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/// FAQ’s

What is an installment loan?
An installment loan is a cash loan from a lender.  It is different from a loan on your car or house in that it is not attached or “secured” by those assets.  It is considered unsecured.  Also, it is different from a payday loan in that you can have the flexibility to pay it back over a longer period of time than a payday, or cash advance loan.  It is designed to be a short-term loan to get you cash now for urgent needs.  Customers choose these loans to help them with smaller, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. At www.freedomcashlenders.com, you can apply online for a loan and we will work hard to review your application to see if it meets our criteria.  If not, we may also be able to connect you with a lender that has money to lend.  Once approved, you will get to review the terms and costs of the loan before you decide to complete the loan.  If you agree to the terms, your cash will be electronically deposited to your checking or savings account.  It’s that easy.

How does an installment loan work?  You apply for the loan, after talking with our loan center – you will be able to select the term (length) of your loan and get your cash.  Installment loans have a flexible payment option that gives you the flexibility to pay over a 6 or 9 month term.  Payments will be made bi-weekly or monthly and can be set up to process automatically.  At the end of the payment term, you loan is paid in full.  Further – you may pay off your loan at any time without incurring a penalty.  Simply call our loan specialist and let them know you want to pay off the loan and they will calculate the lump sum payoff.  You can definitely save money by paying off early.

What can a Freedom Cash Loan be used for?
What you use the cash for is your own business.   Loans should be used only when necessary and this type of loan should be used for short term urgent issues.  Whether you are paying off bills, or covering an unexpected expense, or trying to celebrate something special this weekend, your loan is there to be used at your own discretion.

How much can I receive?

This is a very good question and the answer really depends on several things including the amount of income you make currently, and whether you have other loans outstanding.  Also, if you are a first time customer, the lender may start you out with a loan that is less than the maximum allowed by your state or city.  Most first time borrowers take out loans of around $300 to $500 but under the best conditions, you could receive a loan for up to $1,500 – generally.  A lot of website advertise $1,500 but that is simply not what is given by most lenders.

Your first loan is based upon the information you provide in your application. We are here to help you.  Once you are approved– you can talk with the customer service rep and discuss your specific loan needs and they can better assist you.  Again – complete the online application with an amount you need and you can discuss with the lender the specifics of the amount you can borrow if you are unsure how much you need or what you can be approved for.

How are fees or costs established?

The fees from our lender or our affiliated lender are competitive and in compliance with all applicable federal laws. The amount of fees can vary depending on the several factors.  Fees, in the form of Interest are stated in your contract as an Annual Percentage Rate (APR).  The amount of the fees, or interest, can range from approximately $25 to $30 per $100 borrowed per payment. For example, if you borrow $300 then the fee will be between $60 and $90 per payment.   At an Annual Percentage Rate level, this would equate to an APR between 600 and 780%.  While fees are stated as an annual rate, the loans can be paid off at any time without any prepayment penalty.  The faster you pay off the loan, the less interest you will pay.  Interest is calculated on a average-daily-basis method on the amount of principal outstanding.  Therefore, if you pay off your principal faster than the installment contract lists, then your overall interest paid will be much less than the full value stated in the contract.  For example, you may request to pay an extra $25 or $50 of principal amount during each payment to reduce your loan much faster than the amount in your contract.

The fees will be presented to you when we review your application.  You will get to decide if you want to complete the loan once you see these fees.

Also – the fees will be presented to you as a dollar amount as well as a percentage of your amount borrowed.  This is in compliance with federal laws that require loans to be presented with this information.  This is called Truth in Lending and was put into law under the Truth-In Lending Act – also known as TILA.  The percentage will seem very high because the loan is for such a short period of time and percentages are calculated on an estimated yearly cost.  Unsecured loans are more expensive than title or home loans.  Again – these loans are generally cheaper than bouncing checks or paying late fees.  But, you should always consider the cost before you borrow money.

How do I qualify for a loan?

FreedomCashLenders.com is preconfigured with our lending criteria as well as the criteria of our affiliated lenders.  The criteria of the lenders can vary from state to state as well.  In generally, you should meet all of the following requirements:
• Have a regular source of income, such as income from employment, or social security of other regular benefits.
• Make at least $1200/month.
• Be a U.S. citizen and be 18 years of age or older.
• Have a checking or savings account with direct deposit.

