Frequently Asked Questions
We've compiled a list of frequently asked questions to provide you with quick and helpful answers. If you have a question that is not addressed below
An unsecured personal loan is money borrowed from a lender that is not secured by property such as a house or car over a fixed period of time. While most loans through Lunar Loans are unsecured, certain credit unions may place a lien on other accounts you hold with the same institution. It is important to review your promissory note for these details before accepting your loan.
Checking your rate on Lunar Loans will not affect your credit score. If you proceed with your application after receiving a rate, your credit score may be impacted. When you check your rate, we make a “soft credit inquiry.” Soft credit inquiries on your report do not lower your credit score, but you may see when you view your report that this inquiry was made. If you are offered a loan and proceed with the application, a “hard credit inquiry” will be completed to verify the accuracy of your application. This action will be recorded as an inquiry on your report and it may impact your credit score.
There is no prepayment penalty for paying off a loan on Lunar Loans early. You may pay off part or all of the loan at any time with no fee. By prepaying, you will pay less overall interest because the loan is outstanding for a shorter time.
Yes, in some instances we do accept co-signers. Cosigners should be aware that becoming obligated on another person’s loan is treated as a debt obligation, and that person will be responsible for the loan if you do not pay it off.
Lunar Loans are unsecured loans. This means that you do not need to provide collateral for the loan.
Personal loans can be used for a variety of purposes, but are commonly used to consolidate high-interest credit card debt. When using a personal loan to pay off credit card debt, the loan funding is used to pay off the cards’ outstanding balances. Ideally, the new debt consolidation loans will have a lower interest rate, making payments more manageable or saving the person money from accrued interest.
Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,
Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,
Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,
Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,
Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,
Client Testimonials
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