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Frequently asked questions
How does Boomerang determine my annual percentage rate and limit?
Boomerang uses predictive technology in order to consider factors beyond the traditional credit reporting bureaus. This helps widen the opportunity to determine your financial responsibility and provide you with the most favorable rate and credit limit.
What might prevent me from being approved for a Boomerang revolving line of credit?
Boomerang endeavors to approve all applicants using a broad range of criteria. Sometimes, despite this, we are not able to qualify some applicants. However, there may be circumstances or situations that require further evaluation and consideration. Contact us if you believe you may have other factors we can consider, such as a qualifying relative or friend who can co-enroll with you to help you establish and build your credit.
How do I use my Boomerang revolving line of credit once I have been approved?
You can request to transfer Boomerang funds up to your credit limit to your PayPal account. Then, use your funds to buy goods or services anywhere that accepts PayPal. You can also transfer your Boomerang funds from PayPal to your checking account. You can then use cash, checks, or your bank Visa or MasterCard debit card. As you pay down your balance, you can use available Boomerang funds over and over.
What does it mean if my transfer is declined when I attempt to utilize my line of credit?
It more than likely is an indicator that you have exceeded your approved line of credit. You should first check your available balance. If you are still having issues, contact Boomerang via info@boomerangfunds.com.
Are there any hidden costs or fees associated with me obtaining a Boomerang revolving credit line?
No. What differentiates Boomerang from other revolving credit providers is our transparency and simplicity. You'll get the financing you need without unexpected costs and fees normally associated with credit card issuers.
*Please refer to our disclosures for more information.
Is Boomerang like most purchase finance lenders that require a specified period in which I am required to repay my loan?
No. The Boomerang platform provides you with a line of credit that functions like credit cards. We give you the option to pay either the minimum monthly payment or a higher payment if you choose to reduce your outstanding balance sooner. The choice is always yours.
Will my Boomerang account status be reported to credit agencies?
Yes. Your consistent on-time payments will be reported to the top credit reporting agencies so you can positively impact your credit score. Likewise, if you're having trouble paying at least your minimum payment at any time, you should notify us immediately to see if any special arrangements can be made to keep your account in good standing.
Will it be possible for me to get a lower APR after I have been a Boomerang account holder for a while?
Yes. Your performance in paying at least your minimum monthly payment each billing period for 12 months or more will entitle you to a possible reduction in your APR. We call this Boomerang Payment Performance (BPP).
What do I need to do to have my revolving line of credit increased?
After at least 6 months of good payment history, you can submit a request for a line of credit increase. If you've had an increase in your monthly income, or a reduction in other expenses, it is possible you will be able to have your boomerang revolving line of credit increased.