Our system will use your application information you submit to see if you qualify.  We are not approving or denying your loan.  We are simply connecting your information with other possible options for you. If you meet our lending criteria, we will present you with our contract electronically.  If you don’t meet our criteria – or if we are not lending at the time you apply, we will try to connect you to a lender that fits your criteria, we will present that lender to you and provide their contract terms.  There is no obligation to take a loan once they contact you or once we connect you with a lender.  If you are not connected with a lender, chances are there is something in your answers that lenders exclude from their lending criteria.  For your best chances of getting connected with a lender and a loan, be sure to answer all the questions truthfully and accurately to the best of your ability.  There is never a cost to see if you qualify and you will be charged nothing until you actually get your cash.

What if I have bad credit or no credit history?
Our website does not perform credit checks through the major credit bureaus (Experian, Equifax, TransUnion).  Lenders have their own criteria and many customers get loans even though they have bad credit or even no credit history at all.

What information do I need to submit the application?
This is a loan for money and therefore you can expect that lenders need to be certain they are lending to the real individual that is in need of the cash.  Therefore, our lenders require certain information to determine if they can lend to you.  This includes your name, address, employment information, banking details, and identification information in order to complete your loan request.

Is my personal and financial information secure?
Yes.  We value and respect your right to privacy and we work hard to manage your personal finances.  Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive data transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

Is there a fee or cost to submit my application?

No.  www.freedomcashlenders.com does not charge applicants a fee to connect them with a lender.  The only fees or costs you pay are charged by your lender if you are approved and they give you a loan.  If you do not get a loan – there are not fees whatsoever.  You will get to review the costs before you accept the loan.  If you are not happy with the terms of the loan, you can stop the process and there is absolutely no cost to you.  Please read all the information once you submit your application to review the costs of the lenders loans.

Am I obligated to accept a loan by submitting my application?
No.  By submitting an application, you are simply requesting that you wish for one of our lenders or agents to review your information, tentatively pre-screen you for a loan and contact you to discuss your loan options. You may ask us any questions, and withdraw your request if you so choose. If you are ready to proceed, you may confirm your information and officially agree to terms with one of our representatives.   There is no cost to you for submitting the application.

Does owning a home influence my eligibility?
Whether you rent or own your home, it does not affect your eligibility for a loan.  Owning a home may allow you to borrow more money depending on other factors.  This is why lenders ask for this information on the online form.

Do I need to fax in my information?

Generally, there is no need to fax any personal details. With your approval and assistance, the lending agent will instantly get all necessary information online.

Can I have more than one loan at a time?

This depends on a few factors including certain answers on your application. It is also dependent on the lenders that review your information.  Also – this is subject to state and local laws which may have limitations on the number of outstanding loans.  It is never a good idea to have more than one loan outstanding at a time – but, it is possible in some states to have more than one loan outstanding.  Complete the application on our site and our system will help connect you with a lender that can review these details with you and advise you of our options.

Do you contact current or former employers?

No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.  Please visit our privacy policy for further information and limitations and uses of your personal information.

Do I need direct deposit?

Generally, the answer is Yes.  Your bank account must be set up with direct deposit to qualify for a personal loan. It is the most secure way to offer loans as quickly as we do.

When will I receive my Funds?

Your application will be processed as soon as you hit the submit button on the last step of the online form.  Our system will review potential lending options for you, and this process may take up to three minutes to complete.   Do not hit the back button on your browser or exit the page until this process finishes.

Once approved, and depending on the time of day you submit your information and the bank your bank with, you may receive your funds into your account within hours or sometime the next business day.   Before the loan completes you will be able to communicate with the loan agent to set up and schedule your repayment date.  This will help you stay on track to pay the loan off quickly and with little hassle.

When will my loan be due?
Typically, your first payment will begin on your next payday (between 8 and 30 days away).  You will be able to discuss this with the loan agent once you have been pre-approved.  We offer flexible payment options to meet your needs.  You can pay off your loan at any time and only pay the remaining outstanding principal and accrued interest up to the payoff date.

What if I want to pay back my loan before my scheduled due date?
This is always great news to hear.  Simply contact your lending agent through the number they provide and they will be able to help you.

What if I am unable to make my payment on my due date?
If you cannot make a payment, it is critical that you speak to the loan center.  They are there to help you and often we can make arrangements to get you back on track.

The following payment options are available:

  1. Make the scheduled bi-weekly payments for the loan term
    2. Pay the scheduled payment plus additional principal amounts to pay off faster
    3. Pay off the entire loan at any time to obtain a discount on the total payments due.

How often can I get a loan?
Our services are available to help you 24/7.  We encourage our customer to limit the use of short term debt like an installment loan.  Generally, you should not have more than one loan open at a time.