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Definitions

ACH – This stands for automatic clearing house, which is mainly a method used to transfer funds to and from bank accounts.

APR or Annual Percentage Rate – This is the cost of credit which is expressed in a yearly rate. This is not the same as contract interest rate.

Balance – This refers to the outstanding in your bank account.

Bankruptcy – This is a legal proceeding in America’s Federal Court which in entered into by a borrower. This is often someone who is not able to pay back his debts which allows for them to negotiate some form of partial payment or the selling of a borrower’s assets. Bankruptcy information will stay on the credit history of a person for up to a decade.

Budget – A plan or method used for spending management and for saving money.

Caps – The established limit of an amount’s interest rate which can be increased to an adjustable rate mortgage loan.

Cash advance – This refers to a source of cash which can be taken in the case of emergencies. This is for people who are employed but may not have access to other sources of credit. This is meant to bridge the financial gap in between now and the next pay day. The interest is charged from the date it is advanced.

Charge off – This is a credit card debt or loan which is written off as being uncollectible from a borrower. This at times is the case when the loan has been sold or given the debt to some collection agency. This debt remains collectable.

Checking account – The money which is kept in savings or a bank for safekeeping. This money can be withdrawn easily by simply writing out a check or using an ATM machine.

Security or Collateral – Often an asset which is pledged in order to assure repayment of debt.

Compound interest – Interest which is computed on the loan’s balance, the balance will include all interest which is unpaid.

Co-signer – An individual who willfully signs a loan agreement with the borrower and partly assumes responsibility of repayment of a loan.

Credit – The promise to pay the amount at a later date for services or goods availed presently.

Credit request – A request for credit given in writing. At times an request fee will be charged in order to cover the cost of processing the loan.

Credit bureau – An organization that works to compile the credit histories of would be borrowers and also provides these reports to lenders. These reports are used by lenders for making decisions. Experian, TransUnion and Equifax are the largest credit reporting agencies in America.

Credit card – This is a card issued by the bank in order to make payments for purchases. The outstanding balance is subject to interest.

Credit counseling – A type of counseling which is provided by organizations aimed at helping consumers with ways to repair their credit so as to get their financial affairs back on track.

Credit limit – The most amount of money which is allowed to be charged on a line of credit or credit card.

Credit line – This is also often referred to personal line of credit and is the maximum amount a person can get against his or her account. Once the credit line has been repaid the person can then re-borrow against this account.

Credit report – This is a report which is actually the history of a person’s debt repayment, outstanding debts, bankruptcies and late payments. It will also have his or her bankruptcies.

Creditor – A business or person from who you are borrowing or someone you owe money to.

Debit card – This is a card issued by a bank or some other financial institution and often used for purchases. The purchase is deducted directly from a checking account.

Debt – The amount which is owed to a lender.

Debt Consolidation – This refers to a strategy which is at times used by people to improve their debt management issues. Instead of opting to pay several bills every month a consumer will just pay his debt with one bill to one financial institution.

Default – The failure to pay back a loan or meet the terms the loan agreement.

Delinquency – Failing to pay on time.

Direct Deposit – This is an electronic funds transfer directly to a bank account, so paper check is not needed.

Equal Credit Opportunity Act – This is a federal law which prohibits lenders from any sort of applicant discrimination.

E-Signature – Often referred to as an electronic signature this requires a software which binds your signature or some other mark to a document. The E-sign bill was passed by the government in June 2000 which legalizes this signature.

The Fair Credit Reporting Act – This is a federal law which gives borrowers the right to lean exactly what info credit reporting agencies currently have on them, it also enables them to dispute incorrect data.

FDIC or Federal Deposit Insurance Corporation – Usually a federal agency which insures a consumer’s deposit in their savings and for a loan of up to $100,000 for every account. These deposits will include savings and checking accounts and also deposit certificates.

Finance charge – Credit costs expressed in a dollar amount.

A fixed interest rate – A rate of interest which will not change through the term of the loan.

Foreclosure – This is a legal process in which collateral that has been pledged for a loan can be sold in order to repay the loan if the borrower defaults.

Installment loan – This is a loan that has a predetermined number of payments and loan amount.

Interest – A fee that the lender charges for borrowing a sum of money.

Interest rate – A rate that a lender will charge borrowers in order to borrow money from them. It is expressed in percentage % per annum.

Judgment – This is a court order which is made by the court and which is related to a lawsuit. It actually decides who wins the case.

Late payment fee – This is a charge for a payment which is not received in time.

Lease – This is a legal contract which allows a consumer to use some asset like a car for payment. The asset needs to be returned once the lease term ends.

Lender – A business or a person who lends or even offers loans to people.

Liable – to have legal responsibility.

