1. What is an Installment Loan?
It is a cash advance that is repaid over time with a fixed number of scheduled biweekly, semi- monthly or monthly payments of equal amount. Also known as installment debt, it gives you greater repayment flexibility. Moreover, it allows prepayment with no penalty, which will save you interest. Examples of installment loans are mortgage loans, student loans, car loans, home equity loans, etc.
2. What is the fee for your online application?
As a reputable lender online, we provide fee free personal loans. Hence there is no application fee.
3. What are flex pay installment loans used for?
There is no obligation on the use of these small loans. They can be used to pay bills such as car notes, utility bills, medical emergency, tuition fees, home repairs, renovation, etc.
4. How can I get an Installment loan from a direct lender?
To qualify for a quick loan with installment payments, you must:
- Be minimum 18 years old
- Be permanent resident or US citizen
- Be employed for the past three months
- Be earning a monthly income of at least $1,200
- Have an active bank account
- Have a valid contact number and email address
- Not be a debtor in bankruptcy case and should not intend to voluntarily file for bankruptcy relief, presently.
5. Do I need to fax any documents to get a short term loan?
No. We provide no fax or no paperwork online loans for your convenience.
6. How much money can I borrow on direct installment loans?
CashAmericaToday determines your loan amount based on your current monthly income. As a first time borrower, you can qualify for up to a maximum of $500. However, we will reward you by increasing your loan limit by $100 on each successful repayment. Note that we do not supply loans exceeding $1,000.
7. What are Installment loans with no credit check?
Installment loans with no credit checks are loans that do not require the borrower to submit a credit check. Your ability to repay the loan completely is evaluated instead of your credit score. Borrowers who need money can access it more easily.
8. How long does it take to get approved for no credit check loans?
Almost instantly! We will contact you by phone or email within one hour of loan approval during normal business hours (Monday to Friday, 8:00 AM to 7:00 PM EST). For applications submitted after-hours, we will contact you first thing the next business day. However, due to different state and verification requirements, not all borrowers may be eligible for no credit check and quick approval loans from direct lender.
9. Can I get a guaranteed approval loan even with bad credit?
Yes. Even people with poor or low credit score are eligible to apply for our bad credit loans because we do not run credit checks.
10. What do you collect and use my bank account information for?
We use your bank account details to process payments.
11. What is an APR?
An Annual Percentage Rate (APR) is the total cost of credit, including interest and all other finance charges like a loan origination fee. The APR expresses your loan's finance charges as an annual rate.
12. What does APR on unsecured personal loans mean?
APR, the Annual Percentage Rate is the effective rate of interest charged on your loan.
13. How to calculate the loan cost?
The loan fee depends on the length and number of payments; in case you repay early, the fee will be adjusted based on your shortened payment schedule. We do not charge more than what the law allows. For more details on calculating installment loan costs, refer our
rates page.
14. Why does one need to renew a loan?
Unforeseeable circumstances can make it difficult for borrowers to pay back their loans promptly. In most cases, lenders will extend the loan for an additional interest rate. You'll avoid any extra fees and payments this way. Not all states permit renewals.
15. How many loans can one take at a time?
Generally, lenders can make a maximum number of credit agreements simultaneously or consecutively, within legal limits. Before signing any contract, it's a good idea to tell a lender your current credit rating and details of the defaulted loan.
16. What if I am unable to repay my loan?
Accepting the terms and conditions of a loan agreement to pay the money owed according to the time specified in the contract. Non-payment may result in additional charges. Contact your lender as soon as you are aware that you won't be able to make the next payment in time.
17. When will I receive my loan amount?
We at CashAmericaToday deposit the requested amount immediately after you get the approval. However, depending on your bank policies, it may take maximum up to 2 days for the loan amount to reflect in your account.
18. Can I apply for an installment loan on weekends?
Yes. However, Any loan requested on Friday after 6:00 PM CST will be processed on the next business day which is usually Monday- unless it is a holiday.
19. What happens if I change my mind after taking out a loan?
If you request for a short term advance loan and then realize you do not need it, you can return it to us before the end of the next business day. For example, if you receive the loan on Wednesday, you have time until Thursday 7:00 PM EST to return it, without any penalty.
