How Do I Become Eligible For A Short Term Loan From Capital Bean?
When working with Capital Bean and our lenders we will always carry out a number of checks to guarantee that you can afford to pay back your loan on time. The majority of our lenders will carry out a credit check to make sure that you don’t fall into financial difficulty but the partners that we work with will always consider different backgrounds and a wide range of credit scores.
The laws governing payday loans will differ depending on your state. Some have direct limits on how much you can borrow. Check out our state specific borrowing pages for more information on how borrowing is regulated in your area.
- In stable employment
- Over the age of 18 years old
- Full time resident of the United States
- Earn over $800 per month (full or part-time)
- Have an active checking account for your loan to be paid into
Does Capital Bean Offer Short Term Loans Directly?
No, Capital Bean does not loan directly. We match your enquiry for a loan with the lender that best suits your needs. We always work with US lenders who can give you the best rates when you need to borrow money. We use technology to analyze and process thousands of data points when you put in an application for a loan. The technology-drive-platform that we use means we can find the best lender for you.
Working directly with a lender has benefits as it means your details are not shared with others. It also means that you know who you are working with every time you get a loan.
However – do not worry, Capital Bean is dedicated to security and offering a secure platform. After the lender has decided on a loan you then can work directly with your chosen lender. This means you can have full peace of mind that your personal details are not being shared with third parties and are safe. There are no other middlemen involved.
How Do I Make My Loan Repayments?
After you’ve been accepted for a loan your repayments will be collected equally in monthly installments. Depending on the duration of your loan you could make anywhere from one to 60 monthly payments.
Your repayments will always be collected automatically through a system known as ACH (Automatic Clearing House). The money will be collected automatically on the due date which is usually the date of your paycheck, or the last day of the month.
Using ACH means that you don’t have to do anything as the payments are taken automatically from your account. You don’t need to make a manual payment, call the lender or go to the bank. This makes it incredibly straightforward to make your monthly payment.
Lenders always give the option to repay your outstanding loan amount early. If you contact your lender directly you can find out how to do this. Clearing your account early could save you extra money in interest. Make sure to read the lender’s terms and conditions closely before paying off your loan early.
How Can I Apply Online for Short-Term Loans with Capital Bean?
Online Application in Under 5 Minutes
The entire loan application can be completed online. It takes no more than 5 minutes and can be filled out on your laptop, tablet or cell phone. The lenders require some basic personal details including your monthly or yearly income, where you live, expenses, the amount you want to borrow and finally how long you want to borrow it for.
An Instantaneous Decision and Signature on your Loan Agreement
You won’t have to wait long for a decision as the lender will immediately give you a provisional loan offer after you fill out your details. You can even choose to proceed right away! For security you’ll need to sign the loan agreement electronically using a PIN code sent to your cell phone and then a unique link sent to your email address. This all just takes a few minutes. The lender you decide to work with will then proceed with some more checks and get your funding application ready to be financed.
Money Sent to your Account
After Step 1 and two you will be fully approved and checked. At this point your lender will get your loan ready to go so that it can be sent to you in one payment directly to your bank account. Money can be ready to go in just 15 to 60 minutes. Larger amounts take slightly longer but it can still be paid on the same day or within 24 hours or the next working day!
Why Should I Work with Capital Bean as a Lender for my Short Term Loan?
If you’re looking for a short term loan lender then Capital Bean is happy to be available when needed. Our process is fully online and we don’t charge upfront fees. We know speed is important to you so we always aim to get a decision and most importantly, the funds, into your account as quick as possible.
We are a loan connection service which means we can maximize the chance you’ll be accepted and funded within 24 hours, and sometimes the same day! Because we work with a huge range of lenders it means you don’t have to approach lenders 1-by-1 or even go to the bank. We immediately connect you online with over 50 competitive lenders who will give you the best option tailored just for you.
Options are available for low credit scores and also for those with no credit checks. We are happy to have helped thousands of customers successfully apply for a loan to date. We are looking forward to being your short term loans partner. On top of all of this we make sure to take extra measures to keep your personal details safe and will never pass these on to anyone else without your explicit permission.
Can I Get a Short Term Loan Without Having a Credit Check?
If you want a short term loan without having a credit check it might be a challenge since most of our lenders run a credit check to confirm whether you are eligible. They usually want to check your previous credit history and your history in repaying other types of loans as past behaviour usually predicts future behavior well.
However – if you’re looking for a no credit check loan we can help you out! We have a number of lenders that we work with who will take into account different circumstances and backgrounds. So don’t worry.
If you want to go down the no credit check route you might be given an option from an app, credit union or maybe even a secured product which could be a home loan or title loan where you might require collateral. In this situation your credit score is not always required.
What Kinds Of Information Will I Need To Apply For A Short Term Loan
It’s pretty straightforward to apply for a Short Term Loan. You’ll need some basic personal details including your full name, age, where you live, income, driver’s license number or State ID, expenses, whether you have a valid checking account, email address, your phone number, how much you want to borrow and over how many months.
Capital Bean will match you with a lending partner automatically. If you do want to go ahead with your loan then they will do a couple of extra checks. If your application is approved then the money could be in your account within 24 hours or latest the next business day.
What Should I Consider Before Getting A Short Term Loan?
Before getting a short-term loan, consider the following four important factors:
Assess your financial situation to determine if taking out a short-term loan is necessary. Are there other ways to cover your expenses, such as cutting non-essential costs or borrowing from friends or family? Ensure that you’re taking out the loan for a valid and urgent reason.
Calculate your ability to repay the loan, including the principal amount and any associated fees or interest. Create a budget to see if you can comfortably meet the repayment terms without compromising your other financial obligations. Be realistic about your income and expenses.
Research potential lenders thoroughly. Look for reputable, licensed lenders with transparent terms and fair interest rates. Read customer reviews and check with regulatory agencies to ensure the lender is legitimate and compliant with state regulations.
Understand the specific terms of the loan, including the interest rate, repayment schedule, and any associated fees. Pay attention to the annual percentage rate (APR) to gauge the total cost of the loan. Ensure you’re comfortable with the terms and that they align with your financial goals.
Resources And Tips For Borrowers
- Consumer Financial Protection Bureau (CFPB): The CFPB offers resources and information on managing debt, understanding your rights as a borrower, and avoiding financial scams. Their website provides valuable tools and guides:
- National Foundation for Credit Counseling (NFCC): NFCC is a nonprofit organization that offers credit counseling, debt management, and financial education services. They have member agencies across the United States:
- Debt Consolidation: Explore debt consolidation options that allow you to combine multiple debts into a single, more manageable loan with a lower interest rate. Be cautious and research reputable lenders.
- Credit Counseling Services: Nonprofit credit counseling agencies can provide free or low-cost assistance in managing your debts. They can offer advice on budgeting, debt repayment strategies, and credit improvement.