How Revolving Credit Lines Work - Transparency From Applying through to Drawdown

How It Works

Application Process

 
 
 
 
 

Apply

Our application process is quick, easy, and secure. First, you will be asked to answer some basic questions about yourself.

What information may I be asked to provide?

You will then be prompted to select a username and password for your new NHCASH.COM MyAccount self-servicing portal. It’s important to remember your username and password as you will need to log into your account to E-Sign your agreements with us to finalize your loan and get your cash!

 
 
 
 
 

Bank Verification

On the next screen, you will receive a preliminary approval decision along with questions related to where you would like to receive your cash and a debit card for repayment. NHCASH.COM uses bank link technology to quickly and easily verify your bank account information. When you click the “Bank” button, you will be prompted to select Instant Verification or Manual Verification.

We encourage our customers to use BankLink because it is the fastest way to verify your bank account information and it reduces typos on routing and account numbers. Plus, instantly verifying your account may entitle you to added benefits, such as higher approval amounts and faster deposits!

Instant vs. Manual Verification

Once you’ve verified your account, you will need to provide a valid debit card for repayment. Because some accounts do not allow for withdrawal of payments directly from your bank account, we require a debit card as an additional method of repayment. Once you input your debit card information, we will run a $1.00 debit on the card information you provided to us to verify that the card number and account are valid. We immediately reverse the charge, but it may take up to two (2) business days for your bank to redeposit the $1.00 into your account. Because we only need to verify that the account exists and is open, it does not matter, for our purposes, if you do not have funds in your account to cover the $1.00 debit.

 
 
 
 
 

Additional Information

Depending on the information in your application, you may then be asked to validate some additional information.

What information may I be asked to provide?

Once you have completed any required additional validations, you will be prompted to review the terms of your new loan and electronically sign your loan agreement. We will also ask you to select the bank account where you’d like to receive your deposit for a final time.

 
 
 
 
 

Approval

Once the agreement is signed, your application is complete, and it will be reviewed by our underwriters who will perform final fraud and underwriting checks prior to issuing your new loan. Generally speaking, you should hear from our underwriters within 24 hours of submission of your completed application.

Once underwriting is complete, you will receive an email from no-reply@nhcash.com with your approval status. If approved, your funds will be deposited into the account you selected on the next business day.

Repayment

Your loan with us is an open-end, revolving line of credit. Think of it like a credit card, but without the plastic. When you’re approved, you receive an initial credit limit that is advanced to you in the form of your cash loan. You are responsible for making the minimum payment due on your account during each billing period that your account remains open. We do our best to align your payment due dates with the dates on which you will receive income and to remind you of when your payments are coming due. 

With our lines of credit, your specific due dates will operate according to your 28-day billing cycle. (This means that your payment may not be on the same day each month!) Much like a credit card, your minimum payment due in each billing cycle depends on the activity in the account during the billing period, which means that your minimum payment amount may fluctuate a bit from period to period. And finally, your line of credit is “open-end” and “revolving”, which specifically means that there is no set end date to your account. If you continue to make on-time payments, you may be entitled to additional credit limit increases and cash drawdowns up to the maximum line size of $2,000 into perpetuity. 

Note that this is NOT an installment loan product. This means that:

  1. there aren’t pre-established payment due dates at specific intervals (like weekly or monthly)
  2. there isn’t a pre-determined payment amount for each billing period
  3.  there isn’t a discrete point in time where the loan is paid off and the account is automatically closed. 

Statements, Payment Reminders, & Payment Adjustments

You will receive periodic billing statements for each period that your account remains open. These statements will be sent to the email address we have on file for you and will detail any account activity that took place during the billing period. Your statement will also list your minimum payment amount, as well as your due date.

In addition to your statement, we will send you payment reminder emails and text messages as your payment due date approaches. 

We understand that sometimes things come up and you may need some additional flexibility on your payment due date. You can request a payment adjustment online in your MyAccount or you can call, email, or text us to request a payment adjustment. You can move your payment out as far as seven (7) calendar days (or ten (10) calendar days for Kansas residents) from your original payment due date without incurring a late fee. 

Please note, payment adjustments are not available for your first payment. 

Repayment Methods

We want to make keeping your account current as simple as possible. We currently offer the following payment methods:

  • venmo payments accepted 
    Venmo
  • paypal payments accepted
    PayPal
  • NHCash online payments
    MyAccount Online Payment 
  • debit card payments accepted
    Debit Card
  • ACH debit payments accepted 
    ACH Withdrawal