FAQs

Find answers to our most frequently asked questions.

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FAQ's

Funding

How much can I borrow?

You can request up to $10,000 through BorrowGuru. The amount of credit you are approved for is based on the info supplied in your application and subject to individual lender criteria. But don’t worry we work with customers that have all credit types-good or bad.

How fast can I receive funding?

At BorrowGuru we’re honest about money. Although it varies from lender to lender, you can receive your funding as soon as the next business day.** Most lenders offer electronic deposit as an option. Make sure you select that if available to receive funds the fastest.

Does bad credit matter?

We welcome all credit types at BorrowGuru and encourage you to still apply. Just because you have had a few credit hiccups in the past doesn’t mean we can’t help. Our lending partners work with customers daily that have all credit types.

What can I use my loan for?

You can use your loan for whatever you need.** Typically, our customers use their loans for home improvement, debt consolidation, credit card reduction, medical expenses or just to get them through a rough patch in life. It’s really up to you.

How long until I get a decision?

Following application submission, BorrowGuru displays your approval decisioning results while you wait. Often times this can happen in seconds, but sometimes it might take a few minutes. We work hard to find the best lender for you.

How can I check my rate?

BorrowGuru doesn’t set your rate. If approved by a lending partner, you will be redirected to their website automatically. You can then view all of your terms, including your specific rate, electronically and decide if that loan is for you.

If a lender selects me and approved for credit, am I obligated to accept the loan offer?

Absolutely not. You are always in control. Just because you’re selected and approved doesn’t mean that you are obligated to accept the lender’s offer. Before you accept, make sure you review all the loan details, including interest rate and any other fees, provided to you by the lender to determine if the personal loan is right for you.

General

What is a personal loan?

A personal loan is a type of unsecured installment loan with a fixed payment term and interest rate. Your credit score often determines your eligibility to borrow, loan amount and interest rate. Personal loans are often advantageous because they can be used for anything. With BorrowGuru you can request up to a $10,000 personal loan.

Is there a difference between the interest rate and APR?

Although both measures are interrelated, they are not the same thing. An interest rate on a personal loan is solely a percentage of the loan amount that you’re charged for borrowing. The annual percentage rate (APR) combines the interest rate plus any other fees associated with the cost of the personal loan. Other costs origination fees, which are up-front costs that most lenders charge when they fund the personal loan.

What is the cost to secure a personal loan?

BorrowGuru does not charge any fees to use the website. And because we are not a lender, we do not determine any costs associated with any personal loan that you might receive. If approved, BorrowGuru will automatically direct you to your lender’s website where you can view all of your terms, including interest rate and origination fees, if your specific lender charges them. Not all lenders charge origination fees, but it is important to review your specific terms and fees with your lender to determine if that personal loan is right for you.

Payments

Will I be charged a fee if I pay off my loan early?

A personal loan is a type of unsecured installment loan that typically has a fixed payment term and interest rate. Some lenders may charge a prepayment penalty fee if you pay off your loan before the end of your agreed loan term. It’s important to review all of your lender’s terms and fees before accepting the loan.

How do I make my monthly payment?

BorrowGuru is not a lender and does not set your monthly payment, nor service your loan. Once selected, your lender will provide all terms up front for you to review. Typically, lenders offer several payment method options for you to select from to conveniently make your monthly payments; however, it is important that you work with your lender to select the payment method that works best for you.

What happens if I am late with a payment?

BorrowGuru does not make this determination. Once selected and offered credit, your lender sets the fees and charges depending on the type of credit offered. Typically, however, nonpayment or late payments may result in additional fees or collection activities, or both. Most lenders won’t count a single late payment as a loan default and will work with you. If you have payment questions be sure to contact your lender directly.