Frequently Asked Questions

What type of Loans do you provide?

Sierra Financial provides loans in amounts up to $1,000. These loans are intended to be repaid quickly - usually on the borrower's next pay date. These loans are ideal for people with bad credit or those who need cash quickly.


What can I use a Short-term loan for?

This loan can be used to tide you over until your next pay date when you are short on cash. People use this type of loan to cover emergency expenses like an extra-large phone bill, an unexpected car or house repair, or to avoid overdraft fees from a bank or credit card. Short-term cash loans are used by many people who have no other source for borrowing small amounts of money quickly.


How much can I borrow with a short-term loan?

The amount you are approved for depends on your income and payment schedule and whether or not you are a first-time borrower.

First-time loans are up to $500. In some cases, certain borrowers may be eligible to receive up to $1000, but are required to provide more information including - but not limited to - a bank statement.

After paying off your initial loan on your payday, you will be eligible for a gradual increase on future loans up to $1,000 as long as your account remains in good standing.


How will I receive the money?

We use direct deposit - ACH or EFT transaction - that goes directly into your bank account. The process is automatic, convenient, and secure.


A same-day credit option may be available via bank wire transfer, but this is not guaranteed. If this option is available, additional fees may apply.


When will I receive the money?

After your loan is processed and approved, funds will be sent to your bank account. Standard funding will be processed by the next business day (excluding bank holidays and weekends). Not filling out the application completely or correctly can hinder quick approval and transfer of funds.

It may be possible to receive your funds on the same business day via a wire transfer. This option may be available but is not guaranteed. If this is an option, additional fees may be applied should you decide to utilize this service. (Credit Unions usually take 1 day longer than traditional banking institutions to process all funds).


do I qualify for a short-term loan?

You must have a proven source of qualified income. A working email address and verifiable phone number are required so that we may contact you if we have any questions regarding your information. You will need a checking or savings account in good standing with Direct Deposit enabled. You must be at least 21 years of age, and a United States citizen. All signed Loan Agreements are subject to verification of prior loan history and application data.


The following income sources do not qualify as income with which to receive a loan from Sierra Financial:


   •  Military Pay

   • SSI / SSDI

   • Child Support

   • Alimony

   • Short-Term Disability

   • Retirement / Pension



What happens after I apply?

We process your loan application quickly as soon as it has been received. Generally, one of our loan processors will need to talk to you on the phone in order to confirm your loan request and application information. You may be asked to confirm your next two pay dates and your bank account information for accuracy before we proceed with funding your loan.


Making yourself available by phone and checking your email for loan documents will speed up the loan process. Not filling out the application completely or correctly can hinder quick approval and transfer of funds.


can I get a short-term loan with bad credit?

It does not matter if you have bad credit or no credit at all. We do not perform a traditional credit check during the application process, so there will be no hard check to affect your credit score.


Short-term payday loans are designed to help people who are in need of emergency cash, so lenders are understanding that you may have had credit issues in the past and are willing to work with customers who have bad credit.


How will I be approved?

We use an underwriting process that takes into consideration all the details of your application. If you do not meet our underwriting guidelines we may send your application to another lender who may be able to fund you.


If you are approved by Sierra Financial you will be contacted by phone or email. Communication regarding your loan will either come from " Sierra Financial".


will you contact my employer?

Yes. We contact your employer only to verify your employment as stated on your application.


We always respect your privacy and will not disclose any information about the nature of our business to your employer. Our representatives are very discreet and will not share information with anyone who is not the applicant.


Why do you ask questions about my bank account?

We need to verify that the information you provided with your application is correct and that it hasn't changed since you applied. Correct banking information is necessary to allow us to deposit the money to your account without further delays or complications.


We may ask you about your last two deposits and your account balance to ensure that your payment due date(s) will coincide with your pay schedule or direct deposit schedule.


What are the terms of the loan?

The finance fee is typically 33% of your principal loan amount.


The loan processor will explain the terms to you over the phone, including the specific finance fee based on your loan amount and due date. The finance fee is also covered in the loan documents that are emailed to you and are specific to your approved loan amount.


Your due date will be based on your next payday (up to 16 days away). If you get paid twice a month, you will be due for your upcoming payday. If that date happens to fall less than 5 days from the date you are approved, we will set your due date for the following payday up to 16 days away.


Be sure to talk to your loan representative about different terms if you are paid weekly or monthly.


How do I repay a short-term loan?

You don't need to do anything unless you want to pay down or pay off your loan.


The amount due on your due date depends on the amount that you borrowed and how soon your pay date occurs after your borrow date. You are required to pay the finance fee on your due date, but it is a good idea to also make a payment on the principal of the loan if you have the funds to do so. As a short-term loan, it is beneficial to you to repay as soon as possible to avoid roll-over fees.


To pay down your loan or pay off your loan in full, you must phone us no less than three business days prior to your next due date to set up a payment arrangement.


We accept smaller principal payments on your due dates if your current budget does not allow for a full payoff at this time. The payoff options are as follows:


  • If you do not contact us, we will deduct only the finance fee from your account.

  • Contact us at least 3 days before your due date to schedule a finance payment and partial payment of your principal balance.

  • Contact us at least 3 days prior to your due date to schedule a complete payoff of your principal balance and any finance fees.


In some cases, if your payment date falls within ten days of the day that you receive your funds, you may be offered half off of your first finance fee.