Frequently Asked Questions
Have a look below to see some of the answers to the most frequently asked questions. We have tried to ask the majority of questions but don’t be afraid to go to our Contact Us page if you have any other questions. We look forward to working with you.
- What is a Payday Loan?
- Does Capital Bean Charge Fees?
- Am I Eligible for a Payday Loan with Capital Bean?
- Which States are Eligible?
- Will Applying for a Payday Loan Impact my Credit Score?
- How Long does the Process Take?
- How Do I Make Repayments?
- What If I Make a Late Repayment?
A payday loan is best when you need to cover short-term or emergency expenses when cash is tight. The key idea of a payday loan is that you receive the money right after you’ve applied in one lump sum. You then pay off the money month by month, the following week or on your next payday. With Capital Bean you can borrow $100, $200 all the way up to $35,000. How much you can borrow depends on your monthly income, credit score and affordability.
No, Capital Bean does not charge any fees for making a loan request. We work on a commission basis with the partners that make the loans. We might receive a commission if you submit a loan request successfully. Don’t worry – if you make a loan request with Capital Bean you will never be charged a penny by us.
To be eligible for a loan with Capital Bean you must:
- Be a USA citizen
- 18 years or older
- Have a live checking account to receive the money
- Make at least $800 per month
- Bad credit is considered
- Able to make repayments each month
No it won’t – making a submission for a loan will not impact your credit score negatively. Credit checks will be carried out as part of the process for approval but won’t impact your credit history. Your credit score will only be impacted if you take out a loan but then struggle to pay back your monthly installments and put your account in arrears.
If you make repayments on time your credit score might improve. Payday loans should never be seen as a way to improve your credit score.
Payday loan requests can be made 100% online through the Capital Bean application form. It only takes 5 minutes to apply and it could take even less time. After you apply online you will get an instant decision on your computer, tablet, or phone. If your application is successful then your money could be in your account within 24 hours or the next business day.
Repayments are collected automatically each month and taken from your account on the date that you’ve decided with your lender. Most borrowers tend to make their repayments at the end of every month – right after payday. Lenders make it as easy as possible and you can set up the repayments to be taken automatically so you don’t have to worry. They will send reminders coming up to repayment day so you won’t forget. Repayments can be made across 1-60 months in length depending on the circumstances and the size of your loan.
If you miss your monthly repayment date you might be charged a penalty or a late fee. This could impact your credit score negatively which is why it is important to make the repayments on time. If you think you might have issues repaying your loan then you should get in touch with your lender as soon as you can to let them know.
Surprises are not good when it comes to repayments and so any notice you can give ahead of time is a good thing. If you do miss payments then you could have your credit score impacted.