Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.
The owner and operator of Samedaygovloans is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presented on the website for information purposes only. Samedaygovloans does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. Samedaygovloans does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. Samedaygovloans cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since we are not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, Samedaygovloans cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with Samedaygovloans, and Samedaygovloans has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.
Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.
Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.
Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.
Consent for Electronic Signatures, Records, Disclosures, Communication
It is important that you read and understand the information herein prior to submitting any information on the website or starting do business electronically.
By giving your consent on the terms stated on the website and submitting your information via our online form, you agree that you have read this notice and understand how you can conduct transactions, communicate electronically and use the service on the website, request to be matched with a lender and further cooperate with loan providers online. Once you are matched with a lender, you will need to give your consent (e-consent) to use e-signatures, accept electronic recording, disclosures and e-communication in order to be provided with the services and products you have expressed your interest in.
You can request disclosures and other legal notices to be printed for the records at no charge. This request should be sent directly to the concerning lender (entities can keep hard copy legal documents according to the terms and provisions of the applicable law).
The Scopes of Consent
All communications, including but not limited to online interactions via mobile phone, smart phone, tablets are considered electronic interaction. E-consent is applied when e-communication, including by the means stated above, takes place between you and a third party lender. The admission of e-consent implies that your information may be collected and processed electronically, transactions may be performed electronically, and documents may be signed and stored electronically. Additionally, your lender may send you electronic notifications, such as reports, disclosures, links to the other third party websites, links to the other lender’s websites and online services.
Giving you e-consent you confirm that the e-communication mentioned above is considered of the same legal value as the communication by means of hard copy documentation.
NB: Conducting business electronically implies that the parties involved are capable of going through processing with sufficient hardware and software facilities. Before deciding to give your e-consent you should check if your facilities fit the requirements for the transactions and operations you will need to perform electronically. These are the basic software and hardware requirements:
Software and hardware: A PC or MAC compatible computer or other device capable of accessing the Internet, e-mail account, Internet Browser software program that supports at least 128 bit encryption, such as Microsoft® Internet Explorer, Netscape® or Mozilla Firefox®, PDF file reader like Adobe® Acrobat Reader X ® or Foxit® etc. Take into consideration that different transactions may require additional facilities. You may need to contact you lender to get specifications on the facilities you may need.
Since your e-consent from our matching service and the processing of your information by our lenders is a one-time transaction, you cannot withdraw it. From the moment you are already matched with a third-party lender you can withdraw your consent from this lender at any time at no charge by sending the respective request. You should keep in mind that withdrawing your e-consent you can prevent the lender from providing you with a loan offer or credit product. You should also keep in mind that the legal effectiveness, validity, and enforceability of prior electronic disclosures will not be affected in case you request to withdraw your e-consent. You can contact your lender directly to find out more about the details of these procedures. It’s encouraged that if you change your information (electronic address, mailing address) you should notify your lender as soon as possible to have your information updated.
Frequently Asked Questions
Welcome to Samedaygovloans board of frequently asked questions. Please, go through the main issues about short-term loans and the peculiarities of our service. If you will not find the answers to your questions regarding the use of the service or short-term loan industry in general, please, contact us to ask directly. Our expert team is happy to help you get along with short-term loans and understand how to make the best of this credit option and use it safely.
What is a short-term loan?
This is a relatively small personal credit (up to $1,000) for 1-4 weeks (the terms vary depending on the regulations in different states). This credit option is associated with high acceptance rate, because the lenders secure it with borrower’s income. For this reason, many applicants may be approved despite their imperfect credit reputation and get access to this option in a relatively short time.
What does one need to be approved?
Qualification for short-term loans is simple. Lenders need only basic information about applicants to decide if it is secure to provide credit or not.
one needs to be a legal USA resident of 18 years old or more;
one needs to provide valid contact details;
one needs to be legally employed and have steady income;
one needs to have an active bank account for direct deposit.
It is possible that lenders will enquire more information about applicants (for example, to send pay stubs to prove income) individually. In this case, the procedures can take more time and involve additional procedures and paperwork (faxing or scanning).
Are the procedures safe?
How much time does it take?
This financial product is considered relatively fast, because most processing can be performed completely online, and this online search and match service works 24/7. It takes just minutes to fill out the form and request a loan, less than an hour to process request and connect a customer with a lender. As soon as the lender is able to make final decision to approve the borrower’s application, the lender provides loan agreement. All one needs to do is to familiarize with the offer and make credit decision. If one opts for rejecting the loan offer, one can simply ignore further procedures and repeat loan request if necessary. If accepted, the loan agreement should be e-signed. Usually, it takes just one business day to have money sent to the borrower’s account (in case direct deposit option is available). In most cases, borrowers can get their money in as soon as one business day.
Can a bad credit applicant be approved?
