How It Works. Send your information. Get a quick response. Receive your funds If your loan is approved, you will be asked to authorize the documents online and funds could be deposited in your bank account as soon as the next business day.
What Our Users Are Saying. Theyre great.
The standards can also be applied differently for different borrowers, based on the borrowers qualifications: If you have excellent credit, a low debt-to-income ratio, and a large down payment, youre less likely to be slapped with a cash-reserve requirement. You are a well- qualified borrower with a history of repaying your debt obligations on time and in full.
You are a low-risk borrower. If you have a marginal credit score (perhaps with a few late payments or defaults in the past), a higher debt ratio, and a smaller down payment, you are more likely to encounter a cash-reserve requirement. The lender will view you as a higher risk, and will take measures to minimize their exposure such as requiring more money in the bank at closing. Almost all jumbo loans (above conforming loan limits) have significant cash-reserve requirements.
Im not sure if you fall into this category or not.
(To find out more about the automatic stay and what happens if a creditor violates it, see our Bankruptcy's Automatic Stay topic area. ) In addition, the payday lender may accuse you of writing a bad check and threaten to press criminal charges. If a payday lender does this to you, it may be in violation of various state and federal fair debt collection rules and other consumer laws. This is in addition to violating the automatic stay.
(To learn more see, visit our Illegal Debt Collection topic area. ) Some states even prohibit or restrict payday lenders from engaging in the practice of demanding post-dated checks. For instance, Michigan's Deferred Presentment Service Transactions Act requires a payday lender to be licensed before it may use post-dated checks as security for advances and other payday loans.
THE NEW AMERICAN HOME. With Chris Stevens.