What is a Personal Loan and what can I use it for?
A Personal Loan is a loan usually meant for personal, family or household purposes. These types of loans are unsecured, meaning that it is not necessary to have any form of collateral such as property to be approved. All that is required is proof of your identity and a regular source of income. Personal Loans are typically repaid in fixed monthly payments.
There are no specific limitations on how a personal loan can be used. Once you've been approved, you are free to use the funds as you desire. Below are some common uses:
Can I be approved for a loan with bad credit?
At TapnLoan, we believe that everyone deserves access to credit. Although credit is one aspect of your application that is assessed, our lenders consider a broad range of criteria to determine your eligibility, including your personal information, employment and state of residence. We work with lenders that provide loans for those with excellent credit, average credit or poor credit. Even if you are in the process of rebuilding your credit, you can still qualify for a loan with us.
I've been approved for a loan - when will I receive my funds?
Once we have connected you with a lender, TapnLoan will direct you to their site where you will receive instructions on how to finalize your loan. Once you have signed for your loan your funds are released. Funds are typically received in your bank account as soon as the next business day.
Can I only apply during business hours?
TapnLoan accepts loan applications at any time of day, 7 days a week. Our network of lenders is open at all times, unlike conventional banks that are only open during business hours. Once you are approved on our site, you will receive instructions on how to finalize your loan with your lender.
Is it possible to get an extension on my loan?
Most lenders offer loan extensions and alternative repayment options in special circumstances. We recommend that you contact your lender directly to discuss the options available to you.
What is a Short-Term Loan and what can I use it for?
A short-term loan is a quick, easy and convenient loan that can be used to address short term and immediate financial needs. Short-term loans are also referred to as ‘cash advances’, and are commonly used for financial emergencies, like home or auto repairs, unexpected medical bills, or in times where you are falling a bit short on your budget before your next payday.
How do I know if I’ve been approved for a loan?
Once you submit your loan application, our loan engine automatically searches to connect you with a lender that suits your request based on the information you provide. If a lender is found, you will be notified on our site in real-time. You will then be directed to your lender's site for instructions on how to finalize your loan. If we are unable to connect your application with a lender, we will direct you to additional options to help address your financial needs.
Because we are not a lender ourselves, the exact terms of your loan (including interest rates, repayment periods and monthly payment information) will be presented to you by your lender. Each lender uses their own policies to determine their terms, which often depend on your personal information, including employment, monthly income, credit history and even the state that you reside in.
How much can I borrow?
At TapnLoan, customers can apply for a loan between $100 and $15,000. The amount you are actually approved for is dependent on a number of factors, including your income, employment, credit history, state of residence and the lender that you are connected with. Not everyone is eligible for $15,000. In the event that you are not approved for a loan amount, you are still eligible to be approved for a lower amount. Simply follow the instructions provided on our application to apply for a lower amount in real-time.
How long do I have to repay my loan?
At TapnLoan, our lending network includes both installment and short-term loan lenders to serve your financial needs. The amount of time you are given to repay your loan depends on the type of loan you are connected with. Installment loans in the amount of $1,000.00 and above are paid back over multiple payments, usually between 12 to 60 months. Short-term loans, also commonly referred to as cash advances, are in the amount of $1,000 or less and are usually paid back on your next payday.
Is it safe to apply on this site?
TapnLoan utilizes industry standard security protocol and enhanced 256-bit data encryption technology to ensure that your information is safe and secure while using our site.