Frequently Asked Questions
What is a Payday Advance? A payday advance is a check cashing transaction that involves you writing us a check, us cashing the check for cash, and us agreeing to defer deposit, “Deferred Presentment”, of that check until a specified date. Your due date will normally correspond to your next payday. This is a confidential way to meet short-term cash flow problems and not a long-term solution to debt.
What are my Requirements? In order to receive a payday advance you must be at least 19 years old, be currently employed or have a verifiable stable source of income, and maintain an active checking account.
Do I need good credit? No. A payday advance transaction is based on your current situation, and no credit bureaus or databases are used to determine your eligibility. All decisions are made by our company and employees.
Is this a legitimate industry and transaction? Our company is licensed by the State of Alabama Banking Department and regulated by the Alabama Bureau of Loans. All transaction are monitored and audited by the State. We also must comply with all the rules set forth in the “Alabama Deferred Presentment Act”.
What will this transaction cost me? State law limits the amount you may borrow from all payday lenders in the state of Alabama to $500 combined. State law also sets the maximum cost for a payday advance transaction at $17.50 per $100 dollars you receive with a minimum of 10 days and a maximum of 31 days to repay the check. Federal Truth-in-Lending laws require us to disclose our rates as an APR, Annual Percentage Rate, which can be seen by following the highlighted link “APR Disclosure”. The cost could be less based on current promotions or any discounts received.
How can this be repaid? In the case of a face to face transaction where you come into one of our locations, you should return to that location and pick the check up for cash. If you chose not to return we can deposit that check in our bank on the agreed upon date. For online transactions, we will deposit the funds electronically into your account and set up an electronic transaction to retrieve the funds on the agreed upon date.
I have decided to try this now what should I do? You can call or come by one of our locations if it is convenient or you can click to submit an application online. You will need the following documents: A current driver’s license or state issued ID; |