Frequently Asked Questions

Here are answers to some common questions about the LumoLoans connection service and the lending process.

Is my personal and financial information secure?

We take privacy and information security seriously. Information submitted through this website is handled using security measures designed to protect your data. Please review our Privacy Policy for more information.

What if I have bad credit?

We attempt to connect consumers with lenders regardless of their credit history. Requirements needed for a loan approval is based on each individual lender. Please review our How It Works page to determine if you have the basic requirements to qualify.

What is an installment loan or cash advance?

An installment loan is generally repaid through a series of scheduled payments over an agreed period. Payment amounts, repayment periods, rates and fees vary by lender.

What information do I need to complete the form?

The request form asks for information such as your name, contact details, income information and banking details. Provide only the information requested through the secure form.

How quickly can I get the money deposited into my checking account?

If a lender approves and funds your loan, the timing of the deposit depends on the lender, your bank and whether additional information is required. Funding is not guaranteed by LumoLoans.

How often can I get a loan?

LumoLoans may be available online at any time, but lender availability and eligibility requirements vary. Consider whether any loan you accept fits comfortably within your budget and repayment ability.

What are the requirements for an installment loan?

Each lender sets its own eligibility requirements. Factors such as income, banking information, credit history, state of residence and other information may be considered when a lender evaluates your request.

A few requirements include but are not limited to:

  • Have a valid checking or savings account
  • Be 18 years of age

Where do I find my ABA / Routing Number & account number?

You can usually find your routing and account numbers on a check or through your bank’s online or mobile banking service. If you are unsure, contact your bank directly.

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How long do I have to pay back the loan?

Payment dates, amounts and loan duration are set by the lender and may vary by state and loan terms. The lender will provide the payment schedule before you agree to the loan.

How do I pay back the loan?

If you accept a loan, the lender will explain how payments are collected and when they are due. Follow the payment instructions in your loan agreement.

Whether payments are reported to credit reporting agencies depends on the lender and the product. Review the lender’s agreement for information about payment reporting.

What happens if I pay back my loan late?

Late payments may result in fees, additional interest or collection activity depending on the lender and applicable law.

Each Lender has their own terms and conditions, please be sure to look through their policies for additional information.

What happens if I do not pay back the loan?

Failure to repay a loan may result in collection activity or other consequences described in the lender’s agreement.

Each Lender has their own terms and conditions, please be sure to look through their policies for additional information.