A: If approved, your initial Line of Credit issued will be between $200 to $1,000. You may be eligible for a credit limit increase depending on your payment history, income level and various underwriting criteria up to $1,500.
A: The APR rate on your new Line of Credit is 444%. Complete disclosures of APR, fees, and payment terms are provided within the Line of Credit Disclosure and Account Agreement.
A: After completing the application, your information will be available online by clicking “here”, using the username and password you input on your application. Your loan will be reviewed for pre-approval immediately if received during business hours, then you will be contacted with instructions to finalize your loan. If after business hours, you will be contacted the next business morning. If pre-approved, you will be expected to provide the requested items disclosed in your pre-approval email. If denied you will receive an Adverse Action denial letter via email.
A: You have two options available. The first option is to receive a check immediately that you can deposit or cash at your financial institution or you can cash at our financial institution free of charge. The second option is to receive an electronic ACH deposit into your account at your financial institution. You would receive the electronic ACH deposit in your account on the next business day.
A: Each payment amount will vary. Refer to your billing statement for exact payment amount. New billing statements will be emailed the day following your previous payment due date.
A: Payments will be scheduled on EACH pay date. EXCEPTION: Borrowers paid weekly, payments will be scheduled bi-weekly. An automated payment reminder email and text will be sent 3 days prior to each due date. Our system determines the initial due date and the payment amount. This system typically extends the first payment due date 40 to 60 days after the loan is approved. As a result, the interest is accruing at an amount greater than the first 2 or 3 minimum payments will cover. In order to pay down the principal quicker and experience a cost savings in interest, we recommend you make a payment prior to your first due date. This is not a requirement, but only a recommendation.
A: Your payment will be debited from your checking or savings account via an ACH transaction or debit card, unless other arrangements have been made.
A: There is no pre-payment penalty to pay off the loan at any time.
A: It is never necessary to re-apply. Even if your balance is 0, your account will remain open and your credit limit available as long as your account is in good standing.
A: If your account is in good standing, you may request an advance up to your available credit limit. Advances may be requested in person, online or by phone.
A: After you make six (6) on time, consecutive payments, we will review your credit limit for a possible increase. Increases in your credit limit will be no more than $150 per review, based on your income and account status, up to a maximum of $1,500.
A: You are able to undo the transaction at no cost to you before the end of the following business day by returning the full principal amount to us.