Q. How much can I borrow?
A. Up to $3000.00.
Q. How long will it take to get approved?
A. Loans under $1,000.00 the process and receiving proceeds check can be done in one day. This is accomplished through emailing all information we request and delivering the proceeds by Western Union for same day service. Loans for over $1,000.00 packages are sent within two (2) business days provided we receive all the information reqested to act on the application; such as proof of income. Proof of income can be either emailed to jfi@Rapdiloans.com or jonesfinance@graceba.net or it may be faxed at (334) 598-4019.
Q. I have filed bankruptcy in the last ten years. Can I still apply for a loan?
A. YES. However, the bankruptcy must either be discharged or dismissed. However, if it is an active Chapter 13 bankruptcy we must have the approal of the Trustee 's permission. Trustees routinely approve the incurring additional debt provided the additional debt doesn't interfere with the Ch 13 Bankruptcy Plan. We recommend you contact your bankruptcy debtor/s attorney for legal guidance and /or your bankrucpty case Trustee.
Q. Will I be penalized for paying off the loan early?
A. No. We will refund the unearned portion of the finance charges and unearned portion of the insurance premiums that have not been earned.
Q. Can I use my vehicle as collateral although it is not paid for?
A. Yes. However, the vehicle must have sufficient equity (car value minus lienholder's loan balance) to secure the loan. If there is a First Lienholder the lienholder will allow a second lien to be added to the Certificate of Title. You should call the First Lienholder to ensure a second lien can be afix to the Certificate of Title.
Q. Do you do a background credit history inquiry?
A. Yes, we do credit checks with one or more of the nations largest credit bureaus; Equifax, Inc., TransUnion, LLC, and/or Experian, PLC. Q. What are the minimum qualifications for a loan?
A. Active duty military personnel must have a minimum of one (1 ) year remaining on active duty service and the service member is in good standings. Federal Civil Employees, Postal employees, and School Teachers have been hired with uniterrupted employment in a full time position or regular part time position serving in said position for a minimum period of one (1) year from the date on the loan applicaiton. U.S. Military Retirees must be receiving benefits from Defense Accounting and Services (DFAS) and /or Vetereans Administration (VA). State of Alabama Residents applying for a loan must be employed for a minimum of two ( 2) years on the same job, residing six (6) months at there present domicile, and have a net earning of $1,500.00 a month. If you are receiving a fix income, such as social Security Supplement (SSI) and/or Social Security (SSA) we do require a vehicle as collateral for the loan. Q. Are there other considerations involved for approving a loan?
A. Yes. Other considerations are weighed in determining loan approval. The application must be completed with integrity and full disclosure. Our loan approval decison is determined primarily using the 4 Cs in the decision making process. Character (good character and integrity/ honesty)
Capacity (to repay the debt, debt ration, stability of income, and disposable income)
Credit history (more emphasis on now and the less on the past)
Collateral (insurance against default). Other considerations are credit references, income, obligations, adequate collateral, terms and conditions you request, stability of employment and residence, suits, garnishments, attachment, foreclosure, or repossession. Q. Do we report loan agreement activity to the credit bureaus?
A. Yes. We report the credit history of our customers to two major credit bureaus; Equifax Information Services, LLC and TransUnion, LLC. Another reason we report to the credit bureas is to establish and/or re-establishing ones credit.
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