Q: How do you determine my interest rate?
A: The interest rate is set according to the risk associated with the file. The lower your qualifying credit rating, the higher the approved interest rate.
Q: Can I add additional funds to my existing loan?
A: You may qualify for a loan top-up. Please contact our Customer Services Team at [email protected].
Q: What is the maximum loan amount?
A: The maximum amount is $35,000 per household.
Q: What is the minimum loan amount?
A: The minimum amount is $5,000.
Q: What is the payment frequency?
A: We offer weekly, bi-weekly or monthly payment options. You can fully prepay the loan at any time. You can also make lump sum payments at your discretion. There are no fees associated with a full loan prepayment or lump sum payments.
Q: How can I make my payments?
A: Payments are automatically debited from your bank account.
Q: What happens if a payment is missed?
A: If we automatically debit your account for your payment and there are not enough funds available, we will charge a $50 NSF fee (Non-Sufficient Funds), and a representative will be in contact with you to schedule a catch-up payment.
Q: How soon will I know if my loan has been approved?
A: You will know if your loan has been approved in just 24 business hours – if you have provided all the necessary information.
Q: How is the APR Calculated?
A: The Annual Percentage Rate (APR) is the ‘all-in’ yearly fee that our customers pay to borrow money from Lendful Financial Inc. It is there to help you work out what your total yearly out-of-pocket cost is. The APR includes our Origination Fee and the Interest Rate.