Installment Loans FAQS
All you need to know about Our Installment Loans and Refinance Rewards
#1 Question
What is an Installment Loan?
Installment loans offer borrowers a structured financial arrangement, giving them access to a predetermined sum of money that can be conveniently paid back over a defined period. These loans come with a fixed interest rate, ensuring consistency in monthly repayments. Each installment payment is designed to cover both the initial borrowed amount (the principal) and the accrued interest, making it a practical solution for individuals who want to manage their financial obligations more easily.
This flexibility allows borrowers to effectively handle their finances and customize their repayment schedules to match their specific needs and budgetary constraints, promoting a sense of control and financial stability throughout the loan term.
Frequently asked questions
Here are the most common questions asked by our customers about all the process of our installment loans. However you can always contact us by phone or email if you have any other questions.
General Loan Questions
Borrowers can take out loans up to $1,200. How much you can borrow is determined by factors including your income, credit history, and total debt.
Please see our Rates and Terms page for more detailed information. Please note that applying for our Installment Loans has no cost and does not affect your credit score.
Rest assured, our response time is incredibly fast! Upon loan approval, we will promptly reach out to you within one hour via phone or email during our standard business hours from Monday to Friday, 8:00 AM to 7:00 PM EST. In the event that you submit your application after our regular hours, we will prioritize contacting you first thing on the following business day.
In most cases, we transfer money to your bank account through an ACH deposit, much like an employer would send a direct deposit.
It depends. If you filed for bankruptcy within the past year, you might not be eligible to apply for a loan with Good Loans Fast. You can always contact our customer service with more details and you might still be eligible for our Installment Loans.
Loan Application FAQS
At Good Loans Fast, we take pride in being a reputable and responsible direct lender for personal loans. Your privacy is of utmost importance to us, and we want to assure you that we do not engage in the sale of your information to third parties. Rest assured that all transactions are conducted through a secure 256-bit SSL server, employing the highest encryption standards available. This means that your personal information is safeguarded and protected when you choose to work with us.
To qualify for Installment Loans, borrowers do not need to have a flawless credit history. However, they must meet some basic requirements, such as:
- Have an active checking account.
- Be at least 18 years old.
- Receive regular income of at least $1200 net (after taxes, paycheck withholdings, etc.)
- You cannot be an active servicemember or a dependent of an active servicemember.
At Good Loans Fast, we pride ourselves on getting money to you as fast as possible. If we approve your installment loan by 6pm Eastern, Monday through Friday, your money can be in your bank account as early as the next business morning!
We do perform credit checks as part of our underwriting, and report loan information to credit agencies as required under the Fair Credit Reporting Act. However, at this time we do not use the “The Big Three” credit agencies (Experian, Equifax, Trans Union). Rather we use subprime credit agencies such as DataX, Clarity Services and Factor Trust since their services are more relevant to our loan product, consumer base and underwriting needs.
We lend to consumers who live in the following States: AS, CA, DE, FL, FM, GU, HI, IN, KY, LA, MH, MP, MS, ND, NE, NM, OH, OK, PW, TX, UT, WA, WY.
After Loan Approval Questions
Upon receiving the loan disbursement, you may cancel without any cost or obligation, however you must contact us and cancel the loan within 3 business days.
We suggest looking into your spam or junk folder, and then adding us to your “safe list.” Our email address is customerservice@goodloansfast.com. If you’re still having problems, contact us at (888)522-2848 or chat with us on our Live Chat!
Never! Should you wish to pay off the entirety of your loan at any time, simply let us know and we will start the pre-payment process.
ACH, or Automatic Clearing House, is a convenient electronic method used for depositing or withdrawing funds from an account. When you choose to make a payment on your installment loan application by granting us permission to process the payment as a check transaction. Subsequently, the lender will submit an ACH request to your bank, which will then transfer the designated amount of loan fees and/or principal to the lender as specified in your loan agreement. In the event that the payment is returned due to insufficient funds, the lender retains the right to resubmit the ACH Authorization to your bank for processing once again.
Good Loans fast follows all NACHA regulations. We are authorized to utilize the Federal Reserve Wire System. We always abide by federal laws and will never withdraw more money than you have authorized in our process.
Loan Repayment questions
To save you hassle, we simplify the payment process by setting up automatic payments for you, using ACH withdrawal! If at any time you’d like to change from automatic payments, all you need to do is call us and we can set up your payment using a card, MoneyGram, or PayPal. Please call us at (888)522-2848 , at least one full business day prior to the due date, Monday through Friday, 8 AM – 7 PM Eastern to discuss any change in your upcoming payment.
If you’re unable to make your next scheduled payment, contact us immediately so that we may work out an arrangement with you.
By not making a payment or not making the minimum payment due, you may be subject to a late payment fee as stated in your loan application.
All approvals of additional money are subject to approval through our underwriting process. We value long term customer relationships, and would like to continue to service your additional lending needs. If the underwriting process approves your additional loan request, then we will be able to provide you additional funding.
As long as your final payment has cleared in our system, you can get your next loan as soon as you need it! Just remember, Good Loans Fast is here for you short-term financial needs, but we ask you to borrow responsibly. Remember that this service is to help you with emergencies or other urgent situations.
It may be hard to believe, but getting another installment loan with us is even faster and easier than the first one! If you’re in need of additional cash, but haven’t yet paid off your current loan with us, one of our representatives will walk you through how to refinance your loan. Or, if you’ve completely paid your previous loan and would like another one, you can choose whether to reactivate your loan account online or over the phone!
AND THE MOST IMPORTANT QUESTION...
Yes! Good Loans Fast is a licensed lender. We follow all U.S. Federal Laws including the Military Lending Act of 2007, the Truth in Lending Act, the Fair Debt Collection Practices Act, Gramm-Leach-Bliley Act and the Fair Credit Reporting Act, and all laws of the Oglala Sioux Tribe and the United States. We’re also a proud member of OLA (the Online Lenders Alliance) and we comply with all Best Practices to ensure our products, services and relationships with our customers are safe, secure and fair.
We are a tribal lending company wholly owned and operated by the Oglala Sioux Tribe, a Sovereign Nation recognized by the United States Federal Government. The relationship between the United States of America and Indian tribes is defined in the U.S. Constitution’s Commerce Clause which states “[The Congress shall have Power] To regulate Commerce with foreign Nations, and among the several States, and with the Indian Tribes;.” Essentially this means that Americans and Tribes who do business together must follow all applicable U.S. Federal and Tribal laws.
Additionally, the Supremacy Clause of the U.S. Constitution mandates that if both Federal and State governments have laws regarding the same matter, the Federal Law receives priority. State laws regarding commerce do not override Federal law. This question of State jurisdiction with tribes was recently upheld by the US Supreme Court in 2014 (Michigan vs. Bay Mills).
Tribal Business License
We are required per the above Ordinance (10-1) to obtain a Business License from the Tribal Lending Regulatory Authority (TRLA) in order to conduct business within & under the Oglala Sioux Tribe’s jurisdiction.
View our Business License
