Let’s Answer Your Questions!
What is LoanStream?
LoanStream is not a lender and does not make credit decisions. LoanStream is a loan connecting service. We connect consumers who are looking for financial assistance with independent, third-party lenders who may be able to provide a loan. You begin by filling out our simple, secure form. Your information is then shared with lenders who may make you a loan offer. You are under no obligation to accept the offer, but if you do, the lender will provide you with instructions on moving forward. Every third-party lender has their own terms and conditions. Please review this information carefully before accepting your loan offer. In particular, check for information on the APR, fees, renewal terms, and consequences of non-payment. If you have any questions about your loan, please contact your lender.
How much does it cost to use LoanStream’s services?
Submitting a loan request form on our website is absolutely free. Please remember that we are not a lender, and we do not provide lending services directly to consumers. Our website may receive payment for each qualified sale or payment for each potential customer referral. Any costs associated with specific loans must be discussed with your lender directly as our website does not have access to this information.
What is a short-term personal installment loan?
A short-term personal installment loan is an unsecured loan typically issued based on the borrower’s creditworthiness rather than the use of property or other asset as collateral. It is sometimes called a signature loan. The loan is usually repaid with a set number of fixed payments due at regular intervals until the balance is repaid in full.
What is a payday loan?
A payday loan is a short-term personal loan that is typically repaid 30 days after it is issued. This differs from other types of loans that are repaid in installments over a longer period of time. Payday loans also come with a flat interest charge that is due at the time of repayment. Payday loans were designed to help those who have run out of cash before their next paycheck is due. They are sometimes called a cash advance because they are like an unofficial advance on the borrower’s wages.
When should I take out a short-term personal loan?
You should only take out a short-term personal loan after you have evaluated your financial situation carefully. These are expensive financial products that are designed to meet a short-term borrowing need and are not intended to be a long-term financial solution. We encourage consumers to borrow only the minimum amount necessary to cover their immediate financial need and to repay their loan as quickly as their finances allow. Consumers who have serious financial trouble should consider consulting a professional credit counselor.
How does the loan process work?
Take a few minutes to fill out our secure online request form. If approved, you’ll be redirected to your lender’s website. Review your offer carefully before providing your electronic signature. Your lender will transfer funds directly into your bank account as soon as the next business day.* Your bank will then release the transferred funds to you.
How much will my loan cost?
Because LoanStream works with a nationwide network of lenders, we cannot know the final cost of your loan. Your lender is required to clearly and plainly provide this information to you in your loan agreement. Factors that may affect the cost of your loan include the APR, finance charges, state regulations (if applicable), potential rollover fees (if applicable), and early payoffs. It is very important to make sure you fully understand the implications of your loan agreement before signing to avoid any financial surprises.
Can I apply even if I have bad credit or no credit history?
Consumers with all types of credit histories are welcomed to submit a loan request form. Many of the lenders in our network are able to work with customers with less-than-perfect credit, however, we cannot guarantee that your request will be accepted.
What if I have filed for bankruptcy? Can I still be approved?
If the bankruptcy has been discharged, you may still qualify for a loan.
What if I get paid with a prepaid debit card?
While qualifications vary from lender to lender, most will require you to have a valid checking account so they can deposit the loan funds directly into your account. Unfortunately, lenders can’t deposit funds directly into a savings account or onto a pre-paid debit card.
I don’t have a job, but I receive benefits income (disability, retirement, social security, and/or pension payments). Can I still get a loan?
Yes! Many lenders will accept your loan request if you receive regular benefits income (at least $1,000/month). You may be asked to provide documentation.
What information do I have to share to register with LoanStream?
LoanStream only askes for the information required to secure your funding. This information includes, but is not limited to your name, address, telephone number, place of employment and/or source of regular income, driver’s license number, bank account information, and social security number. Your bank account information is needed to deposit your funds into your bank account. Your social security number is required for your protection and is used to help verify your identity.
What is the maximum loan amount?
The maximum loan amount you can apply for through the LoanStream site is $5,000. However, this does not guarantee that you will be approved for this amount, and not all lenders in our network will be able to accommodate a loan of this amount. If you receive a loan offer, it may not match the amount you requested. Loan offers may vary for several reasons including the individual lender, employment, income, state of residence, and other factors. All of your personal information is encrypted during transfer and is stored in a facility that employs industry-standard physical and digital security protocols.
What are the minimum requirements for getting a short-term personal loan?
While eligibility requirements vary between lenders in our network, most lenders require applicants to meet the following minimum criteria:
- Earn at least $1,000 a month
- Have an active checking account
- Be 18 years of age or older
- Be a permanent resident of the US with a valid social security number
- Have a valid U.S. driver’s license or government-issued ID
- Have a valid email account and phone number
Remember that each lender has its own rules and regulations and LoanStream cannot guarantee that a lender will approve you for a loan.
