– You are at least 21 years old
– You live in a state we service
– You are employed
– You have an active and valid checking account
– You have an email address to receive account information
You will know in a matter of seconds after you submit your application
if you have been pre-approved. We may need to ask for additional
information or proof of income before your application can be approved. In
that case, we will give you a call. Once approved, you choose how much you
want to borrow (based on your approval amount and state of residence). In
the event we are unable to approve your application, we’ll email you a reason
Due to the changes in the Military Lending Act effective October 3, 2016, Loans
Not Sharks is not available to applicants listed as Covered Borrowers in the Military
Lending Act database, including qualifying active duty service members and their
dependents as defined in 32 C.F.R. § 232. https://mla.dmdc.osd.mil/
Our loan approval amounts range from $200 to $1,000. Returning customers
may be eligible for an increased loan amount depending on their payment history
and the affordability of the amount requested.
The amount you are approved for is determined based on your application
information and the loan amounts and terms offered in your state (see How It
Works for more information on the terms in your state). To understand the loans
that we offer in your state please visit our How It Works page.
If we receive your application by 5:30pm MST and you are approved, we can
electronically deposit your money into your account as early as the next business
day (M-F excluding bank holidays). You can contact the ACH department of your
bank to verify that the funds have been credited to your account. Applications
received after 5:30pm MST are processed the next business day.
When you are approved, your first payment date and re-payment schedule
are determined from your application information. If the need arises for you to
change your payment schedule, give us a call and we would be happy to work with
This depends on your application information and the loan amounts and
terms offered in your state (see How It Works for more information on the terms in
your state). It’s important to remember that Loans Not Sharks may not be the
cheapest credit option and may not be the best option for you. To understand how
our rates compare to other options check out the Why Loans Not Sharks page.
Keep in mind that Loans Not Sharks loans are not one size fits all and can
vary based on your state and repayment term. What we can guarantee is that we’ll
do our part if you do your part. Making regular payments on your loan will be
You have 5 business days from the date you signed your loan agreement to
change your mind. If you decide that the loan isn’t right for you, simply call
Customer Support at (844) 267-9096 and tell us that you no longer want the loan.
You will repay the principal and will not be charged any fees or interest.
No, you must pay off your current loan before applying for a new one. GIve
us a call or text us to see if you are eligible for a refinance.
Existing customers need to Sign In to their account to apply for a loan. Click
on the ‘APPLY NOW’ button on your Account Overview page. For your convenience,
simply review your information on file, answer a few questions and get your results.
For installment loans, depending on your state of residence, your number of
payments will be based on your pay frequency.
Loans Not Sharks accepts payments by ACH and debit/credit card.
Payment by ACH
For your convenience, your payments will be automatically electronically
debited from your checking account.
Payment by Debit Card
Please contact us if you would prefer to make your payments via debit card.
You can call, text, or email us for assistance.
Loans Not Sharks does not have any pre-payment penalties, so we
encourage you to pay off early and save!
Please contact Customer Support if you’re unable to make a payment by the
due date. Loans Not Sharks is happy to work with you if you are unable to meet
your payment date, the most important thing is you communicate with us! In most
states, charges will continue to accrue on overdue amounts when you miss a
Applying for a loan refinance will not affect your FICO® credit score.
Customers can become eligible to refinance their loan and get more money by
making repeated timely payments of at least the minimum amount due. Refinance
eligibility is subject to Loans Not Sharks’ discretion.
When you are approved for a refinance, you will receive a new loan, which will
be used to pay off your current balance, and then we’ll send the remaining cash to
When you are approved for a refinance, you will qualify for at least the same
amount of money that you were approved for on your previous loan application.
Some customers may qualify for larger loans, subject to affordability. Refinance
approval is based on your current application information.
You are getting a new loan, so your APR, loan schedule and payment amount
may change from what it is today. You can review all of this information before you
sign your new Loan Agreement on the ‘My Account’ page online.. The complete
disclosure of APR, fees and payment terms will be provided in your new Loan
Yes, this will be a new loan. In order to obtain the funds, you must sign a loan
agreement for the new loan amount.