What is a payday loan?
It’s a
small (usually under $1,000), short-term, no-collateral,
cash advance. It is backed by future income. This may be
your next paycheck, a dividend or other type of regular
income. The term of the loan is usually 30 days or less.
Payday
loans are meant for emergencies. If you find yourself
using them to pay regular bills, you should consider
credit counseling, debt-management aid or other type of
assistance. There are nonprofit agencies that help
consumers who have ongoing, excessive debt.
Use
payday loans responsibly.
What is an installment loan?
This is a
small (usually under $5,000), short-term, no-collateral,
cash advance. It is backed by future income. This may be
your next paycheck, a dividend or other type of regular
income. It is paid back in a set number of scheduled
payments. Use installment loans responsibly.
What is a personal loan?
This is a
no-collateral loan for up to $35,000, similar to a line
of credit. It is backed by future income. This may be
your next paycheck, a dividend or other type of regular
income. The term of the loan is typically longer than an
installment or payday loan. These loans can be used to
consolidate debt or pay off high interest credit cards.
Use personal loans responsibly.
How does DebtCash.com work?
DebtCash.com is not a lender and does not make credit
decisions. DebtCash.com is a loan matching service. We
connect consumers who are looking for financial
assistance with independent, third party lenders who may
be able to provide a loan.
You begin
by filling out the simple form. Your information is then
shared with third party lenders who may make you a loan
offer. You are under no obligation to accept the offer,
but if you do, the lender will provide the instructions
to do so. Every third party lender has their own terms
and conditions. Please consult these before accepting
the loan offer. In particular, check for information on
the APR, fees, renewal terms and consequences of
non-payment.
If you
have any questions about your loan, please contact your
lender.
Does DebtCash.com charge a fee to connect consumers
with independent, third party lenders?
Registering with DebtCash.com is free to you, the
consumer. We are paid by independent, third party
lenders for potential customer referrals.
Each
third party lender will have its own fees, APR and
terms. These charges come directly from the lender and
not from DebtCash.com.
These
fees and charges will be provided to you at the time of
the loan offer, if one is made. You are under no
obligation to accept them. Your loan is accepted by you
when you electronically “sign” the offer and send back
to the lender.
Read all
documents for the terms and conditions of the loan.
How much can I borrow?
Payday
loans are usually between $100 and $1,000. Installment
loans range between $100 and $5,000 and Personal loans
are usually between $500 and $35,000. You will make a
request for a loan amount. If you receive a loan offer,
it may not match the amount you requested. Loan offers
may vary for several reasons including the individual
lender, employment, income and other factors.
If approved for a payday loan by an independent third
party lender, how quickly could I receive it?
The
transfer to your bank account could happen as early as
the next business day. Times will vary depending upon
your lender and your financial institution. If you have
additional questions regarding the transfer time, please
contact your third party lender.
What are the minimum requirements to apply for a loan?
Individual, third party lenders have different minimum
requirements, but the following constitute typical
minimum requirements:
Be at
least 18 years of age or older
Be a U.S.
Citizen
Have a
checking or savings account with direct deposit
Have
regular income of at least $1,000 per month
Have a
fair credit rating (for personal loans only)
Must Not
be a regular or reserve member of the Air Force, Army,
Coast Guard, Marine Corps, or Navy (or a dependent
thereof), serving on active duty under a call or order
that does not specify a period of 30 days or less
What information do I have to share in order to register
with DebtCash.com?
You will
be asked to provide banking, employment and some
personal information. This information includes, but is
not limited to your name, address, telephone number,
place of employment and/or source of regular income,
driver’s license number, bank account information and
social security number.
The third
party lenders may perform a credit check or use other
methods to verify the information you provide.
Is the information I provide secure?
DebtCash.com employs a number of state of the art
security measures are designed to keep your information
secure. All sensitive data transmitted between your
browser and DebtCash.com uses 128 bit Secure Socket
Layer (SSL) encryption technology. Your use of our
services is strictly voluntary and is governed by our
Terms & Conditions of Use and Privacy Policy.
How long does a loan transaction take?
From the
time you register with DebtCash.com (and are made an
offer by an independent, third party lender) the process
can be as fast as one business day. A number of factors
impact this, including the time of day you apply, the
accuracy of your registration, the lender and your
financial institution.
When must I repay my loan?
DebtCash.com is not a lender. Each independent, third
party lender has their own terms and conditions,
including those concerning repayment. You should contact
your lender for information about the date and time for
repayment as specified in your loan agreement.
Will independent, third party lenders perform a credit
check and what are the credit implications?
Many will
do so. They may check to verify the accuracy of the
information you have provided and/or to review your
information to see how it compares to the records of
national databases. Lenders may verify your social
security number, driver’s license number, banking
information or any other information you provided.
Multiple
inquiries to the “Big 3” credit bureaus (Experian,
Equifax and Transunion) may result in a lowering of your
credit score. Therefore you may want to register for a
loan, one at a time.
Will my loan be automatically renewed?
The
answer to this question depends upon the state you live
in and the lender. Each lender has its own renewal
policies, as well as each state having their own laws
regarding automatic renewal of payday loans. Be sure to
ask your lender if your loan will automatically renew or
if they have to receive your permission first.
Loan
renewal will likely result in the addition of fees and
interest to your loan balance. Make yourself aware of
these fees before agreeing to any loan renewal.
What are the implications of late payments and
non-payment?
This
varies by lender, so check with your lender before
agreeing to the loan offer. Many consumers get in
trouble by not being aware of the penalties of late or
non-payments. Be fully aware of the consequences of not
paying the loan in full on the date it is due.
Is approval guaranteed?
There is
no guarantee that you will be approved by one of our
participating lenders.
What if I am unable to repay my loan according to its
terms?
Typical
penalties for lack of repayment may include:
Addition
of late fees
Your
account being forwarded to a collection agency
Report
your lack of payment to a consumer credit agency
(thereby lowering your credit score)
An offer
to renew your loan, which will result in additional fees
and/or interest
DebtCash.com is not a lender. You should ask your
lender what the implications of non-payment are.
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