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Frequently Asked Questions
What is personal lending?
Personal lending refers to unsecured loans that individuals can use for a variety of purposes, such as consolidating debt, covering medical expenses, financing home improvements, or any other personal financial need.
How does a personal loan work?
A personal loan provides you with a lump sum of money that you repay in fixed monthly payments over a specified period of time, typically ranging from 24 to 60 months. Interest and fees may apply, and they will be detailed in the loan agreement.
What can I use a personal loan for?
Personal loans can be used for almost any purpose, including but not limited to:Debt consolidationMedical billsHome improvement projectsMajor purchasesEmergency expensesTravel or vacations
Do I qualify for a personal loan?
Qualification depends on several factors, including your credit score, income, and debt-to-income ratio. While each lender has different criteria, a good credit score and stable income will improve your chances of approval.
How do I apply for a personal loan?
To apply, simply complete our online application form, which takes just a few minutes. You’ll need to provide some basic information such as your name, address, employment details, and financial information. We’ll evaluate your application and get back to you with an offer, if eligible.
What is the interest rate on personal loans?
Interest rates vary based on your creditworthiness and the loan amount. We offer competitive rates and provide you with a rate estimate before finalizing the loan agreement.
How long does it take to get approved?
The approval process is typically fast. In most cases, you’ll receive a decision within 24-48 hours. Once approved, funds can be deposited into your account within 1-3 business days.
Is there a penalty for paying my loan off early?
No, we do not charge any prepayment penalties. You can pay off your loan at any time without any additional fees.
How are repayments made?
Repayments are made in fixed monthly installments over the loan term. Payments can be made through automatic bank transfers, online payments, or by check, depending on your preference.
What happens if I miss a payment?
If you miss a payment, you may be charged a late fee and it could affect your credit score. If you’re struggling to make payments, it’s important to contact our support team as soon as possible to discuss potential solutions.
Can I change my loan terms after approval?
Once your loan is approved and the agreement is signed, the terms of the loan (such as interest rate, loan amount, and repayment period) cannot be changed. However, you can always pay off the loan early if you choose.
How much can I borrow?
The amount you can borrow depends on your credit profile, income, and other financial factors. We offer personal loans ranging from $1,000 to $50,000, depending on eligibility.
Is my information secure?
Yes, we take your privacy and security seriously. We use industry-standard encryption and secure systems to protect your personal and financial information.
Will applying for a loan affect my credit score?
Submitting an application may result in a "soft pull," which does not affect your credit score. However, once you accept a loan offer and proceed, a "hard inquiry" may be conducted, which can have a small, temporary impact on your score.
Can I apply if I have bad credit?
We understand that life happens, and we work with individuals who have varying credit histories. While having bad credit may affect your interest rate or loan terms, we encourage you to apply and see what options may be available.
Are there fees associated with the loan?
We are transparent about fees, and all applicable fees, such as origination or late payment fees, will be clearly outlined in your loan agreement.
How do I contact customer service?
You can reach our customer service team via email at Hello@pillarcreditrelief.com or call us at 855-448-5092 . Our hours are Monday-Friday, 8 AM to 6 PM pst.