Loan FAQs

Learn more about the different types of unsecured personal loans and payday loans we offer.

Q: What is a personal loan?

A: A personal loan is an unsecured loan from a bank or other financial service provider that is usually made for the purpose of debt consolidation, vacation or the purchase of durable goods. A personal loan is also called a signature loan.

Q: What is an unsecured loan?

A: An unsecured loan is a personal loan where no collateral is needed to guarantee repayment. The loan is granted based on the good credit and signature of the borrower.

Q: What is a payday loan?

A: A payday loan is a short-term loan of a moderate amount that is granted without a credit check. The intent of a payday loan is to bridge the borrower's cash flow gap between pay days. A payday loan is also called a cash advance loan.

Q: What is a bad credit loan?

A: A bad credit loan is a type of personal loan intended for people with bad credit. Higher interest rates and fees are normally associated with bad credit loans due a the low credit score. Individuals can often improve their credit score by abiding by the terms of the bad credit loan and making the minimum monthly payments in full and on time.

Q: What is the difference between a secured and an unsecured loan?

A: A secured loan is granted by using your personal property as collateral, for instance your automobile or home. In the instance that the borrower fails to repay the loan, the property would be forfeited to the lender. An unsecured loan is based on the credit history of the borrower.

Q: How much can I borrow?

A: You can borrow from as little as $200 from a payday loan up to $15,000 from an unsecured personal loan. The specific amount is determined by your income and/or your credit history.

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