Frequently Asked Questions
What Are Installment Loans?
Installment loans typically range between $500 and $20,000. The amount of the loan will vary depending on the lender and/or lending partner, your information and credit history, and the state where you live. Installment loans are typically paid back in weekly, bi-monthly, or monthly installments over an extended period of time. They can be used to help cover unexpected expenses such as car repairs, household emergency repairs, urgent bill payments, or other financial emergencies and needs.
How Much Will The Loan Cost?
The cost of the loan and Annual Percentage Rate (APR) depend on several factors including but not limited to, credit history, stable source of income, and state law. Your APR also depends on how much you want to borrow and how quickly you want to repay the loan.
The terms of your loan are disclosed during the loan request process when you are directed to the lender's and/or lending partner's loan agreement. This information is strictly between you and your lender and/or lending partner. Not all customers will be eligible for a loan or meet the criteria to receive the best terms or lowest interest rate.
Will Installment Loan Lenders and/or Lending Partners Perform Credit Checks On Customers Looking For Installment Loans?
Companies that offer installment loans / short-term loans typically do perform credit checks. Lenders will check your credit through national databases that track consumer lending transactions (such as Teletrack, DP Bureau, or DataX) or through the three major credit reporting bureaus (Experian, Equifax, and Trans Union). However, loan review procedures do vary by company.
How Soon Can An Installment Or Short-Term Loan Be Made Available?
The time it takes to process a loan and transfer or ACH funds into an individual's account varies with each loan company, and also depends on the financial institution where the customer has their bank account. However, approved individuals can often receive their loan as soon as the next business day after approval.
When Does The Installment Or Short-Term Loan Need To Be Repaid? What Happens If A Customer Can't Repay The Loan On Time?
Repayment terms, including dates for repayment and any fees chargeable in the event of a rollover, etc., vary for each company that offers loans, and it is essential that you review all of these terms and conditions before entering into a loan agreement.
What Happens If I Do Not Pay (Implications Of Non-Payment)?
Late/Partial Payments: If you do not pay the full amount of principal and interest by the agreed-upon payment date, you will likely be charged a new finance charge and payment date may be extended until your next pay date. This new finance charge may be a flat fee, or may be calculated by applying the proportionate amount of the finance charge to the unpaid loan amount. Review the late payment policy detailed in the loan documents provided to you by your lender and/or lending partner before signing your e-signature, and thereby agreeing to the loan terms.
No-Payment: West Bay Cash does not enforce payment. If you do not pay, your lender and/or lending partner may take legal action against you. Additional fees may apply to you in the event that you are unable to repay your loan. Information regarding your payment history, delinquency or defaults on the account may be reported to a third party consumer reporting agency and may impact your credit rating.
Loan Renewals: West Bay Cash will not provide a renewal for you. Your lender and/or lending partner has renewal policies which will vary. With every extension or renewal, a new finance charge ("Extension Fee") may be assessed by the lender and/or lending partner, and the re-payment date may be extended until the borrower's next pay date. The finance charges can be significant depending on the lender and/or lending partner.
Collection Practices: Collections practices of lenders and/or lending partners and/or any assignee(s) will be in accordance with the principles of applicable federal regulations. Lenders and/or lending partners may attempt to contact borrowers via one or more authorized methods, including phone calls and emails, to arrange for payment. Impact to Credit Score: Your lender and/or lending partner may report late or missed payments to the credit bureaus. This can negatively affect your credit score. Consumers with credit difficulties should seek credit counseling.
What Services Are Provided By The Operator Of This Website?
The operator of this website is NOT a lender, and we do not make credit or loan decisions. We provide a short-term/ installment loan online referral service on our website. If a customer is looking for a short-term / installment loan online, we help connect them with a marketplace of companies who offer these types of products. Our website features a secure form requesting information that lenders and/or lending partners within our loan referral marketplace will use to decide whether they want to offer a customer a short-term or installment loan. Lender need the customer’s name, address, home and work phone numbers, and email address in order to make an installment loan decision. They also need a customer's birth date and social security number to comply with the US Patriot Act. The operator of this website can be reached by mail at West Bay Cash, 6709 W. 119th Street #338, Overland Park, Kansas 66209, or by email. Customers can contact us if they want to discontinue using our loan referral service, or to change their communication preferences. Any questions about short-term or installment loan amounts should be directed to the company from which a customer obtained his or her short-term or installment loan.
What To Expect When Submitting A Request For An Installment Loan Or Short-term Loan Online:
The operator of this website provides a referral service for customers looking for online loans. We do not make decisions about whether to offer any given customer an installment loan or short-term loan. Instead, we connect customers who have filled out our secure online loan request form with our marketplace of lenders and/or lending partners that offer installment and short-term loans. Not all lenders and/or lending partners can provide up to $20,000 or the amount of money you request. After a user of this website submits his or her information using the secure online loan request form, the companies in our marketplace will review the user's information and decide whether or not to offer the user a loan. The secure online review process usually takes only a few seconds, and if one of the companies in our marketplace decides it wants to offer the user a loan, then that company will either contact the customer directly to offer him or her a loan, or the customer will be immediately redirected to the website of the loan company. If that happens, the customer should make sure to carefully review all of the terms about the loan before deciding whether or not to enter into a loan or credit agreement, especially since loan terms and conditions (including fees, APRs, and repayment) can vary significantly by company. A user of this website is under NO obligation to enter into a loan agreement with any lender and/or lending partner, and if a user of this website is contacted by a company and offered a loan, the user is free to accept or decline any such offered loan at that time.
What Are The Codes Of Practice And Policies On Responsible Lending?
- Monthly income equal to or exceeding $1000
- Current, valid home and work phone numbers
- Current employment for at least 4 weeks
- Current bank account in individual's name
How Much Can I Receive?
Qualified loan amounts can vary and are based on personal eligibility. Approved loan amounts can range between $500 to $20,000.