The Facts About Cash Advance Services
Welcome to Approved Cash. Thank you for choosing us to help you get control over your finances. As a consumer, you need straightforward facts to make an informed decision about using a cash advance or payday advance service. Take a moment to review the questions frequently asked by new payday advance guests and their answers. If you have additional questions, just ask your Approved Cash Center Manager.
Do most people use a cash advance service for the same reason I do?
Probably so. Surveys show that while Americans do a pretty good job of managing household budgets, most of us need occasional help. An increasing number of consumers choose a cash advance to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. A cash advance is a short-term financial management tool that can provide a sensible alternative to costly bounced checks, late payment charges and tarnished credit ratings.
How often do most people use this service?
Since a cash advance 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. But a payday advance is not a long-term solution for ongoing budget management.
Is my transaction confidential?
We respect our guest's desire for privacy in managing their personal financial matters. The cash advance transaction is a confidential one, and we will treat your personal information accordingly.
How does Approved Cash determine the amount of my advance?
State law generally regulates the maximum advance amount available. Within the allowed range, you qualify for a particular advance amount based on your current income. Sometimes you may not be able to get as much as you'd like; But Approved Cash wants to help you get control over your finances. We wouldn't really be helping if you received more than you have the ability to repay.
How are fees established?
The fee is competitive and in compliance with applicable state or federal law. It is our goal to offer you the best service at the most competitive fee possible.
Will Approved Cash check my credit rating before I can receive a cash advance?
Approved Cash does not obtain a complete credit report. Unlike many other financial institutions, we do not require that you have good credit or, for that matter, any credit history at all. We do, however, subscribe to a risk assessment service. It tells us if guests are current in their payments to other businesses like ours and whether our guests have cash advances outstanding with other companies that subscribe to the same service.
Getting a cash advance is such a simple and easy process, why is there so much information in the guest Agreement?
The Agreement you read and sign prior to receiving a cash advance is a contract between you and Approved Cash. The contract complies with all applicable state or federal disclosure requirements. It fully outlines the terms of the cash advance transaction, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Although a cash advance is a short-term financial solution and is not intended as a long-term source of credit, we provide you with the APR in the interest of full disclosure. Approved Cash wants to provide you with all the information you need to make an informed financial decision.
Can I renew, or roll over, my advance by just paying the fee again on my due date?
Some state laws allow rollovers, while most do not. Even in states that permit rollovers, CFSA member companies limit rollovers to four or the state limit, whichever is less. (The limiting of rollovers is a consumer protection designed to ensure responsible, short-term use of the service. Consider, for example, the cost of a two-week payday advance that is renewed or rolled over. Assume a $100 advance has a $15 fee and the advance is made in a state that allows unlimited rollovers. In this case, the cost of the $100 advance would be $15 plus $15 for each subsequent rollover. Since CFSA members will not roll over an advance more than four times, the maximum cost in this example would be $75 for the $100 advance. It is important that you fully evaluate the cost versus the benefit of rolling over a payday advance.)
What happens if I don't have the funds necessary to repay Approved Cash on my due date?
Just like you, we hope this doesn't happen. But if it does, Approved Cash is committed to collecting past due accounts in a professional, fair and lawful manner. If we deposit your check and it is returned by your bank due to insufficient funds, you may be charged a returned check charge if permitted by your states applicable law. You will be responsible for payment in full of your account, including the returned check charge. We will contact you to collect the amount due. If necessary and appropriate, your account may be turned over to a collection agency.
If my account becomes past due, will I face criminal prosecution?
No. Approved Cash does not pursue criminal actions against a guest as a result of the guest's check being returned unpaid. If it becomes necessary and is appropriate, however, we may seek civil remedies to collect past due accounts.
What can I do if I'm ever dissatisfied with the service received from Approved Cash?
We strive to provide friendly and professional guest service and receive very few guest complaints. But occasionally a problem will arise. If you have a concern that is not resolved to your satisfaction by your Approved Cash Manager, we invite you to call our Corporate Office at 855-968-2666. We welcome the opportunity to address your concerns. In the unlikely event you have a dispute we can't work out together, our Agreement provides that you can take your issue to small claims court or request arbitration, where a neutral third party hears both sides of the issue and makes a binding decision.
