What does a cash advance mean

The majority of the lenders in our network do not intend to sell your debt to outside collection agencies. Instead, they will attempt to collect the debt in-house via telephone, email, postal mail or even text message. Similarly, they will not threaten criminal charges or sue borrowers; they will what does a cash advance mean offer debt settlements over time instead.

Every lender in our network is required to adhere to the Fair Debt Collection Practices Act, which protects consumers from being abused or harassed by debt collectors. Lenders are within their rights to report your failure to repay a loan to one or all of the major credit reporting agencies - Experian, Equifax and Transunion. This negative record can be reflected on your credit history indefinitely until the loan is repaid in full.

What does a cash advance mean

We recognize a personal loan is a private matter. Reasons for needing money range from critical automobile maintenance, unexpected medical expenses, much needed family vacation, basic home improvements, etc.

Whatever your reason, we respect your privacy. Thus, we work with lenders familiar with your situation and are ready to help. Important Disclosures. Please Read Carefully. This service is not available in all states.

What does a cash advance mean

Under the Truth in Lending Act, you have three days to cancel your loan if you are using your principal residence (not a vacation home or second home) as collateral. If you feel uneasy about a loan you have already signed, within three days after signing you should discuss canceling your loan with what does a cash advance mean trustworthy financial advisor. (See more information below about the Truth in Lending Act).

ADVANCED FEE LOANS The most widely used loan scam is known as an "advance-fee" loan. In 2004, the average advanced-fee loan victim lost 1,560. The scam involves impersonating legitimate lenders who offer, or sometimes guarantee, approval for a loan regardless of the borrowers credit history.

However, to take advantage of the offer, the consumer must pay a fee up front. The lender then takes off with your fee and the loan never comes through.

A common strategy for advanced-fee lenders is fraudulent telemarketing schemes, commonly referred to as boiler rooms.

Typically the lender specifically targets consumers who are out of work or have poor credit ratings.

What does a cash advance mean