What Is A Personal Loan
A personal loan is one way for an individual consumer to borrow money. Typically, the borrower receives a lump sum payment from a lender and pays it back at a cost . For personal loans with an origination fee, the fee is often deducted from the principal loan amount, so the amount advanced to the borrower is the principal loan amount minus the origination fee. The borrower will typically repay the entire principal loan amount, which includes the origination fee. Payments are made in regular installments over the term of the loan. Many personal loans are unsecured loans, which means they do not require the consumer to pledge an asset as collateral.
Personal loans are typically structured as installment loans, which are paid off over a defined period of time. The loan amounts and terms can range broadly, depending on the state and the lender.
The interest rates for these personal loans are generally set by the lender and can vary depending on factors such as the borrowers creditworthiness and the amount and duration of the loan requested. Rates will usually be fixed for the life of the loan and calculated as an annual percentage rate .
Personal loans are used mainly for personal, family or household purposes, such as to cover unexpected expenses, pay for large home or auto purchases, or to consolidate debt.
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I Received An Unexpected Pre
A live check is actually an unsolicited loan offer. It is usually sent in the mail, and if you cash or deposit the check you are bound by its loan terms, which may include high interest rates for multiple years. Before cashing or depositing a live check, you should make sure you understand the terms, and shop around for other loan options to see if you can find a better rate.
Have you ever opened your mail and found an unexpected check? Some checks are refunds and payments due to you, others are sample advertisements, some are fake check scams, and some checks are pre-approved loan, or live check loan offers.
What is a live check loan?
A live check is a preapproved or prescreened loan offer that you did not apply for. It may be from a lender you have borrowed from in the past or from a new lender. The loan amounts usually range from several hundred to several thousand dollars. The check should come with the following information:
- A disclosure of the loan fees
- The annual percentage rate which is the cost of the loan on a yearly basis
- The payment schedule
- A privacy notice about the sharing of your personal information
- Your right to exclude your name from future offerscalled an opt-out notice
- Contact information for the sender
Live check loans may have higher interest rates than other types of personal loans or credit cards, so its a good idea to shop around and compare terms before accepting a live loan check.
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Pay Your Full Scheduled Payment In Advance Of Your Scheduled Due Date
If you are enrolled in an automated payment plan, no action is required to make your next payment . However, you may make your next payment early by choosing a date more than two business days prior to your scheduled due date. If your early payment clears, we will not debit your next scheduled payment , and automated payments will resume on the following due date.
How Fast Will My Personal Loan Or Line Of Credit Be Funded
Quick funding is available for NetCredit lending products. A simple online application takes just minutes to fill out, and you’ll receive an eligibility decision in seconds. If eligible, once you select and sign your agreement, you’ll typically receive a final decision within the same business day. Depending on whether we need to verify additional information, it could take up to three business days.
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What Is Simple Interest
The interest rate on a loan such as a home mortgage, car loan or personal loan is the amount charged by a lender to borrow the money. When evaluating your loan options, be sure to note whether the rate is simple interest or compound interest. Simple interest is calculated on the principal amount of a loan. Compound interest adds any interest accrued to the principal. Both are legitimate practices, but loans with compound interest can be more expensive, so its important to know what youre agreeing to before you sign anything.
The terms of your loan will have a clear and simple fee structure. That’s why all personal installment loans through NetCredit use simple interest.
What Is A Live Check And Should You Cash It
Weve all been in this spot: money is tight and just as youre short on cash what seems like a miracle an unsolicited check arrives in your mailbox right as you need items to get the kids ready to head back to school, or youre ready to begin your holiday shopping. Suddenly you have free, no-strings-attached money! But theres a price. Cash that check and you could find yourself on the hook for a lot more than the face value.
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Live Checks: The Costs And Risks
Lenders that offer live checks may not consider your job status, income or ability to repay a new debt. Often, the loans are unaffordable for borrowers who have other debts to pay, says Carolyn Carter, deputy director at the National Consumer Law Center, a nonprofit consumer advocate organization.
Pushing credit on people when they havent actually asked for it can easily lead them to being overextended, Carter says.
Mariner Finance sends live checks with annual percentage rates up to 36%. In 2020, Regional Finance mailed nearly 113,000 small loans to customers in the form of live checks, according to its annual report. Regionals small loans carried a 42.1% APR on average that year.
