How do I pay back my loan?
The repayment process for the loan is designed to be simple and convenient for call center employees. Advance Capital USA collaborates with call center businesses to deduct the loan amount directly from the employees' payroll on each payday. This means that the repayment is automated, and the call center employee will receive their paycheck after deducting the loan repayment.
Once the employee completes the required repayment period, which is typically six months, they can apply for another loan if needed. During this repayment period, Advance Capital USA will deduct a fixed amount from the employee's payroll on each payday until the loan is fully paid off. This ensures that the loan is repaid consistently without the employee having to remember or initiate individual payments.
By partnering exclusively with call centers operating on a semi-monthly or biweekly payroll schedule, Advance Capital USA caters to the specific financial requirements of these organizations. This tailored approach ensures smooth and efficient management of loans for call center employees.
How much can I borrow ?
The amount that an employee can borrow from Advance Capital USA is a set amount of $500.00 every 6 months. This means that once an employee has fully paid off their loan, they can apply for another loan of $500.00 if they need it.
What is the impact if I need to leave my job or get terminated?
If an employee is terminated or leaves their job at the call center, the call center will inform Advance Capital USA. The outstanding loan amount will be deducted from the employee's final paycheck to fully pay off the loan. In cases where the employee leaves immediately after receiving their paycheck and the amount owed by the call center is not enough to cover the entire loan, the employee is responsible for the remaining balance. They will work with their loan officer to establish a new payment method.
In the event that an employee plans to relocate to another country, they will be required to repay the loan in full before leaving the country the outstanding loan amount will be deducted from the employee's final payment before they relocate to settle their loan entirely
Where can I obtain a loan?
Currently, Advance Capital extends its lending services exclusively to residents of the United States and the Dominican Republic. Rest assured, we are continuously expanding our reach and may soon be available in your country as well. Stay tuned for updates on our future expansion plans, as we strive to bring financial solutions to more individuals around the globe.
The Payment Plan
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We offer $500 loans with a 6-month term, accompanied by an average interest rate of 20% per payment. Our unique payment structure caters to call centers operating on a semi-monthly schedule. This means that we collect two payments from each employee every month, aligning with their payroll dates. Over the course of the 6-month term, a total of 12 payments will be made.
The monthly payment structure is as follows:
Loan Amount: $500
Interest Rate: 20% Bi-Weekly
Loan Term: 6 months
Number of Payments: 12
Number of payments per month: 2
$113 will be automatically deducted from your paycheck with each payroll as a repayment towards the loan.
Upon taking the loan, you will make regular monthly payments for the next six months. These payments will be deducted from your paycheck, which is issued twice a month according to your semi-monthly payroll schedule. Specifically, every time you receive your paycheck, a portion of $113 will be withheld. Out of this amount, $71.33 will cover the interest payment, while $41.66 will be applied towards reducing the loan's capital. This process will repeat itself for each of the six months following the loan disbursement.
Our partnered call centers.
