| Q: |
What is a Credit Service Organization (CSO)? |
| A: |
A Credit Service Organization, or
CSO, helps people just like you obtain a consumer loan from a responsible
lender. A CSO is not a lender and does not make loans, but it helps you obtain
and prepare an application for a loan with an independent lender. |
| Q: |
If CashPlus Credit Services is able to match my
application with an approving lender, when will the loan be due? |
|
A: |
Generally, on your next payday.
You may prepay your loan at any time. Options may be available for renewing or
extending your loan as well. |
| Q: |
How much can I borrow? |
| A: |
You may borrow up to $1,000. The
actual loan amount is contingent upon your income level and the independent
lender’s underwriting criteria. As always, we suggest only applying for and
borrowing the minimum amount needed. |
| Q: |
When will I hear from you about my ability to
obtain credit services and a loan approval? |
| A: |
You will hear from us within one
(1) business day upon receiving the necessary information from you. We will
contact you by phone to verify certain information listed on your application.
We are closed on weekends and holidays. |
| Q: |
How will I know if I'm approved for credit
services and a loan? |
|
A: |
We will contact you by phone,
along with an email notifying you of whether your application has been approved
or disapproved. |
| Q: |
When will I receive my loan? |
|
A: |
If all information is received and
verified by 6:00pm EST on a weekday, you will generally receive your money on
the next business day. We must be able to contact you by telephone before your
loan can be funded. |
| Q: |
Once due, how do I pay my CSO fee and loan? |
| A: |
A transfer of funds will be
initiated from your bank account on the day the loan is due. The amount will be
your original loan amount, CSO fee and interest. |
| Q: |
Can I extend or refinance my loan? |
|
A: |
Yes. Subject to being approved for
new credit services agreement and a new loan through the independent lender. In
addition, you must pay in full any outstanding credit services fees and accrued
interest in order to extend or refinance your loan. You must initiate the
extension or refinancing no later than 8:00pm EST on the day before the due
date of the existing loan. This can be done by following these simple steps:
-
Access your account at www.CashPlusUSA.com
from any computer.
Note: You may want to bookmark this site as a favorite for future reference.
-
Log in as a returning customer in the upper right-hand portion of the home
page.
-
Enter your username and password
-
Click on the "Quick Renew" button. (The Amount of the outstanding credit
service fees and accrued interest will be listed as the amount debited from
your account to extend or refinance your loan.)
-
Complete the application with any updated information.
-
Click the "Submit Application" button.
If you’re approved, the proceeds of the new loan will be used to repay the
principal on the loan you are refinancing, leaving only the CSO fee and lender
interest you owe in connection with the original loan to be debited from your
bank account. Thereafter, you will be responsible to pay back the principal of
the new loan, plus all applicable CSO fees and lender interest in connection
with the new loan.
|
| Q: |
After I pay off my loan in full, when can I use
CashPlus Credit Services to apply for a new loan? |
| A: |
Except for an extension or
refinancing, you must wait a minimum of three (3) business days after a loan is
paid off before another loan can be obtained. Before a new loan request can be
processed, we may require proof that the previous CSO fee and loan principal,
including interest, has been satisfied with good funds. This may require you to
provide us with a bank statement showing proof of a non-pending payment. |
| Q: |
Do I save money by paying my loan earlier than
the original due date? |
| A: |
Yes. Paying early reduces the
interest on your loan. Although it does not reduce the credit services fee.
There are no penalties or added fees for paying off early. |