Find Answers to Your Questions in Our FAQ’s
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Am I eligible to apply for a loan?
To qualify for a loan with United Finance, all applicants must:
- Live in one of the following states: Oregon, Washington, Nevada or Idaho.
- Live within the geographic service area of one of our 26 branch locations.
- Be at least 18 years old.
- Have a reliable source of income.
What’s the easiest loan to get approved for?
The ease of getting approved for a loan depends on several factors, including your credit history, income, and the type of loan you’re applying for. Here are a few types of loans that are often considered relatively easier to get approved for:
- Payday loans: These are short-term loans typically intended for small amounts, usually due on your next payday. Payday lenders usually have minimal requirements, such as proof of income and a valid bank account. However, payday loans often come with very high interest rates and fees and should be used with caution.
- Personal loans from traditional installment lenders: Installment lenders often have more relaxed eligibility criteria compared to traditional banks. They will consider factors beyond just your credit score, such as your employment history, time at residence and recent payment history. United Finance is an example of a company that makes traditional installment loans. These types of loans are a good alternative to more expensive payday and title loans.
- Title loans: These are a short-term loan where a borrower uses their vehicle’s title as collateral. In a title loan, the borrower temporarily transfers the ownership of the vehicle to the lender in exchange for a loan amount, which is typically a percentage of the vehicle’s appraised value. Title loans often have high interest rates, making them relatively expensive compared to other forms of borrowing. If the borrower fails to make payments as agreed, the lender may have the right to repossess the vehicle. In such cases, the lender can sell the vehicle to recover the outstanding loan amount. Title loans are typically short-term loans. It’s important to carefully consider the terms, interest rates, and potential risks associated with title loans before proceeding, as non-payment can result in the loss of your vehicle. It’s advisable to explore alternative lending options and consult with a financial advisor to make an informed decision.
- Secured personal loans: Secured loans are backed by collateral, such as a car or a personal property. Because there’s an asset securing the loan, lenders may be more willing to approve applications, even for borrowers with less-than-perfect credit. A secured traditional installment loan is a good alternative to a more expensive title loan company.
How much can I borrow?
Personal loans are available from $1,000 to $15,000. The amount you can borrow depends on your credit history, income and expenses. If you are considering a secured loan the value of the collateral is an important factor of the loan amount. When considering a personal loan, reach out to your local United Finance Branch Manager for loan terms and options available for your situation. This will help you find a loan that suits your needs.
How will my loan be funded?
You will receive a check at the conclusion of your loan signing. We want to get you your money as fast as possible. We work hard to offer you the earliest and most convenient loan appointment time. 1 – 2 hour loan decisions and same day personal loans is our goal.
How long does it take to get a loan approved?
What items do I need to apply for a personal loan?
While the requirements vary depending on the application, here are some common items you may need to provide:
- Identification: A government-issued ID (e.g., driver’s license, passport, or state ID card).
- Proof of income: Recent pay stubs, bank statements, tax returns, or employment verification letters.
- Employment information: Details about your current employment, including place of employment, job title, length of employment, and salary.
- Credit history: We will likely check your credit history. While you won’t provide this yourself, we will access it through a credit bureau. You will need to provide authorization for the credit inquiry.
- Financial information: Prepare information about your financial situation. Details about your existing debts (e.g., credit cards, loans), monthly expenses, and additional income.
These requirements are general guidelines, and are subject to additional or slightly different requirements. Talk to your local branch directly to determine the exact documents and information needed for your personal loan application.
Can I borrow more money?
We are happy to consider applications for our current and previous customers. Whether it’s a renewal or new loan the process is fast and easy. Your information is already in our system and we can update your application in a couple minutes and have a decision in about and hour. Call your local office today!
Do you report to the credit bureaus?
Yes. We report to all three major credit reporting agencies, allowing you to build and/or improve your credit by making on time payments.
Is collateral required to get a loan?
United Finance makes both secured loans and unsecured loans. For applicants that do not qualify for an unsecured loan based on traditional underwriting requirements or the loan amount requested is too high, secured loans can be more accessible. Pledging security for a loan can be a key component to gaining a loan approval to meet your need. Typically the value of the collateral is equal to or greater than the loan amount. Security can be either a vehicle title or personal property. Examples of accepted collateral include automobiles, trucks, motorcycles, campers and boats.
Does United Finance offer pay day loans?
United Finance offers traditional installment loans which are a great alternative to pay day loans. Pay day loans generally have an extremely high APR in comparison to other personal loans. Most must be repaid on your next payday. It is crucial that pay day loans be paid back on time and the high APR means that they can be very risky for the borrower. We are a great alternative to pay day loans and the ideal lender for customers with less-than-perfect credit. With a United Finance personal loan, you have fixed monthly payment amount and your fixed interest rate will not change.
Note that payday loans have been subject to criticism due to their high costs and potential to trap borrowers in cycles of debt. Before considering any type of loan, it’s advisable to carefully evaluate the terms, fees, and alternatives available.
How do I make my payment?
There are several ways to make a payment:
Online – Make a one-time or setup recurring ACH payments through the United Finance online account center. Click the Make a Payment link from United Finance home page to access the site. You can view account information, manage statement preferences and schedule payments.
In a Branch – Visit any United Finance branch to make a payment with cash, debit card, personal check, cashier’s check or money order.
By Phone – Call your local branch and make a payment with a debit card (fee applies).
By Mail – Send a personal check, cashier’s check or money order payable to United Finance to the address on your statement.