What are the requirements for a payday loan?
What is a payday loan?
Why do people choose payday loans?
How often can I use this service?
How do I apply for a payday loan?
How long does it take to apply for a payday loan?
What happens if I change my mind after taking out a payday loan?
Is my transaction confidential?
How much can I borrow?
How are fees established?
Is my credit rating checked before I receive a payday loan?
How will I receive the funds?
How do I pay back my loan?
May I have more than one loan at a time with you?
After I pay off my loan, may I get another loan?
If getting a payday loan is such a simple and easy process, why is there so much information in the Consumer Loan Agreement?
What happens if I don’t have the necessary funds to repay the loan on the due date?
What are the requirements for a payday loan?
(*Requirements vary by state however these are the most common)
- Must be at least 18 years old with a validated source of regular income.
- Must have an open and active checking and/or savings account.
- Must have a home phone or cell phone.
- Most recent pay stub if employed. Must have gross monthly income of at least $1,000 if employed.
- Annual award letter if receiving social security or pension. Must have gross monthly income of at least $800 if receiving social security or pension
- Most recent 30-day credit union or bank statement.
- Utility bill or some piece of printed mail for address verification.
- Photo ID.
What is a payday loan?
A payday loan is a confidential, short-term, unsecured personal loan to get you by until your next paycheck.
Why do people choose payday loans?
While many people do a good job of managing household budgets, there are times we need occasional help. An increasing number of consumers choose a payday loan to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. A payday loan is a short-term financial management tool that provides a sensible alternative to costly bounced checks, late payment charges, and tarnished credit ratings.
How often can I use this service?
Since a payday loan is a short-term solution to an immediate need, it is not intended for repeated use in carrying an individual from payday to payday. When an immediate need arises, we're here to help. You may use this service anytime you need us, but a payday loan is not a long-term solution for ongoing budget management.
How do I apply for a payday loan?
Simply stop by your credit union branch. Bring with you all the items listed in the “Payday Loan Requirement” section during your initial visit. Future loan requests may or may not require these items. An online system for members is coming soon. The online system will link from your credit union web site and will allow you to apply for a loan via the internet.
How long does it take to apply for a payday loan?
Typically, the maximum time is fifteen (15) minutes for the initial loan application process. Future loan requests will take much less time.
What happens if I change my mind after taking out a payday loan?
You are able to undo the transaction at no cost before the end of the following business day by returning the full amount of the loan to us.
Is my transaction confidential?
We disclose our privacy policies and practices to members and protect the confidentiality of members’ personal information.
How much can I borrow?
Depending upon income level, other established underwriting criteria, and state or federal laws, loan amounts typically range from $100 to $500.
How are fees established?
Our fees are competitive and in compliance with applicable state and/or federal laws.
Fee Charts > Kansas | Missouri
Is my credit rating checked before I receive a payday loan?
No, we do not obtain a credit report from any of the three major credit bureaus. People who have had past credit problems may receive loans from us. We do, however, subscribe and report to Teletrack, a risk assessment service that tells us if members are current in their payments to other businesses like ours, and whether our members have payday loans outstanding with other companies that subscribe to the same service.
How will I receive the funds?
The funds will be placed directly into your credit union account directly the same day.
How do I pay back my loan?
We can arrange for an ACH electronic transfer from your account to occur on the loan due date. Depending on state laws, other payment options may be available. Contact us directly for additional information.
May I have more than one loan at a time with you?
No. You may only have one loan outstanding with us at one time.
After I pay off my loan, may I get another loan?
Yes. You may get another loan at any time as long as your last loan has been paid in full and is allowed by state law.
If getting a payday loan is such a simple and easy process, why is there so much information in the Consumer Loan Agreement?
The Agreement you read and sign prior to receiving a payday loan is a contract between you and us. Our contract complies with all applicable state and/or federal disclosure requirements. It fully outlines the terms of the payday loan transaction, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Although most members do not consider APR information helpful when evaluating the cost of a payday loan, in the interest of full disclosure, we want you to have all the information you need to make an informed financial decision. It may also contains an arbitration agreement and an ACH authorization.
What happens if I don’t have the necessary funds to repay the loan on the due date?
We are committed to collecting past due accounts in a professional, fair, and lawful manner. However, if your ACH electronic transfer is returned by your credit union or bank, you may be charged a returned item fee, where allowed by law.
