How It Works
Understanding how a cash loan works will allow you to gain access to cash when you need it at the last minute. With the expert help of LoanUp.com, the application process can be completed in 3 easy steps.
1. Fill In Cash Loan Application
This part of the process is 100% free of charge and you don't have to pay anything to submit your application. It is important to make sure that the information you provide on the form is as accurate as possible as this will help you achieve better results. Keep in mind that you can request bad credit loan of up to $1000.
The minimum requirements for cash loan applicants are as follows:
- Must be a legal resident of the United States
- Must be a minimum of 18 years of age
- Must have been employed at the current job for a minimum of the last 90 days
- Net monthly income must be a minimum of $1000
- Must have a checking account in your name
- Must have a valid phone number
- Must have a valid email address
2. Review Your Application
LoanUp.com uses the most advanced encryption technology available yet, so you can be sure that the information you submit is secured and protected. After submission, your form is forwarded to multiple creditors to be reviewed. The lenders who review your application may then contact you and request verification documents, for example, a copy of your pay stub. Soon after, you will be presented with your loan terms and fees.
It is important that you review and understand the terms presented, especially concerning late payments as these will result in additional charges. It is also recommended that you review your state”s regulations in terms of late payments.
Every lender is obligated to explain all fees that will and may be charged to a borrower. Make sure to choose a lender with modest fees and reasonable terms that you fully understand.
3. Deposit of Cash Loan Amount to Checking Account
Once you accept the loan terms and sign the agreement, the lender deposits the cash directly into your checking account the following business day. The procedures after receiving your loan are just as simple as the ones prior:
- The total amount you owe (including loan amount and any corresponding fees) is withdrawn from your account automatically on the final payment date, which is usually the following payday.
- If you can't repay the full amount by the payment due date, you may request a loan extension or rollover. If agreed by the lender, you will work together to negotiate a legal payment arrangement. Extra fees are charged for late payments but not for extensions. The state regulations govern how often you can receive cash loan extensions; for creditors who are members of the Community Financial Services Association of America (CFSA), the legal restriction for allowing loan extensions is once every 12 months. For more information, see the CFSA Customer Bill of Rights.
- In cases where the debtor fails to pay back the loan, LoanUp.com network of lenders are permitted to charge additional (including criminal) charges by law. However, members of the CFSA may be protected against criminal charges. You can find non-payment regulations for your state.