Frequently Asked Questions:
Here you will find the answers to common questions and queries regarding cash loans and how the online process works.
What Is A Payday Loan?
A payday loan is a short term loan that is repaid in full in one lump sum, usually 2 weeks after it is issued. No collateral is required and there is only one single finance charge if repaid on the agreed upon date.
What Is An Installment Loan?
An installment loan is a longer term commitment that is repaid in equal installments. No collateral is required and interest is charged as an annual percentage rate (APR).
How Much Can I Borrow?
Typical amounts for these types of loan fall between $100 and $5,000, though the amount you are offered may be lower than you expect. Your income level may play a role in this.
Which Type of Loan Is Best?
If you require between $100 and $1,000 a payday loan may be the best option. If you borrow between $1,000 and $5,000, a longer term installment loan will help you pay it back more efficiently.
Do I Qualify?
As long as you are a legal US citizen residing in the country, who is over 18 years old you are eligible for a cash loan. You must however be employed or self-employed and have received at least one pay check from your current line of work. You are also required to have at a basic checking account.
What If I Have Bad Credit?
While it's rare to have no credit check at all, lenders might not check with the big 3 bureaus and it is often your income that plays the biggest role in the approval decision. If however you are currently in debt, cash loans might not be for you.
What Information Do I Need To Provide?
We only require basic information from you to complete the online form. This will include your full name, date of birth, address, phone number, email address, and the amount you wish to borrow. This will then be passed on to the lenders in our network. Once connected you will then have to provide further details. All of this will only take a few minutes to complete and if you're looking for near instant approval then you will be pleased to know lenders can approve you in as fast as 5 minutes!
Do I Need To Fax Anything?
In some cases there may be no faxing involved, but lenders reserve the right to request further documentation for verification. This won't take long and most procedures are now completed online (i.e. sending a scanned document).
Is My Information Secure?
Any information you submit to us through the website is secured by the latest encryption technology and is stored in an encrypted and password protected network. We will never pass on or sell your data to third parties outside of our network of lenders.
I Don't Accept The Offer
After you have submitted your information, connected with a lender and have been made an offer, it is your decision whether to accept it or not. The agreement is not legally binding and no cash will be deposited until you digitally sign the contract. You are free to walk away from the offer and apply again in the future. If you believe there is an error with the application you can re-apply with the correct information.
What If I'm Rejected?
Rejection can occur for a number of reasons. This may be because the lender is unable to verify your details, you do not meet the basic requirements outlined above, or your current finances do not meet the lender's internal criteria. If your circumstances change you are free to apply again at any time.
When Will I Get The Cash?
Once you have accepted a lender's offer the deposit process will begin as soon as possible. You could see the cash in your designated bank account within 1 business day (excluding weekends, bank holidays and other occasions when banks are not operating).
When Must I Repay The Loan?
If you have received a payday loan it must be repaid in full in one lump sum (plus the finance charge) on the agreed upon date. This will be made clear in the offer and you can easily check this date from the information the lender provides you.
If you have received an installment loan you will have received a payment schedule which outlines the dates and amounts for each installment. Each payment will include both a portion of the principal and some interest.
How Much Will The Loan Cost Me?
All loans carry a cost above the principal. Payday loans come with a single finance charge that is withdrawn from your account with the principal amount on the agreed upon date. The amount charged can vary from person to person and is dependent on your local state law and the information your provide. The amount will be clearly shown to you in the offer and you can easily refer to it in the agreement. If you miss the repayment date you may then be subject to added fees and interest. These too can be found in your agreement.
If you have taken out an installment loan you will be charged an annual percentage rate (APR) of interest, which will be spread across each installment. The total amount of interest you will be charged will be made clear to you in the offer and can be referred to in the agreement.
For more details please visit the Rates and Fees page.
Can I Repay Early?
Due to their short term lenders do not generally accept the repayment of payday loans early. You would still have to pay the full finance charge even if they did.
Installment loans however can often be repaid in full at any time. You may also only have to pay the amount of interest accrued up until that point. So if you choose to repay early instead of sticking to the installment schedule you could cut the cost of the loan. If this is possible it will be outlined in the loan agreement.
Can I Renew or Extend a Loan?
If you are unable to make the repayment in some circumstances it might be possible extend the loan (giving you more time to repay the existing loan) or renew the loan (issuing a new loan to cover the existing loan). The regulations surrounding this vary from state to state. Some do not allow renewals or extensions, while others accept automatic renewals and extensions.
What If I Fail To Make Repayment?
If you are unsure of your ability to pay back either a payday or installment loan, you are currently struggling with debt, or are likely to have changes in employment, we advise you not to apply for a cash loan. If you fail to make repayment lenders reserve the right to begin collection proceedings which may involve emails, letters, phone calls and other lawful practices to recover the debt.
For as long as the debt remains outstanding it may also continue to accrue interest at the APR stated in your agreement.
If you believe you will be unable to make a repayment you should contact the lender right away and they may be able it issue a renewal or extension.
How Do I Contact You?
You can contact us at any time. Please visit our contact page for further details.