Frequently Asked Questions
Do You Charge Any Additional Fees?
No, there are no fees associated with submitting a loan request. We work on a commission basis with our lending partners and may earn a fee if your loan request is approved. However, you can rest confident that Rixloans will not charge you anything for submitting an inquiry.
What Is the Definition of a Payday Loan?
A payday loan is used to meet short-term and emergency costs; the concept is that you receive the funds in one lump sum and then repay the loan in full within a couple of weeks on your next ‘payday.’
You can borrow between $100 and $35,000 with Consolidation now based on your credit score, income, and affordability. Depending on the loan amount, you can repay the loan for one to sixty months. When you submit a loan request, funds may be transferred to your bank account by the next business day upon lender’s approval.
Am I a Candidate?
The following requirements apply:
Be a citizen of the United States
Over the age of 18
Possess an active checking account to receive payments
A consistent monthly income of at least $800
All credit types are welcome
Capable of repaying
Will This Affect My Credit Score?
No, submitting a loan request will not hurt your credit score. Credit checks will be conducted as part of the approval process but will have no adverse effect. Your credit score will only deteriorate if you are approved for a loan and cannot make timely repayments, resulting in your account falling into arrears. Equally, if you make timely payments, your credit score may rise; however, payday loans should not be viewed as improving your credit score.
How Long Does It Take for a Loan Inquiry to Be Submitted?
Rixloans accepts loan requests entirely online, and you can get started here. You can complete the loan request form in less than five minutes and receive quick results on the screen. If the transaction is successful, funds may be transferred by the next business day upon lender’s approval.
Do I Have to Provide My Bank Account Information?
Yes, we will want your bank details to send the funds to your bank account after your loan request is approved. We ensure that your information is secure and that we will not share your bank account information or any other information with third parties without your permission.
How Long Will It Take for Monies to Be Deposited Into My Account?
Funds may be transferred to your bank account by the next business day upon lender’s approval (sometimes in just a few hours). As a general rule, funds are typically available on the following working day.
What Happens if I Pay My Bill Late?
If you are late or miss a planned repayment, you may be charged a late fee, which may hurt your credit score.
Suppose you believe you will have difficulty repaying this month or next. In that case, it is critical to contact your lender immediately – as they can typically assist you and help you avoid late fines or damage to your credit report.
How Are Repayments Handled?
Payments are deducted automatically from your bank account on the agreed-upon date with your lender. You will receive reminders in the days preceding payments to avoid any surprises. Monthly payments are paid for one to sixty months, depending on the magnitude of the loan.
What Do I Need to Open a Checking Account?
Some of our lending partners may ask for additional information from you before getting the loan process started. But most will not require more than your name, telephone number, and date of birth. After submitting a loan request, you can even use a prepaid debit card if it has enough funds in your bank account.
What Is Involved in the Application Process?
It’s easy to submit a loan request for these loans by filling out an electronic loan request form or speaking with a representative over the phone. Many of our lending partners consider all credit types; however, a review of your credit profile may be conducted as part of the loan request process.
How Long Will It Take Before I Receive My Loan Money?
Once your loan request is approved by a lender, funds are typically deposited into your bank account by the next business day. Processing times may vary by lender.
What if I Need the Funds Faster Than That?
If you’re in a situation where timing is of the essence, consider lenders that offer expedited processing of your loan request. These lending partners typically offer loans for amounts under $1,000.
How Do I Repay My Rixloan Loan?
Most payday loan companies give borrowers two weeks to one month to repay the loan. Borrowers can set their payment frequency to weekly, biweekly, or monthly.
How Much Interest Do I End up Paying in the End?
When you receive a payday loan, you pay a flat fee no matter how long it takes to repay the total amount you owe. Some lenders also charge borrowers a one-time payment of roughly 20% of the initial repayment price.
What Makes Direct Lender Loans Different From Regular Loans?
A typical bank loan requires applicants to submit evidence of income, employment, and financial information. Most lending partners merely require your employer’s name. Always check loan terms and conditions.
