FAQ

What is a Payday Loan?

A payday loan is also called a fast cash loan. It is a short-term cash loan that is often below $1,000. This loan usually should be paid back within 30 days or when you receive your next paycheck (which is where the name of the loan comes from). No upfront collateral is needed to obtain such a loan, but the borrower must prove that he has a regular income.

How Much Money Can I Borrow?

The minimum payday loan amount is $100, and the maximum is $1,000. Installment loans are available in amounts ranging from $500 to $5,000, and personal loans are limited to $35,000. Whether a lender will give you the requested amount depends on whether you meet the requirements.

What are the Specifics of an Installment Loan?

The principle of installment loans is the same as payday loans, but the maximum amount, in this case, is $5,000. It is also a short-term loan that does not require collateral for approval, but there is a need for proof of income. Such loans are repayable in scheduled installments, which makes this loan option more flexible.

What is the Difference Between a Personal Loan and a Payday Loan?

The amount of a personal loan can be up to $35,000. Obtaining this type of loan also requires proof of income from the borrower and may not require collateral for approval. The repayment period is longer in comparison to the repayment period of the payday loan.

How Does raccoonloan.com Work?

Our service is not a credit provider. It operates as a trustworthy platform that is designed to connect borrowers and reputable lenders. Our goal is to help customers who want to find third-party lenders. All you have to do is fill out a loan application. We will then match you with the right lender, and you will be sent a loan offer with specific terms and conditions, which you can either accept or decline.

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