@Anonymous wrote:Hi there, just like everyone else I am in a temporary bind. Do you have to pay back weekly, or do they go by your payday? I am paid biweekly but the application asks for my specific pay date. And also, I am wondering do they make it easy enough to pay off the loaner early? Thanks in advance! This site has been wonderful!
Welcome to the forums!!! I personally do not know about this, but if you haven't already try searching the threads, or maybe PM one of the posters in this thread about your question.
I receieved an offer and accepted it a couple of months ago due to a rough situation as well. They offered $3,500, and I ended up borrowing all of it for an emergency (work didn't pay a bonus they owe me, and I needed it for bills). This is a somewhat cheaper option than a payday loan. They charge you 5% of the amount you take out right away. You have a certain amount of time to pay it back before they charge you interest (either 2 weeks or 1 month depending on how often your pay them/you pay days). After that, the interest is something like 78% annually. For example, when I borrowed the $3,500(ish), they charged me a 5% fee upfront and added it onto the balance. The amount was deposited into my bank the next day. The first payment was due in two weeks (I get paid bi-weekly). The minimum amount due was $259.00, which all went to principal. The next payment was also $259.19, but this time, they charged me $113.00 in interest. So this is obviously an expensive option for short term cash needs. I used to have a PLOC, but I closed it and didn't want to take cash from a credit card (and couldn't for this amount). Some additional info: they don't report to the credit bureaus, they didn't do any sort of verification (for me at least), and you have to pay your balance off within 10 months of borrowing it, or they will freeze your account until the entire balance is paid off. They will also allow you to make an additional payment at any time and allow you to see some sort of free FAKO score. I wouldn't call this a scam, but it is an expensive option directed at people who have cash flow issues. If you can, try for a PLOC at your local CU before heading this route. If you can't qualify for one (like me), then this maybe a good option for a short-term (1 month or less) loan.
$7.5K 
$23K 
$5k 
$300(SEC) 
$500 
$300 
$1,500 
$800 
$800
@Anonymous wrote:I'm considering doing this loan. My question is what if I take out a $3500 loan and make the monthly payments, the minimum amount they charge is $270. Does any of that go towards the principal?
In researching this after receiving my own letter, I found a link with (possibly outdated) information about how much is allotted to principal for this loan:
http://banktalk.org/content/republic-bank-kentucky-offers-elastic-line-credit
Maybe this has the answer to your question?
Starting Score 9/13/14: 570