FAQ
Answers to frequently asked questions about AspiraLend
General Questions
Who is AspiraLend?
No, AspiraLend is simply a site that allows prospective borrowers to apply to be pre-qualified or pre-approved for a loan through our lending partners. We are dedicated to improving the way you pay for your life events by providing innovative products and tools. Life event loans through Prequalify Hub allow you to pay over time, with a convenient online process and low rates.
What can I use my POS loan for?
Proceeds from loans are funded directly to your bank account, and proceeds can be used for almost any purpose. Exceptions include to make investments and illegal purposes.
How much can I borrow?
Loans range from $1,000 up to $50,000
What fees are charged?
We're committed to providing access to loans with low rates and transparent pricing that’s easy to understand.
Origination fee
- Applied at origination and deducted from your loan proceeds
- For example, a borrower of a $10,000 loan with a 5% origination fee rate will pay a $500 origination fee and receive $9,500 in loan proceeds
- Ranges from 1.00% to 5.00% of the loan amount
- The origination fee together with the interest fees result in APRs of 6.99% to 39.99%
There is no fee to Check Your Rate and apply.
What is an "APR"?
APR stands for “annual percentage rate” and shows the effective annual cost of a loan, including both the interest rate and the origination fee.
Do you require any collateral?
No. Loans through AspiraLend are unsecured personal loans, which means you are not required to pledge collateral in order to take out a loan.
When will my POS loan be funded?
Loans are usually quickly funded as soon as the next business day after you accept your loan offer and provide any required verification documents.
Loan Applications
Am I eligible for a POS loan?
Our basic requirements are listed below. If you meet these standards we encourage you to Check Your Rate and review your wedding loan eligibility and terms.
- U.S. citizen or permanent resident
- At least 18 years old
- Valid and verifiable name, date of birth, social security number, physical address and email address
- Bank account at a U.S. financial institution
In addition, borrowers must meet our minimum credit standards, including a FICO® Score of 620+.
Do I apply individually or jointly with a cosigner?
You are able to apply individually or jointly with a cosigner.
What additional information may the lenders require?
You may require you to submit documents to verify your information prior to funding. Our lending partner may ask for one item from each of the following categories:
Identity
- Valid Driver’s License
- Valid Passport
- State-Issued ID Card
- Military/Federal Government ID
Income
- Paystub (most recent)
- Tax Document (most recent W-2, 1099)
- Benefits Document (Social Security, Retirement, Public Assistance)
Bank Account
- Voided Personal Check
- Bank Account Statement (most recent)
Where do I receive funds if I'm approved for a loan?
You will receive funds deposited directly into the bank account that you have provided in your application.
Does checking my rate or applying impact my credit score?
Using our check your rate function will have no impact on your credit report or credit score.
If you accept a loan offer from one of our lenders, the lender will pull your credit report from a major credit reporting bureau. This is a credit inquiry, which occurs when a financial services company examines your credit report to make a lending decision, and may impact your credit score.
When you take out a loan with one of our lenders and pay back the loan on time you will build credit history that may improve your credit score.
Loan Repayment
How do I repay my loan?
Repayment is simple and convenient – once the loan is funded, the lender you selected will set up a recurring automatic electronic payment from your bank account.
How long do I have to repay my loan?
You can repay your loan in 12 equal monthly payments made over 6 years. The balance of your loan will decline over time as you make payments and there is no “balloon” payment at the end of your loan term. You can also choose to prepay your loan with no additional fees.
Can I pay off my loan early?
Yes, your lender will allow prepayment of any amount and at any time, without any fees or penalties.
Security & Technology
What does AspiraLend do with my personal data?
We keep your information safe and private and make sure it remains that way all the time. We encrypt it and store it in highly secure cloud-based servers and we will never sell your information to third-parties.
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32 N Gould St., Sheridan, WY 82801
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Disclaimer: Checking your rate won’t affect your credit score. A hard credit check happens only if you accept a loan. Loans are not mortgages and are not funded or issued by AspiraLend or AllHumanity Financial. AllHumanity Financial is not affiliated with the lenders. All loans require credit approval. Terms and conditions may change without notice. This is not a loan offer or commitment.
Disclaimer: This website is operated by a marketing lead generator and is not a lender, does not make credit decisions, and does not charge consumers any fees. It is not an offer or solicitation to lend. We submit the information you provide to one or more lending partners to try to match you with a lender that may meet your needs. This service is not available in all states, and availability may change without notice. Submitting your information does not guarantee that we will find a lender for you or that you will be approved for a loan. Lending partners may perform credit checks or verify your information. Loan amounts, terms, and approval are determined solely by the lender based on their criteria and your creditworthiness. Not all lenders offer the maximum advertised loan amounts. Loan terms, including APR, fees, and repayment schedules, vary by lender, state, and individual qualifications. You are not required to accept any loan offer. If you do not agree with the terms, do not sign the loan documents.