To avoid overspending on recurring bills, conscious consumers know to regularly review rates on everything from loan interest to insurance policies. Keeping an eye on these expenses and making a change when lower rates are available ensures that you keep more of your hard-earned money to use toward savings goals or to pay down debts. What's more, it's important to evaluate whether services, policies and other expenses are actually needed and not being paid simply out of habit. Since most bills are automated, it's easy to set and forget your expenses to the detriment of your budget and overall savings goals.
Amscot is regulated by state and federal laws. We operate only in Florida, a state with some of the strictest consumer-protection laws in the United States and have many convenient locations to serve you. We only charge a $2.00 verification fee, not the $5.00 limit allowed by law. Amscot is a member of and adheres to the "Best Practices" of the Community Financial Services Association of America ("CFSA").
It’s possible to tap into another workplace resource without counting on your boss’s approval: your 401(k). Although traditional advice would have you run for the hills before taking money out of your retirement account, it is actually one of the most cost-effective options. In fact, according to Investopedia, a 401(k) loan should be one of the first options you consider to address a short-term, but serious need for liquidity.
A payday loan — that is, a cash advance secured by a personal check or paid by electronic transfer is very expensive credit. How expensive? Say you need to borrow $100 for two weeks. You write a personal check for $115, with $15 the fee to borrow the money. The check casher or payday lender agrees to hold your check until your next payday. When that day comes around, either the lender deposits the check and you redeem it by paying the $115 in cash, or you roll-over the loan and are charged $15 more to extend the financing for 14 more days. If you agree to electronic payments instead of a check, here’s what would happen on your next payday: the company would debit the full amount of the loan from your checking account electronically, or extend the loan for an additional $15. The cost of the initial $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
The federal Truth in Lending Act treats payday loans like other types of credit: the lenders must disclose the cost of the loan. Payday lenders must give you the finance charge (a dollar amount) and the annual percentage rate (APR — the cost of credit on a yearly basis) in writing before you sign for the loan. The APR is based on several things, including the amount you borrow, the interest rate and credit costs you’re being charged, and the length of your loan.
Loan renewal policies are largely governed by state regulatory legislation. The loan renewal options will be presented to you by your lender prior to your acceptance of the loan. Please make sure to diligently read the renewal policy presented to you prior to signing the loan documents. Payday loans are intended to be a short term financial instrument. Cash Advance® encourages all consumers to repay the loan on time and in full in order to avoid late payment and/or non-payment fees. If you suspect that you may be unable to pay off a loan, we would recommend that you explore Loan Alternatives before submitting a loan request.
As for federal regulation, the Dodd–Frank Wall Street Reform and Consumer Protection Act gave the Consumer Financial Protection Bureau (CFPB) specific authority to regulate all payday lenders, regardless of size. Also, the Military Lending Act imposes a 36% rate cap on tax refund loans and certain payday and auto title loans made to active duty armed forces members and their covered dependents, and prohibits certain terms in such loans.
Notice to Texas and Ohio Customers: In Texas and Ohio, RISE is a Credit Services Organization/Credit Access Business operating in accordance with each state’s applicable Credit Services Organization Act. In Ohio, RISE Credit Service of Ohio, LLC d/b/a RISE is licensed by the Department of Commerce, Division of Financial Institutions Certificate No. CS.900086.000. In Texas, RISE Credit Service of Texas, LLC d/b/a RISE is licensed by the Office of the Consumer Credit Commissioner, License No. 16507-62536. RISE is not the lender or a fiduciary of the lender.
In terms of online lending, a cash advance usually refers to a short-term loan that is quickly funded to your bank account after approval. Typically, the amount you borrow for a cash advance loan is relatively small, which often means you can pay it back in only one or two payments. These short-term loans are very similar to what many people call payday loans, but cash advance loans don't always require a single repayment on payday.
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