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The Facts About Cash Advance Services
Welcome to Barbara's Financial Services. Thank you for choosing us to help with your short-term financial needs. We know that as a consumer, you need straightforward facts to make an informed decision about using a payday advance service. Take a moment to review the answers to these questions frequently asked by new payday advance customers. If you have additional questions, just ask your Branch Manager. It is our privilege to serve you.
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Q: Do most people use a payday advance service for the same reason I do? |
A: Probably so. Surveys show that while Americans do a pretty good job managing household budgets, most of us need occasional help. An increasing number of consumers choose a payday advance to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. A payday advance is a short-term financial management tool that provides a sensible alternative to costly bounced checks, late payment charges and tarnished credit ratings.
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Q: How often do most people use this service? |
A: Since a payday 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.
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Q: Is my transaction confidential? |
A: We respect out customers' desire for privacy in managing their personal financial matters. The payday advance transaction is a confidential one between you and our company and we will treat your personal information accordingly.
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Q: How does Barbara's Financial Services determine the amount of money to advance me? |
A: State law generally regulates the maximum advance amount available to our customers. Within the allowed range, you qualify for a particular advance amount based on your current income. Sometimes we can't give you as much as you'd like; but Barbara's Financial Services wants to be part of your financial solution. We wouldn't really be helping if we advanced more than you have the ability to repay.
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Q: How are fees established and can your company charge me as much as it wants? |
A: The fee we charge is competitive and in compliance with applicable state law. It is our goal to offer you the best service at the most competitive fee possible.
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Q: Does Barbara's Financial Services check my credit rating before advancing me money? |
A: No, we do 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.
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Q: Getting a payday advance is such a simple and easy process, why is there so much information in the Customer Agreement? |
A: The Agreement you read and sign prior to receiving a payday advance is a contract between you and Barbara's Financial Services. Our contract complies with all applicable state and federal disclosure requirements. It fully outlines the terms of the payday advance transaction, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Although most customers do not consider APR information helpful when evaluating the cost of a payday advance, in the interest of full disclosure, Barbara's Financial Services wants you to make an informed financial decision.
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Q: What happens if I don't have the funds necessary to repay Barbara's Financial Services on my due date? |
A: Just like you, we hope this doesn't happen. But if it does, Barbara's Financial Services is committed to collecting past due amounts in a professional, fair and lawful manner. If we deposit your check and it is returned by your bank due to insufficient funds, you will be charged a returned check charge if permitted by your state's 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.
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Q: If my account comes past due, will I face criminal prosecution? |
A: No. Barbara's Financial Services does not pursue criminal actions against a customer as a result of the customer's check being returned unpaid. If it becomes necessary, however, we will seek civil remedies to collect past due accounts.
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Q: What can I do if I'm ever dissatisfied with the service received from Barbara's Financial Services? |
A: We strive to provide friendly and professional customer service and receive very few customer complaints. But occasionally a problem will arise. If you have a concern that is not resolved to your satisfaction by your Branch Manager, we invite you to call the management of Barbara's Financial Services. We welcome the opportunity to address your concerns.
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