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XACT Quick Faqs
Xact FAQs
Who is CCBank?
Installment loans are originated and funded by Capital Community Bank, a Utah Chartered bank, located in Provo, Utah, Member FDIC.
How much can I borrow?
The amount you are able to borrow depends on your state of residency and available loan amounts range from $1,000 to $5,000.3, 4
What is the product being offered?
The new loan product being offered is an 18-month installment loan, available in amounts up to $5,000, with no prepayment fees and no origination fees. More details about the product are provided during the application process.
How do installment loans work?
Installment loans allow the borrower to make biweekly or monthly payments over the term of the loan (18 months for this product), until the loan is paid off. Because they don’t have to be paid off all at once, they’re typically available in larger loan amounts than other types of short-term loans. People use installment loans for a variety of reasons – to consolidate bills, buy a vehicle, cover unplanned expenses or take care of other money needs. By making payments on time and paying the loan off in full, installment loan borrowers may even be able to build or improve their credit.
How much can I borrow with this installment loan?
Installment loan amounts are available up to $5,000. The amount you may qualify for will depend on a number of factors – including legal and underwriting criteria. Apply now to find out how much you will be approved for. The application is fast and easy!
Do you check my credit rating when I apply for an installment loan?
Yes. We request credit information from credit reporting agencies.
What do I need to apply for the installment loan?
You’ll need:
- An active checking account, which must be active for at least 30 days, that allows direct deposit.
- A working telephone number that we can verify.
- Since you’ll be asked to provide details about your gross income, net income and pay frequency on the application, it will help to have your most recent pay stub or other income documentation on hand.
What are the steps to get an installment loan?
- Complete and submit your online application.
- Review and select your loan amount, total payback amount and payment due dates.
- Electronically sign your loan agreement.
Will I need to provide a blank check?
No. Since the installment loan is processed online, we will only need your routing and account numbers from your checking account.
To populate your routing and account numbers automatically, you can connect to your checking account during the application process with Plaid, a third-party verification platform, using your normal bank credentials. Plaid will verify your bank and checking account information, then populate it in the application for your convenience.
How long does it take to get approved for an installment loan?
When you submit your application, you’ll receive a prompt answer on whether you qualify and the amount you’re eligible to borrow.
How do I sign my installment loan documents?
Online, you can sign your installment loan documents by checking the “eSign” box when prompted.
When you check the eSign box, it serves as a legally binding electronic signature. Always review your loan agreement, the privacy policy and any other terms or conditions that apply before you sign your application.
When and how will I receive my funds from my installment loan?
Once you are approved, your loan will be processed. If we are able to verify your information and originate your loan before 8 p.m. ET, in most cases you can expect to receive your funds the following business day. We are unable to process loans on days when banks are closed. If you apply late in the day before a banking holiday, or on a banking holiday, your loan will be originated the next business day, and you can expect to receive your funds on the second business day following your application.
Experiencing difficulties repaying your loan?
Call an Xact Customer Service Agent at 1-800-316-4220. However, the decision is up to you.
How is my loan payment date calculated?
Your loan payment date is based on the information you provided on your Paycheck Frequency and Next Pay date.
How do I make my Xact Loan® payments?
We’re invested in making you feel secure, and that’s why making a payment on your Xact Loan is simple. When you have an Xact Loan, you may be enrolled in our Autopay program which will automatically deduct payments from your bank on your due date.
It’s important that you have options to fit your needs. With autopay, you can rest easy knowing your payments will be made on time – without any hassle.
When will my installment loan payments be due – and what are my repayment options?
If you're enrolled in autopay, your payments will be electronically withdrawn each month. To view your payment schedule, refer to your loan agreement. Before your loan’s due date, you may also be able to set up a different form of payment – such as debit card, cashier’s check, money order or MoneyGram, please call us at 1-800-316-4220. Repaying your loan earlier could save you money on interest.
After I pay off my installment loan, can I get another installment loan?
Yes, you can apply for a new installment loan after your current loan has been paid off. Keep in mind that there may be a waiting period before you can apply for a new installment loan. You may also be asked to provide a bank statement showing that your loan was paid off.
How can I view my account information or check the status of my installment loan application?
To view your information or check the status of your application, log in to Pocket360® by entering the email address and password that you provided to us when you applied for your installment loan. Once you’ve logged in, you can check the status of any outstanding loans, update information, review documents, apply for a new installment loan, check to see if there are any documents you still need to send in or see when your next payment is due. To print copies of any documents, simply select the print option in your Web browser.
How do you protect my online account information?
Our online account management tool, Pocket360, uses Multi-Factor Authentication which is a dual- layer of protection for your online account. When you login, you will be required to provide multiple credentials to verify your identity and protect your account from unauthorized users.
Once I have an installment loan, will I have the option to refinance?
Refinancing is an option that provides more time to pay and additional funds. You may be able to refinance once you have an installment loan. If you become eligible to refinance, we will notify you by email. You can also check your eligibility by logging into My Account.
How does refinancing work?
Once you’re eligible, you can easily refinance by following these simple steps:
- Sign in to My Account
- Tell us how much you want to borrow
- Get a quick decision and electronically sign your documents
- Receive your additional funds
PRODUCT COMPARISON
Short-term loans can work for smaller, unexpected expenses. But if you find yourself needing more money, with more time to repay, Xact could be the solution you’ve been looking for. With loans up to $5,000 and 18-month terms, you could get the funds you need to consolidate debt into one easy payment. See the difference – with Xact.
Short-term Loan
- Smaller loan amounts for unexpected expenses
- Loan due date aligned with payroll date
(bi-weekly/monthly)
Xact Loan®
- Larger loan amounts - $500–$5,000
- Save time and apply online
- 18 month loan1
- Consolidate debt into one payment
- Access to FREE credit score
