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What do people use payday loans for?

 

We recently surveyed our customers to find out why they use payday loans.

We learned that 75% of  our customers use payday loans to cover unexpected

Expenses or pay bills. The most popular reasons were to get a car fixed, pay for

medical care, or to cover a monthly bill. If you're a little short on cash, a payday

loan is a great way to save money by avoiding bounced check fees and late

payment fees.

 

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Using a payday loan to pay bills and avoid late fees

 

If you’re running a little behind on your bills, a payday loan from Advanced Check Cash Advance may be a better option than paying late fees. Late fees on credit cards and other monthly bills can cost $30 or more. And if your utility or phone service is disconnected, there are more fees to reconnect your service. We recommend that you start by finding out what the late fees are for each of your bills. Then you can compare the cost to determine if a payday loan from Advanced Check Cash Advance is a better option.

 

If you’re running late on bills a payday loan from Advanced Check Cash Advance may be a better option, depending on the amount of your late fees and the time you’ll need to repay the loan. We recommend that you look at the cost of all of your options before deciding to get a loan from Advanced Check Cash Advance.

 

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Using a payday loan to avoid bounced check fees and overdraft charges

 

A loan from Advanced Check Cash Advance is usually a better option than bouncing a check or using your bank's overdraft protection service. Each time you bounce a check, both your bank and the merchant will charge a fee. The total cost is typically $40 to $70 for each bounced check!

 

Check with your bank to find out what fees they charge for bounced checks (and don't forget to add in the merchant fees). A payday loan from Advanced Check Cash Advance may be a better option. And if you're like a lot of folks and sometimes bounce two or more checks, then you can save lots of money by using Advanced Check Cash Advance.

 

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Using a payday loan for other urgent cash needs

 

Let's face it – some things just can't wait until your next payday. If you have an urgent need, a loan from Advanced Check Cash Advance may be a great option. For example, if your car breaks down and you might miss work then a quick loan might prevent lost income. Also, if you have an urgent medical need but are short on cash, a payday loan may be the right solution. Millions of people use payday loans to cover these expenses because they are fast and convenient. However, we always recommend that you look at all of your options before taking a loan from Advanced Check Cash Advance.

 

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When should I not use a payday loan?

 

Payday loans are not right for all situations. Before getting a loan from Advanced Check Cash Advance we recommend that you look into all of your options. Here are some options to consider before getting a payday loan:

   * Call the company that sent you a bill and request an extension or work out a payment plan

   * Cut back on other expenses such as dining out or entertainment

   * Borrow money from your employer, a friend, or family member

   * Check into emergency assistance programs in your community

   * Get an advance from your credit card provider or bank (make sure you understand

       all of the fees that may apply)

Depending on your personal situation, these may be less costly options than a payday loan. However, if these options aren't available then make sure you find the lowest cost payday loan possible. Don't get fooled by low "introductory rates" that double or triple a few days later. Only Advanced Check Cash Advance offers the lowest rates possible on all of our loans.

 

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How does a payday loan work?

 

A Payday Loan is a short-term loan for up to 14 days or until your next payday. You write us a check for the loan amount plus a small interest or fee charge and When the loan is due, you may:

a) Stop by our office and exchange cash for your check.

b) Have us deposit your check in your bank to pay the loan in full.

It's always your choice

 

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How does a Title Pawn loan work?

 

An Auto Title Loan is a 30-day loan that is secured by your paid off vehicle. We place a lien on your vehicle and you continue to drive it. When the loan is due, you may:

a) Pay the interest to extended the loan for another 30 days.

b) Pay the loan in full. It's always your choice.

 

 

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What do I need to qualify for a payday loan?

 

You must have an open and active Checking or Savings Account (preferably with Direct Deposit),

be 18 years of age, have at least $1,000 per month of steady verifiable income, and have a

current permanent residence.  You must present a government issued photo ID and proof of residence (utility bill, phone bill, etc.).

 

What do I need to qualify for a Title Pawn loan?

 

In addition to the above requirements, you must own a Paid Off Vehicle with a Clear Title.

 

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How much can I get?

 

Payday loan amounts in the State of TN are limited to a maximum of $300.00.

 

A Title Pawn loan is based upon the value of your vehicle and your monthly income.

Title Pawn Loans are limited to a maximum of $2500.00 in most cases.

The loan amount you may qualify for is based upon your monthly income and your job and residence stability.

 

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How much will it cost me?

 

The interest rate or fee for a payday loan or Title Pawn loan varies with the loan amount and term of loan.

These fees and interest rates are  governed by state regulations.

A typical fee for a $100.00 loan for 14 days is $15.00 which is equal to 391% APR.

 

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How long do I have to repay the loan?

 

The Payday loan is for a maximum of 14 days or until your next payday. When the loan comes due, you must redeem the check in cash or have us deposit your check to pay the loan in full. It is always your choice.

 

The Title Pawn loan is for 30 days. When the loan comes due, you may make a payment to cover the interest and a portion of the principal and renew the balance amount for another 30 days, or pay the loan in full. It is always your choice.

 

 

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What are the terms and conditions?

 

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   * What do people use payday loans for?

   * Using a payday loan to pay bills and avoid late fees

   * Using a payday loan to avoid bounced check fees

   * Using a payday loan for other urgent cash needs

   * When should I not use a payday loan?

   * How does a payday loan work?

   * How does a Title Pawn loan work?

   * What do I need to qualify for a loan?

   * How much can I get?

   * How much will it cost me?

   * How long do I have to repay the loan?