Services

FAQ - How It Works: Insurance Coverage

Q: How does the insurance work for my loan?

A: When you take out an unsecured loan with insurance coverage through USA Lending Corporation, the insurance is initially funded by us, the lender. This insurance acts as a safety net to protect your loan payments in case of missed payments or financial difficulty. Once the insurance payment is confirmed by the insurance company after your initial payment, the insurance will be fully activated for the entire duration of your loan.

Q: Who pays for the insurance?

A: The insurance is fully funded by us at the outset, so you don’t have to pay for it out of pocket. Your repayments are supported by the insurance company if necessary, and it is only activated after the insurance company confirms your first payment. This means you can rest easy knowing your repayments are covered—without any additional cost to you.

Q: What happens if I miss a payment before the insurance is activated?

A: If you miss a payment before the insurance is officially activated (i.e., while we are waiting for confirmation of your first payment from the insurance company), the insurance company will still cover your missed payments, ensuring that your loan remains protected. However, the loan and insurance process is only fully operational after your first confirmed payment.

Q: Is the insurance coverage active throughout the loan term?

A: Yes, once the insurance is activated after your first confirmed payment, it covers the entire term of your loan. The insurance ensures that, in the event of missed payments or financial difficulty, the insurance company steps in to cover the repayments, protecting both you and the lender.

FAQ - Legal Rights & Obligations

Q: What happens if I fail to repay the insurance-backed loan or the insurance premium?

A: If you fail to repay the loan, including the insurance premiums, the insurance company will cover any missed payments. However, if the insurance premium is not paid or the policy is canceled due to non-payment, USA Lending Corporation reserves the right to take legal action to recover the outstanding loan amount. This includes reclaiming the loan amount and any associated fees. We are committed to working with you, but we also have legal avenues to ensure the loan is repaid.

Q: What legal rights do USA Lending Corporation have if I don’t repay the loan or the insurance premium?

A: If you fail to make your loan payments and the insurance policy is invalidated or canceled, USA Lending Corporation has the right to recover the unpaid balance of your loan. This may involve pursuing legal action, including placing liens on assets, garnishing wages, or taking you to court for debt recovery. We always encourage communication and will work with you before taking any such steps.

Q: Can the insurance company refuse to cover my loan payments?

A: The insurance company will cover missed payments as long as the insurance policy remains active and the terms are met. If the insurance policy is voided due to non-payment, fraud, or any breach of the agreement, the insurance company is no longer liable for missed payments, and the responsibility falls back on the borrower to repay the loan.

FAQ - Gold Collateral Loans

Q: How do I get a gold collateral loan with USA Lending Corporation?

A: Our gold collateral loans are simple and convenient. To get started, you can either bring your gold items to one of our locations or we can arrange for a doorstep verification and pickup of your gold. We’ll assess the value of your gold, and based on this valuation, we’ll offer you a loan amount.

Q: Can I use my own gold valuation report for the loan?

A: Yes, we accept valuation reports from independent and certified gold vaulters. You can get your gold valued by a provider of your choice, and we will consider the valuation report during the loan assessment process. If the valuation is fair and accurate, we’ll proceed with offering you a loan based on that value.

Q: How does the gold verification and pickup work?

A: We offer doorstep verification and pickup for your gold collateral. Simply schedule a convenient time for us to visit your location, and our experts will assess your gold’s value. After verification, we’ll provide you with a loan offer. If you accept, we’ll arrange for the loan to be disbursed, and your gold will be securely stored until the loan is repaid.

Q: What if my gold is worth less than I expected?

A: During the gold verification process, we’ll provide you with a transparent and fair valuation. If your gold is worth less than expected, we will still offer you a loan based on the determined value. You’re under no obligation to accept the offer if you’re not satisfied, and you can choose to explore other options.

Q: How do I get my gold back after repaying the loan?

A: Once you’ve repaid your gold collateral loan in full, your gold will be returned to you in its original condition. You can pick it up from our location or request a delivery to your preferred address, based on the arrangement made at the time of the loan agreement.