Frequently Asked Questions About Our Loans
The Basic Overview
- Bad Credit Okay
- No collateral required
- No faxing of documentation
- Application takes 2 – 5 minutes
- Decisions in as little as 3 minutes
- Installment payments are available
- Bankruptcy and bad credit is okay
- Fixed income may be accepted
How does the process work?
All you do is fill out a short application. Once you hit submit it takes up to 3 minutes to get a decision. If approved you will be redirected to the approving lenders website where you will be presented with the interest rate, payment terms, etc. At that point you are not bound to accept the loan even though you have been approved.
Is it safe to apply online?
Yes, we use 128-bit SSL encryption which is an industry standard to encrypt your secure information (such as your bank routing number or social security number).
Is my loan application private?
What are the qualifications?
Your income needs to be over $1,000 per month. You must have a job or a steady source of income from retirement, benefits, etc.. Some lenders prefer you to be employed. You must be at least 18 years old and a U.S. citizen. If you a member of the military on certain lenders can approve you so chances getting approved are much lower. Each lender will have additional or more specific requirements, but these are the bare minimum.
How long does the application take?
Filling out the application should take only 2-5 minutes and processing should not take longer than another 3 minutes after that.
How long do I have to wait for the money?
It is possible to have funds deposited into your account quickly, sometimes as soon as the next business day.
Will applying affect my credit?
Short term, payday loan lenders may rely on a credit reporting agency, and are not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.
Do I need direct deposit?
Direct deposit of your paycheck is preferred by lenders. Most of the lenders do require you to have an active checking or savings account in order for you to be able to receive direct deposit of your loan proceeds.
Is there an application fee?
Personal Money Store never charges a fee for you to fill out an online application. Typically, none of the lenders will charge an application fee either.
How many lenders see my application?
Applications are submitted to multiple lenders in order to provide the best chance for approval. The amount of lenders depends on your qualifications. If you have lower income or have other factors against you then it could be shown to many lenders until we find one that will approve your application.
Does bankruptcy disqualify me?
The vast majority of the time, a bankruptcy does not harm your ability to obtain a loan. Most lenders will not even run a credit check in order to fund your personal, installment or payday loan.
What email should I use?
It is a good practice to never use your “friends and family” email for any online transaction whatsoever. Always keep a second email open for doing business online.
What phone number should I use?
It is also a best practice to use a land line rather than your cell phone when conducting business online. It’s not a requirement it is just a good idea.
What if I have to make a late payment?
If you should find yourself unable to make a payment timely, we encourage you to contact the lender and inform them of your inability to pay on time. The lender may be able to work with you. Some state laws will require them to give you an extended payment plan at little or no cost to you.