FAQ

Frequently Asked Questions

Educational Series What Is a Cash Loan Lender?

Educational Series What Is a Cash Loan Lender?

A cash loan lender is a financial institution, an individual, a public group, or a private group that makes loans available to someone with the expectation that the will be paid back, in addition to any interest or fees, either in increments (as in a monthly mortgage payment) or as a lump sum. Lenders may provide funds for a variety of reasons, such as a mortgage, automobile loan or small business loan. The terms of the loan specify how the loan is to be satisfied, over what period of time and the consequences of default. When applying for a loan, a bank assesses credit risk based on the borrower’s credit/payment history, income and overall financial status.

What are the problems encountered with Cash Loan Lenders?

If a sudden bill occurs, a cash advance can seem like a perfect solution. Payday loans can cost greatly and should be approached with caution. High interest rates aren’t the only drawback of payday loans. Before you get tempted, you should understand the pitfalls of the payday loan arrangement. If you’re not careful, your quick and easy “solution” will only create bigger financial problems down the road.

Know What You’re Getting for the Loan- Tthe term “payday loan” has acquired a negative connotation and financial institutions employ a broad array of signifiers to describe the same arrangement. Called a payday, salary, short-term, cash advance, small dollar or payroll loan, any short-term loan offered through an independent lender should prompt careful analysis.

The traditional “payday loan” requires a post-dated check as guarantee for payment within a short timeframe. The payday lender proactively charges a percentage on top of the loan, which typically becomes due in two weeks. Once the loan expires, the borrower either pays the original amount plus interest in cash, allows the lender to deposit the original check, or pushes the payment back for an additional fee.

Interest Rate Acrobatics – The main problem with these arrangements comes from how interest gets calculated. Most payday lenders charge a set percentage of the loan’s total amount. The interest may not seem like much, but it becomes troublesome due to the loan’s brevity.

“The biggest drawback to a payday loan is the interest rate,” says David Bakke of . “It might not look that bad as it is presented to you, but when the interest is calculated, it’s a far cry from what you would pay with a credit card.”

Traditional loan and credit card interest gets calculated according to annual percentage rates. An average credit card has an APR of 12-14%, which means that over the course of a year the interest charges amount to 12-14 percent of your total debt. With a payday loan, the interest accrues much faster. Calculated as an APR, the average interest on a payday loan is around 400 percent.

Predatory Lenders – A second pitfall of payday loans comes from the operating practices of the lenders. Unlike a traditional bank, which seeks to gain the loyalty of long-term customers, most payday lenders care little for personal circumstances. If you miss a payment, do not expect sympathy.

“Outrageous fees, interest and a lack of desire to work with the debtor make these loans terrible,” says Scott Vance, a financial advisor and 22-year Army veteran. “When I was in the Army, these predatory lenders were one of the biggest headaches I dealt with when working with younger soldiers.”

Additionally, payday lenders know that many of their customers have no access to credit or savings. This means that when the late fees begin to pile up, the borrowers have no recourse but another loan.

Cycle of Debt – This arrangement – exorbitant interest and borrowers with no access to traditional financing – encourages a disastrous cycle of indebtedness.

“Payday loans are typically predatory, being offered to those who represent poor credit risks,” says Rob Drury, executive director of the Association of Christian Financial Advisors. “Perhaps the worst part is that the desperate situations in which they are sought and high interest rates often result in the need for subsequent loans.”

Payday loans must get repaid quickly; but if desperation has driven a borrower to a predatory lender, he or she can struggle with the quick turnaround. This results in an escalation of debt, which only becomes payable through additional loans. A solution to a financial emergency can thus create its own debt, one that quickly outweighs the original need.

What are the benefits of Cash Loan Lenders ?

Easy and Quick Approval – As mentioned earlier, the approval process is quick and easy. When you submit an application to the bank, a long time may pass and you may still not be sure whether your loan will be approved or not. Due to this, regular loans are not suitable for emergency financial situations or urgent cash needs. When you need some cash urgently, you should apply for payday loans. Lenders approve your loan within a couple of hours. Sometimes, your loan may even be approved within minutes. Therefore, payday loans are perfect for people who are looking for quick cash.

Simple and Convenient Process – Unlike financial institutions, you don’t have to submit a lot of documents with payday companies. Moreover, your application will not go through multiple layers of approval before you finally get a cash or wage advance. For a payday loan, you just need to submit an income and identification proof.

Most payday organizations have a one-point application approval process. These companies quickly review your application before approving it. Within a short period of time, money is transferred to your account.

Exceptional Annual Percentage Rates (APR) – Contrary to popular belief, payday organizations don’t extract high annual percentage rates from customers. Due to increasing competition, APR is usually quite low. However, APR may depend on the time period for which you have borrowed the money. APR will increase if you choose to extend the borrowing period.

Your Data is Kept Confidential – Almost every payday organization maintains a strong data security system. Payday organizations keep your personal and confidential details secure. No one will ever know about your application. Your information is not compromised in any manner. In fact, all lenders use data encryption systems. This prevents any unauthorized access to your personal details.

