FAQ’s

1) How does the process work?

All you need to do is fill out the Application Form. Once you submit, we will automatically match your information with our network of lenders. As soon as we receive a conditional approval, we will let you know. Most of our lenders complete their loan approval in less than four hours. If approved, your funds will be deposited into your bank account by next business day. However, If you prefer to have cash in your hand, you can walk upto one of our lender stores and receive the money.

2) Is it safe to apply online?

Yes, we use 256-bit SSL encryption which is an industry standard to encrypt your personal and bank information.

3) Is my loan application private?

Yes. We strive to keep your information private and only release it when absolutely necessary for applying a loan, matching you with a lender, or in compliance with our privacy policy and terms of service. Once a lender accepts your application, you will also be subject to that lender’s terms of service, privacy policy, and other policies.

4) What are the qualifications?

Majority of our lenders have certain minimum qualificatios like You must have a job or a steady source of income from retirement, benefits, etc.. Some lenders prefer you to be employed. You must be at least 18 years old and a U.S. citizen. If you are an Active Duty member of the military or a dependant of an Active Duty member, certain lenders may not be able to provide you offers. Each lender will have additional or more specific requirements, but these are the bare minimum.

5) How long does the application take?

Filling out the application shall take only 2-3 minutes. Once hit submit, we will let you know immediately (in less than a minute) if we are able to find a match.

6) Will applying affect my credit?

No. None of our lenders do not rely on any of the three major credit reporting agencies i.e. Equifax, Experian or Transunion. However they might use various consumer databases, such as Factor Trust in order to verify your identity.

7) Do I need direct deposit?

Direct deposit of your paycheck is preferred but not mandatory for our lenders. Most of the lenders do require you to have an active checking or savings account.

8) Is there an application fee?

No. LoanShop services are completely free. LoanShop is compensated by lenders for the services we provide. Any Fee charged by our lenders, will be fully disclosed at the time of loan origination.

9) What email should I use?

It is a good practice to never use your “friends and family” email for any online transaction whatsoever. Always keep a second email open for doing business online.

10) What phone number should I use?

It is a best practice to use your cell phone rather than home phone when conducting business online. It’s not a requirement it is just a good idea.

11) I did not receive my verification email, what do I do?

We send verification email with subject “Welcome to LoanShop.” If you did not receive this, please check your e-mail SPAM or junk folder. If you still do not see the e-mail there, please contact us at support@loanshop.biz and we will assist you.

12) How do I check the status of my loan application?

Please call us on Monday through Friday between 09:00 AM and 05:00 PM Central Standard Time at the toll free number 1(844)562-6747.

13) When will my loan be deposited into my account?

Each of our lenders typically take 24 to 48 hours for finalizing the loan and complete the funding. So, You should expect funds as soon as 24 to 72 hours.

14) Why is Loanshop a better option to shop for a Payday Loan?

LoanShop is a better option while in search of Small Loans for various reasons.

First, There is no fee.
Second, You do not have to fill in the information multiple times on different lender websites. Instead, you complete the information on LoanShop website and LoanShop automatically finds a Lender that is best fit for you.
Third, It is Quick, Simple and can be done from the comfort of your home or office. So no long lines and no waiting.

15) How do I know that this is a secure website?

It is always a good idea to make sure the website you are on is secure. You can verify this by making sure there is a green padlock in the upper left corner of your URL address bar, not simply a picture of a padlock or the word “secure” written on a webpage. You should also make sure the address bar says “https://” before the URL (note the “s” for secure sockets layer, or encryption). When you see both of these characteristics, all communication provided on the website you are on is encrypted and secure. LoanShop is a secure website, so you should see the green padlock when you go to our site: https://www.loanshop.biz/.