HOW IT WORKS
Table of Contents : (click on question for answer
or scroll down to view all questions and answers)·
How much can I get advanced until my next payday
and how much does it cost?
How long does it take to get the cash advance?
What are the requirements for approval?
How do I get the money and how do I pay?
What is the Master Cash Advance Agreement?
What if I have no credit history or a bad credit
bureau file?
Do you require collateral?
Can I extend the time allowed for repayment
of the cash advance plus fee?
Can I request more than one cash advance at
a time?
1. How much can I get advanced
until my next payday and how much does it cost?
Your first time advance can be up to $500!!! Applications
are accepted from all 50 US states except Colorado. In determining
the approved amount of your first cash advance, we take
into consideration your monthly net income (we cannot advance
more than you can afford to repay), length of employment
at current job, and if you currently have any payday advances
(paycheck advances, pay day loans, short term loans, payday
cash advances, etc) with another provider.
Upon approval, you will be contacted by phone to confirm
the amount of your first cash advance and repayment date.
FEE: $25 per $100 advanced.
Example:
| Amount Advanced |
Repayment Amount |
| $200 |
$250 |
| $300 |
$375 |
| $400 |
$500 |
| $500 |
$625 |
2. How long does it take
to get the cash advance?
We understand that the purpose for a cash
advance or payday loan is often an emergency. Upon approval,
we transfer your cash advance that same day, to arrive at
your account the next business day.All future requests that
are received Monday through Thursday by 3:00 P.M. Eastern
Standard Time, The cash advance will be in your account
the next business day. Requests received on Friday, will
arrive at your account Monday. (Banks and credit unions
do not accept ACH transactions on weekends) Requests received
on weekends will be processed on Monday for Tuesday arrival.
All National Holidays are observed, and requests will be
processed the following business day.
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3. What are the requirements for approval?
- Be employed full time (not through temp service) for a minimum
of 3 months.
- Take home a minimum of $1200 (after taxes) salary per month.
- Have an active checking account open for a minimum of 3 months.
- Have no more than 3 NSF's (bounced checks) in the last 30
days.
- Have your paycheck Direct Deposited into your checking account.
- Be at least 18 years of age & a US resident.
- Not have an application submitted or current loan with more
than one other provider.
- Fax all required verification items (First time only) after
submitting application for approval.
4. How do I receive the money and
how do I pay?
Your acceptance of our Master Cash Advance Agreement
terms and conditions, provides pre-authorization for us to electronically
transfer cash of approved amounts, by Federally regulated EFT (Electronic
Funds Transfer) also known as ACH (Automated Clearing House) into
your account, and to obtain payment from your account on scheduled
repayment dates.
5. What is the Master Cash Advance
Agreement?
It is the Agreement with all the terms and conditions
of the advance so that you, as the customer, are fully aware of
all fees associated with our cash advance transactions. Included
within is the Electronic Funds Transfer (EFT) Agreement authorizing
us to send funds to your account and authorizing your bank to
send repayment of the advance plus fee in the form of EFT/ACH.
It also includes the Federal Disclosure Requirements and the Licensed
Lenders Regulations as required by law. We also refer to it as
“Disclosure”.
6. What if I have no credit history
or a bad credit bureau file?
We do not check your credit with the major bureaus,
however we do utilize TeleCheck, TeleTrack, and Scan; which are
NSF and Closed Account Check reporting services.
7. Do you require collateral?
No, we do not require any collateral.
8. Can I extend the time allowed
for full repayment of the cash advance amount plus fee?
You are allowed a maximum of 4 extension of payment
requests. Upon receiving your extension of payment request, we will
debit an extension of payment fee on your original due date, for
the continued use of advance funds This will allow your next nearest
pay date to occur, where the advance amount and original advance
fee will be due in full.
NOTICE: All extension of
payment requests must be submitted online and must be received by
11 AM (EST) the business day prior to your scheduled full repayment
due date to be changed and processed. We cannot accept extension
requests by email.
9. Can I request more than one advance
at a time?
One advance at a time is allowed. Upon receiving bank
confirmation report that your previous advance payment has cleared
(normally 3 to 5 business days) you may request another advance.
Notice: having
made application for check advances, pay day loans, short term
loans, payday cash advances, paycheck advances, payday cash advances
with more than one other provider may cause your application to
be declined.
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