Frequently Asked Questions
1. What is a payday advance and how much can I borrow?
A payday advance (also known as “cash advance” or “payday loan”) is a short term loan up to $500 typically for two to four weeks. A cash advance can be a great way to get the cash you need—fast! They can be used to cover unexpected expenses or just to give you a little more money until your next paycheck. Cash advances are not recommended as long-term financial solutions. Visit a store or apply online and let the dedicated Lending Bear team work to meet your needs. Payday advances are not available in the state of Georgia.
2. Do late payments impact my credit?
Late payments on your loan may impact your credit rating. We use alternative credit reporting agencies such as MicroBilt and your credit may be affected and your ability to borrow limited from other services that use such agencies if your payments have not been made in a timely manner.
3. Where can I see the actual rates and terms for your services?
The complete rates and terms for our payday loans in Florida can be found here https://www.lendingbear.com/rates-and-terms-florida/. The complete rates and terms for our payday loans in Alabama can be found here https://www.lendingbear.com/rates-and-terms-alabama/
4. What is an installment loan?
An installment loan provides the money you need with the ability to pay it back in smaller, monthly payments, over a prearranged timeframe. Depending upon your state, a single installment loan is typically for a period of 3 to 9 months. The rate and term of your loan may vary depending upon the state where you live.
5. What is a title loan?
Simply bring your vehicle (cars, trucks, and motorcycles welcome!) and clear (lien-free) vehicle title into any participating Lending Bear location. Once there, you’ll fill out a short application, and provide your ID, proof of income, and a spare car key. The Lending Bear team will work with you to determine how much you need and how much you qualify for.
6. When do I have to repay my title loan?
Repayment of the loan is typically due 30 days after the loan is made. You may choose to pay off the entire balance at once or pay a service charge and extend the loan for an additional 30 days. There is never a penalty for pre-payment and borrowers even get discounts for on-time payments.
7. What is a pawn loan?
A pawn loan is a fast and easy way to get a loan with no credit check. The amount of the loan is based on the value of the item you wish to pawn. Depending on state law, a pawn loan generally has a term of 30 days.
8. What items do you accept for a pawn loan?
There are lots of different items you can use to get a pawn loan such as jewelry, tools, guns, electronics, musical instruments, lawn equipment, and almost anything else of value that you’d like to borrow against.
9. How long do I have before the pawn loan must be repaid?
Most pawns last for 30 days and at the end of the pawn you may choose to pay the amount you borrowed plus a fee and have your item returned to you immediately or you may choose to surrender your item fee-free. Lending Bear offers extensions based on state law. Alternatively, you may transfer the collateral to us as payment in full.
10. What happens to my item if I do not repay the pawn loan on time?
If you don’t return to the store within the prescribed timeline and no extension has been granted, ownership of the item reverts to Lending Bear.
11. Do you offer a satisfaction guarantee?
Lending Bear offers a next business day satisfaction guarantee. If for any reason you change your mind about your transaction with us, just come back to the store before the close of the following business day and pay back what you borrowed.