CashFaster FAQ’s
What is a payday loan?
A payday loan is a small (usually under $1,000), short-term, no-collateral cash advance. It is backed by future income, such as your next paycheck, a dividend, or another type of regular income. The term of the loan is typically 30 days or less.
Payday loans are designed for emergencies. If you find yourself needing them regularly to cover bills, it may be time to seek credit counseling or debt-management assistance. There are nonprofit agencies that help consumers with ongoing, excessive debt.
Use payday loans responsibly.
What is an installment loan?
An installment loan is a small (usually under $5,000), short-term, no-collateral cash advance. It is also backed by future income, such as your next paycheck, dividend, or other regular income. This type of loan is repaid in scheduled installments over time.
Use installment loans responsibly.
What is a personal loan?
A personal loan is a no-collateral loan of up to $35,000, similar to a line of credit. Like other loans, it is backed by future income. The term is usually longer than that of payday or installment loans, and it can be used to consolidate debt or pay off high-interest credit cards.
Use personal loans responsibly.
How does CashFaster.com work?
CashFaster.com is not a lender and does not make credit decisions. Instead, we connect consumers seeking financial assistance with independent, third-party lenders who may be able to offer a loan.
To begin, fill out a simple form. Your information will be shared with third-party lenders who may provide you with a loan offer. You are under no obligation to accept the offer, but if you do, the lender will give you instructions on how to proceed. Each third-party lender has its own terms and conditions. Please review these before accepting any loan offer, especially the APR, fees, renewal terms, and consequences of non-payment.
If you have questions about your loan, please contact your lender directly.
Does CashFaster.com charge a fee to connect consumers with independent lenders?
There is no fee to register with CashFaster.com. We are paid by independent third-party lenders for potential customer referrals.
Each lender will have its own fees, APR, and terms. These charges come from the lender, not from CashFaster.com. Fees and charges will be provided at the time of a loan offer, if one is made. You are under no obligation to accept the offer. Your loan is accepted when you electronically “sign” the agreement and return it to the lender.
Read all documents thoroughly for the loan terms and conditions.
How much can I borrow?
Payday loans range from $100 to $1,000. Installment loans range from $100 to $5,000, and personal loans can be as high as $35,000. Loan offers may vary based on the lender, your employment, income, and other factors.
If approved for a payday loan, how quickly could I receive the funds?
Once approved by a third-party lender, the funds could be transferred to your bank account as soon as the next business day. The exact timing depends on the lender and your financial institution. For more information, contact your lender.
What are the minimum requirements to register for a loan?
While each third-party lender may have different requirements, typical minimums include:
Being at least 18 years old
Having a checking or savings account with direct deposit
Having a regular income of at least $1,000 per month
Having a fair credit rating (for personal loans)
Not being a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy on active duty, or a dependent thereof
What information do I need to provide to register with CashFaster.com?
You’ll need to share some personal, banking, and employment information, including your name, address, phone number, place of employment or income source, driver’s license number, bank account details, and social security number.
Third-party lenders may perform a credit check or use other methods to verify the information you provide.
Is my information secure?
CashFaster.com uses state-of-the-art security measures, including 128-bit Secure Socket Layer (SSL) encryption, to protect your information. Your use of our services is voluntary and governed by our Terms & Conditions and Privacy Policy.
How long does the loan process take?
Once you register with CashFaster.com and are made a loan offer by a third-party lender, the process can be completed as quickly as one business day. However, the timing depends on factors such as the time of day you apply, the accuracy of your registration, the lender, and your financial institution.
When must I repay my loan?
CashFaster.com is not a lender. Each third-party lender will have its own repayment terms. Contact your lender for specific information about repayment dates and times, which will be outlined in your loan agreement.
Will lenders perform a credit check, and what are the credit implications?
Many third-party lenders will perform a credit check to verify the information you provide or to compare it against national databases. They may check your social security number, driver’s license, and banking information, among other details.
Multiple inquiries to the “Big 3” credit bureaus (Experian, Equifax, and TransUnion) may lower your credit score, so it’s advisable to apply for loans one at a time.
Will my loan automatically renew?
This depends on the state you live in and the lender. Each lender has its own renewal policies, and different states have laws regarding automatic renewal of payday loans. Be sure to ask your lender whether your loan will automatically renew or if they need your permission first.
Loan renewal may result in added fees and interest. Be sure you understand these costs before agreeing to renew any loan.
What happens if I make a late payment or cannot repay my loan?
Each lender will have its own policies regarding late or non-payment. Before accepting a loan offer, ask about any penalties for missing or late payments. Not fully understanding these consequences can lead to significant financial trouble.
Is loan approval guaranteed?
There is no guarantee that you will be approved by one of our participating lenders.
What if I can’t repay my loan according to its terms?
Penalties for non-payment typically include:
Additional late fees
Your account being turned over to a collection agency
Reporting non-payment to credit bureaus, which may lower your credit score
An offer to renew the loan, which can result in additional fees and/or interest
Since CashFaster.com is not a lender, you should check with your lender to fully understand the implications of non-payment.