Frequently Asked Questions

Application

– 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 
for denial. 

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/ 

Loan Information

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 
you. 

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 
rewarded!

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. 

Payment Options

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 
payment. 

Refinance

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 
you! 

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 
Agreement.

Yes, this will be a new loan. In order to obtain the funds, you must sign a loan 
agreement for the new loan amount.