Frequently Asked Questions

1. What is a payday loan?

A payday loan gets its name from ‘payday’and is typically taken when you fall short of funds between salaries. It is an unsecured short term loan and is typically paid back as soon as you receive your next salary.

2. What is a title loan?

A title loan is a loan taken by keeping your vehicle as a collateral. People in need of urgent money, use this type of loan to capitalise on their asset.

3.What is installment loan?

Installment loans are paid back over a period at set payment schedules. It is taken by borrowers who want to borrow for a longer term. Repayment schedules are set with the lender at the time of signing the loan agreement

4.What is a line of credit?

Line of credit is a secured way to obtain a loan in which there is a set credit limit and you can borrow small amounts within this limit on a need basis. Interest rates become applicable only on the borrowed amount.

5.What is meant by APR?

The full form of APR is Annual Percentage Rate. In the banking & financial industry, this denotes the rate at which you can borrow a particular loan. Usually, APR is high for borrowers with a bad credit history or the borrower is borrowing for a long period of time. APR is also dependent upon individual lenders & the rate at which they prefer to lend.

6.What can I use my instant loan for?

A borrower can use his instant loanfor any financial requirement. There are no pre-set restrictions on kind of usage.

7.At what interest rates are the loans available?

The annual percentage rate (APR) is decided by the lender and typically ranges between 5.99% to 35.99% subject to multiple factors. At the time of application, we will provide a representative APR based on cumulative data from various lenders on our platform. Instant Credit Loans provides some of the best affordable loans in the industry.

8.What is the loan amount that I can borrow?

Instant loans can range from $100 to $10,000 and depends upon your lender. While some lenders would want to consider your credit history, others may provide the required instant loan despite bad credit.

9.What if I have a bad credit score?

Instant Credit Loans as a platform was designed for borrowers with a bad credit history. Our exhaustive list of lenders can provide convenient loans to borrowers with previous credit issues.

10.How will I know once my loan has been approved?

You will be informed through your Instant Credit Loan account, email and your phone via message.

11.What is the eligibility criteria to apply for a loan?

To be eligible for the loan, you need to:
1) Be at least 18 years old
2) A citizen of the United States of America
3) Have an active bank account
4) Show proof of regular income
5) Have a valid email address
6) Be a resident of a state which allows payday loans at the offered rates

12.What are the documents that I will need to apply for a loan?

While additional documents depend on the lenders, we need your valid social security card, recent paycheck stub as proof of income, valid state issued driver’s license or identity card, recent bank statement and a current utility bill with your name & address.

13.How soon would I be able to receive my insta-cash?

It can be as soon as the next business day. While it depends on the lender and the time he would take to do extra credit checks in case of large loans; on an average we have seen loan cash being released in 24 hours.

14.How do I pay off my loan?

Depending on the lender, you can mostly pay by an electronic fund transfer to your lender’s bank account. For certain lenders, you might be able to pay via your debit card. Please ask your lender for details.

15.Is there a penalty for foreclosure? Can I pay back early?

Many lenders prefer an early payback given that most of these loans are of small amounts. There is no foreclosure penalty charged, as done by banks & financial institutions.

16.Is it possible to make payments in parts?

Many lenders allow payments to be made in parts in case the loan amount is slightly large. Do confirm with your lender about partial payments before applying.

17.How many loans can I apply for at one time?

While you may be able to access loans from multiple lenders at a single point of time, most lenders allow only one loan at one time.

18.Is there a penalty for late payment?

Due to unavoidable circumstances, if you are unable to make your payment, please inform your lender in advance. Some lenders may charge a late payment fee.

19.May I seek an extension or renewal of existing loan?

This might be a possibility with a few lenders. In case you need to seek an extension on an existing loan, please get in touch with your lender to discuss further.

20.Why should I choose Instant Credit Loans US over other platforms?

Instant Credit Loans is known to provide payday loans, installment loans, title loans and line of credit at affordable rates. Our lenders are carefully screened to protect your interests. Backed by an easy to use platform, we pride ourselves in some of the lowest annual percentage rates (APRs) in the industry.