A short term loan checklist before you ask
Before you ask for a short term loan, have your income details, bank account and contact information ready, decide the smallest amount that closes the gap, and know the date you can repay. Then, when an offer arrives, check the total you would repay, the due date and the lender's license before you sign. The checklist below takes about as long to read as a cup of coffee.
SunLoanToday is not a lender. Lenders set their own requirements and terms, so treat this as a general guide.
Before you send the request
Know the number
Write down the exact bill you need to cover. Then subtract anything you can pay from your own account without missing rent or groceries. What is left is the amount to ask for. Asking for more than the gap only adds to what you repay.
Know the date
Look at your next two pay dates. A loan that falls due the day before your pay arrives can leave you short again. If you are paid every two weeks or on an irregular schedule, keep that in mind when you read the due date on an offer.
Have these ready
- A government ID with your current address.
- Your income source and how often you are paid.
- Your checking account and routing numbers.
- A phone number and email address you check often.
When an offer arrives
An offer is something to read, not something you must accept. Look for these items and do not sign until you can find each one:
- The amount financed, which is the money you would actually receive.
- The finance charge, which is the cost in dollars.
- The annual percentage rate, the yearly cost shown as a rate.
- The total of payments, the full amount you would pay back.
- The payment schedule and how payments are collected from your account.
Federal law requires lenders to show these figures before you sign. If they are hard to find, ask the lender to point them out.
Check the lender
Rules for short term lending differ from state to state, and some states do not allow certain loans at all. You can check a lender's license with your state's financial regulator or attorney general. A lender you cannot find, or one that will not name its state license, is a reason to stop.
Warning signs that mean walk away
- Someone asks you to pay a fee before you receive a loan.
- You are pushed to sign quickly or told the offer expires in minutes.
- The total you would repay is not shown before you sign.
- You are asked to pay with a gift card, a wire transfer or a payment app.
After you sign
Save a copy of the agreement and put the due date in your phone with a reminder a few days ahead. If you see that you cannot pay on time, contact the lender before the due date and ask what options it has. Waiting until after a missed payment usually costs more.
Short answers
Does asking cost anything?
No. Sending a request through SunLoanToday is free, and checking your options here does not affect your credit score.
Can I cancel after I sign?
Some lenders allow a short cancellation window. Look for it in the agreement or ask before you sign.
More reading: requesting a loan today and a broken appliance before payday.