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Frequently Asked Questions

In the tabs below, you will find the answers to some of the questions our customers ask the most. Please feel free to read through our frequently asked questions and if you have more questions, get in touch and we’ll get back to you as soon as we can!

How Much Can I Borrow?


You can borrow from as little as $100 to as much as $35,000 through Harpsey. If you opt for a larger amount, the lender will take into account your income to assess affordability.

These are some common amounts that you can borrow with us:

What Amount Of Interest Is Charged On The Loan?


If you are approved for a loan, the lender typically charges interest on the loan in the form of APR (Annual percentage rate) as an industry borrowing reference metric. The amount of APR will vary depending on each borrower’s financial circumstances, such as level of income, credit score, amount of loan and the period over which repayments are made.

For payday loans, the typical APR for a good credit applicant starts from 300% APR rising to about 600% APR for an applicant with a bad credit score. The period of repayment is usually shorter (often a few weeks) for payday loans so although the APR is much higher, the shorter duration means the impact on interest payments is often more limited.

Payday loans can be risky, particularly if repayments are not made on time and in full as they can be high-cost. We see them as a useful way to access cash quickly as a short-term option for a small amount (typically $500 or less) that’s repaid when you receive your next paycheck.

For other types of loans such as a personal loan or an installment loan, the APR typically starts from around 36% for applicants with a good credit profile.  Please see a working calculation of APR.

To learn more about APR, check out the following guides:

What Types Of Loans Do You Offer?


Harpsey is able to offer the full range of personal loans including:

Do You Consider Applicants With Bad Credit Histories?


In short, yes we do. Applicants with bad credit or poor credit history are still considered via our selected lenders. We work with specific lenders who will often offer a loan advance despite a borrower’s poor credit history.

This often boils down to the lender being comfortable that the borrower has sufficient income to repay the loan.

Sometimes loans are offered that don’t require a credit check and instead use collateral against the loan, such as a car or property to help you borrow money, like a Title Loan. See also:

Are You A Lender?


No, we are not a lender. Harpsey is a lending intermediary and lead referrer. We use our expert industry knowledge, technology and expertise to arrange suitable lenders with borrowers applying through our platform.

What Is In It For You?


We are passionate about supporting people by giving them easy access to affordable debt and loan capital. For too long, the traditional lending industry has focused too narrowly on the need for borrowers to put up collateral such as real estate as security for a loan.

We are proud to work with more innovative lenders who pride themselves on flexibility, speed and ease of application to grant funding. We do receive a fee from our lending platform if a lending application is successful. This enables us to continually improve our service which is free for borrowers.

How Many States Do You Offer This In?


Our service is available across almost every US state and Canada where lending regulation allows us to offer our loan application and matching service. This includes both the west and east coast of US, from California, Texas, and Florida. And many other states across the entire US too. We also make our service available to residents in Canada.

Find out more about the states you can access our service from:

When Is The Best Time To Make An Application?


Our lenders typically tell us that the best time to make an application is during working hours based on the time zone in your state. This is usually 9am to 5pm. This gives you the best chance of success for funding.

What Do I Need To Know Before Applying?


It’s important to be aware of certain eligibility criteria before applying for a loan. The key requirements are:

  • You must be a US or Canadian citizen
  • Over 18 years of age
  • Access to a live checking account
  • Income of at least $800 per month
  • Ability to make repayments

Do I Have To Provide Banking Information?


Yes, we require details of your checking account in order for the funds to be transferred into your bank account once the loan is approved. We handle all personal information submitted through our platform including your bank details with strict security measures.

We do not pass any of your details to any 3rd party except the matched lender once they approve your application.

How Quickly Is Money Transferred To Me?


Once your loan is approved, money typically reaches your account within 24 hours. Actually, it is usually much quicker, often within a few hours, if that. To be cautious though, we say you will be able to receive funding on the next business day.

What If I Can’t Afford The Repayments?


Our lenders carry out affordability checks to ensure the loan is appropriate according to your personal circumstances. Our lenders will typically not lend unless they feel comfortable you can afford the repayments. They will usually factor your income and expenditure as part of this assessment.

That said, if you experience difficulties making repayments during the term of the loan, our lenders may be able to provide more flexible options for you based on your personal circumstances. We always suggest speaking to your lender about any issues as early as possible so they can address this with you.

If you do miss a scheduled repayment or make a repayment after the due date, a late fee may be charged which could negatively affect your credit profile.

How Easy Is The Online Application Form?


We have designed our loan application process with ease and simplicity in mind. It usually takes no more than 5 minutes to complete and can be done on various device types including computer, tablet or mobile.

We recommend having certain personal information to hand to make the process as efficient as possible for you. Once completed, you will receive an instant decision on screen.

What Happens If I’m Denied a Loan?


If your loan application is denied, it means that the lender has determined that you do not meet their criteria for borrowing. There could be various reasons for this, such as a low credit score, insufficient income, or other factors that indicate a higher risk for the lender.

Take the time to understand the reasons for the denial and work on improving your financial situation. Building a better credit history can increase your chances of being approved for a loan the next time you apply.

Can I Repay My Loan Early?


Yes, you can often repay your loan early. Many lenders allow borrowers to make early repayments without incurring any penalties or additional fees. Check the terms and conditions of your specific loan agreement to understand if there are any penalties or fees associated with early repayment, just in case.

What Happens If I Default on My Loan?


If you default on your loan, the lender may take legal action to recover the funds they are owed. This can include collection efforts, reporting the default to credit bureaus, and potentially taking you to court.

This is why it’s so important to communicate with your lender if you’re facing difficulties in making repayments. In some cases, they may be able to offer alternative repayment options or negotiate a solution.

Can I Get Another Loan If I Already Have One?


Yes, in some cases you can another loan while you still have an existing one. However, taking on multiple loans simultaneously can increase your debt burden and make it more challenging to manage your finances.

Can I Get Another Loan If I Already Have One?


Yes, self-employed individuals can apply for a loan. However, the requirements and documentation may vary compared to those who have traditional employment.

When applying for a loan as a self-employed borrower, you may need to provide additional documents such as bank statements, tax returns, profit and loss statements, or business records.

What Fees Do You Charge?


Harpsey does not charge any fees to use our service or to make an application through our portal. Transparency is a key principle for us and we may receive a commission through our network of lenders if you are successfully matched with a lender for a loan. This enables us to keep the service free for our users.

Can I Change the Loan Amount or Term After It Gets Approved?


No, usually you can’t. Once your loan has been approved and finalised, it’s typically not possible to change the loan amount or term.