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We’ve a list of frequently asked questions about Loanglide Borrowers & Providers to help serve you better.
What is LoanGlide?
LoanGlide is a point of service financing solution. We work with service providers to offer loan plans to their consumers. We work with multiple lenders to ensure we have flexible loan plans to meet different customer needs.
How much does it cost to use LoanGlide?
Nothing. LoanGlide is free for consumers.
What can I use LoanGlide for?
LoanGlide provides financing for a variety of home improvement and elective medical services. Find more about the categories we serve here.
Will my credit score be affected when I check my interest rate?
No. Checking your interest rate does not affect your credit score.
How is my privacy protected?
Why do I have to provide my Social Security Number?
Social Security Number is used to perform soft credit check. A soft credit check does not affect your credit score. Should you decide to proceed with a loan offer, a hard credit inquiry will be performed after you sign a loan agreement with our banking partner. Hard Inquiry may affect your credit score and can be viewed by third parties.
What documents will I need to provide?
None. We do not ask for any documents for most of our loan applications. In certain cases, the loan may need to be reviewed based on our credit bureau report and we may need relevant documents to process the application.
When will I find out if I have pre-qualified?
Immediately after completing the application. For most of the customers, it takes less than 2 minutes to pre-qualify.
What happens after I get pre-qualified?
Once you are pre-qualified, you will be presented with several offers with varying terms and interest rates. You can select the offer that fits your needs and proceed with the final loan application. Once you have e-signed, your loan application is complete. You can then proceed to getting the job completed by your service provider.. Once the job is done and you have authorized payment to your service provider, your loan money will be disbursed. You will receive an invite email from our loan servicing partner, Scratch, which will provide you with ways to make payments towards your loan.
How long are my pre-qualified rates good for?
Your pre-qualified rates are good for 15 days from the date you were pre-approved. However, our lenders reserve the right to change or withdraw prequalified rates at any time.
Why did I not get pre-qualified?
All our lender partners assess loan eligibility based on their underwriting criteria and eligibility requirements. Since every lender partner is unique, there could be varying reasons why one may not get pre-qualified. We will email you a copy of NOAA (Notice of Adverse Action) which will explain the reasons in detail.
When do I know my loan is approved?
After you e-sign your application, you will see a final screen indicating that your loan has been approved. We will also send you a downloadable email copy of your loan agreement for your records once your application is approved.
Who is my lender?
Your lender will be dependent on which loan plan you select and will be displayed in your Truth in Lending Disclosure as well as your Loan Agreement. We work with chartered federally licensed banks who are lending money to borrowers on our platform.
What if I don’t use all of my loan?
You only have to pay for the amount that you borrowed (funded loan) regardless of what you were approved for.
Can I apply for multiple loans?
Yes. You can apply for multiple loans with LoanGlide. However for security reasons, we only allow one loan application per day.
Can I pay for a portion of the charge myself and use LoanGlide for the remainder?
Yes. Just apply for the amount you need to pay using LoanGlide and once approved, you can decide to use the entire approved loan amount or part of it for actual payment.
What if I need a loan but I have a credit freeze?
If you have a credit freeze on your file, you will need to call the TransUnion credit bureau at 888-909-8872 to remove the freeze so we can process your application.
Is my loan tax deductible?
We cannot provide you with tax advice. In general, however, LoanGlide loans are personal loans and are not mortgages that qualify for a home mortgage tax deduction.
How do I know when my payment is due?
Scratch, our loan servicing partner will send you email reminders about your upcoming payment. If you have enrolled for auto-pay, then the payment will be deducted automatically per schedule. Learn how to enroll for auto-pay to never miss a payment and avoid late fees.
How do I make payments?
Once your application is complete, Scratch, our loan servicing partner will send you an email invite to login into your account. You will need to setup your payment method in your account and your preferred payment method will be used to make payments when the payment is due every month.
How do I setup auto-pay?
Once your application is complete, Scratch, our loan servicing partner will send you an email invite to login into your account. You can setup your payment method including auto-pay within your account. More information regarding payment setup can be found here.
What is my loan purchase window?
