Single-Pay Loan FAQ's
How can a single-pay loan be used?
Unfortunately an unexpected expense will show up when you're least prepared for it and at times they come up more often than most of us would like. Whether it’s an unexpected medical bill or a leaking roof, there will always be “something” that we have to pay for that we didn’t anticipate beforehand.
There are a number of ways you can prepare for unexpected expenses. One is to save more money. Saving is sometimes an uphill battle, because an unexpected expense comes up that wipes out all your work. Consistent savings, though, will help you to build an emergency fund over time.
If a savings wasn't in your budget there's a few different convenient loan options you may have. One is a single-pay loan, this type of loan is very convenient because you do not have to worry about making monthly payments like you do with a traditional loan. This gives you a lot of flexibility in your monthly budget and allows you to still have access to the money that you need.
With a single payment loan, as the name suggests, you are only going to be making one payment in order to retire the balance that you have borrowed. You are going to borrow a certain amount of money and the lender will tell you exactly how much you have to pay back to them at the maturity date of the loan. At that point, you are going to give them a single payment that is going to pay for all of the principal and the interest that has accumulated on the loan over the term.
Single-Pay Loan Requirements
You need to be at least 18 years old and you meet one of the following requirements:
- You are a United States citizen.
- You are a permanent resident alien.
- You have one of these Visa types: TN, E, O, H1B.
- You have a F1-OPT Visa with a 17-month extension for a major in the 2014 STEM List.
The lender you will be working with must be able to lend in the state in which you are a resident of.Get Your Personal Loan
What are Single-Pay Loans?
Single-Pay Loans are small dollar loans, typically for less than $1000, that are paid back in full on your next payday. Single-Pay Loans are personal loans, consisting of a small cash advance that is typically used for unexpected expenses.
When Are Single-Pay Loans Due?
The full loan amount including total principal loan amount, loan fee and interest will be due on a agreed date, normally your next pay date.
How Do I Apply For a Single-Pay Loan?
EngageLoans will attempt to arrange a Single-Pay loan between you and an one of our unaffiliated third-party lenders from our network.
To apply for a Single-Pay Loan, simply complete an online the loan application. If your application is accepted, you will then go through the verification and approval process*.