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Frequently Asked Questions Regarding Personal Loans in California

How will the creditor disburse the money? 

When you apply for a short-term loan, the money is often delivered to your checking account. If you intend to use the money for debt consolidation, the creditor will wire it directly to your checking account. However, the funds can be generally be deposited into any account that you designate, this is a good question to verify with the lender who approves your loan. 

How much can I get in credit?

Personal loans typically range from $500 to $5,000 for many borrowers. Some borrowers with excellent credit scores may qualify for a personal loan up to $50,000 or more. Although borrowing less than $500 might be easier to repay, it would be better to avoid unnecessary fees by saving up in advance. 

Can I afford to repay the entire loan amount?

When applying for a personal loan, you’ll have the chance to select the repayment plan that works best for you. Depending on your income level and cash flow, lenders incentivize automated repayments or lower your APR to 0.25%. Some consumers prefer to make low monthly installments and pay the money over several years, while others prefer to clear the loan off as soon as possible. As a general rule, it’s wise to clear the payment as soon as possible to avoid monthly payments that may pile in the long term.

How will I know I have all the information I need?

The simplest way to increase your approval is to have all the application documents. In-depth research and applying with lenders who meet your business needs are the best ways to make your application process straightforward.

How do I choose between a secured and unsecured loan?

 A secured loan is tied to some form of collateral like your car or home. While they are less popular for personal loans, interest rates and other fees are often lower with secured loans. On the other hand, unsecured loans are designated as “good faith loans,” hence the astronomically high-interest rates and fees.

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  • Online Personal Loans Cal Direct 823 Rosemont Avenue Los Angeles, CA 90026 customerservice@californiadirectlenders.com (323)328-8408 We do not charge any fee or cost to submit a loan request on CaliforniaDirectLenders. The APR on a personal loan from our network of lenders can range from 4.83% to 35.99%, with loan durations between 24 and 72 months. Other types of loans from our network may have higher APRs. The actual loan rate depends on the loan amount and term requested, as well as your credit score, usage, and history. If you are offered a loan, you will have the opportunity to review the final offer made by lender, and to accept the loan agreement made directly between you and the lender. The lenders we work with may charge an origination fee for facilitating the loan to you. For example, on a $10,000 loan with a 5% origination fee, you will incur a $500 origination fee and receive $9,500 upon successful issuance of your loan. Note that the third party’s privacy policy and security practices may differ from CaliforniaDirectLenders standards. CaliforniaDirectLenders assumes no responsibility, nor does it control, endorse or guarantee any aspect of your use of the linked site. Representative Example: If you borrow $5,000 on a 36 month repayment term and at a 10% APR, the monthly repayment will be $161.34. Total repayment will be $5,808.24. Total interest paid will be $808.24. APR Disclosure: The Annual Percentage Rate is the rate at which your loan accrues interest. It is based upon the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. By law, the lender and partner must show you the APR before you enter into the loan. States have laws limiting the APR that the lender or partner can charge you. Rates will vary based on your credit, loan size and whether collateral is provided, with the lowest rates available to customers with good credit on larger, secured loans. Minimum and maximum loan amounts and APR may vary according to state law and lender or partners. We recommend you read the lender's and partner's personal terms and conditions in full before proceeding for a personal loan. CaliforniaDirectLenders.com is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only. Call our local lending office at (310) 484-5510 for lending support. Proudly powered by WordPress