FAQ

Wednesday, October 27, 2010

Questions & Answers.

What is a Peer to Peer Secured Loan?
A peer to peer secured loan is held by a second party.  The contract is drawn up between the two parties by an independent company.  This particular loan is to assist consumers in building their credit. The loan is help by the second party and interest payments are made for 12 months

How can I qualify?
It is a very simply process,
* You must be at least 18 years of age
* A resident in the United States
* You must have a checking account
* You must have a physical address
* You must have a valid phone number
* Valid Social Security Number

How long will it take to set up my loan?
Once you complete the application the set up will be completed within 5 days.
You will be notified via email of your status and the date of your first interest payment.
 
 Can I obtain additional Credit?
Once you complete the loan program without any late payments, your chances of qualifying for a unsecured loan from one of our associated financial companies increases.

Can I have access to my Secured Account?
Unfortunately you may not. All loans are held as collateral for security. 

Can I decide what day my payment will be debited out of my checking account ?
Accounts are set up to be charges/debited typically within the first week of each month.
(If the 1st falls on a weekend it could be the 2nd, 3rd or 4th of the month)   
 
 How will this impact my Credit?
Anytime you make timely payments on a loan you credit is impacted in a positive way.
Your credit report will show a consistent payment history for this loan, thus improving your credit worthiness.  

Can I cancel this loan?
Yes you may cancel your contract at any time.  
Please note that there is a $30.00 cancellation fee when you cancel your account.