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PAYDAY WAY facilitates short-term cash advances or payday advances
in which your check is held for deposit until your next payday, unless your next
payday is less than 7 days away. In this case your check will be held until your
second payday. The maximum advance term is 30 days.
With a cash advance you are charged a flat fee no matter when your advance is repaid
(subject to the 30 day maximum term). Because the fees are fixed per advance amount,
the Annual Percentage Rate (APR) will vary depending on the number of days that
pass between the date you receive your advance and the day your check is deposited.
You may be entitled to a prorated refund depending on the date of payment.
Although cash advances are for short-term needs and are 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.
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