Frequently Asked Questions
You might have plenty of questions about getting loans and how it may affect you. At WeLoans, we are always happy to answer questions you may have. We've compiled a list of the most frequently asked questions for you below.
1. How much can I borrow?
You can ask for as little as $50 and as much as $35,000. But the actual amount you will get depends on the state's laws and the evaluation of your financial condition by the lender.
2. How quickly can I get the money?
Typically, once your loan request is approved, the money will be deposited directly into your bank account as soon as the same or the next business day.
3. How will I receive the loan money?
Typically, the loan money is sent directly to your checking account. However, if you use a loan for debt consolidation, some lenders offer the option of sending the funds directly to your other creditors, skipping your bank account altogether.
4. What are the eligibility criteria for getting a loan?
There are a few standard eligibility criteria for qualifying for a loan. These include:
- You should be at least 18 years and a U.S. citizen or permanent resident.
- You should have a valid identification document.
- You should have proof of income.
- You should have an active bank account.
5. Does WeLoans charge any additional fees?
WeLoans does not charge any hidden fees. You do not have to worry about any hidden costs when applying for loans through WeLoans.
6. Can I apply for loans even with bad credit?
Yes. WeLoans will assist you in finding lenders who are willing to approve your loan requests regardless of your credit history.
7. Can I get a loan with no credit check?
No, it is impossible to get a loan with no credit check. Credit checks are mandatory under the relevant regulations. It is unrealistic to assure borrowers that no credit checks will be performed. Most lenders will check your credit to assess your financial situation and capability of repaying the loan.
8. Will WeLoans check my credit?
No, we as a broker don't do any form of credit checks. Most of our partner lenders implement soft credit checks, which won't impact your credit score.
9. What are the steps of getting loans on WeLoans?
The process to get loans with WeLoans is simple and easy. Just follow these steps:
- 1. Fill out the online information form.
- 2. Receive several offers from our reliable lenders.
- 3. Choose a suitable quote and sign the agreement.
- 4. Get your money as soon as the next business day.
10. What if I am unable to repay my loan on time?
Check the loan agreement's terms and conditions for the late payment policy. If you are facing an unstable situation, we strongly advise you to contact your lender directly as soon as possible to find out a potential solution.
11. Can I repay my loans early?
Yes, you can make early payments on your loans if you want. However, this may come with some early repayment charges (ERCs) that you may have agreed on while taking the loan.
12. Will getting a loan hurt my credit score?
Getting a loan will often not affect your credit score. What's more, it may help you build your credit score if you make on-time payments and repay the loan in full.
13. What are the alternatives to payday loans?
If you consider payday loans to be too risky due to their higher fees, you can take other types of loans into consideration. If you want a short-term financial solution similar to a payday loan, you can go with credit unions, banks, or pawn shops.
14. Can I get guaranteed approval at WeLoans?
No, there are no legitimate lenders in the United States who will guarantee loan approval. Companies offering a 100% guarantee on loan approvals are misstating reality. No respectable lender will guarantee you a loan without first examining your ability to repay it.
15. Can I get loans while unemployed?
Yes, you can get a loan when unemployed. As one of the leading loan brokers in the United States, we work with a wide range of lenders, including those willing to offer loans for unemployed persons.