Q. How much can I borrow?
A. Currently we offer consumer loans up to $3000.00.
Q. How long will it take to get approved?
A. Loan packages are sent within 2 business days provided we receive all requested information on the application and proof of income; such as End of Month LES, paycheck stub FAX. Applications are not processed without the receipt of all sources of income listed on the application. 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, but the bankruptcy must either be discharged or dismissed. However, if it is an active bankruptcy then we will not approve a loan without the permission of the bankruptcy trustee to incur the debt. We recommend you contact your bankruptcy attorney for legal guidance.
Q. Will I be penalized for paying off the loan early?
A. If you pay off early you may be entitled to a refund of the unearned portion of the finance charges and unearned portion of the insurance premiums. You will not have to pay a penalty for early payoff of the loan..
Q. Can I use my vehicle as collateral even if it is not paid for?
A. Yes, however you must have sufficient equity (car value minus lienholder's loan balance) for the loan.
Q. Do you do a background credit history inquiry?
A. Yes, we do credit inquiries/ checks with one or more of the nations largest credit bureaus; namely 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 before being discharged fro active duty and in good standings. Federal Civil Employees, Postal employees, and School Teachers must have been hired and continuosly employed full time or regular part time for a period of one (1) year from the date of 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 employer/job, reside for minimum of six (6) months at the same location, and be earning $1,000.00 a month of earned income. If you are receiving a fix income such as social Security Supplement (SSI) and/or Social Security (SSA) we require a vehicle as security/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. Does Jones Finance, Inc. report loan agreement activity to the credit bureaus?
A. Yes, we do report the credit history of our customers to two major bureaus; Equifax Information Services, LLC and TransUnion, LLC. We report your performance under a loan agreement in part to strengthen your credit history and, if applicable, to assist you in establishing and/or re-establishing your credit by reporting tho these credit bureaus.
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