Frequently Asked Questions

In the tabs below, you will find the answers to some of our most frequently asked questions.

If you have any further questions, don’t be afraid to head over to our contact us page, and we will do our best to assist you!

What Type Of Loans Do You Offer?

We offer a number of different loans depending on the loan amount and your requirements. Payday loans or cash advances are most popular for emergencies and those looking to borrow $100 to $2500 loans, often with bad credit histories. For larger loans and more long-term, we offer installments loans that can be repaid over 1 to 60 months.

Does Dime Alley Charge Fees? Are There Early Exit Fees?

No, we do not charge fees for making a loan request with Dime Alley. We work on a commission basis with our lending partners and may receive a commission if your submission is successful. But you can be rest assured that if you submit an enquiry, you will not be charged anything by Dime Alley!

There are no early exit fees if you wish to end your agreement early and it could be cheaper to repay early because less daily interest would have accrued overall.

What is The Criteria For a Loan?

  • Be a US or Canadian citizen
  • Over 18 years of age
  • Have a social security number
  • Have a live checking account to receive funds
  • Be employed (full-time or part-time)
  • A steady income of at least $500 per month
  • Must have a working email address and cell number
  • Bad credit scores considered
  • Able to make repayments on time
  • No recent bankruptcy

Will Applying for a Payday Loan Impact my Credit Score?

No, making a loan submission will not impact your credit score in a negative way. Credit checks will be carried out as part of the approval process, but will not be negatively impacted. Your credit score will only worsen if you are accepted for a loan and struggle to make repayments on time, putting your account into arrears.

Equally, if you make repayments on time, this could make your credit score improve, however, payday loans should not be seen as a way to boost your credit score.

Which States are Eligible?

Dime Alley currently operate in all the states that is legal to apply for a payday loan in the US. These include Alabama, California, Colorado, Florida, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Ohio, Tennessee, Texas, amongst others.

How Long is the Process?

All payday loan requests are made 100% online through Dime Alley and you can get started here. It will only take you 5 minutes or even less to fill in your details, and you will get an instant decision on the screen. If your application is successful, your funds could be transferred within 24 hours!

How Does Repayment Work?

Repayments are collected automatically from your bank account, on a scheduled date that you have agreed with the lender. You will be sent reminders on the days leading up to repayment so that there are no surprises. Repayments are made each month over a period of 1 to 60 months, depending on the size of your loan.

What If I Have to Repay Late?

If you miss your scheduled repayment or are late, you may be charged a late fee and this could negatively impact your credit score.

If you think that you will have trouble repaying this month or next, it is important to speak to your lender as soon as possible – as they can usually help you and reduce any late fees or damage to your credit rating.

Can I Cancel My Loan At Any Time?

Yes, you have no obligation to proceed with your loan from Dime Alley. Although once you have fully signed the online loan agreement and have been funded, you usually have a cooling period of 24 hours where you can cancel your loan with no fees. Once it is past this, you will just be charged a daily interest for every day that the loan is open.

What Happens if My Loan is Declined?

If your loan application is declined, nothing will happen! Simple! No fees will be applied and it will not impact your credit score. However, there may be a small footprint on your credit report for a few weeks or months but this will disappear soon after. We do not recommend applying over and over until you are accepted because there is no way to ‘game’ the system and any duplicates will likely be flagged.

Is Dime Alley a Direct Lender or Broker?

Dime Alley is a broker and we take a small fee in commission from more than 50 direct lenders that we work with – and only if your application is a success. We do not charge any application or upfront fees and once you apply, you are presented an offer from the direct lender and will be able to transact with them in every aspect of your loan agreement thereafter.

Is Dime Alley Legit?

Yes, we have been trading since 2021 and have a large panel of lenders across the USA and Canada who can offer you loans, taking all considerations and backgrounds into account. We review every lender we work with to ensure they are legitimate and make sure that your data and information is safe and not passed onto third parties without consent.

Can I Apply On Behalf of Someone Else?

No, typically the application should be for you and for you only and it should include your details including your name, DOB, address, contact and bank details.

Should not be using someone else’s name when you make a loan request. There may be lenience for those who are visually impaired or other personal circumstances. But using somebody else’s details to get a loan could make your application void because factors such as age, income and credit score will be key to your approval and suitability.

Can I Get a Loan if I am Unemployed or Self-Employed?

Our lenders will typically only lender to people who are employed and earning a regular wage, since this makes it practical to repay your loan on time and not fall into financial difficulty. There may be opportunities to get a loan if you are unemployed, only if you are in between jobs or earning a source of income elsewhere such as through a pension, social security, investments or rent – but a standard income and employment is ideal.

You can absolutely apply for a loan if you are self-employed. Assuming that you earn a regular income, this is treated as though it were a regular job.

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