Installment Loans Online FAQs
Top 5 Most Asked Questions
Borrowers can take out loans from $100 to $1,000 and pay them back over 1-24 months. How much you can borrow is determined by factors including your income, credit history, and total debt.
Yes! Any person with poor or low credit score are eligible to apply for our bad credit loans. Credit score isn’t a deciding factor, as Galt Credit primarily consider the borrower’s income when approving loan requests. Therefore, if you can demonstrate that your income will cover the loan payment, there is no need to be concerned.
General Loan FAQS
A bad credit loan is a type of loan that is designed for individuals who have a low credit score or a poor credit history. It is typically harder for people with bad credit to get approved for traditional loans from banks or credit unions, so they may turn to alternative lenders who specialize in bad credit loans.
Yes! However, any loan requested on Friday after 6:00 PM EST will be processed on the next business day which is usually Monday- unless it is a holiday.
Almost instantly! We will contact you by phone or email within one hour of loan approval during normal business hours (Monday to Friday, 8:00 AM to 7:00 PM EST). For applications submitted after-hours, we will contact you first thing the next business day.
Loan Application FAQS
To qualify for Personal Installment Loans, borrowers do not need to have a flawless credit history. However, they must meet some basic requirements, such as:
- Be minimum 18 years old.
- Be permanent resident or US citizen.
- Be employed for the past three months.
- Be earning a monthly income of at least $1,200
- Have an active bank account.
- Have a valid contact number and email address.
- Not be a debtor in bankruptcy case and should not intend to voluntarily file for bankruptcy relief, presently.
Apply for fast cash on the go from mobile or from the comfort of your home 24/7 through Galt Credit. Click on APPLY button and fill out your basic details. Request the amount and have the funds deposited directly into your bank account same day or at the maximum by next business day after approval.
No, your approval is not guaranteed. However, even people with poor or low credit score are eligible to apply for our credit challenged loans.
Galt Credit is a reputable and responsible personal loan direct lender, we respect your privacy and do not sell your information to third parties. All the transactions are processed over a secure 256 bits SSL server that uses highest encryption standards, which means that your personal information is safe and secure with us.
The loan fee depends on the length and number of payments; in case you repay early, the fee will be adjusted based on your shortened payment schedule. We do not charge more than what the law allows. For more details on calculating installment loan costs, refer our rates page.
After Loan Approval FAQS
APR means Annual Percentage Rate is the effective rate of interest charged on your loan.
If you request for a short-term advance loan and then realize you do not need it, you can return it to us before the end of the next business day. For example, if you receive the loan on Wednesday, you have time until Thursday 7:00 PM EST to return it, without any penalty.
To update your bank details, contact our customer service team by sending an email to support@galtcredit.com at least 2 business days before 4:00 PM EST payment due date. Alternatively, you can call us on (800) 402-8845. If you have already applied for your loan, you will need to fax in a copy or photo of a voided check or bank statement for the new bank account to (800) 402-8845. If you are supplying a photo of your voided check or bank statement, please note that the picture must be in the standard PDF or JPG formats for us to access it. Also, please note if you are submitting a voided check, do not submit Starter Checks, as we do not accept this as valid proof of bank information.
Galt Credit follows all NACHA regulations. We are authorized to utilize the Federal Reserve Wire System. We always abide by the state and federal laws and will never withdraw more money than you have authorized in our process.
Galt Credit uses email to keep you informed of your approval, repayment reminders and confirmation, promotions and more. This makes it very important that you receive all email communication from us concerning your account. To ensure you receive important emails from Galt Credit, please take a moment to add our email address support@galtcredit.com to your address book or to your SPAM “good list” or “whitelist”. This helps your email provider to recognize Safe Loan as a trusted email source.
Loan Repayment FAQS
No. The amount is electronically debited via ACH from your authorized bank account on payment due date.
ACH stands for Automatic Clearing House and is a method of electronically depositing or withdrawing funds from an account. When you provide a check as payment on your installment loan application, you authorize us to process the payment as a check transaction. When the lender presents an ACH request to your bank, it will send the specified amount of loan fees and/or principal to the lender which was outlined in your loan agreement. If the payment is returned for reason of insufficient funds, the lender can and will present the ACH Authorization to your bank again.
You must contact us at least two business days before the payment due date for setting up payment arrangements. You may obtain an extension by paying at least enough to cover interest earned up to that point (usually the finance charge previously disclosed as $30 per $100 borrowed and APR (Annual Percentage Rate) ranges from 365% to 1,564%, depending on the terms of the extension). We also recommend that you pay as much extra as you can to reduce the principal balance. However, we charge an NSF (Non-Sufficient Fund) Fee of $20.00.
If you do not want us to withdraw the full amount on the due date, you have the option to extend your loan. You may make partial payments at any time prior to maturity on the principal balance without incurring additional charges.
No. Because these are no prepayment penalty loans. It is best to contact us through email at support@galtcredit.com or call us at (800) 402-8845, and we will start the pre-payment process. In fact, you may even qualify for a refund of a portion of the loan’s finance charge.
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