Still on the fence?
Here's the answer for our most frequently asked questions:
Personal Loan. What is it?
A personal loan is a short to medium term loan that can be useful for financial emergencies. The
amount of money loaned
is based on the amount of money a person makes. It is perfect for people who have limited access
to credit. Many
people who request personal loans would not normally be able to obtain loans from a traditional
bank.
What are the minimum requirements for submitting a loan request?
There are certain requirements one has to fulfill in order to submit a request for a
personal loan. Borrower must:
- - be a United States Citizen or permanent resident
- - be at least 18 years old
- - have a job/income
- - have direct deposit to a bank account
What is the process of getting a personal loan?
Getting a personal loan is generally simple and straightforward. Most people get funds deposited
directly into their
account upon approval. Sometimes lenders may ask for additional information but generally the
entire process is
online.
What if I have a less than perfect credit history?
Even people with less than perfect credit history can be eligible for a personal loan. Many
people who would
not get the chance from
a traditional bank, can get a loan as quickly as the next business day.
Will I need to print or fax anything?
Part of the advantage of these loans is that most of the participating lenders require no papers
to be printed or faxed
in order to request a loan. However, it is important that you have a printer to print out the
loan documents for your
own records unless you are able to save them as digital files.
How much will a personal loan cost me?
Please remember that we are not a lender and we do not provide lending services directly to
consumers. Submitting your
registration through us incurs absolutely no cost. We are paid by the Participating Lenders or
network of
Participating Lenders to whom we referred you for each potential customer referral. Even if you
turn down the loan or
exit the process at any time, our service remains FREE of charge to you. Please check the loan
agreement presented to
you by the lender you are presented with and be sure to speak with the lender’s customer service
to get all of your
questions answered BEFORE signing the loan agreement. Once you have signed the loan agreement
you have entered a
binding contract and will be responsible for paying back the loan at the agreed APR.
What is the repayment process?
The loan amount and loan fees are withdrawn from your checking account automatically on the due
date(s) of your loan by
The Lender. Some lenders allow for extensions but many do not so be sure to read and be clear on
all terms of the loan
before signing the contract.
What happens if I am late on a payment or need to skip a payment?
Each Participating Lenders has their own policies pertaining to late payments. The Participating
Lender's policy,
including the additional charges you will incur, is detailed in the loan documents provided to
you by your
Participating Lender before you are requested to sign the loan agreement. Once you have signed
the Participating
Lenders loan documents, you will be expected to understand and abide by the loan terms including
the additional
charges and/or interest if your repayment is late. If you are not able to make the payments
timely, please contact
your Participating Lending as soon as you are aware the loan will be late and work with them,but
remember additional
fees and interest may apply.
What if I don't make a payment at all?
Additional fees, and charges by The Lender may apply to you in the event that you do not repay
your loan. Please
remember that refusal or failure to pay may result in legal action against you by The Lender in
an attempt to collect
the loan amount, interest and costs of collections.
Failure to repay a loan will have a negative impact on your credit score and likely make it
more difficult for you
to access credit in the future.
Is there an option to refinance an existing loan?
Loan renewal policies are largely governed by State statute. In states where rollovers or
extensions are allowed,
interest rates, and late fees may be added to the original loan amount and that can result in a
substantial increase
to the amount you will be required to payback. Again, be sure to read the Participating Lenders
loan terms in
carefully and thoroughly before signing the initial loan contract.
Important Points to Consider
The Cash Tree is only partnered with professional lenders who provide potential borrowers
with sufficiently
detailed information concerning loan terms and conditions prior to their accepting any personal loan
offer. We recommend that you closely view the terms of any loan offer you get. To get more details on
these considerations you can view the Lending Policy and Rates & Fees sections of our website
Financial Implications (Interest and Finance Charges)
Interest rates and fees vary by lender. Please read and understand all terms of the loan before you sign.
If you have any questions, be sure to contact the lender before signing and know that you are under no
obligation to agree to the loan terms or sign.
Implications of Non-Payment
By accepting the terms of a loan offer, you are agreeing to make on-time payments as laid out in the loan
agreement until the loan and interest is fully paid. If you are struggling to make the payments on time,
please contact the lender so they can help you work out a payment plan and/or explain to you the penalty
fees associated with late payments. These will vary by lender and should be explained in the loan terms.
Lenders in our network follow Fair Debt Collection Practices but please be aware that late and
non-payments may not only cost you more money but could have an impact on your credit score.
Loan Renewal Policies
Renewal policies vary by lender, if you wish to renew your loan it is suggested that you contact your
lender in advance.
