F.A.Q.

If you have any questions about the online loan industry and the processes behind obtaining an online personal loan, you may be able to find the answer to your question here. This is a list of the questions that Extralend.com is asked most frequently about the process of obtaining loans and the industry in general. If you cannot find the answer to your question here for any reason, you can contact us via any of the methods listed on our Contact Us page. Please, keep in mind that we do not have any access to the information about specific loans or offers, so these questions should be directed toward your lender individually. We are working hard to respond to any inquiry within 48 hours.

What are online personal loans?
Online personal loans are medium term loans that are paid off in monthly personals in most cases. The terms of online personal loans provided by our lenders are usually limited to 24 months. The lenders you may be connected with via this website limit the amount of online loans to $3,000.

What are the qualifications?
You may be approved for an online personal loan even if you have been turned down by banks and credit card companies in the past. We may successfully connect the users who provide their information via our online form and request to be connected with one of our lenders. General qualification requirements are the following:
• You must be at least 18 years of age, and you must legally work and live in the United States;
• You must have a working telephone number and email address, and you must have a bank account in your name;
• You must be employed for at least 90 consecutive days with the same employer and meet minimum income guidelines.

What is the maximum amount for an online personal loan?
The total amount of money that you will be permitted to borrow depends on several factors which include the terms provided by lenders, the state in which you live and your unique financial situation. The maximum amount of online personal loans provided by our lenders is limited to $3,000.

How will I get my money?
In most cases, your lender will deposit the funds into your bank account on the business day following your loan approval and the receipt of your electronically signed loan agreement.

What if I have bad credit?
It's possible that the lenders in our network will need to perform credit check as a part of the qualification process. In many cases your bad credit or your lack thereof will not be the major factor to influence the final decision to approve or reject your loan request. As long as you can meet the basic guidelines, there is a very good chance that you will be approved for an online personal loan from our lenders.

How long will it take?
From start to finish, the entire process can take as soon as the next business day. First, you will fill out our short two-minute online form. Once you have submitted it, it will be forwarded throughout our network of lenders that provide online personal loans. Then, you will be connected with a lender from our network, who may offer you a loan according to your requirements. Soon after you will be forwarded with loan details for your revision to let you make your final decision about the offer. If you decide to provide your electronic signature, your lender may be able to deposit the funds into your bank account on as soon as the following business day in most cases.

Do I need to fax information?
If this is the first time you are offered an online personal loan by a particular lender, there is a chance that you may be asked to fax some information for verification, such as your bank statements or paycheck stubs. If this is the case and you do not have a fax machine, you can visit your local public library or UPS store. They will fax this information for you for a small per-page fee.

How much does it cost?
The connecting service provided by the website is always free of charge. You can fill out the online form on the website as many times as you need. You can also terminate registration on the site at any point of time before you finish filling out the form and submitting it for processing.
The overall costs associated with obtaining an online personal loan are ultimately determined by the lender in accordance with the regulations in your state of living. We will never charge you for the service provided by Extralend.com. Please, take the time to review the loan offer you receive very carefully for the rates and fees associated with your loan, as well as any late fees or interest that may be charged if you fail to repay your loan on time. Lenders are required to provide this information in details.
The APRs associated with online personal loans may be lower than those associated with short term loans. However, online personal loans are repaid over a longer period of time and may incur additional fees, for example origination and documentation fees.

Can I have more than one online personal loan at once?
If your state regulations allow it, you may have more than one online personal loan outstanding at any given point in time. However, when applying for a consecutive loan, you must disclose information about all other loans upon your request. It’s also possible that your lender will perform credit check to obtain all the information on other loans you may have. You should check your loan agreement for details or contact your lender directly for more information.

How and when will my online personal loan be repaid?
Online personal loans are repaid in a series of equal monthly personals. The term and schedule of loan repayment depend on particular loan agreement you close with your lender. Regulations in different states may apply. We have no information concerning your agreement or loan deal with the lender we connected you with. You should contact your lender to get the details of your online personal loan terms and repayment schedule.

What if my payment is late?
You should always contact your lender as soon as you are aware that your payment will be late in order to try to avoid penalties and additional charges. States regulate the maximum amounts that lenders can charge in the form of late fees differently. Make sure to compare these maximums with any late payment fees or other penalties you are quoted by your lender.

Is my information safe?
Extralend.com uses top-rated security technology as well as physical protocols to protect your information as it is being transmitted through and stored on our servers. Any information you provide to us will be used only to help you obtain the products and services you request as well as provide you with the offers from third party lenders that you may find interesting. For more information about the ways in which your information is collected, used, distributed and protected, please, visit our Privacy Policy.

What if I cannot make a timely payment on my online personal loan?
You should contact your lender directly if you find out that you are about to or have missed a regular payment on your online personal loan. Late payment fees and other penalties may apply. In case of troubles with loan payoff, you may be offered an Extended Payment Plan that will allow you to prolong your loan term to help you pay it off. Not all lenders may provide this option.

What is a 72-hour satisfaction guarantee?
The regulations of some states make lenders provide their borrowers with a 72-hour satisfaction guarantee option that allows borrowers to return the loaned money in full within 72 hours after the loan agreement came into force without paying additional charges or incurring any interest.

Is there a waiting period between applications?
Although it is free to request a loan through Extralend.com, and you can submit your information via our online form as many times as you need, we recommend that you wait for 72 hours between consecutive form submissions. If you have any outstanding loans at the time you need to take another loan, you are required to disclose this information to your potential lender.

Any questions that are directly related to an online personal loan or an offer provided by the lender you are connected with should be discussed with the lender who provides this loan or offer. You will get the lender's contact information while communicating on your loan terms and have all the details in your loan agreement if you decide to close the deal.