How It Works

Our simple online loan request process is designed to connect you with a lender or financial service provider from our network that can work for you. If approved, you can receive the money you need as fast as the next business day. You will then have anywhere from 6 to 60 months in which to repay your loan, depending on the terms provided by your lender.

The entire process is quick and convenient and works in these easy steps:

  1. You fill out the simple loan request form here on our website, including how much money you would like to borrow, your credit type, and loan reason. The form will also require you to provide some basic personal, banking, and income information.

  2. Your loan request is reviewed by the network of lenders and financial service providers we work with. If approved, you'll be redirected to a lender's loan agreement, where the lender will make their terms and conditions clear, including the amount you will need to repay and the repayment time frame. Make sure you understand all the key elements to your loan agreement, including the loan interest rate as well as the repayment terms before accepting the lender's offer.

  3. If you agree to a lender’s terms, the funds can in most cases be deposited via ACH directly into your bank account. The exact amount of time it takes for your funds to reach your account will depend on the time of loan approval as well as the lender you work with, but in all likelihood you will receive the money within one to five business days, depending on your preferences and eligibility.

You will then be directed to the Account Center. When you log in, you will be able to change basic information such as your contact information and password. You may also submit another request for a loan with the click of a button and using your existing information. We may also present other offers to you in the Account Center.

Personal Loan Requirements

Although we will accept loan requesters with any credit score, there are still a few basic requirements you must meet in order to qualify for a loan from one of the lenders in our network. Before you request a loan, make sure you meet specific criteria regarding these items:

Age/ID/Residency Status

You must be 18 or older to be eligible for a personal loan. You must also have a valid Social Security number, and be a legal U.S. citizen or permanent resident.

Income

In order to ensure that you will be able to repay a loan, you must either have full-time employment, be self-employed, or receive regular disability or Social Security benefits. Some lenders may require a pay stub or other form of income verification.

Bank Account

Most lenders require a valid checking account. If you are approved for a loan through ScopeLoans.com, your lender will deposit your funds directly into said account.

Credit Type

You do not necessarily need to have a good or excellent credit record to qualify for a loan with one of the lenders in our network. However, most of the lenders we work with do require that customers demonstrate a pattern of responsibility. To be eligible for a loan product, typically an individual must not have any accounts more than 60 days late; must not have active or recent bankruptcies; must not exhibit a pattern of late payments; must not have any debt that cannot be covered by current income; and must not have any recently charged-off accounts.

Meeting these requirements does not necessarily guarantee you will be approved for a personal loan.

Types of Personal Loans

Peer To Peer Loans

Typical Requirements

Peer-to-peer lenders connect borrowers directly to investors, rather than offering the loan themselves. A peer-to-peer or P2P loan means that you will be borrowing money directly from a person or company, rather than the bank. Peer-to-peer loans ensure that borrowers are paired with individuals looking to invest in a detailed note. Often your loan reason will be disclosed to the investors reviewing the notes available on the peer-to-peer lender system.

As the borrower, you will fill out a basic loan request form and post your desired loan amount. Investors review loan requests and approve based on their criteria.

The entire process takes place online, so you will never have to leave the comfort of your own home. Requesting a loan only takes a few minutes.

You can borrow anywhere from $4,000 to $35,000 with a peer-to-peer loan, depending on your credit type. ScopeLoans.com works with several peer-to-peer loan lenders and each lender has their own set of investors and terms. Peer-to-peer lenders often collect a loan origination fee of anywhere between 1% to 5% which is deducted from the loan amount given to the borrower.

Personal Installment Loans

Typical Requirements:

Personal installment loans are broad range personal loans that vary by state. Each state has its own rules and regulations for personal loans, so your loan amount and rate will depend on where you live. For example, the legal loan amounts in California range from $2,500 to $20,000, with an interest rate ranging from 30% to 95%. While each state has different personal loan laws, your loan amount, APR and length of loan will depend on a variety of factors that lenders use including your credit score and repayment history.

The personal installment loan process is also quick and convenient. You can request a loan online by providing basic personal and financial information. Your lender will provide you with a loan agreement individually tailored to your financial needs. Once you accept the loan agreement, your loan will be deposited directly into your bank account. Again, review the terms of your agreement before you sign, as each lender will have their own specific repayment process.

Bank Personal Loan

Typical Requirements:

A bank personal loan provides one-on-one local service to borrowers who would like to request a loan in person at their local bank. First by phone or in person and provide your personal information for the loan. Some banks even allow you to request a loan online as well. If you request a loan online you will likely be directed to the nearest local branch to complete the loan request process in person. If you are approved, then you will either receive the funds at the branch or they will be deposited to your bank account.

You may be eligible for a bank personal loan up to $35,000, and you can discuss the individual terms and payment options at your local branch. Most bank personal loans have fixed rates, and may provide you with money as soon as the next business day, if approved.

Find out how much you can borrow