Frequently Asked Questions

What is a personal loan?

A personal loan is an unsecured or secured loan that can be used for various purposes, such as debt consolidation, home improvements, medical expenses, vacations, or large purchases. You receive a lump sum of money upfront and repay it in fixed monthly installments over a set period, with interest.

What can I use a personal loan for?

Personal loans can be used for almost anything! Common uses include:

Debt Consolidation: Combining multiple high-interest debts into one loan with a lower interest rate.
Home Improvements: Funding renovations, repairs, or upgrades to your home.
Medical Expenses: Covering unexpected or planned medical costs.
Large Purchases: Financing significant purchases like appliances, furniture, or electronics.
Vacations: Making your dream vacation a reality.
Education Expenses: Paying for tuition, books, or other educational costs.
Wedding Expenses: Helping finance your special day.
Emergency Expenses: Covering unexpected costs like car repairs or appliance replacements.

How much can I borrow?

The amount you can borrow depends on several factors, including your credit score, income, debt-to-income ratio, and the lender’s policies. Loan amounts typically range from $200 to $5,000.

What is the difference between a secured and unsecured personal loan?

Secured Loan: Requires collateral, such as a car or savings account. If you fail to repay the loan, the lender can seize the collateral. Secured loans often have lower interest rates.
Unsecured Loan: Does not require collateral. Approval is based primarily on your creditworthiness. Unsecured loans may have higher interest rates.

What is APR?

APR stands for Annual Percentage Rate. It represents the total cost of borrowing money, including the interest rate and any fees associated with the loan. It’s a useful tool for comparing loan offers.

How does my credit score affect my loan application?

Your credit score is a major factor in loan approval and the interest rate you’ll receive. A higher credit score qualifies you for lower interest rates and more favorable loan terms.

Application Process

How do I request for a personal loan?

You can request a personal loan online through our website. The application process is quick and easy. You’ll need to provide some personal and financial information.

What documents do I need to provide?

You’ll typically need to provide:

Government-issued ID (e.g., driver’s license)
Proof of income (e.g., pay stubs, tax returns)
Bank statements
Proof of address

How long does it take to get approved?

We strive to provide quick decisions. In many cases, you’ll receive a response within 24 hours or one business day.

What happens after I’m approved?

Once approved, you’ll receive the loan terms and conditions. After you review and accept the agreement, the funds will be deposited into your account.

Repayment

What happens if I miss a payment?

Missing a payment can negatively impact your credit score and may result in late fees. Contact us as soon as possible if you anticipate difficulty making a payment.

What if I have more questions?

Contact our customer Scenicbyway Employee Loans support team. We’re happy to assist you.