The answers below are shown as originally published on this site. If you apply through the online form today, the lender that reviews your request sets its own terms.
What is a line of credit?
A line of credit is an account that can be used if the need arises or not touched at all and saved for emergency situations. A line of credit is a quick and confidential way to help you bridge the financial gap until your next paycheck or for an emergency.
What are your minimum requirements?
You need a job or proven source of income, email address, home phone, checking account in good standing, and you must be at least 24 years of age. All signed Loan Agreements are subject to verification of prior loan history and application data. For a complete list of minimum requirements, please check our Requirements page.
How much money can I borrow and what are your fees?
Our lines of credit range from $400 to $2,500. Fees are $7.50 for every $25 in average principal outstanding during standard billing cycles of 7-21 days in duration plus a standard billing cycle fee of $2.50 and an APR of 10% for each billing cycle. The first billing cycle of the account may not be a standard billing cycle.
The minimum required payment will be deducted from your bank account. Your minimum payment will be the finance charge and 3% of your outstanding principal every due date which will coincide with your pay date. If you would like to reduce your credit amount or pay in full, simply call us at 1-877-256-3952 during our normal business hours. Our standard hours of operation are Monday – Friday 9am CST to 5pm CST. If you are unable to reach us via phone, simply email us at [email protected] and someone will respond the following business day.
When will the money be in my bank account?
If your application is received, verified, and e-signed before 5PM CST on a banking day, we will transfer the money to your bank overnight, and the funds should be posted to your account the next banking day.
When will I hear back for you?
During our normal business hours of 9am CST to 5pm CST, we will contact you by telephone within 15 minutes after we receive your application.
Do you check credit?
We will not request credit reports from any of the three (3) major credit bureaus. However, we do verify that you are actively employed.
Why do I need to submit my banking and Social Security Information?
We must have your personal information to verify your identity and to deposit funds into the correct bank account. Your information is always kept secure and confidential in our encrypted database.
What states are currently not serviced by VIM Holdings Group?
Arkansas, Colorado, Georgia, Illinois, Minnesota, New York, North Carolina, Pennsylvania, Vermont, and West Virginia are the states we do not service at this time. In addition, we do not offer lines of credit to active military personnel or their dependents.
How do you protect my privacy?
View our Privacy Policy.
Can I pay my line of credit back early?
Yes, you can pay your line of credit back early. Please contact us at least three (3) business days before your due date to let us know that you want to debit your account early. You will not be entitled to a refund or discount of the fees.
When I receive the money, will I receive a statement of my account’s standing?
A periodic billing statement is e-mailed every two (2) weeks a few days prior to your scheduled due date that coincides with your pay dates. These statements include items such as principal balance, interest charges, and available credit left. It is imperative that you keep a working e-mail address that you monitor on a regular basis.
Why am I not receiving e-mail notifications about my account?
In some instances, it may be the case that our emails get filtered into your spam folder. It is important to make sure that you monitor your spam folders as well if you expecting emails from our company. If you have any questions regarding the failure to receive e-mail notifications regarding your account, please call us at 1-877-256-3952 and we will be more than happy to assist you.
What if I don’t have the money in my bank account to make my payment?
If your payment due date arrives and you don’t have the funds available in your bank account, contact us immediately. Only by discussing your repayment options with us will allow you to be able to keep your account in good standing.
Credit Line Example: $500 Credit Limit. $200 initial advance.
If you opened up a revolving line of credit with our company for $500 and received an initial advance of $200, you would only accrue interest on the $200 outstanding balance, NOT on your entire $500 credit limit. If you choose to request an advance of the additional $300 that is available to you, then you will begin to accrue interest charges on the full $500, provided you did not pay back any of the initial $300 principal during that time.
This line of credit account is designed as a short-term cash flow solution and not designed as a solution for a longer term financial need. Additional fees may accrue if the outstanding principal balance is not paid at the end of the billing cycle. The exact availability of the funds is subject to your bank’s processing schedules and policies. Remember, if you are approved on a Friday and the following Monday is a bank holiday, you will not receive your funds until Tuesday. If you have any questions, please contact your bank’s ACH department.
See also: Fees · Requirements