Do most people use a payday advance service for the same
reason I do?
A: Probably so. Surveys show that while
Americans do a pretty good job of managing household budgets, most of us need occasional help. An increasing number of consumers
choose a payday advance to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring
revolving debt. A payday advance is a short-term financial management tool that can provide a sensible alternative to costly
bounced checks, late payment charges and tarnished credit ratings.However, you
should evaluate the costs and benefits of all alternatives before borrowing. Other forms of short-term credit that may be
less expensive include a loan from another institution or from family or friends, a credit card cash advance, an account with
overdraft protection, or a salary advance.
What happens if
I change my mind after taking out a payday advance?
A: You may rescind
the transaction at no cost before the end of the following business day by returning the full amount of the advance to us.
How often
do most people use this service?
A: Since a payday
advance is a short-term solution to an immediate need, it is not intended for repeated use in carrying an individual from
payday to payday. When an immediate need arises, we're here to help. But a payday advance is not a long-term solution for
ongoing budget management. Repeated or frequent use can create serious financial hardships.
Is my transaction
confidential?
A: We respect
our customers' desire for privacy in managing their personal financial matters. The payday advance transaction is a confidential
one, and we will treat your personal information accordingly.
How is my
advance amount determined?
A: State law
generally regulates the maximum advance amount available. Within the allowed range, you qualify for a particular advance amount
based on your current income. Sometimes you may not be able to get as much as you'd like; but a payday advance should be part
of your financial solution. We wouldn't really be helping if you received more than you have the ability to repay.
How are fees
established?
A: The fee is
competitive and in compliance with applicable state or federal law. It is our goal to offer you the best service at the most
competitive fee possible.
Is my credit
rating checked before I receive an advance?
A: No, we do not obtain a complete credit report. Unlike many other financial institutions,
we do not require that you have good credit or, for that matter, any credit history at all. (We do, however, subscribe to
a risk assessment service. It tells us if customers are current in their payments to other businesses like ours and whether
our customers have payday advances outstanding with other companies that subscribe to the same service.)
Getting a
payday advance is such a simple and easy process, why is there so much information in the Customer Agreement?
A: The Agreement
you read and sign prior to receiving a payday advance is a contract that complies with all applicable state or federal disclosure
requirements. It fully outlines the terms of the payday advance transaction, including the cost of the service fee both as
a dollar amount and as an annual percentage rate (APR). Although a payday advance is a short-term financial solution and is
not intended as a long-term source of credit, we provide you with the APR in the interest of full disclosure. We want to provide
you with all the information you need to make an informed financial decision.
What happens
if I don't have the funds necessary to repay the advance on my due date?
A: Just like
you, we hope this doesn't happen. But if it does, Just Check It! is committed to collecting past due accounts in
a professional, fair and lawful manner. If we deposit your check and it is returned by your bank due to insufficient funds,
you may be charged a returned check charge if permitted by applicable law. (You should be aware that most financial institutions
will also charge a NSF fee for a returned check and in some circumstances might revoke your checking account privileges.)
You will be responsible for payment in full of your account, including the returned check charge. We will contact you to collect
the amount due. (If necessary and appropriate, your account may be turned over to a collection agency.)
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have unanswered questions? Ask your question in the form below.
