How much can I apply for and what loan terms are available?
With Derma Finance, you can apply for any amount between $500-$50,000 per loan. We recommend applying for $2,500 or more to get the highest amount of offers from our lending network.
Loan terms will vary depending on the lender and individual offer but can be any length between 6 months to 6 years.
What will my APR be?
APR varies depending on the individual loan and lender, but our APR starts at 5.99%!
Will this application affect my credit?
No! Our application is a soft credit pull and will have no impact on your credit score.
Are the loans Secured or Unsecured?
Our amazing lenders offer both Secured and Unsecured loans to fit what works best for you!
Is there an early payoff penalty/fee?
No! All of our lenders offer zero penalty or fee early pay off loans! This way you can pay the loan off as fast or as slow as you would like to!
How do I apply for a loan?
Your artist will have two options for you to apply for a loan. They will have a direct link that can be sent to you, or a QR code you can scan. Both methods will redirect you to the platform where you can begin the application process!
Can I submit multiple applications?
No. Only ONE loan application may be submitted in any 30-day period. Due to this, make sure that when you fill out your application all of the information is accurate to the best of your abilities! If you make a mistake, you will have to wait 30 days to resubmit a new application.
How long are my offers good for?
Once you receive offers from our lenders, they are good for 30 days! After 30 days, you will have to resubmit a new loan in order to get offers. These offers will be new offers and will not be the same ones you received before, so keep that in mind when deciding whether or not you want to accept an offer during the 30 days!
Do I have to choose an offer right away or do I have time to look them over?
Your loan offers are good for 30 days, so there is no pressure to choose one right away (or at all!)! You will have plenty of time to fully review all offers and take the time necessary to decide if one of them is right for you! You can always go back and review your offers via the direct link sent to your email at time of application!
How long does it take to receive funds and how will I receive them?
Once you have completed all necessary items in the lenders application and your loan has been approved, you will receive funds within 24 hours directly to your chosen bank account! Once funds are received, you can choose the best method for you and your artist to pay them (Cash, Debit Card, Check, etc.)