Advance Pay - All You Need to Know
Finance charge and APR calculated based on a 14-day term.
NOTICE OF RIGHT TO CONTACT THE OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS REGARDING CONCERNS OR COMPLAINTS. TOLL-FREE IN NEVADA (866) 858-8951 .
Important Facts to Consider before You Borrow
How Payday Loans Work:
Payday loans are short-term cash loans usually secured by the borrower's post-dated personal check. We do not require a post-dated check. Loan payment is deducted directly from your account.
Payday Loan Terms:
Loan amounts generally range in amounts from $100 to $1,000. Average loan term is two weeks. Rates average 470% annual percentage rate (APR). For example, to borrow $100 for two weeks, the finance charges range from $15 to $30, is 390% to 780% APR. Our lower than average APRs and finance charges are shown above.
Two-Week Due Date:
Payday loans usually have a two-week due date. If you receive income only once a month, you may need to extend your loan two or even three times incurring additional fees before receiving your monthly check to pay off the loan. This could make your loan very expensive. A different kind of loan might be better for you. Take advantage of our free financial counseling explained on the next page.
Payday loans often trap consumers in repeat borrowing cycles due to the high costs and very short repayment terms. Borrowers average 8-13 payday loans per year from a single lender. Nearly 60% of all payday loans are either same-day renewals or new loans taken out immediately after paying off the prior loan. This means that over time, payday loan fees often exceed the original loan amount. Don't get caught in the debt trap. Take advantage of free financial counseling explained below.
Important Disclosures for Active Members of the Military and their Dependents
The following applies to members of the military and their dependents if: (a) at the time your loan is made, you are an active member of the military or you are a dependent of an active member of the military (as those terms are defined in the Military Lending Act, 10 U.S.C. 987 and its implementing regulations); and (b) your loan is unsecured or secured by personal property that you did not purchase with the proceeds of the loan.
- NOTICE: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: the costs associated with credit insurance premiums or debt protection fees; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). To receive this notice verbally, please call 1-844-269-7201 during our normal business hours.
- This loan will not be secured by shares or deposits in any of your accounts unless you specifically agree to establish an account in connection with this loan in which funds deposited after the loan is given will secure this loan. Therefore, the following provisions in the Loan Agreement and Security Agreement do not apply to this loan: "Contractual Pledge of Shares"; any reference to pledge of shares, statutory liens, set-off, or administrative freeze contained in the "Security Agreement, Pledge of Shares; Statutory Lien; Set-off; Administrative Freeze" provision; the "Cross-Collateralization" provision to the extent it purports to cross-collateralize any of your other share or deposit accounts with us.
- This loan is not subject to mandatory arbitration and therefore any reference to mandatory arbitration in this Loan Agreement and Security Agreement shall not apply to this loan.
- If you are a Louisiana resident, the Louisiana-specific provisions contained in the Security Agreement do not apply to this loan.
A short-term loan should be used for short-term financial needs only, not a long-term financial solution. Members with financial difficulties can visit Financial Management for free access to financial education and online tutorials.