1. What is a Personal Loan?
A personal loan is one way for an individual consumer to borrow money. Payments are made in regular installments over the term of the loan. Many personal loans are unsecured loans, which mean they do not require the consumer to pledge an asset (like a home or car title) as collateral. Personal loans are typically structured as installment loans, which are paid off over a defined period of time. The loan amounts and terms can range broadly, depending on your state and the lender you are matched with. To determine how much you can borrow, use our online personal loan application form to quickly determine your personal loan qualification.
2. What can I use a personal loan for?
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:
If you are carrying a large amount of debt from previous loans, a personal loan can be used to consolidate your payments into one easy monthly payment with lower interest rate. Doing so can save you lot of money.
Repairs and Renovations
Been putting off a major repair to your car or home? Or are you in need of renovating your kitchen to increase its value? A personal loan can be used to get the job done under affordable terms you are able to handle.
Major & Unexpected Expenses
Life’s unpredictability can have a serious impact on your finances. Unexpected medical bills, major car repairs or an emergency can all be reasons to utilize a personal loan.
The beauty of a personal loan is that it is completely flexible. There are no restrictions to what you can use it for.
3. How do I know I've been approved?
After you submit a loan application with Capital Express Loan, our loan engine automatically searches for the best match to suit your request. If we have found a match for your loan request you will be notified on our site, then directed to your lender’s site for instructions on how to finalize your loan. If we are unable to match your application with a personal loan lender, we will direct you to additional options to help address your financial need.
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.
4. Can I be approved for a Personal Loan with Bad Credit?
At Capital Express Loan, we believe that everyone deserves access to credit. Our network of lending partners service loan requests for borrowers who have poor credit or bad credit. Even if you are in the process of rebuilding your credit, you can still qualify for a personal loan. Simply making your personal loan payments on time will improve your credit significantly. While credit is one aspect of your application that is assessed, our lenders look a broad range of criteria to determine your eligibility, including your employment, personal info and state of residence.
5. I've been approved for a loan - when will I receive my funds?
Once we have provided confirmation that you have been approved for a personal loan, you will be directed to your lender’s site where you will receive instructions on how to finalize your loan. Once you have signed for your loan your funds are released. In cases where you are not approved for a personal loan but have been approved for a short term payday loan, you can receive your funds directly in your bank account in as soon as one business day.
6. How Much Can I Borrow?
Our network of lenders offer loans typically between $10,000 to $200,000. The amount you are actually approved for is dependent on a number of factors, including your income, employment, credit history, sate of residence and the lender that you are matched with. Not everyone is eligible for $200,000.
7. When can I apply for a loan?
Capital Express Loan accepts personal loan applications 24 hours a 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.
8. How Long Do I have to Repay My Personal Loan?
At Capital Express Loan, we work with a network of direct lenders that offer repayment periods for short term loans between 12 to 36 months typically. The exact terms of your loan (including interest fees) are dependent on your personal info, income, employment, credit and state of residence.
9. 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.