20. Do I need to write a check for repayment?
No. The amount is electronically debited via ACH from your authorized bank account on payment due date.
21. Are there any penalties for paying off the loan early?
No. Because these are no prepayment penalty loans. . It is best to contact us through email at
support@cashamericatoday.com or call us at (855) 840-5688, and we will start the pre-payment process. In fact, you may even qualify for a refund of a portion of the loan's finance charge.
22. What is an ACH transaction?
ACH stands for Automatic Clearing House and is a method of electronically depositing or withdrawing funds from an account. When you provide a check as payment on your installment loan application, you authorize us to process the payment as a check transaction. When the lender presents an ACH request to your bank, it will send the specified amount of loan fees and/or principal to the lender which was outlined in your loan agreement. If the payment is returned for reason of insufficient funds, the lender can and will present the ACH Authorization to your bank again.
23. How can I trust you to withdraw the correct amount from my checking account?
CashAmericaToday follows all NACHA regulations. We are authorized to utilize the Federal Reserve Wire System. We always abide by the state and federal laws, and will never withdraw more money than you have authorized in our process.
23. How do I update my bank information?
To update your bank details, contact our customer service team by sending an email to
support@cashamericatoday.com at least 2 business days before 4:00 PM EST payment due date. Alternatively, you can call us on (855) 840-5688. If you have already applied for your loan, you will need to fax in a copy or photo of a voided check or bank statement for the new bank account to (855) 840-5689. If you are supplying a photo of your voided check or bank statement, please note that the picture must be in the standard PDF or JPG formats in order for us to access it. Also, please note if you are submitting a voided check, do not submit Starter Checks, as we do not accept these as valid proof of bank information.
25. What if I do not have sufficient funds in my account on payment due date?
You must contact us at least two business days before the payment due date for setting up payment arrangements. You may obtain an extension by paying at least enough to cover interest earned up to that point (usually the finance charge previously disclosed as $30 per $100 borrowed and APR (Annual Percentage Rate) ranges from 365% to 1,564%, depending on the terms of the extension). We also recommend that you pay as much extra as you can to reduce the principal balance. However, we charge a NSF (Non-Sufficient Fund) Fee of $20.00.
26. How to request an extension or partial payment on my cash loan?
If you do not want us to withdraw the full amount on the due date, you have the option to extend your loan. You may make partial payments at any time prior to maturity on the principal balance without incurring additional charges.
27. Is my loan information safe with you?
Yes. We protect your data with a secure SSL server that uses the highest encryption standards. Besides, we never sell your information to third party lenders.
28. I am military personnel. Can I get an online loan from you?
We appreciate your service to the country and thank you for your interest in us. However, we do NOT provide loans to military personnel currently.
29. How can I apply for a loan with CashAmericaToday?
Applying is easy and hassle-free, just follow the 3 simple steps:
- Apply online
- Get instant approval
- Get the funds to your checking account
30. Why am I not receiving emails from CashAmericaToday?
CashAmericaToday uses email to keep you informed of your approval, repayment reminders and confirmation, promotions and more. This makes it very important that you receive all email communication from us concerning your account. To ensure you receive important emails from CashAmericaToday , please take a moment to add our email address
support@cashamericatoday.com to your address book or to your SPAM "good list" or "whitelist". This helps your email provider to recognize CashAmericaToday as a trusted email source.
31. What is the difference between Payday Loans & Installment Loans:
Here, let us understand what is the difference between Payday loans and Installment loans:
- Loan amount payment for payday loans is usually small when compared to installment loans.
- In the case of payday loans, a good credit score is not mandatory whereas for installment loans there might be a requirement depending on the lender.
- Repayment terms for a payday loan are on the next due date but for an installment loan, the amount can be paid over a longer period.
- Access to funds for payday loans is quick when compared to installment loans.
32. Why choose CashAmericaToday?
The process with CashAmericaToday is easy and hassle-free. There's no need to be concerned because we are available 24 hours a day, seven days a week! We are a trusted direct lender in town, and you can now borrow money whenever you need it!
Didn't find your answer here? E-mail us at
support@cashamericatoday.com