Important Loan Information
Cash Advance or Payday Loan
What type of people use cash advance loans?
Sometimes a cash advance loan is needed when unexpected situations arrive and have no control over. Some people have car problems or that must fix home problem that needs immediate attention. A cash advance is a way out of that situation until payday arrives. This of course is not a means like a long-term loan but allows for quick cash now. It is basically a short-term fix for a solution that needs immediate attention. For example: If you have a bounced check any late payments or expected payment that needs attention now a cash advance loan sounds like the right situation for you. There are of course other alternatives like borrowing money from your friends and family, hopefully with no interest.
Can I cancel my cash advance at anytime?
In most cases there are time periods where you can do so but I would check with whoever you obtained the loan from andmake sure to read there policies carefully. Also, check with your local state government for any regulations concerning a cash advance.
Is this a widely used service (Cash Advance)?
Since the payday loan is an immediate solution to a problem. Millions of Americans and people worldwide use this serviceTo get themselves out of a tough situation. A Cash Advance is not a long term loan and is by no means a form of payment for the long term. I wouldn't use this service repeatedly as a means for constant cash. Budgeting your money is the best solution for any way of managing your money. You can call the Credit Counseling Foundation if you have any questions or the FDIC for local government info as well.
Are all Cash Advance transactions safe and confidential?
Yes, Privacy is of utmost importance for any type of Cash Advance Service or Payday Loan. No information is given since guidelines and rules need to be followed by financial institutions.
How is my Cash Advance Determined?
The State regulates certain amounts that are available to the customer. It is normally based on your current income and inmost cases needs to exceed $1000.00 a month. Sometimes people have the perception of getting more then they think they can but always ask. You can do this by filling out our contact form with some information and someone will contact you. It is really hard for a Cash Advance Institution to payout more then you make.
How do you establish the fees?
Are fees are very competitive and are in compliance with all states and the federal law. Our standards of selection and great customer service sets us apart from the Cash Advance world.
Do I need good credit to get a Cash Advance?
Most companies do not check credit to establish a Cash Advance Loan. You don't need a credit history or a high credit score or even any credit score for that matter. Most companies follow and check a risk assessment service which checks and reports back to us whether you have outstanding payday loans with a network of companies who subscribe to that service.
Why are the service agreements so long?
With any agreement either being a mortgage loan or auto loan there compliances that most companies need to follow which come from the state. It outlines and discloses all information to the customer to allow total understanding of your loan and rates. It shows you the APR and dollar amount owed amongst other determining factors. Most companies like to present everything so you can feel comfortable in your decision. This is compliancy with the law.
Do you allow rollovers?
Some states do allow rollovers and some do not. Please ask ask our sales agent and they will be happy to answer those questions and relate them to your state. The limiting of rollovers is a consumer protection because it being such a short term service.
What If I don't have the funds available to repay the Cash Advance?
Most companies hope that the situations do not occur but obviously sometimes they do. There is a commitment to collect the funds and past due accounts like another institution that allows people to borrow money. There are also NSF fees that are applied and could stop you from opening a checking account ever again. If the money is not paid and late fees are accrued then your account is turned over to a collection agency.
What happens if my account is past due?
Most companies notify you of past due payment and require you to settle that payment with due diligence and if payment isn't obtained, cash advance companies however will seek civil remedies to collect the money owed.
What if I'm not satisfied with the customer service?
You can always email your complaints immediately but we receive very few complaints. We want the opportunity to best serve you and and back our great service, and we respect anything you might have to say.
What is a payday loan and how much can I borrow?
There are many different forms of payday loans and advancement depends on which company you choose to sign up with. Typically the loan amount can be up to $1500.00 and its intentions are to accommodate the borrower by providing an advancement of funds until next pay day or provided against a line of credit.
How does the process work?
The process begins where the cash is normally given to the borrower hence the other term used cash advance. There isnormally the loan principal at the given cash advance or payday loan and also accrued interest that has to be paid back. If it is not repaid the funds can be garnished electronically from there checking account.
Are large banks the ones who give me a payday loan?
There can be numerous types of lenders for payday loans and can range from the small financial institutions or larger ones.
Can I get it direct deposited from my checking account?
There are larger financial institutions who offer direct deposit services whose clients receive there checks electronically from their employers. Once the next deposit comes in electronically the advance is taking from your account and a percentage is taking as well.
Are there different APR's for different states?
There are certain states who govern certain interest rates spikes based upon the APR. The government looks for mis-doings on cash advance loans in that state and what is is borrowed in that state, the laws of that state applies.
Who can I look into for state information?
You can check with the FDIC center for Financial research for operating costs that are associated with cash advance programs and payday loans.
Note: Payday loans or cash advance is not to be confused with merchant cash advance.