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Payday Loans and Cash Advances are pretty simple. There are some questions that everyone should know before signing any loan agreement. Not every question is answered here in our Cash Advance Loan FAQ, but we are happy to talk you through the process. Call, email or visit any of our four locations to get your questions answered today.
Do I need to have Checks?
How much time does it take?
Once your account is opened, you can get the money you need in about three (3) minutes.
Payday Loans initially require a brief 15-20 minutes for set up, but only the first time. Applying in advance saves time!
When do I pay it back?
You may repay your balance at any time before the due date to save on fee cost.
Much like renting a car, you only pay for the days you use your account. Payment periods can be set according to your payday, anywhere between 14-31 days from the date the loan is taken.
Most customers select a 14 day pay period. They may satisfy the loan in full, knowing they can use their account in the future. Others pay just part of the total balance, making the remainder due on their next pay date. Three partial payments are allowed on two weeks intervals, at which time the loan must be paid in full. CQC then allows customers in good standing to borrow additional money against their accounts.
How much will I owe?
Payday Loan Finance Charges are easy to figure. Fees accrue at a rate of $1.27 per day per $100 borrowed.
If you borrowed $100 on Monday and paid it back that Friday, your total repayment would be $105.28, meaning you pay $5.28 in fees. If you borrowed $200, you would pay $210.56. These rates make Payday loans a better choice than paying Return Check fees, doing without, or the embarrassment of asking family & friends for money.
Charges vary daily, but you only pay for the time you have a balance. Much like renting a car or equipment, you pay less if you turn it in early, you pay more if you keep it any extra days.
Check Cashing Fees range from 2.5%-5% of the check amount. Actual fees depend on the check Amount, the Writer, and the Bank it is drawn on. Discounted rates are available for repeat & regular customers.
What do I need to get a loan?
The most basic items needed to qualify for a Cash Advance or Payday Loan:
Income to enable repayment:
- -Verifiable by a Paycheck Stub, Benefits letter or Active Direct Deposit into your bank checking or a Paycard account.
- -Monthly Income should be over $1000, but can be adjusted for spouse income or shared living expenses
A Bank Account or Deposit/Payroll Card:
- -This can be an active Checking account, Paycard or EBT Card imprinted with your name
- -Verifiable by providing last month’s Bank Statement or Card Transaction history statement.
Once your loan is Qualified, final approval also requires presenting;
- -Proof of address, usually as a Utility bill.
- -Missouri State Issued photo I.D.
We use this information and a completed application to establish your account.
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