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Q.
What is a payday advance?
A. A payday advance is a confidential
short term loan to get you by until your next paycheck. The
money is electronically deposited into your account until
the loan is due, in which it is debited on your payday. (back
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Q.
How do you send me the money?
A. When you apply, you authorize
us to deposit the loan amount you requested into your bank
account via ACH transaction. (back
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Q.
Do I need collateral?
A. NO !! Your job is your collateral.
(back
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Q.
When I request a payday advance, how long does it take for
me to receive it?
A. Once we have received all the
information we have asked for it will take only 24 hours.
All applications must go through a mandatory verification
process. If any information is needed from you to expedite
the verification process we will contact you by phone or by
E-mail. This process takes up to 24 hours, depending on the
information you have given us.
Please fax the following when requesting
a loan.
1. Most current bank statement
showing direct deposit
2. Latest pay check stub.
3. A copy of a check.
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Q.
How and when do I repay the loan?
A. When you apply, you authorize
us to withdraw the original loan amount and financing fees
from your bank account via ACH transaction on your due date.
You can renew or extend your loan until your next payday by
just paying the finance charge. Your due dates are determined
by the day(s) in which you would get paid.(back
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Q.
Am I able to pay my loan back early?
A. Yes, you are able to pay your
loan back early. There is no discount or penalty for early
pay back. However, you will not be entitled to a refund of
any part of the finance charge. (back
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Q.
If I can't payoff the loan when it is due, am I entitled to
a rollover or may I refinance the amount unpaid?
A. You may do what is also called
an extension or renewal of a loan. You will receive the form
for renewal in the mail. Sign the renewal form and fax it
to us 3 business days before your pay date, and we will debit
the interest from your account to defer the principal until
your next payroll. (back
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Q.
How many times may I extend or renew the loan?
A. You may extend or renew the loan
as many times as needed. We want to promote responsible lending
we recommend that after your third renewal you start paying
the renewal fee and 10% of the principal. (back
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Q.
What if I have poor credit or have filed for Bankruptcy?
A. We do not conduct a credit check.
Instead we rely on your steady job as your collateral. (back
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Q.
Do I need Direct Deposit in order to qualify for a loan?
A. No, We can process your loan
with or without direct deposit. You must have a minimum of
$1000.00 in deposits into your checking account in order to
qualify. (back
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Q.
What if I have an outstanding payday advance with another
company?
A. NO PROBLEM !! We will be able
to loan you money. You must not have more the $750.00 in active
loans, or we will not be able to process you loan request.
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Q.
How much does a payday advance cost?
A. The interest rates on our loans
may vary, the average cost is $25.00 per hundred dollars loaned.
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Q.
How do I know the amount to be withdrawn from my account is
the amount you say?
A. Since we are authorized to use
the Federal Reserve Wire System, we must adhere to NACHA rules
and regulations. The amount to be withdrawn from your account
will be the amount that you authorized us to withdraw. (back
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Q.
If sufficient funds will not be available on the loan due
date what should I do?
A. It is very important to contact
us immediately
E-mail us at: service@e-cash-advance.com
You will be charged an insufficient
check charge in addition to your current balance if your loan
payment bounces. If we are not contacted, your account will
be suspended until all monies are paid, and our collection
process will begin. (back
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