American Cash Advance

With a payday loan, the lender will require you to sign an agreement disclosing the amount of money you have requested, the annual percentage rate, and other relevant information. You will also be required to give the lender a personal check written for the amount of the loan plus a fee. You may come in to redeem the check on or before the specified due date. If you do not, your check may be deposited or the loan amount may be automatically withdrawn from your bank account, authorized by you in the agreement.

Loan amounts are determined by your income and the state in which you live. Each state has its own regulations that govern the maximum amount residents can borrow. Louisiana: Under the Louisiana Deferred Presentment & Small Loan Act, the maximum amount that a lender can borrow is $350. Mississippi: Under the Mississippi Check Cashers Act, the maximum amount you can borrow is $410. This means a borrower writes a $500 check, which includes the $90 fee, and the borrower receives $410 in cash. It is illegal to write a check for more than $500.

The loan fee is the fee we charge you for borrowing funds and is specific to the laws in your state of residence. More state-specific details can be found on our Rates & Terms page. Louisiana: Louisiana law allows a lender to charge $20 for every $100 borrowed, plus a $10 fee for documentation. However, the total amount of the fees cannot exceed $55 when the amount borrowed is $220 and $350. Mississippi: Mississippi law allows a lender to charge no more than $20 per $100 advanced for checks with a face amount up to $250 and no more than $21.95 per $100 advanced for checks with a face amount of greater than $251 up to $500.

No! It is illegal to renew, extend, or roll over your payday loan by just paying the fee. The payday loan must be paid in full before you can enter into another payday loan transaction. Report lenders that suggest you pay the fee only!

If your check is deposited and returned unpaid, the lender may charge you one NSF fee, if it was disclosed in the agreement. If the court awards a judgment to the lender against you as a result of your returned check, the lender may recover court costs, attorney’s fees, and any other court-awarded fees. NSF fees may vary by state.

Policies vary by state, so you need to know the laws in your state. Louisiana: If you cannot pay the loan in full on your due date, you can opt to enter into a buy-down program, which allows you to pay 25% of the loan, plus fees, and refinance the remaining balance. You can also enter an extended payment plan. If you cannot make the payment when due, you can ask to enter into an extended payment plan once in a 12-month period, but the request must be made before payment is due. Should your lender (licensee) refuse to enter into an extended payment plan upon your request before the due date, contact the Office of Financial Institutions (OFI) at 1-888-525-9414. Before the due date of the loan, the lender is required to accept a partial payment of $50 or more and apply the payment to the outstanding balance of the loan. On or after the due date, the lender can take legal steps to collect the debt. Mississippi: You may request that the lender place you on a payment plan. However, the lender is not legally required to grant your request.

No! The lender cannot threaten nor use criminal prosecution in an attempt to collect on a payday loan. However, the lender may file an action against you in civil court.

Yes, you may have more than one payday loan with a lender; the same maximum borrowing amounts will apply. However, if the first loan did not resolve your financial difficulties, a second loan will likely make things more difficult. The more payday loans you have outstanding, the harder it will be to pay them off completely.