dig oneself out of a mountain of debt. We encourage consumers to use their loans responsibly and never request cash for frivolous spending. Consumers who have serious financial trouble should consider hiring a professional credit counselor to help them prepare budgets and pay off debt.
How much will it cost?
There are several factors that will determine the ultimate cost associated with obtaining a short term loan. sunsetloans.co does not determine these costs, and this information will be made available to consumers by their chosen lenders before they accept their loans. Some of the things that may affect the cost of a loan include the APR, the finance charges, whether the loan is paid on time, rollover requests, state regulations and more. It is important for consumers to review all of this information very carefully before they accept a loan to ensure they are not surprised with any charges in the future.
What if I am self-employed or have more than one job?
In most cases, lenders will still provide you with money if you are self-employed as long as your income meets the minimum guidelines—usually, this is $1200 per month. If you work more than one job, you should list only your primary job on the form as well as the amount of money you earn monthly from both jobs. When your lender contacts you, be sure to let them know that the total income you listed is the combined income from both of your jobs. You will likely be asked to provide information about both of your employers. If you are asked to fax information like your paycheck stubs to the lender, you should fax information as it pertains to both places of employment.
Will I have to fax anything?
While it is our lenders’ mission to provide you with the money you need as quickly as possible, there is some risk to them for doing so. In order to minimize this risk, lenders may ask you to provide proof of employment, identity and bank account information via fax. This usually means you will be required to fax a copy of your driver’s license, paycheck stubs and bank statements to your lender before you can be approved. If you do not have a fax machine, you can visit your local public library, UPS store or perhaps even the Post Office for assistance. Keep in mind that these locations will usually have a small fee associated with faxing this information.
What if I have questions about the lender’s proposed terms?
Before you provide your signature and accept your loan, you will be given all of the terms and conditions associated with your loan. If you do not agree with anything in these terms or if something is unclear to you, we urge you to not accept the loan until you have contacted the lender for clarification. sunsetloans.co cannot provide you with this clarification because we are not a lender. After you have received your answer, you can then make a decision about whether or not to accept the loan. You should always remember that by providing your electronic signature, you are entering into a legally binding agreement and must adhere to the repayment terms set forth by the lender.
How do I request a loan?
To request a short term loan with sunsetloans.co, all you have to do is fill out our short form. The only information we will ask you to provide is the information our network of lenders needs to make a decision. The form only takes a few minutes to fill out, and once it is completed, it will be forwarded to our network of more than 100 lenders for review. You will then begin to receive offers for loans, and if you are interested in one of these offers, you can visit the lender’s website to read the terms associated with it. After you have agreed to the terms, you will be asked to provide an electronic signature. Finally, your funds will be deposited into your bank account on the next business day.
How will I repay my loan?
Like the rates and fees associated with your loan, the repayment method will also be established by your chosen lender. Most of the time, the lender will simply withdraw the amount of the loan plus any agreed upon rates and fees from your bank account on a pre-arranged date. The only thing you must do is ensure that the required funds are in the account on that day. If you are unable to do this, you should contact your lender directly for more information about late payment fees as well as rollovers and any charges associated with them. This may help you bide your time until you are able to have all of the money in your bank account on the repayment date.
How many loans can I have outstanding at any given time?
While sunsetloans.co recommends that consumers only have one outstanding short term loan at any given time, state regulations and individual lenders may allow for two or sometimes even three loans. If this is the case and you request a loan while you already have a loan outstanding, you will be required to provide this information to your lender. In states where multiple loans are allowed, lenders and borrowers may not exceed state loan limits across the total of the loans. Many lenders will not provide more than one loan to any consumer at any given time; lenders reserve the right to deny a consumer a loan if they already have a loan outstanding, as well.
What if I am unable to repay my loan?
sunsetloans.co strongly suggests that you do not take out a short term loan if you are unsure of your ability to repay. While the lenders within our network cannot press criminal charges against you for failure to repay your loan, you will still be subjected to collection efforts including but not limited to legal action. An inability to repay your loan will undoubtedly result in collection calls, but our lenders are required to follow the Fair Debt Collection guidelines. Keep in mind that interest will continue to accrue on your loan for the entire time that it remains unpaid. For the best experience possible, never borrow more money than you can afford to repay and always ensure that the funds required to repay your loan are available in your bank account on the specified repayment date.
What if I have questions about my loan?
If you should have any questions or concerns about your loan, these should be directly addressed with your chosen lender. sunsetloans.co is not a lender and therefore has absolutely no access to your loan information, the amounts you are being charged or your repayment history. You should receive communications from your lender that include the telephone number and website at which your lender may be contacted. If for any reason you are dissatisfied with your lender or believe that you have been treated unfairly in any way, sunsetloans.co provides links to various government agencies on our website. You are encouraged to speak with these agencies for advice on how to obtain issue resolution.
Why was my request for a short term loan denied?
While sunsetloans.co has a high success rate when it comes to pairing consumers with short term lenders, there are some situations in which you may be denied for a loan. Our lenders cannot provide you with money if you are currently in bankruptcy or if you do not meet the criteria for obtaining a short term loan. Similarly, if you already have outstanding short term loans, our lenders reserve the right to refuse additional loans. If you feel that you have been discriminated against by any lender, meaning you feel that they have refused to loan you money for any reason that is not strictly financial, look for the links that can help you find the proper channels to handle the situation.
Can I request the same lender in the future?
If you have used a lender you found through sunsetloans.co in the past and would like to use that same lender again, you can do so by visiting that lender’s website via the email communications you were provided. In fact, this is a great way to build business relationships and may even help you become eligible for larger loan amounts with lower interest rates in the future. Unfortunately, sunsetloans.co does not store any information about lenders you have worked with in the past, so if you no longer have the communications from these lenders, we cannot provide you with this information. Since there is no cost to request a short term loan through us, you are always welcome to re-request each time you would like a short term loan. However, we ask that you wait 72 hours between requests.
We are confident that our friendly and knowledgeable customer service staff, secure website, and lightening-fast response time, will leave you highly satisfied with your experience at SunsetLoans.