Frequently Asked Questions (FAQ)
Got questions? We’ve got answers! Our FAQ page is here to provide clear and concise information on everything you need to know.
What is a payroll-deduction loan?
A payroll-deduction loan is a loan that is repaid automatically through deductions from your salary. This process makes it easy and stress-free to manage your loan without worrying about manual payments.
How do I apply for a payroll-deduction loan with LendMe?
To apply, simply fill out our online application form with your details. Once submitted, we’ll review your application and notify you of the decision promptly.
Who is eligible for a LendMe payroll-deduction loan?
Employees of partnered institutions are eligible for LendMe payroll-deduction loans. If your employer is not yet a partner, encourage them to join our network to access this benefit.
How long does it take to get approved for a loan?
Loan approval is typically processed within 24-48 hours, depending on the completeness of your application. Once approved, funds are disbursed quickly to ensure you get the support you need.
What is the interest rate for a payroll-deduction loan?
Our interest rates are competitive and vary depending on the loan amount and repayment period. We provide transparent loan terms so you know exactly what to expect.
Can I repay my loan early?
Yes, you can repay your loan early without any penalties. Early repayment may also reduce the overall interest you pay on the loan.
How are loan repayments deducted from my salary?
Loan repayments are automatically deducted from your salary on your payday. This ensures that your payments are on time and hassle-free.
What happens if I leave my employer before repaying my loan?
If you leave your employer, you will need to arrange an alternative payment method with LendMe to continue repaying your loan. We will work with you to ensure a smooth transition.
Are there any fees associated with applying for a loan?
There are no application fees for LendMe payroll-deduction loans. We are committed to providing simple, transparent loan options with no hidden costs.
How do I know if my employer is a LendMe partner?
You can check with your HR department or contact our support team to verify if your employer is a LendMe partner. If they are not yet a partner, we can provide information on how they can join.