Requirements
Facts about payday advance services
A payday advance is a short-term financial management tool that can provide a sensible alternative to costly overdraft charges, late payment fees and damage to your credit rating. A payday advance is designed to be a bridge to manage a cash crunch between paydays, without incurring revolving debt. Although a payday advance is a convenient and less costly credit option, you should evaluate the costs and benefits of all your short-term credit alternatives before applying for a payday advance.
How a payday advance works
To obtain a payday advance from Cash Biz, a client with an active checking account, a regular source of income and proper identification completes a simple application and upon approval:
- will receive for reading and signing an agreement with the Truth in Lending Act (TILA) disclosures that provides the transaction terms and cost (in dollars and annual percentage rate)
- write a personal check for the advance amount plus all fees to Cash Biz
- immediately receive the payday advance amount in cash
- the loans range from $50 to $1,000 based upon qualification and the state specific rules
The client’s check is then held for an agreed upon time period until the next payday, usually about two weeks. On the agreed upon date, the client is requested to return to the center with cash and reclaim the check.
If for any reason, you change your mind about getting a payday advance, you have up until the close of business the following day (3 days in Texas) to rescind your payday loan transaction, at absolutely no cost to you.
Client Notice: A payday advance should be used for short-term financial needs only, not as a long-term financial solution. Clients with credit difficulties should seek credit counseling. We recommend that you contact the “National Foundation for Credit Counseling” at 1-800-388-2227.
Qualification for a Payday Advance at Cash Biz
- Currently employed or other regular source of income (pension or social security)
- Have an open and active checking account
- Have a working phone (home or cell)
- Provide proof of mailing address (utility or phone bill)
- Provide a copy of your current bank statement
- Provide a copy of most current pay-stub or direct deposit notification
- Provide a state or federal issued picture identification card
- Bring your checkbook (multiple checks may be required in some states)