Your loan is valid to be used only within the loan purchase window. Your loan purchase window will be mentioned in your loan agreement. If you have not used your loan within the purchase window, you will need to apply for a new loan if you still plan to get the service done using LoanGlide financing.
What if I miss a payment?
If you have missed a payment for the first time you will be charged a late fee of $9 provided your past 6 months payments were on time. If you have missed any payments in the past and miss a payment, you will be charged a late fee of $15. If you miss your first payment ever to LoanGlide, you may be eligible for a grace period. For more information, please contact our Support Team by either phone or email: Phone: 1-888-856-2645 Email: firstname.lastname@example.org
Are there any fees or penalties for paying early?
You will never be charged any fees or penalties for paying early.
What do I do if I suspect fraud on my account?
Please call our Support Team by either phone or email to report fraud. Phone: 1-888-856-2645 Email: email@example.com
What if I have a problem with my loan application?
For any issues with the loan application, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: firstname.lastname@example.org
What if I need a refund?
Please work with your service provider to request a refund.
What kind of terms are offered?
LoanGlide offers multiple payment plans like No interest with equal payments, No interest with low payments during promotional period, No interest with no payments during promotional period and Low fixed interest with equal payment options over 3 to 24 months. All loan plans are subject to credit approval. For more information, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: email@example.com
What is LoanGlide?
LoanGlide is a point of service financing solution. LoanGlide works with multiple lenders to help you, the service provider offer financing to your customers so you can meet the varying financial needs of your customers.
Why should I use LoanGlide?
With LoanGlide’s financing options, you can offer your customers more convenient payment options. It helps you enable everyone to purchase your service and grow your business.
What does LoanGlide cost me?
You pay a small fee, Merchant Discount Points, for every loan that is approved for your customer. LoanGlide lenders offer various loan programs to meet your and your customers needs. For more information, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: firstname.lastname@example.org
How do I get started?
You can sign up for an account here and the LoanGlide Merchant Enrollment team will contact you to complete next steps and training. Once all steps are complete, you will be able to offer LoanGlide to all your customers.
How do my customers use LoanGlide?
Invite your customer to get pre-qualified and apply with LoanGlide by sharing an estimate using the Invite link in your Merchant portal. Customers will receive a text with a unique link to start their application. Once they are approved, you will be notified and can continue with your service. After service has been completed and the borrower has authorized your payment request, your payment will be disbursed in your account in 1-3 business days. Your customers will pay the loan to the Bank, who initiated their loan, based on the Loan Agreement.
How do I get paid?
When you create your LoanGlide account, you will be asked to provide your Bank Account details so that your payment can be direct-deposited to your account once your request for payment has been approved by the customer. After service has been completed and the borrower has authorized your payment request, your payment will be disbursed to your account in 1-3 business days.
How long does it take for my customer to apply?
The entire process from application to getting pre-approved and e-Sign takes less than 3 minutes! Applying for financing through LoanGlide is easy, convenient and can be made on any hand-held device so you can spend less time explaining financing and more time focusing on your service.
What are your interest rates like?
We offer variable loan plans like No interest with equal payments, No interest with low payments during promotional period, No interest with no payments during promotional period and Low fixed interest with equal payment options over 3 to 24 months. All loan plans are subject to credit approval. For more information, please contact our Support team by either phone or email. Phone: 1-888-856-2645 Email: email@example.com
Can I get accounts for my team members?
Absolutely! You can invite all your team members to use LoanGlide and offer financing. You will also be able to review loans for each of your team members from your Business Owner account.
What if a Payment Authorization text or email is not received?
For any issues with payment authorization text or email, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: firstname.lastname@example.org
What if I need to refund a consumer?
Not a problem! For funds that need to be refunded before you have received payment, let us know the amount and we will remove that amount from the consumer’s account with us. For funds that you have already received payment for, initiate a refund request by contacting our Support Team. The payment will be deducted from your Bank Account and we will send the refund amount back to the customer using their preferred payment method. You can contact our Support team by either phone or email. Phone: 1-888-856-2645 Email: email@example.com