ADPS

ARP Disclosure

Alabama's Deferred Presentment Services Act

NOTICE: FEES FOR DEFERRED PRESENTMENT TRANSACTIONS MAY BE SIGNIFICANTLY

HIGHER THAN FOR OTHER TYPES OF LOANS

 

MAXIMUM FEE:The most that any Deferred Presentment provider may charge for Deferred Presentment transactions is 17.5% of the cash advanced; Emergi-Cash charges 17.5% for these transactions.

 

The following table illustrates the Emergi-Cash fee structure.

 

Loan Amount

Fee Rate

Fee Amount

Total of Payments

 

$100

17.5%

$ 17.50

$ 117.50

$150 

17.5%

$ 26.25

$ 176.25

$200 

17.5%

$ 35.00

$ 235.00

$250

17.5%

$ 43.75

$ 293.75

$300

17.5%

  $ 52.50

$ 352.50

$350

17.5%

$ 61.25

$ 411.25

$400

17.5%

$ 70.00

$ 470.00

$450

17.5%

$ 78.75

  $ 528.75

$500

17.5%

$ 87.50

$ 587.50

 

No other fees may be charged for these transactions, except if a check “bounces” once it is deposited at a bank, then the provider may charge a one-time NSF fee of up to $30.00. And if the provider must go to court to enforce payment of this loan, then you may be assessed court costs and up to 15% of the face amount of the check as attorney’s fees. You cannot be arrested or sent to jail for passing a “worthless” Deferred Presentment check except due to closed account.

 

Maximum Loan Amount: The law limits the maximum loan amount that any one borrower may have with all Deferred Presentment providers to $500. The provider will be verifying your other outstanding Deferred Presentment loans with a database to determine compliance with the law.

 

Term:Deferred Presentment transactions cannot be made for a term of less than 10 days or more than 31 days.

 

Renewal:Your transaction is due on the maturity date. You may obtain another transaction once this one is paid-in-full. However, if you can not repay the total amount due, then, if offered by the provider, you may renew this transaction one more time upon payment of an additional fee. If you cannot pay the total amount due at that time, then, at the provider’s option, you may extend your repayment into four equal monthly installments at no additional cost.

 

Customer Agreement:You must be given a copy of the provider’s Deferred Presentment Services Agreement. You have the right to read the Agreement before you sign it. You have the right to ask questions of the provider’s staff until you thoroughly understand everything in the agreement. You also have the right to walk away from the Agreement before you sign it.

 

Complaints:Emergi-Cash is a licensed Deferred Presentment provider in Alabama. To report any unsolved problems with Emergi-Cash contact the STATE BANKING DEPARTMENT, 401 Adams Ave, Suite 680, Montgomery, Alabama. Telephone: (334) 242-3452. Website: http://www.bank.state.al.us

 

ARP Disclosure