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Live checks sometimes have optional add-ons that effectively increase the total cost:
, also called payment protection insurance, is optional coverage that pays the loan balance if you cant due to death, involuntary unemployment or disability. Its usually unnecessary if the borrower already has life or disability insurance.
Refinancing may be offered if you cant repay the loan. You get more cash and a longer repayment term, but also additional interest and potentially an origination fee.
Pros Of Cashing A Live Loan Check
Theres a big one instant access to that money. If youve been struggling to make it to payday, its tempting to cash that check to buy a well-deserved treat or pick up some much-needed school supplies for the kids. You can pay it back, you figure, when money is less tight.
Another pro is that you dont have to go through a credit check or deal with any paperwork, and your credit score doesnt matter. Youve already been approved, even if the terms arent favorable.
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Fraudulent Scam Emails Using The Name Of The Imf
We would like to bring to the notice of the general public that several variants of financial scam letters purporting to be sanctioned by the International Monetary Fund or authored by high ranking IMF officials are currently in circulation, and may appear on official letterhead containing the IMF logo. The scam letters instruct potential victims to contact the IMF for issuance of a Certificate of International Capital Transfer or other forms of approval to enable them to receive large sums of monies as beneficiaries. The contact e-mail information is always bogus and unsuspecting individuals are then requested to send their personal banking details, which the scammers utilize for their fraudulent activities.
Contrary to what is stated in these scam e-mails, letters, or phone conversations, the IMF does NOT authorize, verify, monitor, or assist in contract or inheritance payments between third parties and/or Governments, nor does it endorse the activities of any bank, financial institution, or other public or private agency. For purposes of clarification, the IMF is an inter-governmental organization whose transactions and operations are carried out directly with its member countries.
Additional general information on scam e-mails may be found at the following website:
Cant Make The Payments You Can Refinance A Live
One person who cashed a live check issued by Worth Finance called customer service and asked to change the terms. After the term was adjusted twice the borrower got a big surprise. In a later conversation with customer service, it was explained to me that refinancing brings back your account to the original amount, the borrower wrote in an online review, saying he was given no warning that refinancing would reset the loan terms. Be proactive about refinancing if paying the loan back is a problem, try to work out an extended payment plan, or contact the lender to discuss options. Dont default on payments because the debt could be passed off to debt collectors. Plus, late payments hurt your credit score, staying on your report for as long as seven years.
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Thinking About Cashing That Live Check Know Your Other Options
You can find plenty of other options thatll cost you less than cashing that live check.
Find a cash advance app, like Dave: These cash advance apps offer short-term loans for small dollar amounts . Typically, the borrowing limit is somewhere between $100 to $500. They dont charge interest, instead using tips and sometimes a small monthly fee to offset costs.
Consult your lender to see if you qualify for a personal loan. Many offer short-term loans with more favorable interest rates. If youve fallen behind on multiple bills, it might be time to consider a debt consolidation loan.
Many credit cards will offer balance transfers and cash advances. Their rates tend to be competitive with or better than those offered with the live checks.
Try a side hustle: Do you have a skill that might be in demand? Good. Gig work has exploded since the COVID-19 pandemic left many Americans homebound for a few months. Your knack for knowing shortcuts around your city or ability to tutor students on a vital school subject could help you make some coin to pay off those bills.
Score free stuff online: Important things you need like a new dresser to replace that one thats falling apart sometimes pop up in swap communities like Freecycle. Need some pricey skin care or cosmetics? Many sites offer free samples to lure new customers or to encourage people to write online product reviews.
How Do I Request A Cash Advance On My Line Of Credit
Requesting money is easy. Once you have been approved for a line of credit, you may take a Cash Advance from your Available Credit by signing in to your Account Home and clicking the Request Cash Advance button. Please call our Customer Support Team at 392-2014 if you need assistance.
The minimum Cash Advance request is $50, and you can request funds at any time as long as your Account is current. The amount of any new Cash Advance will be added to your Cash Advance Balance.
Its important to remember that the Advance Proceeds you receive are less than the total amount of the Cash Advance you request. We will deduct a 10% Cash Advance Fee from each Cash Advance and deliver only the Advance Proceeds to you.
