Short-term loans might be called different things, but they’re all designed to provide you with temporary financial relief.
Most lenders require you to:
- Be employed in your current position for approximately 90 days;
- Be at least 18 years old, and a US citizen or a permanent resident;
- Have an income of approximately $1,000 per month after tax withholdings; and
- Have a valid email address, work phone number and home phone number.
The amount a lender is willing to give you depends on how the lender evaluates a number of factors, including your state of residence and applicable legal restrictions (loans are not available in all states). Many lenders in our network will loan between $100 and $1,000.
Once the lender approves your loan and you accept the loan terms, your loan will be deposited directly in your bank account, usually as soon as the next day.
Bad credit, no credit or a past bankruptcy should not prevent you from obtaining a short-term loan. Lenders make the final decision, however, lenders in our network frequently work with customers with bad credit history and made it work for them.
It should only take a few minutes to complete our secure online form. After we receive your information, we immediately start looking for a lender that is willing to work with you. You should have a response from one of our lenders within minutes. Final approval and funding is often done in as little as 24 to 48 hours.
Some lenders will ask for your permission to access your information such as bank statements or income verification online, saving you from having to fax or email copies of those documents. However, your lender might need you to fax or email a copy of your bank statement, paycheck stubs or other information. If you do not have access to a scanner or printer, consider visiting Office Max, Kinkos or another office service provider. You should also have access to a printer so you can print a copy of your loan agreement. If you have questions after your loan is funded, you will need your lender’s contact information!
There is no cost to use creditpack.org marketplace service. The actual cost of your loan may vary by lender. You will be provided information on the rates and fees before you accept the loan. Short-term loans are designed for emergency situations and are often less costly than late charges, NSF fees or reconnect fees for overdue utilities.
You may be allowed to secure more than one short-term loan at any given time, but this will depend on your state’s laws as well as your lender’s practices. If you have an outstanding short-term loan or other short-term loan, you should let your new lender know about it before you accept a new loan.
If you have selected the convenient and secure ACH payment option, your loan payment will be withdrawn from your bank account on its due date. This option is designed for convenience and helps you avoid potential late fees or default! If you need an extension on your loan, please contact your lender before you miss a payment (additional fees may be involved).
Each lender has its own late payment policy and fees. Check your loan documents for details or contact your lender directly. Some states may regulate or limit late fees.
You can use our service to get a new loan at any time (subject, of course, to state law restrictions). If you have recently taken out another short-term loan that is still outstanding, please inform your new lender before accepting a new loan.
The rules on extensions or “rollovers” varies among lenders and also may be regulated by state law. Some states allow for multiple rollovers while others do not allow it at all. If you need an extension on your loan, make sure to contact your lender before you miss any payments. Most lenders will work with you to help you avoid missing payments or defaulting on your loan.
What happens if I’m not able to repay my loan?
This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where creditpack.org does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. creditpack.org is not a lender and does not make loan or credit decisions. creditpack.org connects interested persons with a lender from its network of approved lenders. creditpack.org does not control and is not responsible for the actions or inactions of any lender, is not an agent, representative or broker of any lender, and does not endorse any lender. creditpack.org receives compensation from its lenders, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, creditpack.org’s service is always free to you. creditpack.org does not pull your credit or look at your creditworthiness, but responsible lenders will. By submitting your information to creditpack.org, you are giving lenders in creditpack.org’s network permission to verify your social security number, driver license number or other identification, and to review your creditworthiness by pulling your credit history from major credit bureaus such as Experian, Equifax and Trans Union and from alternative credit bureaus such as Teletrack or DP Bureau.
The lender you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender based on the lender’s internal policies, underwriting criteria and applicable law. creditpack.org has no knowledge of or control over the loan terms offered by a lender. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lender immediately and discuss how to handle late payments.
+Implications of Late Payment
+Implications of Nonpayment
+Impact on Credit Score