Frequesntly Asked Questions about Payday Advances

What is a Payday Advance?

A payday advance is a check cashing transaction which involves you writing us a check, we cash the check for you and agree 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 simple, quick, and confidential way to meet a short-term cash flow problems, but 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, currently employed or have a verifiable stable source of income, and maintain an open and active checking account. 

 

 

Do I need a good credit score?

No!  A payday advance transaction is based on your current situation and no credit bureau scores are used to determine your eligibility. All decisions are made by our company and employees on the spot. This allows you to solve your immediate situation or need.

 

 

Is this a legitimate industry and transaction?

Of course! 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 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 loan.  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 lower based on any current promotions or 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 pay the amount of the check in cash. We will then return your check to you.  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.