Frequently Asked Questions

Application

The application process for an installment loan, also known as a personal loan, only takes a few minutes. Simply fill out our quick online application, receive an approval decision right away, and get money deposited to your bank account as soon as the same day*.

*Online approvals before 10:30 AM ET (M-F) are typically funded to your bank account by 5 PM ET same-day. Approvals after 10:30 AM ET are typically funded in the morning the next banking day.
What is required to apply?

To apply for a personal installment loan with Perch Loans, you must meet the following requirements:

  • Live in one of the following states: DE, MS, MO, WI
  • Be at least 18 years old
  • Have a Social Security Number
  • Have a regular source of income (including employment, Social Security, Disability, etc.)
  • Have an open checking account
  • Have an email address
  • Not presently a covered borrower as defined by the Military Lending Act
How soon do I get the money for my installment loan in my account?

Once your application is approved, the money is typically deposited in your account as soon as the next business day.

Monday - Friday: If approved by 10:30 am, you could get your funds by 5 pm ET same-day. If after 10:30 am, funds will arrive the morning of the next banking day.

Saturday and Sunday: You can expect your funds on Monday, typically in the morning.

The actual time for the money to appear in your account depends on your bank processing times. If you experience a delay, please reach out to your bank directly.

If your approval day or deposit day falls on a bank holiday, allow one extra business day to receive your funds.

Do you check my credit score?

Yes, Perch Loans will pull your credit report during the application process. Don’t worry, your credit score is just one of the many factors we consider. And, while we may not be able to approve everyone, we will give a fast decision, and we'll tell you why if we have to decline your application.

How soon do I know if I'm approved?

In most cases you'll receive an instant decision after the application is submitted. We also keep in touch with you via email and text for any other information we may need. Please make sure your email address is correct and sign up for text alerts when setting up your account during the application process.

Do I need to send in any documents?

In some cases, we may ask for additional information like proof of income or a recent bank statement displaying regular deposits. We will reach out to you via email so please be sure your email address is up to date.

What if I have bad credit or a bankruptcy?

Perch Loans considers applicants with all types of credit. Even with poor credit or a previous bankruptcy, you still may be eligible to receive an online installment loan with Perch Loans. It takes only a few minutes to apply and get an instant decision.

Can I apply over the phone?

Sure! Contact our Customer Care for assistance at 866-261-5168.

I received a letter that I was pre-approved. What does this mean?

It means that you've already passed part one of our review process. While we still have to review a few final requirements, including income, we think Perch Loans would be a great fit for any financial needs you have. It only takes a few minutes to apply and get an instant decision.

Is my personal loan application secure?

Absolutely. With Perch Loans, you can be certain that all the information you submit for your personal loans are sent through a secure server, and kept in a secure database. One way for you to verify our website’s security is to look for the security icon in the website footer that tells you that your information is secure and encrypted. The padlock in the URL address bar also signifies that your information on this website is encrypted. For more details, see our Privacy Policy.

Does Perch Loans serve Military customers?

Due to the changes in the Military Lending Act effective October 3, 2016, Perch Loans 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.



General Loan Information

How much can I borrow?

We offer quick personal loans up to $2,500. The amount that you can borrow depends on various factors including your credit history and income.

What is an installment loan?

Our installment loan is a longer-term loan ranging from 9 - 15 months that allows you to get money right away with the flexibility to pay back over time in multiple smaller payments.

Why should I get an online installment loan from Perch Loans?

An online installment loan from Perch Loans allows you to pay back your loan the way that fits your needs, with longer-term repayment options. This means you have the ability to repay with multiple payments over time. We’re a state-licensed company that follows all applicable state and federal laws. We believe in transparency - our rates, terms and fees are explicitly outlined in the agreement with no unexpected charges or hidden costs when borrowing.

How much does an online installment loan cost?

We believe in transparency so that you can fully understand the terms of your online installment loan. Examples of all of our rates are listed here on the website. And, during the application process, we provide all fees, terms, APRs and monthly payments in your loan agreement before you sign.

Do your online installment loans have hidden fees?

At Perch Loans, we believe in branching out from the ordinary - by being honest and transparent. Examples of all of our rates are listed here on the website. And, during the application process, we provide all fees, terms, APRs and monthly payments in your loan agreement before you sign.

What are the benefits of getting an installment loan?

Our installment loans give you the money you need today with the ability to make scheduled payments over time based on your pay cycle. Plus, the application process is quick and easy with an instant approval decision.

How do online loans work?

Online loans allow you to both apply and repay your loan online, at your convenience. Just submit an online application and if approved, the funds will be deposited directly into your bank account as soon as the same day.

Monday - Friday: If approved by 10:30 am, you could get your funds by 5 pm ET same-day. If after 10:30 am, funds will arrive the morning of the next banking day.

