 |
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.
Ste. 680
Montgomery, Alabama
Telephone: 334-242-3452
Website: www.bank.state.al.us
|
 Download the Alabama Deferred Presentment Services Act
|
