Lending Overview
ClapPay offers several borrowing options to help when you need funds.
Lending Products
Personal Loans
Borrow a lump sum:
- $1,000 to $50,000
- Fixed monthly payments
- 12 to 60 month terms
- No prepayment penalties
Instant Cash Advance
Get money before payday:
- Up to $500
- No interest
- Repay on payday
- Small flat fee
Credit Builder
Build or rebuild credit:
- Small monthly payments
- Reports to credit bureaus
- Builds credit history
- No credit check to apply
Business Loans
For ClapPay business accounts:
- Working capital
- Based on revenue
- Flexible repayment
How to Apply
- Go to Lending in the app
- Browse available options
- Check your eligibility
- Complete application
- Get decision (often instant)
- Receive funds
What Affects Approval
Personal Loans
- Credit score
- Income
- Employment
- Debt-to-income ratio
Cash Advance
- Account history
- Direct deposit history
- Account standing
Credit Builder
- Valid ID
- Bank account
- No credit check required
Responsible Borrowing
Before borrowing, consider:
- Do you truly need it?
- Can you afford the payments?
- Is there a cheaper option?
- Have you read all terms?
We're committed to responsible lending and won't approve loans you can't afford.
Interest Rates
Rates vary by product and your profile:
| Product | APR Range |
|---------|-----------|
| Personal Loan | 8% - 29% |
| Cash Advance | Fee, not APR |
| Credit Builder | ~15% (builds to savings) |
| Business Loan | 10% - 35% |
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