Saturday and Sunday: You can expect your funds on Monday, typically in the morning. Your repayment of the loan is electronically deducted from your bank account on your scheduled due dates.

Is Perch Loans a direct lender?  

Yes, Perch Loans is a state-licensed direct lender. You only work with and pay Perch Loans as opposed to third party vendors or creditors so you can be sure that your information is not shared. Plus, because we're the lender, we’re able to get the money you need faster than companies that use other parties.

How do your rates compare to short-term cash advances (payday loans)?

Perch Loans offers rates that are typically lower than most short-term loan rates, like cash advances or payday loans. Find out how much you may qualify for in just a few minutes. Apply here.

How do I request the Money Back Guarantee?

If you are not completely satisfied with your loan, just pay us back the principal amount within 3 business days and you won't pay any loan fees. Simply reach out to our Customer Care team at 1-866-261-5168 to request.



Payment Information

How are my installment loan payments scheduled?

Repayment of your loan will take place on each installment due date, typically due on your pay date. Your payment schedule is covered at the time you sign your agreement, and payments are automatically withdrawn from your bank account, giving you one less bill to schedule.

When are my payments due?

Typically, your loan payments are aligned with your pay dates. During the loan process, we will review the specific due dates and amounts associated with your loan to ensure you understand the terms of the agreement before finalizing.

How do I pay my online loan?

On your loan payment due date, a request will be sent to your bank for the specified amount of loan fees and/or principal that is outlined in your loan agreement. Usually, your payment(s) will be withdrawn from your checking account on your loan’s due date via electronic withdrawal or other electronic repayment methods.

Can I pay off my loan early?

Absolutely - there is no penalty for paying off your loan early and doing so should decrease the overall cost of your loan.

How do I check my balance?

Just login to view your loan summary.

Can I skip/defer payment?

Yes! We offer one Push a Payment per loan. You must have made three successful payments before you are eligible to use a push a payment. You can request this through your online account or by calling Customer Care at 1-866-261-5168.

What is Push a Payment?

A benefit of getting an online installment loan with Perch Loans, is that we allow you to push a payment one time during your loan term. This will give you the extra time needed for the payment without charging extra interest. You must have made three successful payments before you are eligible to push a payment.

Can I make a payment with a debit card?

Typically, your loan payments are aligned with your pay dates. During the loan process, we will review the specific due dates and amounts associated with your loan to ensure you understand the terms of the agreement before finalizing. At any time, you can also make a debit card payment in your online account.

What if I can't make my payment?

At Perch Loans, we will work with you to help keep your loan in good standing. If you have made at least three payments and your loan is current, you are eligible to push a payment, giving you more time to repay without extra interest. If your loan is past due and you cannot make your payment, please call our Customer Care team at 1-866-261-5168 to discuss payment plan options.

Can I refinance my online installment loan?

At this time, you cannot refinance your Perch Loan, but you can re-apply as needed and you may be eligible for lower rates.

When can I re-apply after payoff?

Once your loan is confirmed paid in full, you will be eligible to re-apply . Best of all, established customers are eligible to receive lower rates.



My Account

How do I update my banking information?

If you have an open loan, please contact the Customer Care team at 1-866-261-5168 to update your bank information. If you are ready to apply for a loan, you can update your bank account information as a part of the application process.

How do I reset my password?

To reset your password, click "reset password" on the login screen. If you are looking to update your current password, this change can be made on your profile page in your online account.

What is the status of my account?

To check the status of your account, simply login to view this information on the Account Summary page.

How do I update my customer profile (or personal information)?

To update your profile, login to your online account and select View Profile. From there, you can update your contact information, communication preferences and more.

What if I still need help?

If you need assistance with an application, don't worry, you're not flying solo. Our Perch Team is available Monday through Friday from 8:00 AM to 9:00 PM ET and Saturday from 9:00 AM to 6:00 PM ET at 866-261-5168. You can also send us an email or chat.



About Perch Loans

Why choose Perch Loans for an online loan?

Perch Loans is a new type of online lender that’ll help give your personal finances the lift they need. Choose Perch and get online installment loans up to $2,500 with:

  • Better rates and longer terms (than many short-term loans)
  • Fast application. Instant approval decision
  • Money back guarantee — if you change your mind within 3 business days, repay the principal with no fees
  • Flexibility to push one payment within the term of your loan with no additional interest. (Restrictions apply.)
Who is Perch Loans?

Perch Loans is a new type of online lender that provides online installment loans up to $2,500 in Delaware, Mississippi, Missouri, and Wisconsin. We’re a state-licensed company, which means we follow all applicable state and federal laws. All rates, terms and fees are explicitly outlined in the agreement with no unexpected charges or hidden costs when borrowing.

Where do you offer online loans?

Perch Loans provides online installment loans in three states: DE, MS, MO, WI.

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