When you need money fast, a credit card can help, but getting one can require good credit. If you need quick cash and don’t qualify for a credit card, small dollar signature loans may fit the bill.
What are small dollar signature loans?
Small dollar signature loans, also known as payday loans, salary loans, payroll loans, small dollar loans, or cash advance loans, are personal loans that do not require collateral.
They are short-term, unsecured loans that typically require no credit check from traditional credit bureaus, and you can apply to get them even if you have bad or poor credit.
Because the loan is unsecured, the lender may want to see your pay stubs to help determine if you’re able to afford the loan and will be able to repay it.
How do small dollar signature loans work?
To get a signature loan, you will need to submit a loan application.
You’ll generally be asked for your name and address, social security number, and income information, as well as a checking account number that accepts electronic transfers if you are applying for a loan online.
These items are used to verify your information and ultimately get you the money you need if you are approved.
Types of small dollar signature loans
There are two types of small dollar signature loans.
The first type is a single payment loan, also known as a payday loan. This type of signature loan requires you to repay the entire sum you borrow plus any applicable fees in a single payment.
The repayment date is usually within a couple of weeks, but it could be longer depending on the laws in your state and how you set up your signature loan.
In some cases, you may be able to request an extension or apply for a payment plan, but otherwise, the repayment amount will be debited from your bank account on a set date.
The second type is an installment loan. This type of loan is normally reported to the credit agencies, and you get to make regular payments instead of a single repayment.
They also generally require a higher credit score or a longer history with your lender than a lender may require for a single-payment loan.
For instance, if you’ve been a LendUp customer for a while and have successfully repaid several single-payment loans, you may be able to climb the LendUp Ladder (where available) and qualify for an installment loan.
Small dollar, online signature loans from LendUp
When you apply for a LendUp loan, there’s no hard credit check with the traditional consumer reporting agencies. Instead, we use your social security number and information from alternative credit bureaus to verify your identity and assess your loan qualifications. Your FICO credit score is not affected and if approved you get your funds fast.
If LendUp loans are available in your state and you choose LendUp as your online direct lender, you’re starting a lending relationship.
In the beginning, you’ll get a single-payment signature loan to get fast cash to cover your short-term needs. Over time, you may have the opportunity to use the LendUp Ladder (where available) as a tool to help you build toward a better financial future.
After successfully repaying several LendUp loans, you may qualify for lower interest rates and larger loan amounts over time. You may also graduate to credit-reporting loans, which give you the chance to improve your credit while getting the cash you need when you need it.
Think a signature loan could work for you? Let’s talk.
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