Why Should I Choose American Cash Advance?
American Cash Advance has proved to be a leader in the payday loan industry since 2001, allowing our customers to get the cash they need when they need it. Our dedicated staff provides elite customer service in order to meet our customer’s needs and exceed their expectations.
Our knowledgeable team remains committed to follow procedures that encourage full disclosure, truthful advertising, and consumer responsibility to continue offering the level and quality of service that they have been for over a decade.
Will American Cash Advance Keep My Personal Information Secure?
What is a Payday Loan?
Payday loans are also known as cash advance loans, delayed deposit loans, and deferred presentment loans. They are designed to help pay for unexpected expenses like car repairs, natural disasters or just not being able to meet monthly expenses.
The borrower writes a check to the lender in exchange for an immediate short-term cash loan. The lender does not cash the check until a later date specified in the agreement signed by the borrower.
How Does a Payday Loan Work?
To avail a payday loan, the lender will require you to sign an agreement disclosing the amount of money you have requested, the annual percentage rate, and other relevant information. You will also be required to give the lender a personal check written for the amount of the loan, plus a fee.
You may come in to redeem the check on or before the specified due date. If you do not, your check may be deposited or the loan amount may be automatically withdrawn from your bank account, authorized by you in the agreement.
What Is the Maximum Amount That I Am Allowed to Borrow With a Payday Loan?
Loan amounts are determined by your income and the state in which you live. Each state has its own regulations that govern the maximum amount residents can borrow.
LOUISIANA - Under the Louisiana Deferred Presentment & Small Loan Act, the maximum amount that a lender can borrow is $350.
MISSISSIPPI - Under the Mississippi Check Cashers Act, the maximum amount you can borrow is $410. Example: A borrower writes a $500 check, which includes the $90 fee, and the borrower receives $410 in cash. It is illegal to write a check for more than $500.
How Much Are the Loan Fees on a Payday Loan?
The loan fee is the fee we charge you for borrowing funds and is specific to the laws in your state of residence. More state-specific details can be found on our Rates & Terms
- Louisiana law allows a lender to charge $20 for every $100 borrowed, plus a $10 fee for documentation. However, the total amount of the fees cannot exceed $55 when the amount borrowed is $220-$350.
- Mississippi law allows a lender to charge no more than $20 per $100 advanced for checks with a face amount up to $250 and no more than $21.95 per $100 advanced for checks with a face amount of greater than $251 up to $500.
Can I Renew or Extend My Payday Loan by Just Paying the Fee?
No! It is illegal to renew, extend, or rollover your payday loan by just paying the fee. The payday loan must be paid in full before you can enter into another payday loan transaction. Report lenders that suggest you pay the fee only!
What Other Fees Are Associated With a Payday Loan?
If your check is deposited and returned unpaid, the lender may charge you ONE NSF fee, if it was disclosed in the agreement. If the court awards a judgment to the lender against you as a result of your returned check, the lender may recover court costs, attorney’s fees, and any other court awarded fees. NSF fees may vary by state.
What If I Cannot Repay the Loan When It Is Due?
- If you cannot pay the loan in full on your due date you can opt to enter into a buy-down program which allows you to pay 25% of the loan, plus fees, and refinances the remaining balance.
Extended Payment Plan:
If you cannot make the payment when due, you can ask to enter into an extended payment plan once in a 12-month period, but the request must be made before payment is due. Should your lender (licensee) refuse to enter into an extended payment plan upon your request before the due date, contact the office of financial institutions (OFI) at 1-888-525-9414.
Before the due date of the loan, the lender is required to accept a partial payment of $50 or more and apply the payment to the outstanding balance of the loan. On or after the due date, the lender can take legal steps to collect the debt.
- You may request that the lender place you on a payment plan. However, the lender is not legally required to grant your request.
Can I Be Arrested for Not Paying Back My Payday Loan?
No! The lender cannot threaten nor use criminal prosecution in an attempt to collect on a payday loan. However, the lender may file an action against you in civil court.
Can I Have More Than One Payday Loan Outstanding at the Same Time?
Yes, you may have more than one payday loan with a lender; the same maximum borrowing amounts will apply. However, if the first loan did not resolve your financial difficulties, a second loan will likely make things more difficult. The more payday loans you have outstanding, the harder it will be to pay them off completely.
Can I Apply If I Have Less-than-perfect Credit?
Yes. Less-than-perfect credit will not necessarily prevent you from qualifying for a loan. Even if you have been turned down by other lenders in the past, we may be able to assist you in obtaining a loan amount to meet your financial needs.
How Will a Payday Loan Affect My Credit Score?
With American Cash Advance, you do not need to worry about your application affecting your credit score, as we do not make an inquiry that would affect your scores. Instead, we use information from alternative credit sources and scores to make a determination on your ability to repay your loan.