Will lenders perform a credit check?
LoanStream does not make credit inquires that will affect your credit score, and the majority of our lenders in our network use information from alternative credit sources. However, we cannot guarantee that your lender will not submit an inquiry to one of the “Big Three” credit bureaus: Experian, Equifax or TransUnion. While not always the case, a “soft pull” is typically used early in the process. From there, the lender may request a “hard pull” to learn more about your finances.
Is it possible to complete the loan request over the phone?
At this time, LoanStream only accepts information via our secure, online form. From there, we pass your details along to our lending network.
How long does the process take?
Our simple and secure online request form can be completed in less than five minutes. If your request is accepted by a lender, you’ll know the same day, usually within minutes. Although funding times vary between lenders, your funds will typically be deposited into your bank account as soon as the business day after your application has been approved and processed.*
Please keep in mind that banking institutions have their own policies governing when they release ACH (Automated Clearing House) credits to their customers. If you expect to receive funds on a certain day but do not see the funds in your bank account, contact your bank’s ACH department and your lender to determine the cause of the delay.
Will I need to print or fax anything?
Most of the participating lenders in our network do not require papers to be printed or faxed in order to request a loan. If additional documents are required, most lenders will allow you to email digital versions. For your records, you will want to either print a hard copy or save a digital version of your loan documents.
How will I know if my request has been approved?
If your request has been accepted by a lender in our network, you’ll be redirected to the lender’s website and/or you’ll be contacted by the lender.
How much will my loan cost?
LoanStream is not a lender and cannot predict the exact fees and interest of the loan option presented to you. Factors that can contribute to determining your terms may include the state you live in, the amount of money loaned, the length of repayment time, and your credit history. Late or missing payments can result in additional charges that can increase the overall cost of your loan. You can greatly reduce the overall cost of your loan by paying it off early. However, make sure you know in advance if your lender charges any prepayment penalty fees.
What if I change my mind during the process?
You are under no obligation to accept a loan offer and can end the process at any time by closing the page in your browser. The loan is only issued once you digitally sign the contract, at which point the deposit process will begin. If you need to cancel your loan after signing your loan documents, contact your lender directly.
How will I get my money?
Your lender will deposit the funds directly into your bank account as soon as the business day after your application has been approved and processed.
What is the repayment process?
Repayment processes will vary between lenders. However, if you authorize your lender to take payment via automatic withdrawals (known as “ACH transfers”), then your loan payments will be paid automatically directly from your bank account. Your payments will consist of the amount borrowed, any applicable fees, and interest. If you wish to make extra payments, larger than scheduled payments, or you wish to pay off the balance of your loan early, contact your lender directly for guidance.
What happens if I am late on a payment or need to skip a payment?
If you think you will be unable to make a payment on time (or at all), contact your lender immediately. Failure to meet the terms of your loan can result in additional fees, collection procedures, and can negatively impact your credit score. Your lender’s policies, including late fees, should be clearly documented in their loan documents.
What if I don’t make a payment at all?
If you do not pay your loan according to its terms, you could: be charged late fees, have your account sent to a collection agency, have your information sent to a consumer reporting agency, or have your loan extended which may cause you to incur additional fees, charges and interest. For more information, we encourage you to reach out to your lender directly.
Is there an option to refinance an existing loan?
Loan renewal policies are largely governed by state law (if applicable). In states where rollovers or extensions are allowed, interest rates and late fees may be added to the original loan amount by your lender and that can result in a substantial increase to the amount you will be required to pay back. Again, be sure to read your loan agreement carefully and thoroughly before signing the initial loan contract. We encourage you to reach out to your lender directly for more information.
How many loans can I have outstanding at any given time?
While state regulations and individual lenders may allow consumers to have more than one outstanding personal loan at any given time, LoanStream strongly recommends against this practice. If you decide to apply for an additional loan, and your state of residence allows it, you are required to inform the lender of your outstanding loan. States that allow multiple loans set limits on the number of loans allowed. Even if you live in a state allowing multiple loans, lenders reserve the right to deny a consumer’s application for having an outstanding loan.
Is my personal information kept safe?
LoanStream is committed to keeping your information safe from unauthorized access and takes several precautions to protect your personal information. We use robust industry procedures and safeguards, including encryption, to protect personal information.
I haven’t received an email response about my loan. What do I do?
Sometimes email can go to your “junk email”, “promotions” or “spam” folder. Check there first for an email from us or your lender. To ensure you receive important emails from LoanStream , please take a moment to add our email address firstname.lastname@example.org to your address book or to your SPAM “good list” or “whitelist.” This helps your email provider recognize LoanStream as a trusted email source. If you are still not receiving emails from LoanStream, please contact our Customer Service Team.