What are Credit Access Business (CAB) Loans?
A credit access business loan--often referred to as a CAB loan or CAB payday loan--is an online loan that is designed to meet short-term financial requirements. In this context, a short-term loan generally means anywhere from 30 days to six months.
A CAB payday loan is unsecured. Unlike a car title loan, you do have to provide a vehicle title or other form of collateral. You promise to pay the loan back, and a lender chooses to lend to you based on your responsible financial history. This is similar to a personal loan from a bank, but with a credit access business loan, the online loan process is less intensive and time-consuming and you have access to smaller loan amounts and shorter periods.
We Provide Credit Access Business Loan Services in the Following States:
Why Choose Loan Cheetah for a CAB Loan?
Our process is fast and simple and can be completed entirely online. You may be in a financial jam, and we can usually get the cash to you the same business day. You can choose the amount you need, and loan amounts can be as high as $1,800 or 35 percent of your gross monthly income, whichever is less. The repayment process is also quite simple, and everything will be laid out clearly in your contract so that you never have to worry about hidden fees or the like.
Applying for a Credit Access Business Loan
With the CAB payday loan process from Loan Cheetah, you can expect:
- A quick application
- An instant decision
- Fast funding
Let us break the process down into six simple steps:
- Choosing a CAB payday loan
- Completing the online loan application
- Alternative credit check process
- Eligibility decision and online loan estimate
- Loan representative and signing your contract
- Funding and repayment
Step #1: Choosing a Credit Access Business Loan
Our loans are designed for short-term financial needs. We encourage would-be borrowers to consider alternatives, such as borrowing from relatives, and the other loan options available in their states. Compare rates and terms to determine if the products we offer are the best option for you.
Step #2: Online Loan Application
You will need an active email account to apply for a credit access business loan. Your email is how Loan Cheetah will initially communicate with you. The form is brief and requests basic details, such as your:
- Date of birth
- Home address
- Phone number
- Employment status
- Income values
- Bank account information
Note that you must have a checking account in order to apply for a credit access business loan. Once you have provided the necessary information, click the submit button to move onto the next step.
Step #3: Alternative Credit Check
With an alternative credit check, we look beyond your credit score available from the three major credit agencies. Loan Cheetah will consider many aspects of your financial history and favor responsible financial behavior. Note that there is no hard pull, so our process will not lower your credit score.
Step #4: Eligibility Decision and Loan Estimate
You will receive an instant decision because our automated system is able to determine your eligibility very quickly. If you are eligible, the system will provide you estimates as well as the online loan options available to you based on your suitability. If more information is required, such as a paystub, we will walk you through providing this information. If you are declined, you will receive an official response within 30 days that provides the reasons for declining you.
Step #5: Loan Representative and Signing Your Contract
A loan representative will contact you at your earliest convenient to answer any questions that you may have and to finalize the details of the contract. Carefully review our contract, which will be personalized to you with details like the loan amount, interest charges, fees, repayment schedule and so forth. If you accept the agreement, complete it and digitally sign it.
Step #6: Funding and Repayment
Loan Cheetah is generally able to provide funding on the same business day. If it is too late in the day or the weekend, then you will receive funding on the next business day. To repay your online loan, you can make direct payments via ACH or provide a personal check.
Do You Need Perfect Credit?
Bad credit loans and no credit loans are not available. We do require a credit check but offer an alternative credit check method that lets us consider CAB payday loan applicants who do not possess perfect credit. Loan Cheetah considers many factors beyond just your credit score.
Benefits of a Credit Access Business Loan
There are numerous benefits associated with CAB loans:
- Fast approval
- Streamlined application process
- Funding on the same or next business day
- Relatively small loan amounts
- Short loan periods
- No hard pull
A CAB loan is often an excellent solution when you face a difficult but short-term financial situation. Unlike with a personal loan from a bank, the requirements are very low. You have to be a U.S. citizen and at least 18 years of age. You have to be employed for at least a month and have a responsible financial history but not necessarily a perfect credit score. There is also no upfront risk to your credit score because a CAB loan does not require a hard inquiry into your credit, which means there will be no effect if you reconsider or are declined for whatever reason.
How CAB Loans Differ from Other Loan Types
Financial needs vary from one person and set of circumstances to the next. All loan types have their place as well as their pros and cons. With a CAB loan, you can take advantage of an online application, instant approval, direct deposit to your banking account and a loan amount and repayment schedule that suits you. CAB loans are not secured, so you do not need to provide a vehicle title as with a car title loan. This kind of online loan is provided to you based on your income and financial history. These loans are also for a short period of time so that you can tackle a specific financial challenge and not be locked in to an extended agreement.