Payday Loans / Cash Advances

Payday Loans / Cash Advances

Also called a short-term loan, payday advance or a deferred deposit transaction—can help tide you over until your next payday. Depending upon the law of the state where you reside, you can request a cash advance of $100 to $1,500 and, upon approval, get cash in minutes1. Once your completed loan application is approved, all you have to do in most cases is write us a personal check or authorize us to debit your deposit account electronically (ACH) for the amount of the loan, plus fees2, and we hold your check or refrain from debiting your bank account electronically (ACH) until the loan is due—usually your next payday. The process is fast. It’s easy. And, it’s confidential.Cash America owns and operates about 180 stand-alone cash advance/payday advance locations throughout the United States under the brand names Cashland and Payday Advance. These stores offer a variety of services, including cash advances/short-term loans, check cashing, pre-paid debit cards, money orders, money transfers and the purchase of gold in select locations. In addition, many of our pawnshops offer a payday advances, Cash America abides by the best practices of the Community Financial Services Association, the governing body for an association that promotes responsible lending.For a little extra money before your next paycheck, try our Fast & Easy Cash Advance, also called a Payday Loan.Advance America’s Payday Loans are simple. We’ll help you get the money you need in minutes, so you can keep moving forward.

How Payday Loans Work:-Payday loans are typically short-term, personal loans for two weeks to a month. Your due date is based on your pay schedule.
    –Visit an Advance America store with ID, proof of income and bank statement or get started with an online payday loan application
    Complete short loan application
    Sign agreement and write a personal check for the loan amount plus fee
    Make an appointment to return and repay the loan
   Receive money on the spot
    -Return on your due date to pay your cash advance off and reclaim your personal check

Because some things can’t wait until payday:-We understand that paychecks don’t always stretch. And things like car repairs, higher-than-expected electric bills or extra groceries, can put a kink in your finances. That’s when a cash advance/short-term loan or payday advance can come in handy.

The Washington State Department of Financial Institutions (DFI) warns consumers to never give any nonpublic person information, such as social security number, credit card, or bank account information to any individual, website, or company without first verifying their identity and license status. Consumers can determine whether a financial services company or individual is properly licensed to conduct business in the State of Washington by using the “Verify a License” feature on the DFI’s .DFI has received reports of apparent scams conducted by individuals claiming to represent Advance America, Cash America, Cash Advance America, Speedy Cash, and Advance America Payday Loans.

Numerous consumers received phone calls and/or email messages from people claiming to represent Cash Advance America, Cash America, and Advance America Payday Loans where the callers offered loans in exchange for upfront fees. Although several consumers never applied for a payday loan, the callers insisted that they were calling to discuss the consumers’ online payday loan applications. One consumer reported that, when she refused to wire money to the caller, the caller threatened legal action against her. Several other consumers paid the upfront fee but did not receive the loan promised. At least one consumer also received a similar loan offer via e-mail.

Several consumers were contacted by people claiming that they were collecting a debt owed to Cash Advance America, Advance America, or Speedy Cash. One consumer reported receiving multiple harassing phone calls. The caller claimed that the consumer owed a debt for a 2007 payday loan but refused to provide any other details about the debt. The consumer reported that he did not take out any payday loans in 2007. In another case, a consumer received a text message demanding payment. That consumer reported that he never had a loan.

In one case, a consumer received an email that claimed the “Semrad Law Firm” would be handling the collection if the consumer did not pay a settlement. The email stated that it was from “Kristen Johnson” in the “Accounting Department.”

When it comes to payday loans, there’s no bigger player than Advance America. Started in 1997, Advance America now has over 2,600 locations across the country and finds itself at the head of a $6 billion a year industry. You may have heard of them and their recent $18.75 million settlement in North Carolina for charging illegal fees and excessive interest. Or perhaps you read one of the many stories from their customers, profiled on the vicious cycle of payday loan debt.

Read the Fine Print:-Looking just at the APR and loan fees provided by Advance America, however, fails to capture the full story. Everything from the amount you can borrow to your ability to restructure your loan can depend on local laws. For example, Washington state caps your loan amount at 30% of your gross monthly income, and allows you to cancel the loan without repercussion. Texas residents, meanwhile, can borrow up to 35% of their income, but are also charged a 10% APR on the loan principal and are liable for late fees of 5% of the outstanding balance, among others.Luckily, Advance America breaks down their fees by location on their website, but until you actually fill out an application for a loan and read through a loan agreement, there is no clear indication of late fees or penalties. Meanwhile, the complaints against Advance America continue to roll in. In September, a class action lawsuit was filed against the company for improperly contacting a customer’s employer and seeking his wages for a delinquent loan.

Content Credit :- SLASHDOT

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