What is a cash loan?

bad credit loan is a small loan usually ranging from $100 to $1000 that is borrowed to help cover unexpected expenses such as medical bills, car repair, home utility repairs, etc. This type of loan is very beneficial in situations where emergency cash is needed fast, but they also must be paid back fairly fast, usually on the borrower´s following payday – for this reason they are also called payday loans.

How do I know if I qualify for a cash loan?

Most applicants qualify for a cash loan. The requirements are that you: have a current, steady job or a regular source of income; make a minimum of $1200 a month; are at least 18 years of age; are a legal resident of the United States; and have a bank account under your name that is not currently overdrawn.

Can I apply if I have poor credit or have filed for bankruptcy?

Yes you can; credit history is not taken into consideration when lenders approve or deny an application or set interest rates. So whether you´ve filed for bankruptcy or suffered financially, it will not take a toll on your potential to get bad credit loan.

What if I am unemployed?

You will need to have some source of documented regular income in order to qualify for a loan. This means you can potentially get approved if you receive income for unemployment, disability, or retirement.

Do I need to fax in anything to apply?

Not necessarily. However, some creditors may request that you fax certain documents for verification or proof.

How much cash can I borrow?

Generally, the amount borrowed can be anywhere from $100 to $1000. This amount depends on your work history, income, and your lender.

How do I receive my cash?

If you qualify for a cash loan and your application is approved, the borrowed amount will be deposited into your checking account the following business day.

How long will it take?

Loans are usually approved or denied within the same day; if approved, the cash is received the next day.

How much will the cash loan cost?

The cost of the interest rate and loan fees depend on the lender and your application. During your application process, you will have a chance to review your lender´s terms and make a decision on whether or not you choose to accept the terms. If you do not agree with the terms offered, do not sign the application; you are under no obligation if you have not signed. Generally, interest rates tend to be around 12% to 30%. You can use our annual percentage rate calculator or Rate/Fee Projections to estimate the total loan cost and interest.

What if I pay late?

Late or partial payments are usually subject to additional fees such as late charges. Your lender will provide you with a late payment policy before you sign an agreement – make sure to read it carefully and sign only if you agree.

What if I don´t repay my loan?

If a borrower fails to pay out the borrowed amount, our lenders will take all legal actions necessary to gather overdue balances owed and may add on additional charges and penalties. If you suspect that you may not be able to repay your loan in full by the repayment date, speak to your lender directly as soon as possible before the due date to possibly bypass penalties and additional charges. However, lenders who are part of the Community Financial Services Association of America (CFSA) will not take legal action.

How can I renew a loan?

Loan renewal policies vary among lenders, so make sure that you read your lender´s policy and understand how it works. Note that not every lender will debit your account for the full amount of the loan in the case of a loan renewal, so this may result in additional fees and another loan.

Can I have more than one loan at a time?

We do not advise borrowers to take out multiple loans at once; in fact, we are strongly against it. Interest rates on bad credit loan tend to be higher than that of other types of credit, so taking out more than one loan at a time or relying on cash loans to better your financial situation can only make matters worse. We recommend that you look into other options before applying for another loan.

Is LoanUp.com a loan lender?

No, it is not – we simply connect clients to our network of lenders. Once a loan application is submitted through our site, it is forwarded to be matched up to multiple lenders. You are then redirected to the actual lender´s site to review their terms and conditions. It is important to make sure that you completely understand and agree with the terms before signing the agreement. Any fees, charges, and interest rate should be made clear to you by the lender.

How does LoanUp.com make profit?

Once we complete a successful match between a borrower and a lender, we obtain commission from the lender. If we fail to find a lender who will qualify an applicant for a cash loan, or the applicant does not receive cash after approval, we do not make commission, so there is no profit. Therefore, it is important for us to maintain a large network for lenders so that we can provide access to loans for as many people as we can.

Is LoanUp.com a secure site?

Yes. We use the most advanced online encryption technology that is used by many financial institutions: 256 bit Secure Socket Layer (SSL) protocol. This means that your sensitive information is safe, secure, and free of risk.

