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What
are Payday loans?
Payday loans are short-term cash advances you receive
from a financing company. A cash advance or cash loan is due on your next
pay date. To utilize the benefits of Payday loans, it is in your best interest
to only borrow what you can expect to pay back. A Payday loan is not a
solution for long term financial problems.
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How
soon will I receive the advance?
Once you're approved, you have authorized us to
electronically fund your account for the amount you have been approved for. You
can immediately start spending your cash as early as the very next business
day.
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What
are the requirements to get approved?
The only things you will need to qualify are the
following items:
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You must have a steady income.
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You
must be able to show a verifiable source of recurring income payments.
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You
must have a checking or savings account at least one(1) month old with your
name printed on the checks.
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You
must be able to be contacted after work.
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You
must be atleast 18 years old.
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You
must have a gross income of at least $1,000 per month, or a minimum of $800 per
month in Social Security or other benefits income.
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You
must not currently be debtor in a bankruptcy case or presently intend to
volutarily file for bankruptcy relief.
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REQUIRED DOCUMENTS
- A copy of your most current bank statement
- Voided Check (not required if it's a savings
account)
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When
will the loan be due?
Generally, on your following pay day or you may pay
the finance charge and extend the loan until your next pay day.
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How
much can I borrow?
Up to $1000.00. (Contingent upon income level and
various underwriting criteria.)
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When
will I hear from you?
You will hear from us within one (1) business day or
sooner upon receiving the necessary information. We will contact you with a
loan offer or email you for missing information. We are closed on Sundays and
holidays.
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How
will I know if I'm approved?
We will contact you with a loan offer. If denied, you
will receive a notice by mail.
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Can
I extend the loan?
Yes, after 4 renewals you will be required to pay down
a portion of your loan plus any finance charges.
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Once
paid off, when can I get another loan?
You must wait three (3) business days. We may ask you
to prove that the previous loan has been actually paid in full by providing us
a bank statement showing proof of a non-pending payment.
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What
is the fastest way to process my application?
Complete the application. When loan agreement pops up,
scroll down and print your name in the box provided so that we can get your
electronic signature so you don't have to fax it.
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Can I print and
fill-out an application?
Yes. Select the following link PDF of Application then
print, fill it out, and sign. Attach your pay stub, bank statement, and voided
check and fax to 1-800-505-1610. Loans are currently not available to residents
of many states and availablilty is always subject to on local regulations.
PUEDE USTED SOLICITAR UNA SOLICITUD DE PRÉSTAMO EN ESPAÑOL.
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How long does it
take to be approved?
After you have completed our online cash advance
application and submitted all the required documents during our normal business
hours, our fast and friendly service agents will contact you within an hour
either by phone or email to notify you of your status. For applicants who
submitted their information after our normal business hours, your online cash
advance application will be processed the very next business day.
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How
do I pay back my online cash advance?
On your next pay day, your contract agreement with us
for the cash advance has authorized us to automatically withdraw the amount due
from your bank account. It’s that simple and confidential.
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Will I be notified
prior to the withdrawal of the funds from my account?
Definitely. We will notify you either by phone or
email a few days before your loan is due. This is a confirmation to let you
know we will be withdrawing the amount due from your bank account.
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What
if I don’t have enough money to pay back my Payday loan?
In this case, please contact us as soon as possible so
that we could arrange an alternative payment plan with you to avoid a
N.S.F. charge of $20.
One example of a payment method can be a partial payment to your loan. For
instance, if you decided to make a partial payment of $65 from your $115 loan,
then your left over amount of $50 plus our fee of $7.50 ($15 per $100 borrowed)
will be carried until your next pay date.
It will be in your best interest to pay off your Payday loan as much as
possible so that you will decrease the future interest of your loan. Please
note: Utah State Laws will not extend any Payday loans beyond (12) weeks.
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What
is the cost of credit for your service?
Alliance Cash Advance Money World Lending
charges a fixed finance charge of $30 per $100 borrowed with a varying APR from
244.55% to 2082.08%. For a complete schedule of fees, please click
here.
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What
does A.P.R. mean and how does it work?
APR (Annual Percentage Rate). Interest rate: The
yearly rate charged to a consumer to borrow the finance company's money. APR is
usually expressed as a percentage. APR is a means by which the customer can
compare one loan with another one. Alliance Cash Advance Money World Lending
charges a varying APR of 244.55% to 2082.08% for short-term cash advances in
which depends on the length (term days) of your loan. For a completed schedule
of fees, term days and its appropriate APR, please click here.
Below is a chart which emphasis the variance between a one year loan and a one
month payday loan.
|
Loan Type |
Payments Type |
Amount Borrowed |
Rate (APR) |
Cost of Loan |
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1 Yr. Loan |
One Payment |
$1000.00 |
7.5% |
$75 |
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1 Month Loan |
One Payment |
$1000.00 |
244.55% |
$200 |
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What
if I have no or bad credit?
In general, we base our approval upon the
documents you have submitted to us and your agreement to the terms and
conditions.
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Would
I have to reapply again to get another Payday loan?
No. Once you have established a relationship with us,
Then getting another cash advance would not be a problem. You could log on to
the members' homepage to request another Payday loan or simply give us a call
using our toll-free number and our service agents will gladly work with you to
get another Payday loan. Please note: in order to request another loan, you
must pay off your current Payday loan.
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Is
my personal information confidential?
Your personal information is protected under our
Terms and Conditions. Please refer to it for additional information.
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