Our service utilizes sophisticated technology, instantly channeling your loan request to lenders that can properly accommodate your needs. We simplify the personal loan process by providing multiple reliable, safe options in one place, so you don't have to spend hours looking yourself!
First, here's how it works...
The 100% secure request form only takes a minute or two to complete. We have lenders that are able to provide rate quote/s for your loan without a credit check. Other providers we work with can issue pre-approvals via a soft credit pull (no impact to your credit). Get pre-approved without any impact to your credit whatsoever!
Upon submission, our loan matching algorithm will analyze your information to determine what the best products for your profile and needs are. Reliable options will be neatly presented to you; allowing you to easliy compare rates and terms for making a confident selection. There is absolutely no obligation to accept any of the offers presented to you.
If a presented rate quote is selected, we'll hand you off to that lender for the purpose of you becoming their client, and them attempting to complete your loan with them. During the process of evaluating and finalzing your request, most Providers will need to perform a hard credit inquiry. Those Providers will ask for your permission prior to doing so.
You are under no obligation to accept a presented loan. Exit the process at any time, even after working direct with your lender. Your loan does becomes final once you e-sign the lender's online loan documents. Funding times for lenders in our network range between 24-48 hours. In some cases funding can take longer. Your lender will explain what to expect.
Second, here is some general information related to personal loans, and how they work.
What exactly is a personal loan?
Personal loans are unsecured debt. Meaning, no collateral is needed for obtaining these loan types. You are securing your loan with your signature. Personal loans carry a fixed interest rate and repayment term. You recieve a lump sum up front and then pay your loan back via regular monthly payments (plus interest).
Here is a representative examply of personal loan and its associated costs; For a $5,000 36-month loan at an interest rate of 6.03% with a 1.11% origination fee of $55.50, you will receive a loan amount of $4,944.50 and will make 36 monthly payments of about $152.18 at a 6.78% APR. Total loan cost would be $5,478.48.
You can learn more about Unsecured Loans vs. Secured Loans as well as some of the Advantage of Personal Loans.
Understanding Loan Documents
24/7 Lending Group is not a lender and does not represent lenders as a loan broker or in any other capacity other than as a loan matching referral service, offering free rate quotes. 24/7 Lending Group cannot guarantee final terms, rates or repayments as they vary by lender. Please note that if you are extended and accept rate quotes, it is not a guarantee that your loan will be funded. Each participating lender has varying underwriting processes that they utilize to determine whether or not to fund your loan. If you accept any rate quote offers we match you with, and that lender determines that they can in fact extend you financing, it is very important prior to executing your loan agreement with your e-signature, that you fully understand all of the terms, fees and costs associated with your loan. Locate and understand your interest rate (APR), the loan amount (principal; borrowed amount minus fees and duration of your loan (typically displayed as months)).
Understand terms and conditions. You are entering into a legal contract with the lender so make sure you can meet all obligations. Learn more about APR Rates, Loans Costs and Terms.
Make sure you are aware when your payments are going to be due every month, and for how much. A good idea would be to keep your lender's info handy, as well as your loan information (account number) in the event you need to get in touch with them.
Determine if your lender accepts early payoff for your loan and if there are any extra fees with early payoffs.
How Your Info Is Used By Lenders
Lenders need to understand who you are and what your ability to pay your loan back is going to be. Majority of the info collected during the process verifies your identity, prevents fraud and assists with their determination in whether or not to extend initial rate quotes and then loan options. During the rate quote phase, a soft credit pull may be performed. There is no impact to your credit score or rating when a soft credit pull is done by lenders. Learn more about the difference between hard credit inquiries and soft credit inquiries. If loan options are extended, lenders will often request additional information from you like your social security number, driver's license and employment info. This information is not only used to further verify your identity, but may also used by lenders to pull a credit report if their is a need for a hard credit inquiry for determining whenther or not to fund your request. Lenders will always ask for your permission prior to doing a hard credit inquiry. It is also possible,
that during the underwriting phase, that lenders call your place of work to verify your employment. They will not discuss your loan request or any other financial matters during that call.
What Happens If You Can't Pay Back Your Loan Or Are Late With Payment?
All lenders have varying policies regarding late, partial and non-payments. Review the policies for each. They will be detailed in the loan documents provided to you by your lender before appending your e-signature, and thereby agreeing to the loan terms. All lenders, however, must abide by applicable laws, rules, and regulations regarding late payment fees. Lenders sometimes will grant borrowers a one-time exception for a late payment. However, if you are late more than once, a lender can add fees, send to a collections agency, and/or report your late, partial, or none payment to a consumer reporting agency with your credit score being adversely affected.
It is important that you are aware that your credit score and rating will be negatively impacted if you do not make your payments on time. As a result of not paying your loan timely, not only will your credit score be negatively impacted, achieving approval for other loans and credit cards can become more difficult.
Our APR Rates, Loans Costs and Terms section covers more in detail what happens when you are late or miss a payment altogether. You can also learn more about the Consequences of Defaulting.