FAQs

A personal loan is a flexible, unsecured loan that allows you to borrow a set amount—ranging from a few hundred dollars to $50,000—based on your creditworthiness and income. These loans can be used for a variety of needs, such as consolidating debt, covering unexpected expenses, or funding large purchases.

There are different types of personal loans available:

• Smaller, short-term personal loans (typically under $3,000) can provide quick financial relief and may have shorter repayment periods, often a few months.
• Larger personal loans can offer fixed repayment terms that range from a few months to several years, with competitive interest rates depending on your credit profile.

Submitting a loan request through Peachy Advance is completely free. We do not charge consumers for our service. Instead, we may receive compensation from independent third-party lenders or financial service providers for referrals.

Each lender sets its own terms, including fees, Annual Percentage Rate (APR), and repayment conditions, which will be disclosed before you agree to any loan. Any charges associated with the loan come directly from the lender, not from Peachy Advance.

You are under no obligation to accept any loan offer. A loan is only finalized when you review, electronically sign, and return the agreement to the lender. Always read the loan terms carefully before proceeding.

Loan amounts vary based on the lender, your credit profile, and other financial factors. Typical loan ranges include:

• Small personal loans: $100 - $5,000, often with shorter repayment terms
• Larger personal loans: $500 - $50,000, depending on your creditworthiness and lender terms

When submitting a loan request, you can indicate the amount you need, but the actual loan offer you receive may differ based on the lender's evaluation of factors such as your income, employment status, credit history, and state regulations.

Always review the loan terms carefully before accepting an offer.

Approval is not guaranteed. Each of our participating lenders makes independent decisions based on their criteria.

Individual third-party lenders may have different criteria, but these are the typical minimum requirements:

• Be at least 18 years old
• Have a checking or savings account with direct deposit
• Have a regular monthly income of at least $1,000
• Have a fair credit rating (for personal loans only)
• Must not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or a dependent thereof) serving on active duty under a call or order of 30 days or less

If approved, loan funds may be deposited into your bank account as soon as the next business day, though the exact timing varies by lender and your financial institution.

The time it takes to receive funds depends on several factors, including:

• The lender's processing and approval timeline
• When you complete and sign the loan agreement
• Your bank's deposit policies and processing times

Once you submit a loan request through Peachy Advance and receive an offer from a third-party lender, the process can be fast, but approval and funding times are determined by the lender. If you have specific questions about deposit timing, we recommend contacting your lender directly.

Peachy Advance is not a lender. Each independent third-party lender has its own terms and conditions, including repayment schedules. You should contact your lender for details about repayment dates and deadlines as specified in your loan agreement.

If you are unable to make a repayment, the penalties and options vary by lender. It's important to carefully review your loan agreement before accepting an offer to understand the consequences of late or missed payments.

Potential outcomes may include:

• Late fees or additional charges as outlined in your loan agreement
• Negative impact on your credit score if the lender reports missed payments to credit bureaus
• Collection efforts by the lender or a third-party collection agency

Potential legal action, depending on the lender's policies and state regulations. If you anticipate difficulty making a payment, contact your lender as soon as possible to discuss potential options, such as payment extensions or alternative arrangements.

Whether your loan is automatically renewed depends on both your state's laws and the lender's policies. Be sure to ask your lender if your loan will automatically renew or if they require your permission first.

Renewing your loan typically adds fees and interest to your balance, so it's important to understand these costs before agreeing to a renewal.

Peachy Advance uses advanced security measures to protect your information. All sensitive data transmitted between your browser and Peachy Advance is encrypted using 128-bit Secure Socket Layer (SSL) technology. Your use of our service is entirely voluntary and governed by our Terms & Conditions of Use and Privacy Policy.

Many lenders will perform a credit check to verify the information you've provided or to compare it against national databases. They may verify your social security number, driver's license number, banking details, or other personal information.

Multiple inquiries to the major credit bureaus (Experian, Equifax, and TransUnion) can potentially lower your credit score. To minimize this impact, consider applying for one loan at a time.