Online payday loans should never be treated as long-term solution. It is important to understand payday loans WY that interest rates of payday loans and long-term loans differ in many ways. Therefore, it is always better to pay a payday loan on time.

What is Telemedicine?

Telemedicine is a service which allows health care professionals to evaluate, diagnose and treat patients using telecommunications technology.

Why should I use GoLiveDoc?

GoLiveDoc offers 24/7 medical consultations with board-certified doctors. You can use our platform from where you live, work or when you travel in the US. We also offer 24/7 behavioral health counseling for no additional fee. Health records are kept private and secure in order to protect your personal information.

How does GoLiveDoc Help?

GoLiveDoc gives you 24/7 access to board-certified doctors through secure online video or phone consultations – anytime, anywhere. GoLiveDoc is a low-cost, convenient alternativ e to Urgent Care visits or waiting several days to get an appointment with your Primary Care Physician for non- emergency medical conditions. Our doctors can diagnose your symptoms, recommend treatment […]

What happens after I complete the checkout process?

Once you have selected your plan and completed the checkout process, you will receive an email with your login credentials for the customer portal. You can use the customer portal to schedule appointments, update your electronic health records, see your consultation history or add dependents to your account.

How much does GoLiveDoc Cost?

The monthly membership fee ranges from $9.95 to $39.95 (depending on the plan you choose). The consultation fee is only $35. You can cancel your membership at any time for any reason.

If I have insurance, do I still need to pay the membership fee?

GoLiveDoc charges all members a small monthly fee.

How do I cancel my membership?

You can cancel your membership at any time for any reason. To cancel your membership, please call (888) 386-1037 or send an email to [email protected]

Does a patient have to meet with a provider in-person before a telemedicine consultation can be scheduled?

No, an in-person visit is not required before a visit can be conducted via telephone or video.

What does GoLiveDoc Treat?

We treat a variety of medical conditions. Common conditions we prescribe medication for are Cold & Flu, Pink Eye, Skin Irritation/Rash, Urinary Tract Infection, Diarrhea, Stomach Virus, Fever, Headaches and Sore Throat.

Are there Medical Conditions GoLiveDoc Cannot Treat?

There are some medical conditions that our doctors are unable to treat, including but not limited to: Broken Bones, Chronic Diseases, Erectile Dysfunction, Genital Herpes, Hair Loss, Hot Flashes, Premature Ejacuation, Smoking Cessation, STD Testing.

Can I be turned down for a pre-existing condition?

No, members are not turned away because of pre-existing conditions. GoLiveDoc is not an insurance.

Can GoLiveDoc Treat Emergencies?

GoLiveDoc Is Only For Non-Emergency Medical Issues Members Should Not Use It If They Are Experiencing A Medical Emergency. Please Dial 911 If You Are Having A Medical Emergency. GoLiveDoc Is Also Not Intended To Replace A Member’s Primary Care Physician.

Is GoLiveDoc For Emergency Situations?

GoLiveDoc Is Only For Non-Emergency Medical Issues Members Should Not Use It If They Are Experiencing A Medical Emergency. Please Dial 911 If You Are Having A Medical Emergency. GoLiveDoc Is Also Not Intended To Replace A Member’s Primary Care Physician.

Can I use it for my family?

The primary member and 7 immediate family members or household members will have access to consults. 

Do I talk to “real doctors”?

Yes. Members only talk to actual doctors who are state-licensed family practitioners, primary care physicians, internists and pediatricians. When members request a consult, they will be connected with a doctor licensed and practicing in their state.

What Type Of Doctor Or Specialist Can I Speak With?

Members Can Talk To A Doctor Directly. Our Doctors Are Licensed In Internal Medicine, Family Medicine And Pediatrics. A Doctor May Also Provide Guidance On The Type Of Specialist A Member Should See.

Can GoLiveDoc prescribe medications?

Yes, GoLiveDoc can prescribe medication for non-controlled substances. A list of controlled substances can be found here.

Are there Medications GoLiveDoc Cannot Prescribe?

We do not prescribe controlled substances and medications that would require in-person examinations, e.g. Antidepressants, birth control, medical marijuana, stimulants such as Adderall and Ritalin, narcotics or sedatives. Our Counselors cannot prescribe medications for mental health purposes.

Does GoLiveDoc Offer Access To Mental Health Professionals?

All Membership Plans Include 24/7 Behavioral And Mental Health Counseling. All Of Our Counselors Have A Master’s Degree And At Least 12 Years Of Experience.

Is there an extra fee to access mental health professionals?

There is no additional fee to speak with mental health professionals.

How does GoLiveDoc handle bloodwork, imaging, labs and other tests?

You can upload all bloodwork, imaging, labs and other tests to our secured portal for our doctors to view to help with diagnosing and treating your medical conditions.

Is My Electronic Health Record Kept Private?

Health Records Are Kept Private And Secure In Order To Protect Members’ Personal Information. Only Members Can Determine Who Can See The Information In Their Records.