About Lender
SAIL Loans, short for Savings and Installment Loans, is a one stop solution for those who need funds now and a way to build their savings. Designed to promote financial wellness, SAIL Loans combines borrowing and saving in one. Through a simple application process, you can get up to $4,000 in minutes, with approval in minutes. What sets SAIL Loans apart is its dual purpose: while providing the funds you need, it also puts a portion of the borrowed amount into a savings account. This way you get what you need now and take steps towards long term financial stability.
SAIL Loans is an option for those who need to address their urgent financial needs without compromising their savings goals. With various loan amounts and flexible repayment terms, SAIL fits different financial situations. Whether it’s for unexpected expenses or growth opportunities, SAIL Loans lets you navigate your financial journey with ease. Plus, with financial literacy and customer support, SAIL provides you the tools and assistance to make informed decisions and optimize your financial life.
Key Features
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Flexible Loan Amounts and Terms. SAIL knows that financial needs and situations vary. With loan amounts from $100 to $4,000 and terms up to 24 months, you can customize your loan to fit your needs.
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No Prepayment Penalty. SAIL Loans offers flexibility in repayment without penalizing you for early or partial payments. You can settle your loan in full at any time and manage your finances according to your situation.
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Refer-A-Friend Program. SAIL encourages you to share the benefits with your friends, family and colleagues. Through the Refer-A-Friend program, you can earn $50 for each successful referral and your friend gets a $25 credit towards their new loan.
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Inclusive Credit Options. SAIL Loans is open to those with bad credit. Even if you’ve been declined by other lenders, SAIL will try to provide credit options that fit your needs.
Pros and Cons
Pros
Ease. SAIL Loans has a simple and easy application process for tech-savvy borrowers so you can get funds fast, often in minutes.
Dual Purpose. The savings component in borrowing promotes financial discipline, so you get what you need now and build up your savings for the future.
Financial Literacy. SAIL provides financial literacy tools and resources so you can make informed decisions and optimize your financial life.
Cons
State Restrictions. SAIL Loans is subject to state regulations which may limit availability or have restrictions based on borrower’s location.
Interest Rates. While SAIL Loans is convenient and flexible, interest rates can be high especially for those with bad credit.
Debt Trap. As with any form of borrowing, there’s a risk of getting into debt trap if loans are not managed well. Borrowers should be cautious and only borrow what they can pay back.
Reliability
Regulatory Compliance. SAIL Loans is compliant with the Department of Financial and Professional Regulation and the Division of Financial Institutions in the State of Illinois.
Customer Reviews. SAIL Loans has a mixed record on Trustpilot, with an average rating of 2.8 out of 5 stars based on 27 reviews.
Factors to Consider. When evaluating SAIL Loans, borrowers should consider their individual financial needs, lending terms, and regulatory compliance to make an informed decision.
Thorough Research. It's essential for borrowers to conduct thorough research before judging SAIL Loans based on reviews and other factors.
How to Apply for a SAIL Loan?
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Visit the Website. Go to the SAIL Loans website.
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Click "Apply Now." Click on the "Apply Now" button on the homepage.
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Select State and Loan Details. Choose your state, loan amount, and enter your name, email, and phone number, then click "Get Started."
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Enter Address Information. Provide your address, date of birth, and time at this address, then click "Next."
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Complete the Application. Fill in your employment, financial details, and other necessary information.
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Submit the Application. Click the "Submit" button to finalize your loan application.
Conditions and Requirements
Conditions
Minimum Loan Amount. For Illinois customers, the minimum loan amount is $400.
Maximum Loan Amount. The maximum loan amount available to Illinois customers is $4,000.
Maximum Loan Term. The loan term can extend up to 24 months.
Maximum APR. The maximum annual percentage rate (APR) is 35.99%.
Requirements
Unexpired Driver's License or State ID. Must be from any state and include a photo.
Current Bank Statement. Must be tied to your direct deposit, from either a checking or savings account, and show 30 days of transactions.
Pay Stub or Benefits Letter. Provide the most recent pay stub or a current year benefits letter.
Age and Residency. Applicants must meet age and residency requirements.
Employment Information. Proof of current employment or benefits must be provided.
Ways to Receive the Money
Direct Deposit. The most common and fastest way is direct deposit. Once your loan is approved, the funds will be electronically deposited into your verified bank account. No extra steps or delays.
In-Store Pickup. Some borrowers prefer to get the money in person by visiting a SAIL Loans store location. Upon approval, you can pick up the cash or cashier’s check at the store, depending on the lender’s policy.
Mobile Wallet Transfer. For added convenience, you can get the funds via mobile wallet transfer. In this method, the approved funds will be deposited into your mobile wallet app so you can use it for purchases or transfers.
Products
Other Personal Loans
Reasons for Loan Refusal
SAIL Loans may decline applications for many reasons including insufficient income where the applicant’s income is not enough to service the repayments. A bad credit history with missed payments, defaults or bankruptcies can also lead to rejection or less favourable loan terms. Incomplete or incorrect information on the application, high debt to income ratio and unstable employment can all raise concerns about the applicant’s ability to repay the loan. Also frequent applications in a short period can indicate financial distress and will be declined.
How to Repay a SAIL Loan?
To repay a SAIL Loans loan, first check your loan agreement to see the amount, interest rate and repayment schedule. Payments can be made online through the lender’s portal using a bank account or debit card. Make sure to keep an eye on your repayment schedule to avoid late payments by setting reminders or notifications. If possible make early or extra payments to reduce interest and there are no penalties for prepayment. For any questions or help contact the lender’s customer support.
Loans like SAIL Loans
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
