Webchex International I ask for a loan of $10,000.00 and i paid $124.90 deposit on June 4'2007 but i never got the $10,000.00 loan. Las Vegas, NV 89108 Las Vegas Nevada

This EFS-Secured loan is similar to a savings secured loan, usually only available at banks and credit unions. In this program, we create the $10,000 secured savings account, and use the savings account that we provide on your behalf as collateral, but no cash is released to you, the customer. This money is frozen in the account. As the loan is paid, the total cost to the applicant is only $24.95 a month, the applicant gains credit by paying the monthly cost of the loan established for them. This has advantages for the borrower.

If the borrower defaults on the loan the collateral is already in the lender's possession so it is a very low risk, and pre-approval is guaranteed. As a result, the lender usually offers a much lower interest rate. With this program the rate is a low $24.95 per month which equals out to less than 4% per annually. Unsecured credit is earned in as little as 90 days of on time payments and it is based on your current payment record with the company and not your past credit rating.

What is an EFS Secured Loan?
This is a finance contract used to establish a secured savings account for a stated term. This is also called a credit starter loan used to help individuals establish credit through a payment record. This loan does not offer CASH to the borrower but allows them to use a savings account in exchange for a monthly service fee. It allows the lender to see if the borrower can make consistent on time payments without taking any financial risk from the borrower. At the same time the borrower builds a credit history and will be able to qualify for additional credit.

Completing the Program
As you complete your on time payments, it will prove that you can make constant payments with the lender you have been assigned and when you complete this program we will then offer you an unsecured loan based on your current income and your ability to pay.

Qualifying for Additional Credit
To qualify for additional credit every customer must complete the program with no late payments. Late payments are classified as 30 days or more past the due date. Additional credit can be considered as short term Cash loans, Home Equity lines of credit, Store Credit or any other type of credit issued through Equity First. The amount of unsecured credit will be established based on the ability to pay and current income.

Showing Responsibility
While we make it easy to help establish credit, you are responsible for the payments and charges you accrue with membership. If you make changes to your checking or wish to pay off your dues off early. Please understand that as easy as we make it to help establish credit not making your payments can adversely affect the account and could hurt your credit score.

Unsecured Credit is released every 90 days or 3 consecutive payments. Credit Offers include: up to $1,500.00 Cash Line of Credit, Unsecured Visa/MasterCard up to $5,000, up to a revolving $7,500 Store Credit, or Total payment protection plan up to $10,000.