Frequently Asked Finance Questions

(en Español)

Can I get the loan today?

Yes! All our new client loans are reviewed and almost immediately pre-approved based on the truthful completion of the application and you are notified. Next your pre-approval is sent to an underwriter and once that process is complete, loan documents are prepared and once you complete and authorize them - funding occurs. Some clients get approved on the spot others need may take longer, but we'll be able to give you an idea, based on your application, how long it will most likely take. DEBIT CARDS WITH DIRECT DEPOSIT CAN BE APPROVED ON THE SPOT!

How fast can I get my money (loan proceeds)?

Loans processed in our locations are funded on the spot. Loans completed online before 12 (noon) can have funds deposited in your checking account the same day and in some cases deposited on our debit card with immediate access to the funds.

How much can I borrow?

We try to never lend more than you can afford to pay back. Depending on the results of our underwriting most are eligible for $250-$1,000. We are prepared to lend up to $50,000, if the appropriate collateral or credit situation exists. Please contact us for details.

How soon do I have to pay it back?

You can pay off your loan at any time (no pre-payment penalty). You can pay it all back on your payday in full or make a regularly scheduled payment. The sooner you pay it back the less you’ll pay in fees and the more money you’ll save.

When are my payments due?

For your convenience we make loan payments due on your payday, normally that's biweekly or semi-monthly.

What are my payment options?

You can stop in our office on or before your date, we can have the payment deducted electronically or you can drop off the payment after hours, on or before your due date. Your first payment must be made in cash on your first due date, after that you can make payments electronically.

What if I get paid monthly?

That’s OK, we’ll set one of your payments due on your payday and the other will be due mid month.

What's the difference between a payday loan and our no checking account loan?

A traditional payday loan normally charges a high annual interest rate and the loan is to be paid off at your next payday. Whereas an installment loan would have a bi-weekly payment until the loan is paid in full. In fact, each on time payment reduces the principle balance. Please call for details.

Do I have to be employed?

Yes, in most cases you do. However, we are able to customize other special loan programs or provide unique alternatives.

Why is working for the same employer so important?

Stable employment provides confidence that you’ll continue to have the ability to repay your loan. Working at the same employer, can tell us us a lot about people.

Why do you need to see my bills for a no checking account loan?

A checking account gives lenders a snapshot of how you pay your bills. Since you don’t use a checking account to pay your bills we need to see those receipts. Whether you pay them at a bill payer, car lot, electric office or landlord, we need to see the receipt for the current month and the two previous months.

Do you pull credit?

On some loans we do and some we don’t and we'll always let you know before we do!. Let me tell you why we pull credit reports. We go through our regular underwriting process and if you are pre-approved up to this point... then we pull credit and while your score is considered, we look for confirmation on employment and residence and status on any judgments.

Do you report to credit bureaus?

Yes and no. At the present time we do not report to credit bureaus on your loan status or payment history. However if your loan defaults and we are awarded a judgment, then that judgment would appear on your bureau reports.

Can I have active garnishments or judgments and still get approved?

In most cases no, however, we do underwrite each applicant as an individual and will try to get you approved. It costs nothing to apply, if you take the time to apply - we'll take the time to get you approved.

After I pay off my loan, when can I re-borrow?

Once your loan is paid in full, you can re-borrow the same day. Another option, once your initial loan balance is reduced by 50% you can apply to borrow more. We will require updated information on any new loan.

If I make my payments on time will you consider this when approving a new loan?

Yes, in most cases we do. Clients that handle their loans responsibly can be earn better rates and terms over time.

Can I be declined for a no checking account loan?

Yes and if you are, we suggest that you purchase one of our CASHPASS cards and follow our instructions on building financial credit that we would find appealing. We'll work with you so you can work with us and hopefully we can get you approved. No one will work harder to get you approved for a loan!

If you have any questions that aren't answered here, please don't hesitate to contact Atlantic Finance now! Don't forget, you can stop in any of our locations to discuss things in person.