Retail Center Payday Loans from Cash Choice FAQs.

What is a payday loan?

A payday loan, either from CashChoice.com or from one of our retail locations, is designed to be used for short-term financial needs. The due date will be your next payday (up to 30 days). It is not a solution for longer term financial problems for which longer term financing may be more appropriate. Payday advance fees are, however, lower than many of consumers' alternatives.

Where do you have retail locations?

There are over 40 Cash Choice retail locations located in five states. You can find our retail locations in Alabama, California, Missouri, Tennessee and Wisconsin. Click here for a store locator to find the specific location of a Cash Choice store.

What is required to get a payday loan?

The prospective borrower will need the following to get a payday loan:

• Employed with a verifiable source of income.
• Possess a checking account that has been open for at least 30 days.
• The borrower will also need a verifiable email address and a home phone.
• The borrower must be at least 18 years of age.
• All signed Loan Applications are subject to verification of prior loan history and application data.

The application will be either approved or declined based on our evaluation of the information provided by you to us. If time is of the essence, we strongly encourage customers to bring as much relevant information with them so that we can avoid any delays.

What are the payday loan rates? What does it cost?

Although payday loans are short-term cash 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.

The effective APR for your loan will depend upon a variety of variables. These would include the number of days between getting the funds and the due date, as well as the specific state in which you reside. While payday loans are available in most of the United States, at present we only have retail locations in Alabama, California, Missouri, Tennessee and Wisconsin. To see what the effective rates are in the state that you reside, click here. If you wish to get a loan in a state where we don't have any retail locations, we'd suggest completing our online payday loan application.

Payday loan fees typically cost less than the customer's alternatives:

• Bank and merchant fees can cost three times the interest on a $100 cash advance.
• A $100 bounced check with $48 in NSF and Merchant fees equals an effective APR of 1,251%.
• A $100 credit card balance with a $26 late fee equals an effective APR of 678%.
• A $100 utility bill with a $50 late and reconnection fee equals an effective APR of 1,304%

If you have any questions about our rates, fees, terms or other issues, we encourage you to discuss this with the center manager prior to signing the loan agreement.

How soon can a borrower access the cash after qualifying for a payday loan?

After the qualification process is successfully completed you will receive your loan proceeds in cash immediately.

What if the borrower has poor credit or has filed bankruptcy?

Poor credit ratings will not affect the approval of a payday loan. That said, we will not be able to extend a cash advance to those who have filed for bankruptcy within the past year or those who have filed multiple times.

Do you perform a credit check?

Cash Choice verifies your history with lenders in our industry, but we don't conduct a traditional credit check.

How long does it take to get approved for a payday loan?

Dependent upon the time of day and how quickly the application process is completed and submitted for review, borrowers can be approved within minutes.

Can you describe the payday loan process?

After you enter the center and complete the application, a representative will confirm and review the information for approval. If the application is approved, you will receive your proceeds before you leave the center.

Can I use my spouse's income as the basis of a loan?

We cannot consider that income as the basis of an approval, but it is possible to have an account open for both you and your spouse if that is desired.

Can I use unemployment income, worker's compensation, welfare income, or alimony payments as the basis of a loan?

We are unable to use any of these income sources as the basis of a loan.

If I am with a temporary employment agency, can I get a loan?

Since temporary work isn't assured, we cannot be able to use that as a basis of a loan.

I'm worried that a payday loan will put me into a cycle of debt and I won't be able to get out of it.

The vast majority of our customers use payday advance loans responsibly and moderately. Sixty six percent of our customers use payday advance loans to cover unexpected expenses and financial emergencies.

What if I can't pay on the due date?

Please call the center at least two business days prior to your due date as that allows us the most flexibility.

Will you contact my relatives if I don't pay?

We reserve the right to contact them if we can't reach you. We don't disclose the nature of the call - we simply leave a message with them asking you to call us.

Is my payday loan loan kept confidential?

Every Cash Choice title loan or payday loan transaction as well as customer information is completely confidential and protected per our Privacy Policy.