The loan organization explained to me that they mail checks to possible customers. Republic Finance is a consumer loan company that offers multiple types of loan options up to $10,000. There's no credit check required, just a check in the mail with interest rates that reach 60 percent. Interest.com is an independent, advertising-supported comparison service. All I had to do was cash the check. These can lock consumers in a never-ending cycle of debt. Keep in mind that the best way to maintain a strong credit score and not waste money on interest and fees is to create a budget and save for what you need instead of using credit or a loan. When a person has little money in the bank, struggles to pay bills and is living paycheck to paycheck, it could be very tempting to cash that check.Loan companies use them as bait. General Info Founded in 1952, Republic Finance specializes in providing a variety of consumer loans, flexible lending options and incomparable customer service, and has assisted its customers in meeting their personal finance goals for more than 60 years. To opt out permanently, visit OptOutPreScreen and return a signed “Permanent Opt-Out Election form,” which they will send after you make the request. If you are interested in a loan or line of credit, you should shop around for information about the benefits and costs of all options. Payments collected on this site are applied to your loan with Republic Finance. Then a “Special Christmas Loan Offer” came in the mail last week. It may be from a lender you have borrowed from in the past or from a new lender. Lenders offer live check loans based on information about your credit history from your credit report. Scammers sometimes send fake loan offers via mail, email, or text. 3 reviews of Republic Finance "Great financial services company that is there to help you when you need it! - posted in General Discussion: Okay, so today I got a loan check for just over $800 from a place called Republic Finance, however I never applied to them. Inside the envelope was a check from Republic Finance made out … Your Account Number can be located on your original loan documents, payment coupons or recent letter from Republic Finance. The check should come with the following information: Live check loans may have higher interest rates than other types of personal loans or credit cards, so it’s a good idea to shop around and compare terms before accepting a live loan check. It would have prohibited lenders from sending unsolicited checks to preapproved consumers. An Easy Advance (EA) is a loan secured by and paid back with your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. A live check is actually an unsolicited loan offer. Republic Finance can be contacted at (254) 224-5923. Barely a day goes by where my wife and I don’t receive some kind of credit card or loan solicitation in the mail. If you’ve ever received a check in the mail that looks authentic, but aren’t sure why you received it or what it is, it is most likely a live check. Other states, such as North Carolina and Virginia, allow these unsolicited checks but require specific disclosures and restrictions on their use. Have you ever opened your mail and found an unexpected check? Learn more about opting out of unsolicited loan offers. Participating lenders offer loans from $200 up to $5,000. Interest.com does not include the entire universe of available financial products or credit offers. At least the terms were clearly spelled out. However, live check loans may have much higher interest rates than other loans or credit cards. Republic Finance has resolved 0 complaints. If you pay late or do not pay, you may be charged fees along with interest, and the lender may report your debt to a credit reporting agency which could affect your credit score. An official website of the United States government, Explore guides to help you plan for big financial goals. You may qualify for an unsecured or secured personal loan. I was holding $3,140 right there in the palm of my hand. Once endorsed with email, phone number, I.D., and signature the check can be … The email address of republicfinance3@gmail.com and the WhatsApp number of +33754505882 are not affiliated with Republic Finance, so please do not use them to contact Republic Finance. This creates a loan that you must repay on the due dates described in the loan agreement. To opt out for five years, call 1-888-5-OPTOUT (1-888-567-8688) or visit OptOutPrescreen . Wherever you live, there’s really only one thing to do should you receive an unsolicited check like the one I got in the mail. Inside the envelope was a check from Republic Finance made out to my wife for $3,140. Republic Finance offers fixed-rate personal loans in amounts starting at $2,000. Republic Finance reviews first appeared on Complaints Board on Feb 27, 2015. Relatively high rates. Live check loans may be convenient, since you do not have to complete a loan application or file paperwork. You also collect payments. A privacy notice about the sharing of your personal information, Your right to exclude your name from future offers—called an opt-out notice. On the perforated sheet below, it said, “Let us help you for Christmas!” There was a picture of a Christmas tree with a giant present. A representative example of the total cost of the loan, including all applicable fees is as follows (THE FOLLOWING IS AN EXAMPLE AND IS NOT