Important Things to Know Before You Apply
Taking out a loan is a serious financial decision. Before you accept any loan offer, make sure you understand how it works and what could happen if you don't follow the loan terms.
If You Pay Late or Miss Payments
When you accept a loan, you agree to pay it back:
- On time
- With interest
- According to the repayment schedule set by the lender
If you pay late, miss a payment, or don't repay the loan, the lender may charge:
- Late fees
- Penalties
- Additional interest
Speedy Loan Link is not a lender, and we do not control loan fees, penalties, or repayment rules. Always read the lender's loan agreement carefully so you know what happens if a payment is late or missed.
How Your Credit Score May Be Affected
Lenders may check your credit to decide whether to offer you a loan.
- Some lenders use a soft credit check, which does not affect your credit score.
- If you move forward with a loan, the lender may perform a hard credit check, which can affect your credit score.
Missing or late payments can also hurt your credit score and stay on your credit report.
Debt Collection
Speedy Loan Link does not collect payments and does not handle debt collection.
If you do not repay your loan, the lender may contact you to collect the debt. The lender's collection rules will be explained in your loan agreement.
If you have questions about payments or collections, contact your lender directly.
How Long It Takes to Get Your Money
If a lender approves your loan, the time it takes to receive funds can vary. It depends on:
Factors That Affect Funding Time
Lender's Processing Time
Each lender has different processing speeds and verification procedures.
Bank Processing
Your bank's policies and processing times for electronic transfers.
Business Days
Most lenders process loans only on business days (Monday-Friday).
Documentation
How quickly you provide required documentation and signatures.
Note: While some lenders offer same-day or next-business-day funding, this is not guaranteed and depends on multiple factors.