What is a Line of Credit and How Does it Work?
A line of credit is a simple and convenient way to help you handle fluctuations in your monthly cash flow. A line of credit is a ready source of funds that can be used at any time. You can borrow as much or as little from your available credit and pay any amount any time! Once you have made a payment on your line of credit you can use the available funds anytime you want without having to go through the hassle of reapplying! Cash from your MyIncomeSciences Line of Credit can be deposited into your existing checking account as soon as the next business day. With successful payment history, you'll be eligible for an increased line of credit.
What is required to get a Line of Credit?
How much can be borrowed?
As a first-time applicant, borrowers can receive a line of credit up to $600 . After a successful payment history, a customer can get a line of credit up to $1,500.
How soon can a borrower access the cash?
If the application is approved by 5:30 pm EST, the funds will be electronically transferred (ACH) to the borrowers bank that day (Monday through Friday excluding bank holidays). The funds should arrive at the bank on the following Business Day. Weekend requests will be treated as though they are Monday requests, so funds requested on a Saturday will not appear in a checking account until the following Tuesday. *Note: Some banks can take two (2) days to process and transfer the funds into your account. You may wish to contact the ACH department of your bank to verify that the funds have been credited to your account. MyIncomeSciences accepts neither responsibility nor liability for delays caused by an outside financial institution.
What if the borrower has poor credit or has filed bankruptcy?
Poor credit ratings will not affect the approval of a line of credit. That said, we will often still be able to extend a cash advance to those who have filed for bankruptcy within the past year or those who have filed multiple times.
Do you perform a credit check?
Yes - MyIncomeSciences will perform a credit check.
How long does it take to get approved?
Dependant upon the time of day and how quickly complete the application process is completed and submitted, borrowers can be approved within minutes. Please keep in mind that any application submitted during weekends, holidays or after 5:30 PM, EST will be processed the following business day.
Can you describe the Line of Credit process?
Applicants will begin the process by filling out our online application. Once submitted, we review the application and notify the prospective borrower either by phone or email regarding the status of the application. If the line of credit is approved and funds requested by 5:30 PM EST, then the funds will be received by the borrower the next business day.
What are the repayment options?
Customers have 4 payment options to choose from:
1. Extension: Pay only the fee
2. Extension Plus: Pay the fee + part principal (in increments of any amount)
3. Pay the line of credit off in full by the due date
4. Pay the line of credit off early
For your convenience, your payments will be electronically debited from your bank account unless you make alternate payment arrangements. To avoid potential NSF fees, please ensure that your checking account is properly funded when we debit the account. If you need to make alternative payment arrangements, please contact MyIncomeSciences's Customer Service Department. Please call 1-855-695-2180 or 1-925-948-0915 at least two days prior to your scheduled due date.
When would a Line of Credit be due?
The due date is determined by the client's pay date. However, if at any time you have a discrepancy with your due date we encourage you to contact us to discuss the matter by calling our Customer Service Department at 1-855-695-2180 or 1-925-948-0915.
What happens if a payment is not made on or by the due date?
If a payment is returned by a bank, then our Collections Department will contact the customer in order to arrange a second attempt to debit the payment. A $30 NSF fee will also be collected with the next debit attempt.
Customers who are unable to make payments by the due date should immediately contact the MyIncomeSciences Customer Service Department at 1-855-695-2180 or 1-925-948-0915 to work out other arrangements.
Do applicants need access to a fax machine?
In the vast majority of cases, there is usually no faxing required in order to get approved! In some cases, we will attempt to contact the customer by phone or email to request the needed information.
Is my loan secure and kept confidential?
Every MyIncomeSciences Line of Credit transaction and customer information is completely confidential and protected per our Privacy Policy.
Return to TopApply today, get up to $1500 by tomorrow! At MyIncomeSciences.com we've created a better way for you to get the cash you need. It takes less than 5 minutes so apply now and see how much cash you can get.
Less than perfect credit is not a problem! Find out how much you can get instantly! At MyIncomeSciences.com we've created a better way for you to get the cash you need.
Receive your Line of Credit directly into your checking account the next business day!