1. Submit Your Request
2. Review Your Offer
3. Receive Your Funds
Submit Your Request
Simple, Secure Request Form
Our simple request form can be completed quickly and only asks for the personal information necessary to connect you with a potential lender. Advanced encryption technology is used to secure the transmission of your data and both physical and digital protocols are used to protect your stored data.
Minimum Requirements
While many lenders in our network are willing to offer credit to consumers with bad or no credit history, most lenders require applicants to meet the following 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
Please note that each lender has its own underwriting policies, and LoanStream cannot guarantee a lender will approve you for a loan. If approved for a loan, you may not qualify for the maximum amount.
Maximum Loan Amounts
The maximum personal loan amount available in our network is $5,000. However, this does not mean you will be approved for this amount, and not all lenders in our network can accommodate this amount.
Credit Inquiries
Unlike traditional lenders, lenders in our network are more likely to consider consumers with bad credit or no credit history. 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.
Review Your Offer
If a lender accepts your request, you’ll typically be redirected to their website. This usually occurs within minutes of submitting your request. Additionally, a lender may contact you via telephone, email or text to verify the information you submitted and/or to obtain additional information. Please respond to communications from your lender as quickly as possible to avoid funding delays.
Provide Your Electronic Signature
Your lender will provide you with loan documents detailing your agreement. Lenders are required to fully disclose their interest rates and fee structures in a manner that is easy to understand. Be sure you read and understand all the information provided. You are under no obligation to accept an offer. If after careful consideration you agree to your lender’s terms, you’ll provide your electronic signature. Be sure to retain a copy of the loan documents for your records.
Receive Your Funds
After you e-sign your loan agreement, funds will be transferred directly to your bank account. Although processing times will vary between lenders, funds will typically be deposited as soon as the business day after your loan has been approved and processed.* Please keep in mind that banking institutions have their own policies governing when transferred funds are made available to their customers.
Repayment
When you accept the terms and conditions of the loan offer, you are agreeing to pay back the loan in the amount of time stated in your loan documents. Your payments will consist of the amount borrowed, any applicable fees, and interest.
You should only accept a loan you expect to be able to pay back in full and on time or you may incur late fees or other charges. If you do not believe you will be able to pay the loan back on time, you should consider other alternatives before choosing a short-term personal loan.
Automated Payments (ACH)
If you authorize your lender to take payment via automatic withdrawals, known as “ACH transfers,” (Automated Clearing House), then your loan payments will be paid automatically directly from your bank account. This means each payment will be on time, and you won’t have to worry about missing any payments or incurring any late fees, as long as funds are available in your account.
Prepayment
It’s in your best interest to pay off your loan early as it can save you a significant amount of money on interest charges. Before signing your loan agreement, find out if your lender charges a prepayment penalty fee.
Late, Missed and Non-Payment
If you think you might be late or miss a payment, contact your lender as soon as possible. Many lenders offer payment modification options. Please note that any adjustments to your original loan conditions may result in additional charges and/or additional interest. If you do not repay the loan in full, this will likely result in additional fees, and your lender may send your account to a collections company. Late payments and loan defaults may adversely affect your credit and may make it difficult to obtain future loans.
Responsible Lending
Short-term credit should not be used as a long-term financial solution. Borrow only the minimum amount needed to meet your immediate financial need and repay the debt as soon as your finances allow. Seek professional credit counseling if you need help managing your financial difficulties.