NorthStarCash isn’t a direct lender. Instead, the website matches you with loans through a network of lenders. There are two major benefits that come with using NorthStarCash.
The first is that you get access to a large lender network by filling out just one online form. The second is that these personal loans can be used for just about anything, such as debt consolidation, home improvement projects, or even car repairs.
And with quick financing available, you could receive your funds in as little as a single business day. NorthStarCash also partners with lenders that work with bad credit borrowers. If that sounds like you, then keep reading to find out more.
NorthStarCash Personal Loans
If you qualify for a loan through the NorthStarCash network, you can borrow up to $10,000. The minimum loan amount is typically $1,000 so make sure your financial needs fall within this range. The exact amount you qualify for depends on a few different factors, like your income, your credit history, your employment situation, and the actual lender.
Similarly, there’s also a broad range of loan terms. They can be as short as 6 months or as long as 60 months. NorthStarCash doesn’t advertise any APRs since each lender is different. You’ll need to fill out an online form to determine what kind of specific loan offer you may be eligible for. Luckily, there’s no cost or obligation for submitting the online form.
Some of the requirements that the NorthStarCash lender network are looking for are as follows. You need to be at least 18 years old. You should also have a social security number and either U.S. citizenship or permanent residency. To meet NorthStarCash’s income requirements, you’ll need regular, verifiable income from one of the following sources:
- Full-time employment
- Regular disability
- Social security benefits
Typically, you’ll also need a checking account so that the lender can deposit your funds once you’re approved. There are no specific credit requirements, and many lenders in NorthStarCash.com’s network even cater to people with bad credit. The usual starting off point is a 600 FICO score.
Beyond your credit score, however, you must demonstrate an indication that you can responsibly handle the repayment of your loan. That means you need to meet the following financial history requirements:
- No accounts over 60 days past due
- No active or recent bankruptcies
- No pattern of late payments
- No debt that couldn’t be paid off with your current income
- No recent charge-offs
If you meet these criteria, you have a better chance of qualifying for a loan through the lender network.
Loan Request Process
NorthStarCash’s online loan request process is pretty simple. You can submit a loan request at any time on any day of the week. Expect to enter in the following information as part of your online form:
- What loan amount you’re seeking
- Your credit type
- Reason for the loan
- Bank information
- Personal contact information
- Income information
It’s smart to think about these questions ahead of time. You can speed up the process if you have everything on hand rather than looking for each piece of information as you’re filling out the form.
Once your online request is completed, NorthStarCash.com connects with lenders to review the details. At this point, you’ll either be approved or declined. If you’re approved, you then get to review the exact loan terms you’re being offered.
That means you’ll see the approved loan amount, APR, fees, repayment term, and other important details. It’s extremely important to carefully review all of the terms and conditions associated with your loan offer. Make sure the cost of the loan doesn’t seem excessive and that you can comfortably handle the monthly payment amount for the duration of the loan.
If the loan offer works for you and you accept, you’ll need to sign a loan agreement directly with the lender. They may also require you to send in some verifying documentation, like bank statements and pay stubs.
Once You’re Approved
When approval occurs, it’s time to receive your loan funds. The money is usually deposited into your bank account through ACH. While NorthStarCash advertises that you can receive funds in a single business day, this may not necessarily be the case.
The exact time to get your funding depends on how long your loan takes to get approved (again, it’s a good reason to keep all your financial records on hand during the application process). Timing can also depend on the lender you choose. In reality, expect to have access to your loan funds somewhere between one and five business days.
Depending on your lender, you’ll make payments either monthly or bi-weekly. Your payment will be automatically deducted from your checking account, so it’s vital that you stay on top of your budget to make sure the money is available on the due date.
If you don’t have enough money in your account, you’re likely to incur late fees and potentially insufficient funds fees from your lender. Check on the details of their late payment policy before you choose your loan.
You can always call in advance of your due date to work out a different payment option if you know you’re going to be short on cash at some point. As in all cases, the sooner you try to work out an arrangement, the better.
NorthStarCash.com has a few differentiators working in its favor. It can provide you with multiple loan offers, so you can compare your options without having to fill out countless applications. It also only partners you with lenders that work in your state. There’s nothing worse than doing tons of personal loan research only to find out the lender doesn’t offer loans where you live.
The lenders in the NorthStarCash network also look at a wider range of financial factors to determine eligibility. The importance is placed more on your recent credit history rather than your credit score. So as long as you meet the requirements in the Borrower Profile, you have a chance of getting approved for an online personal loan through NorthStarCash.com
Should You Take Out a Loan With NorthStarCash?
Before you jump in and fill out the online form at NorthStarCash.com, make sure you understand the commitment it takes to repay a personal loan, especially if you already have below-average credit.
What are you using the personal loan for?
Start off by truly assessing your financial needs. This is especially important if you’re taking out a high-interest loan. Even if you need the cash fast for a financial emergency, consider how you got there in the first place. Where could you cut back in your current budget to make room for an emergency savings fund?
If you want a loan through NorthStarCash for more discretionary reasons, make sure the monthly payments are worth whatever you’re spending the cash on. It may seem like a great idea to get a loan for a Cancun vacation.
But are you going to feel the same way when you’re still paying off the loan up to five years later? By that point, you’ll be ready for another vacation, but could still be potentially cash-strapped from the last one.
Bottom line: don’t just think about the short-term gains. Make sure you fully weigh the long-term costs as well.
How are you going to repay the loan?
Next, think about how long it’s going to take to repay the loan and how much you’ll have to spend each month on your payment. Then think about your financial situation during that time period. What’s the worst case scenario and how would you fulfill your loan obligation if it actually happened?
You need to consider your job, your health, and your other financial plans during that period. If you have a 16-year old and take out a four-year loan, that could very well overlap with potential college tuitions payments. Again, it’s all about thinking long-term to ensure your financial health.
Check out our other personal loan reviews below to continue exploring your options.