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XACT Quick Faqs
The Loan Application Process
What do I need to apply for the installment loan?
You’ll need:
- An active checking account, which must be active for at least 30 days, that allows direct deposit.
- A working telephone number that we can verify.
- Since you’ll be asked to provide details about your gross income, net income and pay frequency on the application, it will help to have your most recent pay stub or other income documentation on hand.
What are the steps to get an installment loan?
- Complete and submit your online application.
- Review and select your loan amount, total payback amount and payment due dates.
- Electronically sign your loan agreement.
Will I need to provide a blank check?
No. Since the installment loan is processed online, we will only need your routing and account numbers from your checking account.
To populate your routing and account numbers automatically, you can connect to your checking account during the application process with Plaid, a third-party verification platform, using your normal bank credentials. Plaid will verify your bank and checking account information, then populate it in the application for your convenience.
How long does it take to get approved for an installment loan?
When you submit your application, you’ll receive a prompt answer on whether you qualify and the amount you’re eligible to borrow.
How do I sign my installment loan documents?
Online, you can sign your installment loan documents by checking the “eSign” box when prompted.
When you check the eSign box, it serves as a legally binding electronic signature. Always review your loan agreement, the privacy policy and any other terms or conditions that apply before you sign your application.
When and how will I receive my funds from my installment loan?
Once you are approved, your loan will be processed. If we are able to verify your information and originate your loan before 8 p.m. ET, in most cases you can expect to receive your funds no later than the following business day. We are unable to process loans on days when banks are closed. If you apply late in the day before a banking holiday, or on a banking holiday, your loan will be originated the next business day, and you can expect to receive your funds on the no later than the following business day.
PRODUCT COMPARISON
Short-term loans can work for smaller, unexpected expenses. But if you find yourself needing more money, with more time to repay, Xact could be the solution you’ve been looking for. With loans up to $5,000, you could get the funds you need to consolidate debt into one easy payment. See the difference – with Xact.
Short-term Loan
- Smaller loan amounts for unexpected expenses
- Loan due date aligned with payroll date
(bi-weekly/monthly)
Xact Loan®
- Larger loan amounts - $500–$5,000
- Save time and apply online
- 18 or 24 month term1
- Consolidate debt into one payment
- Access to FREE credit score
