|Notice: Fees for deferred presentment transactions may be significantly higher than for other types of loans. |
A SHORT TERM LOAN PROVIDES THE CASH NEEDED TO MEET AN IMMEDIATE SHORT-TERM CASH FLOW PROBLEM. IT IS NOT A SOLUTION FOR LONGER TERM FINANCIAL PROBLEMS FOR WHICH LONGER TERM FINANCING MAY BE MORE APPROPRIATE. YOU MAY WANT TO DISCUSS YOUR FINANCIAL SITUATION WITH A NONPROFIT COUNSELING SERVICE IN YOUR COMMUNITY. YOU WILL BE CHARGED ADDITIONAL FEES IF YOU RENEW THE LOAN.
Although payday loans are short-term advances intended to be paid off quickly, various Truth-in-Lending laws require financing disclosures to be expressed as an Annual Percentage Rate (APR), or the cost of the credit advanced to you expressed as an annual rate. This requirement provides uniformity among various credit sources, so you can compare rates and make the choice that is right for you.
In the following table, we show the total amounts paid for loan amounts of $200 over a 14 period. The APR will change based upon the amount of time your loan is for. Consequently if you pay later than the agreed upon date, you will owe more interest. There is no refund of interest for early repayment.
Annual Percentage Rate: The APR is a cost of a loan expressed as a yearly interest rate. The following table is examples of different cost based on the amount financed and the length of time of the advance. The cost of your advance may be higher or lower based on the length of time of the advance.
|Amount Financed ||Total Amount of Payments ||Length of Time |
(# of Days)
|Total Finance Charge ||*APR |
|$200 ||$235 ||14 days ||$35 ||455.00% |
|Figures provided in this table are a sample. For more information contact us. |
Remember: A PAYDAY ADVANCE is intended to meet short-term cash-flow needs. If you think you need a long-term loan or more permanent solutions to your current situation you should discuss your needs with your local bank and or contact a local credit counseling service in your area.
| Notice: Fees for deferred presentment transactions may be significantly higher than for other types of loans. |
Maximum Fee: The most that any Deferred Presentment provider may charge for Deferred Presentment transactions is 17.5% of the cash advance. 1 Stop Cash, LLC charges 17.5% for these transactions. The following table illustrates the 1 Stop Cash, LLC fee structure:
|Loan Amount ||Fee Rate ||Fee Amount ||Total of Payments |
|$100 ||17.5% ||$17.50 ||$117.50 |
|$150 ||17.5% ||$26.25 ||$176.25 |
|$200 ||17.5% ||$35.00 ||$235.00 |
|$250 ||17.5% ||$43.75 ||$293.75 |
|$300 ||17.5% ||$52.50 ||$352.50 |
|$350 ||17.5% ||$61.25 ||$411.25 |
|$400 ||17.5% ||$70.00 ||$470.00 |
|$450 ||17.5% ||$78.75 ||$528.75 |
|$500 ||17.5% ||$87.50 ||$587.50 |
No other fees may be charged for these transactions, except if a check “bounces” once it is deposited at a bank, then the provider may charge a one-time NSF fee of up to $30.00. And if the provider must go to court to enforce the payment of the loan, then you maybe assessed court costs and up to 15% of the face amount of the check as attorney’s fees. You cannot be arrested or sent to jail for passing a “worthless” deferred presentment check except due to closed account.
Maximum Loan Amount: The law limits the maximum loan amount that any one borrower may have with all Deferred Presentment providers to $500. The provider will be verifying your other outstanding deferred presentment loans with a database to determine compliance with the law.
Term: Deferred Presentment transactions cannot be made for a term of less than 10 days or more than 31 days.
Renewal: Your transaction is due on the maturity date. You may obtain another transaction once this one is paid-in-full. However, if you cannot repay the total amount due, then, if offered by the provider, you may renew this transaction one more time upon payment of an additional fee. If you cannot pay the total amount due at that time, then, at the provider’s option, you may extend your repayment into four equal monthly installments at no additional cost.
Customer Agreement: You must be given a copy of the provider’s Deferred Presentment Services Agreement. You have the right to read the Agreement before you sign it. You have the right to ask questions of the provider’s staff until you thoroughly understand everything in the Agreement. You also have the right to walk away from the Agreement before you sign it.
Complaints: 1 Stop Cash, LLC is a licensed Deferred Presentment provider in Alabama. To report any unresolved problems with 1 Stop Cash, LLC, contact:
STATE BANKING DEPARTMENT
401 Adams Ave.
| Download the Alabama Deferred Presentment Services Act|