A payday advance is a financial instrument that provides consumers with a small-dollar, short-term loan. With an application process that is convenient and easy to understand, customers have access to a financial option intended to cover small, often unexpected, expenses. Borrowers may also choose to use our product to avoid costly bounced checks, overdraft protection fees, late bill payment penalties, or other less desirable short-term credit options.
To obtain an advance, a customer is required to have:
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An active checking account,
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Proof of a regular income,
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Proper identification,
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Upon completion of a simple application and approval, a borrower must read and sign an agreement containing disclosures required by the Truth in Lending Act (TILA), and
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Write a personal check for the amount of the advance plus a fee.
The lender immediately advances the customer funds, but holds the check until an agreed upon date (usually within two to four weeks) when the borrower receives his/her next paycheck. On the agreed upon date, either the check is deposited or the customer returns with cash to reclaim the check.