Step 1: Check your rate (about 5 minutes)
Start by choosing an amount between $200 and $5,000 and a preferred term. The application asks for your name, date of birth, address, housing payment, employment or income source, monthly income and the last four digits of your Social Security number.
Loanify then runs a soft credit inquiry. Soft inquiries appear only on your own copy of your credit report and don't affect your score. That's why you can check your Loanify rate without risk.
Step 2: Review your Loanify offer
If you pre-qualify, you'll see your offer with the loan amount, APR, monthly payment, number of payments, total finance charge and total of payments. These are the same figures required by the federal Truth in Lending Act, so you can compare them with any other lender's offer.
Take your time. An offer is not a commitment, and there is no fee to decline.
Look for two numbers on any loan offer: the APR and the total of payments. If you remember nothing else, those two tell you what the loan costs and how it compares.Lending tip from the Loanify Editorial Team
Step 3: Verify your identity and income
To protect you from identity theft and to confirm you can afford the loan, we may ask you to upload a photo ID and proof of income. Many applicants can verify instantly by securely connecting their bank account; others upload pay stubs or statements. Clear, complete documents are the fastest route to approval.
Step 4: E-sign your loan agreement
Once verified, you'll receive your final loan agreement. Read it carefully, including the payment schedule, late-fee terms and your right to prepay. You sign electronically. At this point a hard credit inquiry may be recorded.
Step 5: Receive your funds
Funds are sent by ACH direct deposit to your checking account, typically the next business day after signing. Weekend and holiday signings are funded on the following business day.
Step 6: Repay on a fixed schedule
Your first payment is usually due about 30 days after funding. We recommend autopay so you never miss a date. You can pay extra or pay off the full balance at any time, and there's no prepayment penalty.
Typical Loanify timeline
| Stage | Typical time |
|---|---|
| Rate check and pre-qualification | About 5 minutes |
| Verification | Minutes to 1 business day |
| E-signature | A few minutes |
| Deposit to your bank | Next business day in most cases |
Ready? Check your Loanify rate now or review our eligibility guide first.