Implications of Late Payment

If your short term loan is not paid on time, there are several courses of action that can be taken by our lenders. You can find out your particular lender's practices by visiting its website. You should read this information carefully before you electronically sign any loan agreement.

Implications of Non-Payment

When loans go unpaid, this can influence you in several different ways. You should always be sure to negotiate payment arrangements with your lender if you are unable to repay your loan as stated in the original agreement in order to avoid or reduce the following:

Financial Implications - While the fees for short term loans of up to $500 already amount to 15-40% for $100 borrowed, unpaid loans can have even higher charges. Also, the interest charged on loans of more than $500 can be higher. Additional charges for non-sufficient funds can be $20 or more and loans that are more than 15 days past due can be assessed additional charges of up to 10%.

Collections Practices - Our lenders reserve the right to contact you via telephone, text message and email in an attempt to collect the money they are owed. Generally, they will not sell your debt to collection agencies or sue you for the unpaid balance; they will instead offer debt settlement options. All lenders must adhere to the guidelines of the FDCPA, or Fair Debt Collection Practices Act, that was put into effect by the FTC. Additional information can be found at http://www.ftc.gov/os/statutes/fdcpa/fdcpact.shtm or through the lender directly.

Impact on Credit Score - Failure to repay short term loans can have a negative impact on your credit rating if your lender reports to any of the major consumer credit bureaus. This will remain reflected in your credit history until the amount of the loan is repaid in full. This may also hinder your ability to take out short term loans in the future.

Renewal Policy - Some lenders will require you to agree to automatic loan renewals if you cannot pay your loan on the initially scheduled date. This is in addition to other options you may have, including paying your loan in full or making arrangements to pay down the principle balance over time. Please review your documentation carefully for automatic loan renewal information. You should also understand that additional interest and finance fees will be charged if your loan is automatically renewed.

Disclosure of Fees Including the APR

The Annual Percentage Rate, or APR, associated with short term loans is usually between 260% and 1825%. Though this seems high, it is actually quite competitive. These percentages depict what you would pay over the course of an entire year. Since these loans are made to be paid back quickly, they are highly competitive and less expensive than bounced checks and overdraft fees.

APR Comparison Table

14 Days
How does the APR for a single payment small dollar loan compare to other options? Compare your options for the cost of $100 extension of credit for
Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 1,173.21%
Overdraft Fee $30.00 782.14%
Late Fee $20.00 521.43%
Small Dollar Loan $10.00 260.71%
2 Days
How does the APR of a small dollar loan compare to the consequences of being unable to obtain a small dollar loan? Consider the cost of a $100 extension of credit for
Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 8,212.50%
Overdraft Fee $30.00 5,475.00%
Late Fee $20.00 3,650.00%

APR Calculations

$100.00 Amount Financed, $120.00 Repaid 2 days after the borrowing

Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 3,650.00% per 365 day year = APR

$100.00 Amount Financed, $130.00 Repaid 2 days after the borrowing

Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 5,475.00% per 365 day year = APR

$100.00 Amount Financed, $145.00 Repaid 2 days after the borrowing

Interest earned on last day but not the first, so 2 days earning: Per Diem uncompounded Interest = 8,212.50% per 365 day year = APR

$100.00 Amount Financed, $110.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 521.43% per 365 day year = APR

$100.00 Amount Financed, $110.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 260.71% per 365 day year = APR

$100.00 Amount Financed, $120.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,042.86% per 365 day year = APR

$100.00 Amount Financed, $120.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 521.43% per 365 day year = APR

$100.00 Amount Financed, $130.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,564.29% per 365 day year = APR

$100.00 Amount Financed, $130.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 782.14% per 365 day year = APR

$100.00 Amount Financed, $135.00 Repaid 7 days after the borrowing

Interest earned on last day but not the first, so 7 days earning: Per Diem uncompounded Interest = 1,825.00% per 365 day year = APR

$100.00 Amount Financed, $135.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 912.50% per 365 day year = APR

$100.00 Amount Financed, $145.00 Repaid 14 days after the borrowing

Interest earned on last day but not the first, so 14 days earning: Per Diem uncompounded Interest = 1,173.21% per 365 day year = APR