Some lenders in our network need to perform credit verifications with traditional credit bureaus, the others may just check if an applicant is not a bankrupt or has no outstanding debts with other lenders. In many cases bad credit or lack of credit will not impede applicants from being approved, because short-term loans are secured by the borrower’s income. Nevertheless, low credit score and insufficient credit information may influence the amount and terms of loan offers, provided by lenders.
Why does one need to contact lender directly?
%siteName% works as a matching service, which enables users to access reputable lenders and get better loan options. We don’t have information regarding particular loan products or their terms. Nor do we make any credit decision. If the borrowers who used our service have issues regarding their loan contracts, they should contact their lenders directly.
Why does one need to renew a loan?
Sometimes borrowers find it hard to repay their loans on time due to unforeseeable circumstances. In these cases, most lenders allow borrowers to renew their loans for additional interest added to the total. This option can be expensive, so we recommend contacting lenders before these circumstances take place to avoid additional payments and penalties. In addition, not all the states allow renewals. One should first check the status of short-term loans and applicable laws, which regulate short-term lending in one’s state. Use the information on [Rates and Fees] page to find out more.
What happens when one can’t pay off on time or at all?
The cases of defaulted payment terms are explained in every loan agreement together with applicable penalties, additional fees, collection practices and other actions associated with delinquency. One should check these terms before signing agreement in the first place. All the lenders in our network adhere to the best practices in the industry, follow federal and state laws and promote responsible lending practices. All the lenders in our network operate within the stated limits. We encourage borrowers who anticipate delinquency or default payments contact corresponding lender as soon as possible.
How many loans can one take at a time?
The number of credit products taken simultaneously as well as the “cooling time” terms are determined by the laws of each state (if applicable). Additionally, every lender reserves the right to determine the maximum of simultaneous and/or consequent credit agreements within the limits of applicable laws. It’s recommended to inform a lender about current credit standing and the facts of defaulted loans before any agreement is signed.
Responsible Lending Policy
We are not a loan providing service, nor do we represent or endorse any lender. But we are working hard to provide you with access to reliable lenders and match you with the lenders who can offer you loan products according to the information you submit in our online form.
We put maximum efforts to ensure that all the lenders in our network are legitimate loan providers adhering to federal, state and local laws, fair and responsible lending practices and the best practices in the industry.
We understand that short-term loan industry can be puzzling, as it is regulated in many states heavily and differently. For this reason, we provide you with the necessary information and educational material on the industry to answer your questions regarding short-term loans in the USA. In this section we’ll provide the basic information regarding the major laws and acts that secure and protect consumers from unfair practices. We encourage you go through this information and read the basics on [How It Works], [FAQ] and [Rates and Fees] pages to understand your credit options better and make only smart and reasonable credit decisions.
Fair Debt Collection Practices Act
We strictly insist that our lenders follow the guidelines put in place by the Fair Debt Collection Practices Act. We are not a lender, so we will never make any attempt to collect a debt from you. However, our lenders have the right to use all lawful means available to them to collect your debt if your loan is unpaid. They must follow the guidelines of the Fair Debt Collection Practices Act when doing so. These are some of major actions deemed as violations:
•Using any harmful, oppressive, foul or harassing language or tactics in order to collect debt;
•Attempting to contact debtors before 9 a.m. or after 8 p.m. in their local time zones;
•Using deception, falsifying information or misrepresenting a company in order to collect a debt;
•Threaten criminal charges or any legal action when such legal action is not warranted.
Any lender within our network found to be in violation of these guidelines will be immediately removed from our network and reported to law enforcement.
Fair Lending Act
The purpose of the Fair Lending Act is to ensure that all consumers have equal access to credit despite their age, race, creed, gender, religion or other non-financial factor. The Act ensures that consumers are not discriminated against and that they have access to the loan and other forms of consumer credit as long as these consumers can meet the legal and financial guidelines associated with obtaining such credit. If you feel that you are a victim of discrimination, please contact the Equal Opportunity and Fair Lending Office of your local Consumer Financial Protection Bureau.
Truth in Lending Act
The Truth in Lending Act was established to ensure that consumers have all of the information about an offer of credit available to them in writing before they take any responsibility and e-sign any contract or decide to extend any credit. Lenders are required to disclose information about the rates, fees, interest and terms associated with loans before they provide any credit to any consumer. Each state has its individual regulations regarding short term lending, and lenders are required to ensure that all offers are in accordance with these regulations.
Many states have implemented their own regulations for the short term lending industry in an effort to protect consumers. Some of the things individual states regulate include the maximum loan amounts, fees and interest, the number of rollovers that are available and more. The general information about the regulations in specific states can be found in our [Rates and Fees] section of this website. You can find the links to the governmental websites with detailed explanation on short term loan regulations and up-to-date rate limits in different states.