Ahead Lending loan terms A to Z
- ACH
- The Automated Clearing House network banks use for electronic transfers. The lender deposits loans and collects payments by ACH or electronic check.
- Amount financed
- The loan money you actually receive, after any fees taken up front.
- APR (annual percentage rate)
- The yearly cost of a loan, including interest and most fees, as a percentage. The lender does not publish its APR on its website.
- Business day
- Monday to Friday, excluding federal bank holidays. Ahead Lending usually funds loans the next business day.
- DBA (doing business as)
- A trade name. Universal Service Group does business as Ahead Lending.
- Direct deposit
- Pay sent electronically from your employer to your bank account. The lender requires it.
- Early payoff
- Paying the loan off before the schedule ends. The lender needs 3 business days’ notice and does not refund fees.
- Electronic check
- A check payment processed electronically from your bank account details.
- Finance charge
- The total dollar cost of credit: interest plus fees.
- Installment loan
- A loan repaid in a series of scheduled payments. The lender calls its product a short-term, unsecured installment loan.
- Military Lending Act (MLA)
- A federal law that protects active-duty service members and dependents. The lender doesn’t lend to this group.
- Net monthly income
- Take-home pay after taxes and deductions. The lender requires at least $1,500.
- Payroll retention
- The lender’s rule that at least $250 must remain in your checking account at the end of your most recent payday.
- Principal
- The amount you borrowed, not counting interest or fees. The lender says extra fees may be charged if principal isn’t paid at the end of a billing cycle.
- Total of payments
- Everything you’ll have paid once every scheduled payment is made.
- Unsecured loan
- A loan with no collateral, such as a car or home, backing it.
- W-2 employee
- A worker on an employer’s payroll who receives a W-2 tax form. The lender only accepts W-2 income, not 1099, gig or self-employment income.