Frequently Asked Questions - FAQ
ARE YOU A PAYDAY LOAN COMPANY OR PAYDAY LENDER?
WHAT ARE THE REQUIREMENTS FOR GETTING A LOAN?
DO I NEED TO HAVE GOOD CREDIT? WHAT IF MY CREDIT IS BAD?
DO YOU PERFORM CREDIT CHECKS?
DO YOU REQUIRE A CHECKING/SAVINGS ACCOUNT?
DO YOU ACCEPT SSI, DISABILITY, OR UNEMPLOYMENT?
WILL YOU ACCEPT A PHONE OR UTILITY BILL THAT IS IN SOMEONE ELSE'S NAME?
WHAT BANK DO YOU USE/GO THROUGH?
HOW DOES IT WORK?
HOW LONG DOES IT TAKE?
HOW MUCH CAN I GET?
WHAT ARE YOUR FEES?
WHEN DO I HAVE TO PAY BACK?
DO PAYMENTS GO TOWARD THE BALANCE?
WHERE ARE YOU LOCATED?
WHAT ARE YOUR HOURS?
DO YOU SELL MONEY ORDERS?
DO YOU CASH CHECKS?
CAN I APPLY BY PHONE?
ARE YOU A PAYDAY LOAN COMPANY OR PAYDAY LENDER? No Wait Loans does not provide payday loans. We are a Texas licensed and regulated installment lender/finance company. Our loans are paid back in monthly installments (payments due only once per month); unlike the payday loans which have payments due every 2 weeks. We are a Much Better Alternative to Payday Loans. Compare our rates. [Go Back]
WHAT ARE THE REQUIREMENTS? Our Service is very quick and very easy! All you need to GET MONEY TODAY is:
- Your Most Recent Pay Stub from your full-time job where you have been employed for at least 6 months
- Your Valid Texas Driver's License or ID
- Your Social Security card
- Your Most Recent Home Phone Bill; phone must be on and working at your place of residence (some cell phone bills accepted)
- Any other utility bill that shows your name and address
- Just bring in your complete, original documents and GET MONEY TODAY!
- If you are missing anything above we may be able to accept other documents, please speak with an Account Representative to learn more
- No Checking Account Needed
DO I NEED TO HAVE GOOD CREDIT? WHAT IF MY CREDIT IS BAD? You will need to have some good credit to get a loan with us. Your credit doesn't need to be perfect, but we will be looking to see if you have paid some of your creditors. It will also help if you have established any local credit with other lenders in the area. We take everything into account and our decisions aren't made by a computer. Speak to an account representative, explain your situation and we will do our best to work with you. [Go Back]
DO YOU PERFORM CREDIT CHECKS? Yes, we pull credit reports from at least one of the three major credit bureaus.
DO YOU REQUIRE A CHECKING/SAVINGS ACCOUNT? No, a checking or savings account is not a requirement to obtain a loan.
DO YOU ACCEPT SSI, DISABILITY, OR UNEMPLOYMENT? We make loans to all qualified applicants regardless of income type; subject to credit approval.
WILL YOU ACCEPT A PHONE OR UTILITY BILL THAT IS IN SOMEONE ELSE'S NAME? We will accept a bill that is in another person's name, as long as you can provide another bill that is in your name and goes to the same address. [Go Back]
WHAT BANK DO YOU USE/GO THROUGH? No Wait Loans does not use a third-party bank to make our loans. We make the decisions and underwrite our own loans.
HOW DOES IT WORK? The loan application process is very quick and very easy. Just bring in the required documents and complete our loan application. We will verify your information and process the application as quickly as possible. Most applicants will have an answer within 1 hour, but it may take longer if we encounter any problems while verifying your information. Applications submitted after 5PM may not be able to be verified and processed until the next morning. This usually happens during the employment verification process, if your employer has already closed for the day. Please rest assured that we attempt to process all applications as quickly as possible. We don't want you to have to wait for your money.
Once your application is approved we will contact you immediately to come in and sign the loan documents and pick up your check. We will also go over the loan details and answer any questions you may have.
HOW LONG DOES IT TAKE? Most applicants will have an answer within 1 hour, but it may take longer if we have problems verifying your information. Applications submitted after 5PM may not be able to be verified and processed until the next morning. This usually happens during the employment verification process; for example, if your employer has already closed for the day. Please rest assured that we attempt to process all applications as quickly as possible. [Go Back]
HOW MUCH CAN I GET? We issue loans in any amount from $50.00 to $1,200.00, subject to credit approval.
WHAT ARE YOUR FEES? Our fees are set by Texas law and we abide by all federal, state and local credit rules. Our current fees are:
- A $10.00 acquisition charge on all new and refinanced loans
- An installment account handling charge (the interest) of $4.00 per $100.00 borrowed, per month
- Loans for less than $100.00 have a different fee schedule, please contact an account representative for details
- The APR will vary depending on the terms of the loan (amount borrowed, payment amount, number of payments/months)
- A sample loan: $500.00 borrowed with a six (6) month term. Six (6) equal monthly payments of $105.00 each. Total paid on note would be $630.00 ($500.00 principal and $130.00 fees). The corresponding APR would be 84.38%.
- Important Notice for Texas Borrowers - The Acquisition Charge is not interest; however, for Federal Truth-in-Lending Act purposes it is required to be included in the finance charge calculation disclosed with the Loan in the Loan Note and TILA Disclosure. Although the Acquisition Charge is disclosed as part of the Finance Charge for purposes of compliance with the Federal Truth-in-Lending Act, the Acquisition Charge is not interest.
- For more information, rules and regulations, consumer brochures, and other consumer assistance, please visit the Texas Office of Consumer Credit Commissioner website.
WHEN DO I HAVE TO PAY BACK? Your payment(s) will be due monthly (once per month, not every 2 weeks) on the same day of the month. For example, if you obtain a 5 month loan on the 10th of the month, your payment will be due on the 10th of every month until the note is repaid.
DO PAYMENTS GO TOWARD THE BALANCE? Yes, every payment made goes towards paying down the balance of the note, not just fees. [Go Back]
WHERE ARE YOU LOCATED? We have several offices in the Houston area, please click on Locations for our addresses and phone numbers.
WHAT ARE YOUR HOURS? Please click on Locations for our office hours.
DO YOU SELL MONEY ORDERS? No, we only do loans and have no plans to sell other products.
DO YOU CASH CHECKS? No, we have never been a check casher and have no plans to offer other products or services.
CAN I APPLY BY PHONE? Yes, please call one of our offices for details.[Go Back]
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