Account is the open-end line of credit a customer may establish with a member of the NetCredit family of companies or a lending partner bank.
Account Balance is the total amount outstanding on a customer’s Account.
Account Home refers to the secure portal a customer uses to access their Account information, which may include their agreement, Available Credit, Statements, Cash Advances and payment history.
Advance Cancellation Deadline means the two (2) Business Days after a customer requests a Cash Advance during which they may cancel the requested Cash Advance without incurring any fees.
Advance Proceeds is the amount a customer would receive by electronic funds transfer if they request a Cash Advance. It is the Cash Advance minus the Cash Advance Fee.
Autopay is an optional preauthorized recurring automatic payment from a customer’s Checking Account for a Minimum Payment on or after a Statement due date.
Available Credit is the amount of credit that is currently available for Cash Advances.
Billing Cycle is the period of time between Statements. Billing Cycle may be Bi-weekly, Semi-monthly or Monthly.
Business Day is any day except Saturday, Sunday, and federal holidays.
Bi-weekly means once every two weeks.
Cash Advance is the amount of the advance requested and must be repaid. It is the total of the Advance Proceeds plus the Cash Advance Fee. The Cash Advance Fee is deducted from the amount of the Cash Advance requested. The remainder, i.e. the Advance Proceeds, is disbursed to the customer by electronic funds transfer into their Checking Account.
Cash Advance Balance is the amount used to determine the Statement Balance Fee charged for each Billing Cycle. It is calculated as shown on our Rates & Terms page.
Cash Advance Fee is the Finance Charge applied for each Cash Advance at the time a customer requests a Cash Advance. The Cash Advance Fee is 10% of the amount of the Cash Advance.
Checking Account is the bank account specified in the application, or any substitute account a customer or a customer's financial institution may later provide. A customer must maintain a Checking Account in order to obtain Cash Advances.
Credit Limit is the maximum amount a customer can borrow under their Account.
Fee Saver is a reduction of the Statement Balance Fee earned when a customer successfully makes a Qualifying String of Payments.
Finance Charge is any Cash Advance Fee and any Statement Balance Fee that may be charged under a customer’s agreement.
Line Cancellation Deadline is two (2) Business Days immediately following the day a customer is notified via email of final approval of their Account.
Minimum Payment is the amount a customer would agree to pay each Billing Cycle to keep the Account current. If an account is past due, a customer would need to pay the past due amount in addition to the Minimum Payment for their account to become current.
Monthly means once a month.
Qualifying String of Payments occurs when a customer successfully makes six (6) consecutive Monthly or 12 consecutive Bi-weekly/Semi-monthly payments of at least the amount of the Minimum Payment specified in their Statement by the due date shown on such Statement. In the event that a payment is made more than ten (10) days after its due date or is in an amount that falls short of the required Minimum Payment due, the number of consecutive payments counting toward a Qualifying String of Payments resets to zero. A payment made pursuant to any reduced or negotiated payment arrangement does not count toward a Qualifying String of Payments.
Semi-monthly means twice a month.
Skip-a-Pay is a reward that lets a customer skip the Minimum Payment for a Billing Cycle which is earned when a customer successfully makes a Qualifying String of Payments.
Statement is the periodic statement issued for each Billing Cycle that describes, among other things: Account Balance, payments, credits, debits, Cash Advance Balance, Statement Balance Fees, Cash Advances, Cash Advance Fees, past due amounts, Minimum Payment and payment due date.
Statement Balance Fee is the Finance Charge assessed for each Billing Cycle depending on the amount of a customer’s Cash Advance Balance for that Billing Cycle displayed on their Statement.