We Believe: In Informed Borrowing
Answers to Your Loan Questions
One of Sterling’s most foundational beliefs is that financial interactions should be transparent. We go to great lengths to educate our customers so that they feel secure in making the best financial decision for their unique situation. When you apply for a loan with ULCL, we want you to know what to expect. To that end, we have compiled and answered a list of your most frequently asked questions.
Q: How long will it take me to pay back my loan?
This depends on what type of loan you take out and how much you borrow. We do loan terms ranging from 3 months to 48 months, and your loan officer will work with you on what payment structure will work best for you based on your unique circumstances. Ultimately, how quickly you pay off your loan is entirely up to you because ULCLwelcomes you to pay off your loans early without any penalty or extra charge!
Q: How long does it take for my loan to be processed?
If your application is submitted Monday through Thursday, you can expect to hear from us within 24 hours. From there, the amount of time it takes our applicants to provide the necessary information makes an impact on how quickly we can process your loan.
If you can provide the documentation we need the ﬁrst time we call you, the process can be completed in one business day. If the documentation takes 10 days to collect, the process will take 10 days. The faster you act, the faster we can, too!
We always attempt to contact our applicants within one business day when applying on Monday through Thursday. If you submit an application on a Friday or on a weekend it may take us up to two days to get to your application. We are real people and aim to give you true service by taking the time to look at every application thoroughly when we open for business again on Monday morning.
Q: What happens if I'm late on a payment?
If you know you cannot make a payment or if you can make the payment but not on time, you must contact the office for an extension. If your payment is not received on or before the due date and we have not heard from you, a customer service representative will contact you the day after that due date. If you do not return our calls after 5 days, we will then begin trying to reach you at your place of employment and call your references. After 5 days without communication or payment, a late charge of $10.00 or 5% of your outstanding loan (whichever is greater) is added to your payment.
Q: Is there a late fee? Or a grace period for lateness?
We want to work with you to build a successful loan experience, starting by giving you a loan you can afford to pay back and ending with the timely return of the funds you borrow from us. If you find yourself struggling to make a payment on time, you must contact us as soon as possible to work out an extension. A late charge of $10.00 or 5% of your outstanding loan (whichever is greater) will be added to your payment 5 days after the due date if we do not hear from you, so please give us a call!
Q: Why didn't my loan get approved?
If your loan is not approved you will receive a letter in the mail which lists the reason(s) your loan was not approved. You are welcome to contact your office to discuss in depth the reason for turn-down. We are currently working on an electronic version of this process to serve you better, faster.
Q: Why might my loan application be turned down?
There are several factors that determine whether or not we approve a loan application. We encourage you to contact your local branch to discuss the specifics of your situation, but here are some common reasons why loans may be turned down:
- Delinquent credit obligations
- A current state of bankruptcy
- Insufficient length of employment
- Applicant’s refusal to provide information
- Excessive obligations
- Garnishment, attachment, foreclosure, repossession
- Temporary or irregular employment
- Collateral not worth the amount needed
- Too many active finance company accounts
- Too many unpaid collections
- Too many recent credit inquiries
- Unable to contact applicant for additional information
- Debt-to-income ratio too low
- Unable to verify employment
- Unable to verify income
Many of the reasons one can get turned down for a loan are basic financial mistakes that can be avoided simply by being better informed about your finances, how they work, and how to manage them. We encourage you to spend some time on our Money Matters blog to learn more about these topics and how ULCLcan help you reach your financial goals!
Q: Do I have to have a job to get a loan?
Yes. We will consider applications for those who are retired, are on disability, or are collecting Supplemental Security Income (SSI). We want to be sure to offer you a loan that you can afford.
Q: Can I be approved online?
We are currently working on the process of online approval. In the meantime, we invite you to apply online!
Q: How do you approve loans?
There are several factors that come into play when approving a loan application and the surest way to find out if a loan is right for you is to contact your local branch to discuss your specific situation. Many of the reasons why a loan may be turned down are factors that, if the criteria are met, can apply to loan approval.