AN OFFER OF CREDIT): $1,500 loan, $25 loan fee, and monthly payments of $97.82 for 20 months which results in an annual percentage rate of 32.1%. It's hard to convert live checks into office loans when they get $3,000-$6,000 in the mail without coming in the office or having a credit check. It’s also a good idea to research the live check lender to make sure they’re legitimate and not a scammer. This compensation may impact how, where and in what order products or offers appear on this site. But the bill never got anywhere. There were no forms to fill out, nothing to do. It recommends using the cash for debt consolidation, home improvements, important purchases, vehicle repairs and … holiday shopping. To reject the loan offer, you should securely destroy—by shredding and throwing away—the live check to avoid potential fraudulent use by others. It's hard to convert live checks into office loans when they get $3,000-$6,000 in the mail without coming in the office or having a credit check. Loan amount options are based on your expected Federal refund less authorized fees. My payday lender said my loan would cost 15 percent but my loan documents say the annual percentage rate (APR) is almost 400 percent. This website does not make any loan decisions and does not constitute an offer or solicitation to lend. You will have to speak directly to Republic Finance for more information or complete a pre-qualification application. Its secured loans, which it calls auto-secured loans, require you to put up an insured car that’s in your name as collateral. less Customer's receive checks in the mail, then you talk them into getting more money. Before cashing or depositing a live check, you should make sure you understand the terms, and shop around for other loan options to see if you can find a better rate. If you do not want to receive live checks or other unsolicited loan offers, you have the right under the Fair Credit Reporting Act to opt out of future offers for five years or permanently. It had routing numbers, account numbers and all the appearances of an actual check. Taskforce on Federal Consumer Financial Law. These may look very similar to actual live check loan offers, but they are used to get your personal or financial information in order to commit identity theft or fraud. There was a section on the details of the loan, including finance charges, right to prepay and late fees. Copyright 2021 Interest.com. In 2011, U.S. Sen. Jeff Merkley, an Oregon Democrat, introduced the Deceptive Loan Check Elimination Act, designed as an amendment to the Truth in Lending Act. We do not endorse the third-party or guarantee the accuracy of this third-party information. Loan amount options are based on your expected Federal refund less authorized fees. A live check is actually an unsolicited loan offer. Mariner Finance review rated 1.0/5.0 with 29 Comments: They sent me a check in the mail which said by cashing you accept the terms of loan, and they would send you account info via mail. What is an APR on a payday loan and how should I use it? It is not legal advice or regulatory guidance. These “live checks” are banned in many states, including Michigan, Minnesota, New Jersey, Utah and Virginia. Of course, it’s a truly terrible idea to take such a shady pre-approved deal that comes in your mailbox. Then a “Special Christmas Loan Offer” came in the mail last week. The CFPB updates this information periodically. PaymentVision is a 3rd party processor for Republic Finance. We have programs specifically designed to train, develop and promote qualified individuals into branch management and even higher level positions in the company. However, information regarding annual percentage rates, loan terms, and origination fees, are not readily available on the website. Founded in 1952, Republic Finance specializes in providing a variety of consumer loans, flexible lending options, and incomparable customer service. Beneath that was a half page outlining the arbitration agreement about what happens should you default on the loan. Some checks are refunds and payments due to you, others are sample advertisements, some are fake check scams , and some checks are pre-approved loan, or live check loan offers. It contained what the financial industry calls a “live loan check,” which is one of the ultimate low and sneaky tactics in predatory lending. Republic Finance is located at 1411 N. Valley Mills Drive, Suite 7, Waco, TX 76710. The check was legitimate, she did not ask for the money, and it came in the mail. It is usually sent in the mail, and if you cash or deposit the check you are bound by its loan terms, which may include high interest rates for … If approved for an EA, a Finance Charge may apply. Republic’s personal loan rates and fees vary by state. Republic Finance does not communicate with consumers through use of WhatsApp. I have checked around and can't find anything overly negative about them, usually I can easily find info on if a place is a scam. Loan is subject to underwriting and approval. It contained what the financial industry calls a “live loan check,” which is one of the ultimate low and sneaky tactics in predatory lending. We're the Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. It's a sales job. The problem is that, when people are on hard times and an offer like this appears in their mailbox, it may be too hard to resist. At RepubliCash, our motto