Frequently Asked Questions

It all starts with filling out our loan request form. That’s how we get the information we need to make a loan inquiry on your behalf. We have a network of lenders and lending partners, and we’ll try to connect you with one. BuddyLoans is not a lender and does not make loan approval decisions.

Repaying your loan can be done through smaller, scheduled payments if it operates as an installment loan, or through a lump sum payment if it is structured as a single-payment loan. Your specific loan terms will be outlined in your loan agreement. We suggest you familiarize yourself with the agreement before signing anything. You are under no obligation to accept a loan offer.

Interest varies based on several factors, such as your credit score, the loan length, and your location. If you receive an offer, review the lender’s interest rate, annual percentage rate (APR), fees, payment schedule, and total repayment amount before accepting it. BuddyLoans does not set these terms or charge you to submit a loan request.

If you are at risk of default, then you should contact your lender immediately. They might be willing to extend your due date. However, this is not guaranteed. In any case, it usually helps to discuss your situation with the lender sooner rather than later.

We ask that you meet certain requirements to be able to use our loan request. You should be at least 18 years of age, be a U.S. citizen with a current address, have a working phone number and email address, have a bank account in good standing, and make at least $800 per month. Our service is not available in all states. Please note that if you are connected with a lender, they will likely have additional requirements. Meeting our request requirements does not guarantee a connection or loan approval.

Just because you didn’t find a loan this time doesn’t mean you won’t next time. If a lender declined your application, review its explanation before requesting another loan. You should also check your credit report. You can access free weekly credit reports from Equifax, Experian, and TransUnion at AnnualCreditReport.com. You can check for inaccuracies; if you find some, you can ask the bureau to fix them. This can improve your credit score, perhaps making it easier to find a loan in the future.

Borrowing to pay off previous debt can make repayment harder if you are already struggling with payments. Debt consolidation loans use new borrowing to pay off existing debts and are sometimes used to make repayment more manageable. Before taking out another loan, review its APR, fees, and total repayment amount. A lower monthly payment can mean paying more overall if the repayment period is longer. We recommend contacting a financial advisor if you find yourself in this position.

Unfortunately, negative information on your credit report will lower your chances of getting a loan. Bankruptcy makes it very difficult to secure financing. You can still use our form to see if we can connect you to a loan provider. However, you should know that it may not be possible.

While our website is relatively new, the experts running it and the technology behind it are anything but. The team at BuddyLoans has been helping people search for financing since 2015, and our platform has helped millions of people find a loan offer.

Filling out our loan request form only takes a few minutes. That’s because we ask for only the most essential information. You can save time by having your driver’s license number, Social Security number, and banking information ready.

Paying your loan off early may save on interest, depending on how interest and fees are calculated. Prepayment penalties and other early-payoff terms vary by lender. However, it’s always best to consult your loan agreement.

You can request up to $5,000 using our form. If you are approved, your loan agreement will outline your loan term and how long you have to pay it off. These factors vary from loan to loan, so it is smart to read through your loan agreement if you receive one.

You will see your on-screen results within minutes of filling out our form. A connection does not mean you have been approved for a loan. If you are eventually approved for a loan and accept the lender’s terms, you may receive your funding as soon as the next business day, depending on the lender and your bank.

You have come to the right place if you are trying to get a loan with bad credit and no cosigner. Our lending network considers all credit types, regardless of a few bumps and bruises to your credit score. While we cannot guarantee funding, lenders may take more than just credit score into account. For instance, our lenders may also include income.

Third parties in our network may check your credit or obtain other consumer reports. Whether a check affects your credit score depends on the type of inquiry. A soft inquiry does not affect your score, while a hard inquiry may. Review the credit authorization before submitting your information and ask the lender which type of check it uses.

We go the extra mile to connect you with a loan option. That means working with a network of lenders and lending partners. It is our mission to help more people get the financing they need. We are always adding more solutions to help our buddies find credit solutions.

Prequalification does not guarantee loan approval. Unfortunately, we do not pre-qualify applicants through BuddyLoans. Instead, we maintain a respected network of financial institutions that may be able to lend to you. The best way to find out if we can connect you with a lender or lending partner is to fill out our form.

Financial institutions will often consider your debt-to-income ratio when making a loan decision. More debt may mean you are less likely to receive a loan offer. It is because your ability to repay the loan is closely tied to your available funds. If you are already paying back other debt, you will have fewer resources to pay off a new loan.