FAQ - Frequently Asked Questions

A Line of Credit is a quick and easy way to manage shortfalls in your monthly cash flow. You can borrow as much or as little from your available credit with flexible payment options. After your first Line of Credit, whenever you have available credit you can request additional funds without the hassle of reapplying. The cash can be deposited into your existing checking account as soon as the next business day. With successful payment history, you'll be eligible for an increased credit limit.

What is required to get a Line of Credit?

Borrowers will need to receive at least $1,000 net (after taxes and deductions) monthly, and a checking account that has been open for at least 60 days where paychecks are received via direct deposit. Borrowers also need to have an active email address and phone number. Minimum age requirements are 18 years old. All applications are subject to verification and not all applications will be approved. Additionally, not all applicants will qualify for the maximum amounts available.

How much can be borrowed?

As a first-time applicant, borrowers can receive a maximum line of credit up to $600. After a successful payment history, a customer can get a line of credit up to $1500.

How soon can a borrower access the cash?

If the application is approved by 4PM EST, the funds will be electronically transferred (ACH) to the borrowers bank that day (Monday through Friday excluding bank holidays). The funds should arrive at the bank on the following Business Day. Weekend requests will be treated as though they are Monday requests, so funds requested on a Saturday will not appear in a checking account until the following Tuesday. *Note: Some banks can take two (2) days to process and transfer the funds into your account. You may wish to contact the ACH department of your bank to verify that the funds have been credited to your account. My Back Wallet accepts neither responsibility nor liability for delays caused by an outside financial institution.

What if the borrower has poor credit or has filed bankruptcy?

Poor credit ratings will not affect the approval of a line of credit. That said we may not be able to extend a cash advance to those who have filed for bankruptcy within the past year or those who have filed multiple times.

Do you perform a credit check?

Yes – My Back Wallet may perform a credit check.

How long does it take to get approved?

This depends upon the time of day and how quickly the application process is completed and submitted; borrowers can be approved within minutes. Please keep in mind that any application submitted during weekends, holidays or after 4PM, EST will be processed the following business day.

Can you describe the Line of Credit process?

Applicants will begin the process by filling out the online application and submit the required documents. Once submitted, it is reviewed and prospective borrowers are notified by either phone or email of the status of the application. If the line of credit is approved and funds are requested by 4PM EST, then the funds will be received by the borrower the next business day.

What are the repayment options?

For your convenience, your payments will be electronically debited from your bank account unless you make alternate payment arrangements. To avoid potential NSF fees, please ensure that your checking account is properly funded when we debit the account. If you need to make alternative payment arrangements, please contact My Back Wallet’s Customer Service Department. Please call 1-855-375-0401 or 1-605-202-7461 at least two days prior to your scheduled due date.

When would a Line of Credit be due?

The due date is determined by the borrower’s pay date. However, if at any time you have a discrepancy with your due date we encourage you to contact us to discuss the matter by calling our Customer Service Department at 1-855-375-0401 or 1-605-202-7461.

What happens if a payment is not made on or by the due date?

If a payment is returned by a bank, then our Collections Department will contact the customer in order to arrange a second attempt to debit the payment. A $30 NSF fee will also be collected with the next debit attempt.

Customers who are unable to make payments by the due date should immediately contact the My Back Wallet Customer Service Department at 1-855-375-0401 or 1-605-202-7461 to work out other arrangements.

Do applicants need access to a fax machine?

In the vast majority of cases no faxing required in order to get approved! In some cases, if more information is needed, faxing may be the best way to send it. We will attempt to contact the customer by phone or email when more information is needed.

Is my Line of Credit secure and kept confidential?

Every Line of Credit transaction and customer information is completely confidential and protected per our PRIVACY POLICY.

What States do you lend in?

We currently do not lend in Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Illinois, Maine, New Hampshire, New York, Pennsylvania, South Dakota, Vermont, Virginia and, Washington, and West Virginia. This may change at any time.