is: Your Money…Now! It is usually sent in the mail, and if you cash or deposit the check you are bound by its loan terms, which may include high interest rates for multiple years. Learn more about opting out of unsolicited loan offers. RepubliCash – Your Neighborhood Cash Solution. Learn more about check scams from the FTC. information about your credit history from your credit report. This loan can be unsecured or secured through collateral, such as personal property or personally owned automobiles. Services: We are a full service financial service center: check cashing, loans, money transfers, mobile phones, tax preparation, and more for your personal and business needs. We are not offering you a loan … Specializes in debt consolidation and lending, sure is a great place to go when you need some extra cash or and emergency comes up!" Republic Finance LLC interview details: 54 interview questions and 45 interview reviews posted anonymously by Republic Finance LLC interview candidates. Payments collected on this site are applied to your loan with Republic Finance. A live check is a preapproved or “prescreened” loan offer that you did not apply for. The products and offers that appear on this site are from companies from which Interest.com receives compensation. more Founded in 1952, Republic Finance specializes in providing a variety of consumer loans, flexible lending options and incomparable customer service, and has assisted its customers in meeting their personal finance goals for more than 60 years. Republic Finance has multiple loan offers to appeal to a variety of different consumers. How can I protect myself and others I care about from fraud and scams? Customer's receive checks in the mail, then you talk them into getting more money. It leaves me wondering how such shady lending tactics are even legal. Loan is subject to underwriting and approval. Learn more about check scams from the FTC. The back of the page listed just about everything you need to know in fine print. If approved for an EA, a Finance Charge may apply. An Easy Advance (EA) is a loan secured by and paid back with your tax refund and is offered by Republic Bank & Trust Company, member FDIC, to eligible taxpayers. PaymentVision is a 3rd party processor for Republic Finance. With some loans, the minimum payments are structured so that up to 85% of the payment goes to paying interest. I’d pay 29.97% interest, or $1,359.41, over the life of the loan, for total payments of $4,500. The loan amounts usually range from several hundred to several thousand dollars. I assume it was valid because on the back, above the endorsement line, was a paragraph that said by signing the check, “you agree to the terms of the attached note and arbitration agreement.”, There was also a warning in all capital letters that the “cashing of this check will enroll you in a program or a loan, or will cause you to be bound to repay the loan or purchase goods or services which may cost you additional money.”. If you want to accept the live check loan, you must endorse the check by signing the back of the check and cashing or depositing the funds into your bank account. Republic Finance has an average consumer rating of 1 stars from 3 reviews. Constantly renewing the same customer loans. There may be other resources that also serve your needs. We have assisted customers in meeting their personal finance goals for more than 60 years. Its products include personal, emergency, vacation and secured auto loans and more. Ordinarily, we just tear these things up and throw them away. A personal loan are funds acquired from your trusted lender, Republic Finance. Republic Finance is a growing company that prides itself on its track record of promoting from within. Republic Finance keeps opening loan accounts in my name and putting them on my Experian credit report. Pre-screened mail offers, or “live checks,” are personal loans sent from banks or lenders to consumers who meet certain criteria, like a minimum credit score. Get ratings, reviews, hours, phone numbers, and directions. Republic Finance? Since then, Regional Finance Corp. is now suing my wife for 1700.00, for a check that came unsolicited in the mail, and upon calling for information, she was given false information in order to get her to cash the check. But so far everything I find seems to allude to them being legit. The latest review Predatory lending was posted on Aug 6, 2020. This is a scam. General Info Founded in 1952, Republic Finance specializes in providing a variety of consumer loans, flexible lending options and incomparable customer service, and has assisted its customers in meeting their personal finance goals for more than 60 years. The content on this page provides general consumer information. Disclaimer: upfinances.com IS NOT A LENDER, does not broker or provide loans. They mail out hundreds of thousands of these checks, knowing that only a small percentage of people are going to cash them. Constantly renewing the same customer loans. They’re essentially fishing for consumers who don’t know any better. Your Account Number can be located on your original loan documents, payment coupons or recent letter from Republic Finance. This information may include links or references to third-party resources or content. To login, you will need to have your Account Number and your birthdate. 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