Lien – When a creditor lays claim to a piece of property to ensure his debt is paid off.

Loan – Any amount which is borrowed so that it can be repaid later with added interest.

Loan Agreement – This is a legal contract which details the conditions and the terms of the loan.

Mortgage loan – This is used to purchase a piece of real estate. Here the property is actually the security for this loan.

Public Record – This is information which is gotten from federal, state or other sources which details a person’s history of financial obligations which includes child support and alimony.

Refinance – To pay off an existing loan with whatever proceeds have been had from the new loan in order to enjoy a lower interest rate.

Repossess – The voluntary or forced surrender of items in the case of a consumer’s failure to pay back a loan.

Right of recession – The right of a borrower to cancel the contract within just three working days.

Savings account – The money which his kept in a savings account and for safekeeping. Big reason here is that savings accounts will earn interest on money kept in this account.

Secured loan – This is a loan where the borrower will pledge his asset like a car or home which will be sold if he is not able to pay back the loan.

Security – check collateral.

Simple interest – The interest is computed on the basis of outstanding as long as some portions remain still unpaid.

Title – A document which proves ownership of property.

Truth in Lending Act – This is a federal law which mostly requires lenders to be able to disclose to their borrowers the actual cost of the loan. This will include the actual interest rate as well as the terms and conditions of this loan in an easy to understand fashion.

Unsecured loan – This is a loan given on the bases of a borrower’s word to pay back.

Variable interest rate – This is an interest rate which will change based on the current index, like a prime rate.

Yield – Often used for an effective rate of return which is paid on money market accounts, bonds or savings.

Frequently asked questions

Most frequent questions and answers

To apply for a personal loan, each lender has its own set of conditions. Borrowers who are 18 or older, U.S. citizens or permanent residents with a valid Social Security number, have a stable income, and have a decent background history are usually the ones they are looking for.

Your debt-to-income ratio, or how much of your monthly income goes toward servicing recurring commitments like rent, car payments, or credit card bills, determines how much you can borrow with a personal loan.

Qualifying criterion is an employee, no military, not a resident of NY, has a checking account, and over 18 years old.

Each lender has its own process of assessing borrowers and deciding rates.

When it comes to finalizing your personal loan, you will need to be clear and honest on the submission form.

Always speak with the lender and carefully review the offer before accepting.

Personal loans can be used for almost anything.

You can use it for Debt Consolidation, Credit Card Refinancing, Career Development, Vacation, Home Improvement, Wedding Expenses, and more.

 

For example, assume you get a $5,000 personal loan with an APR of 7.5%. The loan has a repayment term of 12 months. Using those terms, your monthly payment would be $433.79 and the total interest paid over the life of the loan would be $799.90. Now assume you borrow the same amount but with different loan terms.

Fast Cash Loans up to $5,000

How It Works

TopOnlineCash.com is not a lender and therefore does not make short-term loans or credit decisions. We are a loan connecting service where we connect consumers with independent third-party lenders.

Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:

You can register online using any computer or mobile device. The method is extremely fast because it takes place in real-time. If you are paired with a lender, you will receive an offer from that lender outlining the loan’s terms and conditions. If you accept the conditions (which you can do), the money will be in your account as soon as the next business day.

Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:

  • You must be at least 18 years old to participate.
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
  • Not a resident of NY.

Important Disclosures. Please Read Carefully.

Our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria.

Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months.

The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution. Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice.

This website is not an offer to lend. Top Online Cash is not a lender and does not make loan or credit decisions. Top Online Cash connects interested persons with a lender from its network of approved lenders. Top Online Cash does not control and is not responsible for the actions or inactions of any lender, is not an agent, representative or broker of any lender, and does not endorse any lender. Top Online Cash receives compensation from its lenders, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless, Top Online Cash’s service is always free to you.

This service is not available in all states. If you request a loan in a particular state where such loans are prohibited, or in a location where Top Online Cash does not have an available lender, you will not be connected to a lender. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

By submitting your information via this website, you are authorizing Top Online Cash and its partners to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and TransUnion, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize Top Online Cash to share your information and credit history with a network of approved lenders and lending partners.

Lender’s Disclosure of Terms.

The lender you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender based on the lender’s internal policies, underwriting criteria and applicable law. Top Online Cash has no knowledge of or control over the loan terms offered by a lender. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lender immediately and discuss how to handle late payments.

Personal loan offers provided to customers who originated via a paid Google or Bing advertisement feature rate quotes on TopSmartLoans maximum of 35.99% APR with terms minimum of 61 days to a maximum of 180 months. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history, and will be agreed upon between you and the lender. For additional loan options, please email us at info@toponlinecash.com. An example of the total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36-month life of the loan.

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