Frequently Asked Questions

We are happy to see you on the FCLOANS FAQ page. Below, you will find answers to the most common questions about short-term loans and the work of our service. If after reading, you still have questions regarding our services or the loan industry, be sure to contact our support team. We are always ready to help our customers determine which loan option is right for them and advise on its safe use.

What Is a Short-Term Loan?

In simple terms, this is a personal loan for a small amount (up to $1,000) that is issued for a relatively short period (from 1 to 4 weeks depending on the particular state regulations). This loan option has a high acceptance rate because lenders provide it at the expense of the borrower’s income. That’s why most applications are approved in a relatively short time, even if the applicant has an imperfect credit history.

What Does One Need to Be Approved?

Requirements for a potential short-term loan recipient are quite simple. Basic information that lenders need to determine the credibility of the applicant includes the following data:

• Legal USA resident of 18 years old or more;
• Legal employment and steady income;
• Valid contact details;
• Active bank account for direct deposit.

Case by case creditors can ask for more information (for example, providing pay stubs to verify income data). Requesting additional information and documents usually lengthens the entire procedure.

Are the Procedures Safe?

With FCLOANS, the procedures are completely safe because we encrypt all information we collect for processing and finding suitable loan conditions for you. We use cutting-edge technologies to ensure the security of each stage of the procedure and the highest level of confidentiality. On the Privacy Policy page, you can learn more about how we work with our customers’ data.

How Much Time Does It Take?

From the name itself, it is clear that this financial product offers a fairly quick procedure for obtaining and implementing the loan. A short loan processing period is ensured by the fact that almost all data processing takes place online, which means performance is available 24/7. Just a few minutes are needed to fill in the form and request a loan, while request processing and connection of the client to the lender takes less than an hour. When lenders approve your application, they send you a loan agreement. Then, you only need to read the terms of the deal and accept the offer signing the agreement with your e-signature. In case you want to reject it, just ignore further procedures. The replenishment of the borrower’s account typically requires one business day.

Can a Bad Credit Applicant Be Approved?

Short-term loans are a perfect solution for applicants with no credit history or a not ideal one because these credits are secured by the borrower’s income. Of course, a low credit score and imperfect credit information can affect the amount and terms of credit offered by lenders. In some cases, our network lenders have to perform credit verifications with traditional credit bureaus. However, usually, most of them just make sure that the applicant is not bankrupt and does not have outstanding debts to other lenders.

Why Does One Need to Contact Lender Directly?

Our service does not offer loans, so we do not make any credit decisions and do not have information about the terms of different loan products. However, we can put you in touch with a lender that suits you and help you find the best loan options. So, to find out more about a particular loan, you need to communicate directly with the lender. Aldo, you should contact lenders directly in case of any issues regarding their loans.

Why Does One Need To Renew A Loan?

Loan renewal for additional interest can be allowed by the lender in case the borrower can’t repay the loan on time due to unforeseen circumstances. Of course, the loan extension requires additional expenses from the borrower, so we advise you to contact the lender as early as possible in such circumstances to discuss the possible consequences and avoid penalties. Consider that a renewal is not legal in all states. So, at first, it is necessary to familiarize yourself with the legal framework that governs short-term lending in your state. Information on the Rates and Fees page will be useful.

What Happens When One Can’t Pay Off on Time or at All?

The consequences of non-fulfillment of the terms of the loan may be different depending on the requirements of the lender and the features of the loan described in the agreement. Before signing an agreement, be sure to check such terms as applicable penalties, additional fees, collection practices, and other actions associated with delinquency. Our service connects you only with trustworthy lenders who follow federal and state laws and promote responsible lending practices. In case you understand that you cannot repay the loan on time or at all, be sure to contact your lender as soon as possible.

How Many Loans Can One Take at a Time?

Rules regarding the number of simultaneous loans are determined by state laws. In addition, every lender can determine the maximum number of concurrent and/or subsequent loan agreements under applicable law. We recommend informing your potential lender of your plans to take out one or more loans at the same time as the loan you are taking from them before the agreement signing.