Q: My loan got approved; what now?
Congratulations! When a loan is approved, your branch office will contact you both by phone and by mail. You must then come into the office to sign the official documentation in order to have the loan released to you. We look forward to doing business together!
Q: What credit score do I need to get a loan?
At Sumiti Cheap Lending Home®, we take into consideration more factors than your credit score when evaluating your overall financial circumstances. You don’t have to have perfect credit to be approved, that’s one of the benefits of having ULCLas a local lender. For more information on what credit is and how to build it, visit our Money Matters article The ABC's of Credit and Credit Scores.
Q: What's the biggest loan I can get?
Sumiti Cheap Lending Home® is happy to offer you the ability to apply for loans of up to $5,000 online. If you are interested in loans for more than $5,000, please contact your local branch.
Q: What happens after I ﬁll out my application?
The first thing to expect is a phone call at the number you provide on your application. If you do not pick up and there is an answering machine, we will leave you a message and many of our offices also send a follow-up email in addition to the phone call.
Depending on the amount of the loan you have applied for, we will confirm the purpose for which you want to take out a loan and in most cases, you must provide us with an invoice for a purchase. We will require your W2s for the last two years, your most recent pay stub, proof of address, Social Security card and driver’s license. We will then attempt to verify your employment through direct contact with a supervisor, if possible. This level of personalized attention helps us look beyond your credit score so that we can give you the best loan you can afford at the lowest rate we can offer!
Remember that if you apply late on a Friday or over the weekend, it may take up to two days before we can get to your application. We appreciate your patience as we begin processing loans again on Monday morning.
Other questions to expect during this initial contact include:
- Have you applied with Sumiti Cheap Lending Home® before?
- Have you had an account with Sumiti Cheap Lending Home® before?
- If needing the money for car repairs:
- What repairs need to be made?
- Who is doing the repairs?
- Do you have an estimate or an invoice from the repair company?
- Do you have a clear title on a vehicle?
- Will you be securing your loan with your title?
- If yes, please provide: year/make/model//mileage/vin#
- If married, are you applying for a joint account with your spouse?
- If yes, please provide: spouse name/place of employment/work phone/
- Date of birth and social security number.
- If you have filed bankruptcy in the last 3 years, please provide a short explanation.
- Please list names and locations of all loan offices/finance companies that you have applied with in the last 90 days.
- Are you interested in setting up free automated debit or automated checking account withdrawals for your payments to avoid late fees?
- Related to your job:
- What is your extension number at your place of employment?
- Do you work on a certain ﬂoor, department or wing?
- Do you currently receive other verifiable income in addition to your job such as retirement, social security or child support?
Remember, we gather this information so that we can get an accurate idea of your full financial situation, allowing us to look beyond your credit score and give you the right loan for your unique circumstances! Once we have all of the documentation and information we need to make an informed decision, the process moves quickly. You will receive a letter in the mail from us within 5 days informing you of your application status. We are currently working on a process for online approval to make this step even more efficient.
While you are waiting for your answer from us, we have other great ways of staying in contact and telling you more about how you can better manage your finances. Our Money Matters blog is full of free financial information that Sumiti Cheap Lending is happy to share with our customers. We also offer a monthly newsletter designed to educate and entertain with useful articles and fun financial facts. We are also on Facebook and Twitter so feel free to say hi and connect with others!
Q: If I'm approved for a loan, what will my interest rate be?
Loan rates do fluctuate based on credit worthiness, which ULCLdetermines through a variety of factors. The two types of loans we offer are called GILA and deregulatory loans.
Georgia Industrial Loan Association (GILA) loans have a complicated interest structure that impact what your interest rate will be based on your financial circumstances; your loan officer can discuss this with you in detail.
Deregulatory loans are our most common loans and their interest rates can be as low as 18.99% and never over 41.99%! These are extremely low rates in our field and we invite you to read our Loan Rate Comparison article which presents a clear picture of what we offer in relation to our competitors.