Once you request a Cash Advance, money is typically deposited into your account the next business day or sooner.
A NetCredit line of credit is an open-end lending product that allows you to borrow funds from your Available Credit. This means active lines of credit will remain open indefinitely.
In the event that your Account is deemed inactive because you do not have an Account Balance for a period of 365 consecutive days, it may be closed.
An Account will be deemed inactive if:
- No Cash Advances have been requested within the first 365 calendar days of opening an Account.
- An Account Balance has been $0.00 for 365 calendar days.
If you have additional concerns about your Account, please email us at or call our Customer Support Team at .
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What If You Need More Or Less Money Than What The Check Is For
Another option is to visit the issuing office. They can determine what amounts you may qualify for and provide different choices.
Overall, it is most important to understand that you will need to work this payment into your budget. Remember, one reason you probably received the live check is youve shown you are a dependable customer. Live checks can be a benefit when you know what they are, and understand what is required once one is cashed or deposited.
Want more resources regarding this topic? We’ve created a page called Personal Loan Basicsto provide you with more information.
How To Get A Loan For A Semi Truck
1. Financing Requirements for First-Time Semi-Truck Buyers For semi-truck loans, lenders typically like to see a score of at least 600, while some require 660 or higher. Exact qualifications will vary by lender. Semi Applying for Semi Truck Financing Bank statements and/or tax returns Current Commercial Drivers License
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What Should I Do If I Get A Check In The Mail From A Lender
The information provided on this post does not, and is not intended to, represent legal advice. All information available on this site is for general informational purposes only. If you need legal help, you should contact a lawyer. You may be eligible for our free legal services and can apply by calling our Covid Legal Hotline at 1-844-244-7871 or applying online here.
I received a check in the mail made out to me. Should I cash it?
Not necessarily. Be sure to read all the fine print to determine whether the check is a refund from a reliable agency such as the Internal Revenue Service or it is a common Live Check Loan.
What is a live check loan?
A live check loan is a loan offer sent by lending agencies to pre-approved borrowers offering a small loan, usually $500-$2500, typically at very high interest rates often above 25% APR. This loan offer will include a check made out to you ready to cash. Live check loans should also include: a disclosure of the loan fees, the annual percentage rate , the payment schedule, the loan agreement, a privacy notice about the sharing of your personal information, your right to exclude your name from future offers called an opt-out notice, and contact information for the sender. Upon cashing or depositing the check, you are accepting all the terms and conditions attached to the loan. Be sure to read the fine print included with this check to determine whether this loan is right for you.
Is this pre-approved loan offer a scam?
I Received A Loan Check In The Mail How Does That Work
Categories: installment loan, loan chek
Have you ever gone to your mailbox and found a loan check inside?And as you read into the pre-approved loan offer, wonder if its legit? Do you ever ask yourself, whats the catch or wonder how exactly did you get approved?Lets get your questions answered and tell you everything there is to know about pre-approved loan offers, how they work, and what to do if you ever get one in the mail.
How did you get one?
Loan checks are said to have been around in the U.S since the 1980s. Many reputable companies mail out preapproved loan offers as an effective way to help potential customers get the cash that they need. If you get one in the mail, you might ask, How did this lender choose me? Typically the lender will work with credit reporting agencies to identify potential customers. They give the credit reporting agency a list of criteria that may be based on the lenders underwriting standards such as: the customers ability to repay the loan or the likelihood that the customer will make their payments on time. You may also get an offer in the mail depending on your credit score.
How do they work?
Although normally these loans are unsecured, some offers may not have the best loan terms. Youll want to read the terms and conditions to better understand the Annual Percentage Rate , the repayment amount, the length of the loan term, and also to make sure that the loan is the right loan for you.
What to do next?
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Debit Cards And Prepaid Cards
Debit cards and prepaid cards are accepted for one-time payments by calling Customer Service during our hours of operation and will be credited and applied the same day. For example, if your payment is due on January 5, your debit card payment must be made on or before January 5 during the hours of operation.
You may also make one-time debit card payments by logging into your account with a card on file. In order for your one-time debit card payment to be applied on the same day, it must be made before 8:00 PM CT on the desired payment date.