A CAB Can Make It Easier To Pay Back Your Loan

Make It Easier To Pay Back Your Loan

The average cash advance isn’t made for those who are living paycheck to paycheck. These small dollar loans typically come with highlyt restrictive repayment terms that are practically impossible to meet. When the majority of your paycheck goes towards your regular monthly responsibilities — on unavoidable things like rent, utilities, and auto insurance — you don’t have enough left over to cover the cost of your loan by your next payday. In Texas, however, financially irresponsible advances aren’t your only option. There are flexible alternatives available when you contact a licensed Credit Access Business (CAB).

A CAB is unlike a direct lender, in that they aren’t the original business to finance the loan. They act as a kind of broker on your behalf, contacting third-party lenders in the State of Texas and arranging a loan in your name. Much like a direct lender, these CABs are held accountable by specific legal requirements. First and foremost is the certification that allows them the title of Credit Access Business. This accreditation is only awarded to those businesses that meet the high standards of the Office of the Consumer Credit Commissioner. A CAB, such as MoneyKey — TX, Inc, will also have a license as a Credit Services Organization (CSO) from the State of Texas. These licenses confirm their facilitation services are legit.

Assistance from a CAB doesn’t needlessly complicate the process. Though technically the loan will be arranged through an unaffiliated third-party lender, the CAB will be responsible for any ongoing servicing of the loan. That means you’ll only have one point of contact to worry about from start to finish, including your application and its eventual repayment.

Repayment is how financial assistance arranged by a CAB differs from the typical cash advance from an online direct lender. The distinction is in the name: installment loans. While their size may be similar, striking somewhere between $200 and $1,000, they don’t have as restrictive repayment terms. Instead of requiring full repayment in one lump sum at the time of your next paycheck, an installment loan secured through a CAB can be spread over multiple payments. When you secure a MoneyKey installment loans online, for example, which are spread over several weeks or months, it gives you more control over how your paycheck is spent.

You won’t know which payment schedule you qualify for until you contact a CAB and apply for their assistance. Regardless of which one you receive, an installment loan offers a more practical way to repay your advance. Instead of worrying about paying for everything at once, you can have weeks (or even months) to breathe.

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