1. What is an Installment Loan?
A loan that is repaid over time with an agreed number of scheduled payments, payable over a long period of time. An Installment Loan can also be repaid early, which will save you interest.
2. For what purpose can I use an Installment Loan?
Paying any bills such as car notes, electricity bills, water bills, phone bills, etc. Once the money is in your account, it is yours to use. You can use the funds as needed but you should do so in a responsible way.
3. Is there an application fee?
No. You will not be charged to apply for an Installment Loan, whether or not you are approved. Plus, with our satisfaction guarantee, you won't be charged any interest or fees if you change your mind about the Installment Loan. Just contact us to return the principal amount before the closing of the next business day after the date of the Customer Agreement. We will cancel the transaction at no cost to you.
4. How can I apply for an Installment Loan?
You can apply for an Installment Loan online from the comfort of your home. Click on the Get a Loan
page and fill out the application form. Funds are deposited electronically by ACH the next business day.
5. What are the Installment Loan approval requirements?
We have a few and simple requirements:
- Employed for the past three months.
- Active checking account for the past three months.
- Earn a monthly income of at least $1,200.
- Not currently a debtor in a bankruptcy case or presently intending to voluntarily file for bankruptcy relief.
6. Do I need to fax any documents?
No. We utilize proprietary underwriting to approve your Installment Loan without any faxing! Our 24/7 online application is completely paperless and fax free. You will receive an instant answer on your approval!
7. How do you determine my Installment Loan amount?
We determine your loan amount based on your current monthly income. If you are a first-time borrower, you can receive up to a maximum of $600.
8. How can I become eligible for a $1,000 Installment Loan?
Once you repay your first loan successfully and exhibit trustworthy financial behavior, we will reward you by increasing your loan limit by $100 on each successful repayment. However, we do not supply loans exceeding $1,000.
9. How soon can I hear my Installment Loan approval status?
Once you have been approved by our online application, we will contact you by either email or phone within one hour about the status of your loan 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. We reserve the right to make adjustments to your approval until the time you receive the funds in your bank account based on new information regarding your application.
Due to different state and verification requirements, not all applicants for online loans may be eligible for instant approval by CashAmericaToday.
10. What if I have a bad credit?
No problem! Since we supply only small Installment Loans, we do not run a traditional credit report. This is what distinguishes us from the conventional banking system. Even if you have been turned down by other lenders in the past, we may be able to assist you in obtaining a convenient credit option that fits your needs.
11. What do you mean by APR?
Annual Percentage Rate (APR) describes the annual interest rate on the Installment Loan.
12. How much will my Installment loan cost?
Our fee for an Installment Loan depends on the length and the number of agreed schedule of payments. If you pay early, your fee will be adjusted accordingly based on your truncated payment schedule. We carefully abide by national and state regulations in determining our loan fee.
13. How soon can I receive my Installment Loan?
We can approve your Installment Loan application instantly once you have completed our online application. If you request your Installment Loan before 6:00 PM EST, we will deposit funds into your checking account electronically via ACH by the very next business day. For example, if you request an Installment Loan on Tuesday, you will receive it before the end of next business day on Wednesday. The exact time of funding depends on when your bank will post ACH (Automated Clearing House) credits to your bank account. If you expect to receive funds on a certain day, but do not see the funds in your bank account, you should contact your bank's ACH department. They should be able to tell you when the funds will become available.
14. Can I request an Installment Loan over weekends?
Yes. You can request an Installment Loan over weekends. An application received over the weekend, will be processed on Monday unless that Monday is a bank holiday. In that case, we will process your application on Tuesday. Any Installment Loan requested on Fridays before 6:00 PM EST will be deposited on the following Monday.
15. What if I request an Installment Loan, and then realize I do not need it?
If you accidentally apply for an Installment Loan you did not intend, simply give it back to us before the end of the business day following the day you received the Installment Loan. For example, if you receive your Installment Loan on Wednesday, you have time until 7:00 PM EST on Thursday to return it, without any penalty.
16. How do I repay my Installment Loan?
Just as with receiving the Installment Loan proceeds, the process is automatic and convenient. An electronic withdrawal will be made from the account you provided to us on your Installment Loan application on the Installment Loan's due date via an ACH transaction. If there is any change in your banking information, please email your new bank account to firstname.lastname@example.org
at least 2 business days before 4:00 PM EST on the date the loan is due in order for the change to be processed for the current payment. This way, you need not have to write a check or pay for postage.
17. When do I pay back my Installment loan?
Your payment schedule is dependent of your Installment Loan size and set number of agreed payments. You may pay off your installment loan in full at any time without any prepayment penalties. Doing this will reduce the amount of interest you will pay on your loan.. Our payment system is set up in the same way as any online bill pay system; with the automatic withdrawal date via an ACH transaction according to the payment schedule dates on your Installment loan agreement. If you aren't sure about your Installment Loan due date or the amount you owe, please email our Customer Service Team at email@example.com
18. 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.
19. Collection and Use of Bank Account Information.
If we extend credit to a consumer, we will consider the bank account information provided by the consumer as eligible for us to process payments against. If you have any questions, please contact us.
20. 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.
21. How do I update my bank information?
To update your bank information, contact our Customer Service Team via email at firstname.lastname@example.org
, telephone at (855) 840-5688 or by clicking the Live Chat button. Please make all information changes at least two business days before your loan is due to the lender.
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 Fax no. (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.
22. What if I don't have the money in my bank account to repay on the agreed due date?
You must contact us immediately to set up payment arrangements. If you contact us at least two business days before the payment due date, we can extend the payment date. You may obtain an extension by paying at least enough to cover interest earned up to that point (usually the finance charge previously disclosed of $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.
23. What is your NSF (Non-Sufficient Fund) Fee?
Our NSF Fee is $20.00
24. Can I pay back my Installment Loan before the agreed due date?
Yes, you can definitely payback your Installment Loan before the due date. It's best to contact us through email at email@example.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.
25. I need to request an extension or partial payment on my Installment Loan.
If you do not want us to withdraw the full amount on the loan due date, you have the option to extend your Installment Loan. You may make partial payments at any time prior to maturity on the principal balance without incurring additional charges.
26. Is my information safe with you?
We respect your privacy and we will never market your information to third parties. Your transactions are protected, with a secure SSL server that uses the highest encryption standards.
27. I am in the military. Can I get an Installment Loan from you?
We appreciate your service to the country and thank you for your interest in us. However, we do NOT provide Installment Loans to military personnel at this time.
28. How do you establish the Installment Loan fee amount?
We never charge the Installment Loan fee higher than the law allows. We strive to provide you with honest service.
29. 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 CashAmericaToday concerning your account. To ensure you receive important emails from CashAmericaToday , please take a moment to add our email address firstname.lastname@example.org
to your address book or to your SPAM "good list" or "whitelist". This helps your email provider recognizes CashAmericaToday as a trusted email source