Frequently asked questions
Will I have the option to increase my limit?
Because the line of credit is based on the value of the vehicle, at the time of application, credit limit increases are not available.
How often will my payment history be reported to the credit bureaus?
Yendo reports to all 3 credit bureaus once a month.
Can I add authorized users to my account?
Additional authorized users can not be added to the account.
What should I do if I'm planning to travel abroad with my card?
Your Yendo card can only be used in the United States at this time, so you will need to plan accordingly.
What happens if I exceed my credit limit?
Exceeding your credit limit can negatively affect your credit score. Your credit utilization ratio, which is the amount of credit you're using compared to your credit limit, is a significant factor in your credit score. We have controls in place to prevent you from exceeding it and protect you from this scenario, yet there are cases in which this does happen.
What is my credit limit?
Initially, you'll have access to 40% of your credit limit, up to $1,500. This amount will be visible on the home screen of the app. Once your title is received and processed, the full credit limit will become available.
When will I receive my statement?
You will receive a statement at the end of your billing cycle if you have used the card. This will be 30 days after you open your account.
When should I receive my physical card?
You should receive your physical card within 7-10 business days. As soon as you mail your title, we will start printing your card and will mail it to your address on file.
How can I make a cash advance?
With your virtual card, you will not have the option to complete a cash advance. Once you receive your physical card, you will be able to complete a cash advance at any ATM that accepts Mastercard. Please note that for your account security, we limit daily cash advances to 50% of your credit limit and have a $400 limit every 24 hours.
If I miss a payment, will my car get repossessed?
Repossession is always our last option. We really don’t want to repossess any cars. As long as you keep your account in good standing, your account (or vehicle) is not at risk of repossession. To keep your account in good standing, you will need to make at least your minimum payment each month.
Our minimum payments are more affordable than alternatives like title loans.To help keep your account in good standing:
1. We have automated payment reminders that alert you to upcoming due dates.
2. We allow you to pay early.
3. We also have autopay that you can set up to ensure you pay on time.
4. And we accept a variety of payment methods like debit cards, ACH, Cash, PayPal, Venmo, Google Pay and Apple Pay.
If things do come up and you are unable to pay, please reach out to us. We will do our best to work with you.