Frequently Asked Questions
What are Payday Loans?
Payday loans are short-term cash advances designed for people who need money quickly. Typically, these loans provide amounts up to $1,000 for a brief period—usually until your next payday. Their rapid approval process makes them an attractive option when you’re facing urgent financial challenges.
How can I use my loan?
You have complete flexibility when it comes to using your loan. Whether you need to pay off overdue bills, cover unexpected medical expenses, finance necessary car repairs, or handle any unforeseen costs, these loans are designed to provide immediate financial relief. They can be used for virtually any purpose, ensuring that you have the funds when you need them the most.
What is an APR?
APR, or Annual Percentage Rate, represents the total cost of borrowing, including the interest rate and any additional fees (such as origination fees) charged by the lender. It expresses the finance charge on your loan as an annual rate, allowing you to compare the overall cost of credit across different loan offers.
What are the requirements for a loan?
The minimum requirements for a personal loan generally include the following:
- Age Requirement: You must be at least 18 years old.
- Income: You need to have a regular source of income, whether through employment or another consistent revenue stream.
- Bank Account: An active, open bank account is necessary to receive the funds and complete the verification process.
How much can I borrow?
Loan amounts vary depending on the type of loan and your financial circumstances. Typically, the available borrowing ranges are:
- Payday Loans: From $100 up to $1,000.
- Personal Loans: Usually between $1,000 and $5,000.
- Installment Loans: Ranging from $5,000 up to $35,000.
How do I receive my cash?
Once your loan is approved, the funds are wired directly into your bank account by your lender. Siloans.com partners with a network of reputable online lenders who often can have money in your account as soon as the next business day after approval.
What hours is your service available?
Our service is available 24 hours a day, 365 days a year. You can apply online at any time, ensuring that financial assistance is always just a few clicks away.
What if I do not have an online bank account?
An online bank account is required to complete the bank verification process. Without it, we cannot confirm account ownership, which is essential for processing your loan application. If you do not have an online bank account, we recommend setting one up as it is quick and easy—and it will help you manage your finances more effectively.
