FAQ'S AND FACTS ABOUT PAYDAY LOANS

Q. What is a payday loan?
A. It's a non-secured, short-term loan that's fast and easy to get, so it's ideal for emergency cash and unexpected bills.

Q. What does non-secured mean?
A. This means that your next paycheck is your collateral, not your house or other possessions.

Q. How easy is it?
A. The list of requirements is very short. If you have regular employment, a checking account and direct deposit, you're well on your way to a cash advance.

Q. How fast is it?
A. You loan may be deposited in as little as one business day, and often less than 24 hours after approval. The approval process consists of confirming your identity and your employment, so it's quick.

Q. Aren't the fess for a cash advance really high?
A. There is a fee, but when compared to alternative fees, a cash advance often comes out to be a cheaper option. For example, a $20 fee on a $100 loan is cheaper than most banks' NSF funds, or merchant late payment fees, or credit card late fees.

Q. Aren't payday loan companies like loan sharks, with the poor or uneducated as victims?
A. This is a myth often touted as fact in the media. Actually, the majority of morrowers have incomes between $25,000 and $50,000. More than 90% graduated from high school, and more than half went to college.

Q. Doesn't a payday loan begin a cyle of debt that's almost impossible to get out of?
A. Another myth. Most short-term loan customers are very careful to pay their debt on time and use the services responsibly. Two-thirds of borrowers use payday loans to cover unexpected bills or a short term reduction in income.

Q. Don't payday loan customers get caught by surprise with hidden fees and other charges?
A. The payday loan industry is regulated in 33 states. This means that lenders provide balanced, responsible regulation of cash advance. 96% of borrowers report awareness of the finance charge. Plus, you will know your loan fee before taking the loan, with a choice to accept the loan.