APR Disclosure

Notice: Fees for deferred presentment transactions may be significantly higher than for other types of loans.

A SHORT TERM LOAN PROVIDES THE CASH NEEDED TO MEET AN IMMEDIATE SHORT-TERM CASH FLOW PROBLEM. IT IS NOT A SOLUTION FOR LONGER TERM FINANCIAL PROBLEMS FOR WHICH LONGER TERM FINANCING MAY BE MORE APPROPRIATE. YOU MAY WANT TO DISCUSS YOUR FINANCIAL SITUATION WITH A NONPROFIT COUNSELING SERVICE IN YOUR COMMUNITY. YOU WILL BE CHARGED ADDITIONAL FEES IF YOU RENEW THE LOAN.

Although payday loans are short-term advances intended to be paid off quickly, various Truth-in-Lending laws require financing disclosures to be expressed as an Annual Percentage Rate (APR), or the cost of the credit advanced to you expressed as an annual rate. This requirement provides uniformity among various credit sources, so you can compare rates and make the choice that is right for you.

In the following table, we show the total amount paid for loan amounts of $200 over a 14 day period. The APR will change based upon the amount of time your loan is for.  There is no refund of interest for early repayment.

Annual Percentage Rate: The APR is a cost of a loan expressed as a yearly interest rate. The following table is examples of different cost based on the amount financed and the length of time of the advance. The APR of your advance may be higher or lower based on the length of time of the advance.

 

Amount Financed

Total Amount of Payments

Length of Time
(# of Days)

Total Finance Charge

*APR

$200

$235

14 days

$35

455.00%

Figures provided in this table are a sample. For more information contact us.

 

Remember: A PAYDAY ADVANCE is intended to meet short-term cash-flow needs. If you think you need a long-term loan or more permanent solutions to your current situation you should discuss your needs with your local bank and or contact a local credit counseling service in your area.

 

Alabama's Deferred Presentment Services Act requires public notice of provisions. ADPS Notice.