FAQ’s

What is an installment loan?

An installment loan is a cash advance which you can borrow and then pay back over several months. They range from $100 to $5,000, and often require no collateral. Each installment loan may vary depending on how much you borrow and the time period during which you wish to pay it back.

How can I apply?

There is a quick online request form that you can use on vumloans.com. Fill out the details required and we’ll try our best to connect you to a lender who can loan you the cash you need.

How old do I need to be?

In order to take out an installment loan, you must be at least 18 years of age. According to US law, you must be an adult of 18 years of age before taking out any form of loan, which is why we must implement these rules.

What if I don’t have a bank account?

Unfortunately, none of the lenders will be able to loan you the money you want if you don’t have a bank account. You can open a bank account and then submit the request form for a loan if you want. A bank account is needed since there is nowhere to deposit the money or take the repayments otherwise.

Do I need to be in employment?

Yes, you need a valid source of income if you want to get an installment loan. This doesn’t necessarily have to be employment – you can be self employed or in some cases in receipt of state benefits. If you’re not sure, it won’t do any harm to submit a request form and see if you are approved.

Are there any credit checks?

You should be aware of companies which offer ‘no credit check’ payday loans, since the vast majority of lenders will carry out a credit check of some sort. While they might not use one of the large three credit check bureaus, they will take a quick look at your financial history.

So what if I have bad credit?

Just because you have a bad credit score doesn’t mean that you definitely won’t be able to take out an installment loan. In fact, you still have a good chance of being approved for a loan even if you have a very poor credit score. If you are working now and have a source of income, the lender is very likely to believe that you are financially able to pay back the money you borrow, which is the most important thing.

What if I can’t pay the money back?

If you miss a repayment or you cannot pay back the money you have borrowed, get in touch with the lender directly to let them know the situation. In some cases, they may be able to extend your loan in order to give you more time to pay the money off. However, you are likely to incur extra charges and fees.

Will I need to sign a contract?

If you’re approved for the loan, the lender will send you full terms and conditions in a loan agreement. You will need to sign this electronically and send it back to the lender before they will deposit any money into your bank account.

How long do I need to wait for the money?

In some cases, you might get the money within the same day. For others, they could receive the money within 24 hours. You should expect to wait around three business days before the money comes into your bank account, and if it arrives sooner, that’s a bonus!

How much can I borrow?

Installment loans range from $100 to $5000, and you should always borrow what you can afford rather than what you want. The larger the loan, the more money you will have to pay back and the more interest it will accrue, so think about the amount you need and submit a request for that.

Will it affect my credit rating?

If you fail to repay the loan, your credit rating could get worse, much like any other loan. However, if you have bad credit but repay the loan on time according to your loan agreement, it could make a positive change to your credit score.

Is my information secure?

When you submit your personal details through our online request form, we will encrypt it so that it cannot get stolen as it is being passed from our system to the lender.

What if I lose my job after I’ve taken out the loan?

If anything unexpected happens, contact the lender directly as soon as possible and they will try to sort out a payment plan for you. Of course, it’s important to remember that they are not obligated to change any part of your loan, since you’ve signed a contract and agreed to all the terms.

Can I repay the loan early?

Yes. Contact the lender and tell them that you want to repay the outstanding balance early. You can also repay more than the minimum amount per month, but you’ll need to arrange this first with your lender.

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