Frequently Asked Questions
We’re here to help. Here are some answers to your most frequently asked questions. If you can’t find what you are looking for, please call us at 614-488-3225 or email us at [email protected]
At Preferred Loans, we offer short-term loans and Preferred Installment Loans. We are a direct lender in most states we operate in. Please select a state to learn more about what loans are available in your state.
Both loans can provide quick cash in an emergency. The main differences between them is the timeframe for repayment. Short-term loans are typically due in full on your next pay date, whereas payment due dates for installment loans are typically spread out over several months. So, if you just need a small loan to get you by till your next payday, a short-term loan might be right for you. But if you need a larger loan to cover an emergency and need time to pay it back, then a Preferred Installment Loan may be the loan for you.
- You are at least 21 years old
- You are a US citizen or permanent resident
- You are currently employed and/or have a verifiable source of income
- You have an open and active checking account
- You have a valid phone number and email address
Preferred Loans will not perform a credit check through the three main credit bureaus. Alternate means will be performed to determine credit worthiness but will not affect your credit score.
It will vary by state. Please select a state to learn more about the loan amounts available in your state. The amount that you can borrow depends on several different factors that may include your credit rating, income and other financial variables. After a review of your application, we’ll let you know if you’re approved and your qualified loaning amount.
With our simple and secure loan application process, getting approved typically takes minutes. Once you agree to the rates and terms of your loan and electronically sign your loan documents, the funds will be directly deposited into your checking account on the next business day.
The cost of a Preferred Installment Loan varies by state. Please select a state to see the terms and conditions. The Annual Percentage Rates, repayment amounts and payment schedule will vary depending on the specific details of your loan, which can be found in your loan agreement. This loan is an expensive form of credit and is not intended to meet long-term financial needs. Preferred Loans urges you to use this product responsibly.
Yes, of course! In fact, we encourage it. And there’s no penalty to pay off your Installment Loan earlier than scheduled. Paying off your loan earlier than scheduled may reduce the total amount of interest you’ll pay.
In fact, we encourage it. And there’s no penalty to pay off your Installment Loan earlier than scheduled. Paying off your loan earlier than scheduled may reduce the total amount of interest you’ll pay.