Frequently Asked Questions
At Online Cash Loanz, we welcome you to learn about our services prior to using them. We believe that understanding the system is essential for one to be able to use a loan in the best way. We answer the most common questions here. If after reading through these, you still need further clarity on any topic, feel free to contact us for expert answers.
The basic qualification criteria for loans are:
- 18 years or older
- Legal resident of the US (need to provide a valid SSN)
- Verifiable contact details
- Legally employed or have a steady source of income
- Bank account required for loan deposit and payment transaction
At times, to ensure a safe transaction, a lender may add other requirements which might add to the typical loan processing time.
Loan repayments are automated. On the agreed date, an ACH (Automated Clearing House) transaction deducts the amount from your checking account and while agreeing for the loan, you authorize this transaction as per the legal norms. These payments are directly mode from your account to the lender’s account. It is hence recommended to contact the lender in advance, should you for any reason be unable to maintain sufficient funds in your account when it is about to be time for a scheduled deduction for a repayment.
Our loans come with a lean and completely online application process, available round the clock for a customer to access. The process has stages, which are designed to be as quick and wholesome as possible. Once you fill in a form and submit, it is first verified for completeness and accuracy. Thereafter, a lender is matched and you receive the customized offer. On your agreement, the transaction is processed. Parts of this process may work at different speeds depending on the time of the day and ease with which the tasks can be completed. Typically, the loan takes roughly a business day. It is often faster but also some times slower due to various reasons.
We use industry-leading encryption on your data that is only sent to direct lenders who have built a trustworthy performance history through good work practices and professionalism. The process is certified safe by our accreditors and we continue to work towards enhancing this as technology keeps developing. You can further rest assured that Online Cash Loanz does not sell your information for any purpose.
Depending on which state you apply from and your current financial health, our short term/installment loans can offer you up to $5,000. The payday loans can be for up to $2,500.
The short-term/instalment loans are usually intended for repayment within 3 months to a year. Some lenders can also offer up to 2 years. The payday loan is normally intended to be repaid on your next payday which should be in 7-14 days. At times, it is possible to be accepted for 30 days too.
Yes, our lenders do have their independent mechanisms to ascertain if lending a loan to you is safe, given you income and other outstanding debts. They also conduct a check to ensure that you are safe from bankruptcy and at times a soft-credit check can serve the purpose of the credit check, without affecting the credit score in any way. This is how some of our trusted lenders are able to serve people with bas credit scores.
Loan renewal, when accepted as per your agreement with the lender, is the ideal option when you’re unable to pay the loan on time. We however would emphasize the importance of reading and understanding your agreement with the lender, so you know what best to do in whatever situation you may be. In the situation that you need to delay a payment, it is definitely most important to first get in touch with your lender for help.
Each loan agreement shall have the exact terms explained and these terms cover delays and missed payments. The agreements and our direct lenders would be operating in compliance with the Federal and State laws. Awareness of your terms and the laws is important and useful. After understanding the agreement, the first thing in the event that you shall be missing out or delaying a payment, should be to contact your lender regarding this. Lenders would be able to guide you through your available options.
The State laws determine the number of loans an individual can avail simultaneously. Further, within the applicable law, a lender is authorized to determine if they wish to offer one or more loan products to a borrower who may have an outstanding loan. Similar is the case for the cooling times of a loan (applicable in some states). We suggest being completely transparent with your lender at all times, with regards to your current position of debts.
We at Online Cash Loanz, provide a matching service that enables you to reach out to our network of direct lenders. We further require that their products, terms and conditions are compliant to the laws applicable. However, the lenders’ exact terms, loan products, agreements and collection are not regulated by us. Should you have any questions, requests or need changes, you would need to get in touch with your direct lender for assistance.