CASHMAX - PAYDAY LOANS

Frequently Asked Questions

We try to anticipate questions you might have about our PRODUCT / SERVICE and provide the answers here. If you need additional information send email to YOUR EMAIL ADDRESS.

Do most people use a Payday Loan service for the same reason I do?

Very likely. Surveys show that while most people are good at managing household budgets, many of us need occasional help. An increasing number of consumers choose a Payday Loan to cover unexpected expenses or to bridge a short-term cash crunch between paydays, without incurring revolving debt. A Payday Loan is a short-term financial management tool that can provide a sensible alternative to costly bounced checks, late payment charges and tarnished credit ratings. However, you should evaluate the costs and benefits of all alternatives before borrowing. Other forms of short-term credit that may be less expensive include a loan from another institution or from family or friends, a credit card cash advance, an account with overdraft protection or a salary advance.

2.	*What happens if I change my mind after taking out a Payday Loan?*
	CashMax gives you an opportunity to rescind the transaction at no cost before the end of the following business day by returning the full amount of the loan. This is in accordance with the CFSA’s Best Practices.

How often do most people borrow?

When an immediate need arises, we’re here to help. But a Payday Loan is not a long-term solution for ongoing budget management, and it is not intended for repeated use in carrying an individual from payday to payday. Repeated or frequent use can create serious financial hardships. Should you need help with budgeting or debt management, call the National Foundation for Credit Counseling at 1-800-388-2227. The NFCC is a national network of nonprofit Financial Care Centers™, dedicated to helping people learn how to better budget their money and use credit wisely. With one toll-free call you will be connected to the center nearest you.

4.	*Is my transaction confidential?*
	We respect our customers’ desire for privacy in managing their personal financial matters. The Payday Loan transaction is confidential, and we will treat your personal information accordingly.

5.	*How is my loan amount determined?*
	CashMax qualifies you to borrow only an amount you can reasonably repay from your next paycheck. State law generally regulates the maximum loan amount available. However, whether or not you qualify for the maximum amount is determined by your current income.

6.	*How much does it cost to cash a check?*
	CashMax charges a small percentage of the face value of the check. While rates are regulated in certain states, it is our goal to charge a competitive rate in all locations.

7.	*Why do people choose to cash checks with CashMax even when they have a bank account?*
	Cashing a check with CashMax is quick and simple. CashMax is open extended hours when most banks are closed. CashMax gives you immediate cash rather than requiring you to wait for days or even weeks while the bank holds funds for verification. Because it has become more common for banks to refuse to cash some types of checks, cashing your check at CashMax offers a fast, convenient alternative

8.	*Is my credit rating checked before I receive a loan?*
	No. CashMax does not obtain a complete credit report and does not require that you have good credit or, for that matter, any credit history at all. We base our lending decision on your ability to repay your loan.

Can I renew my loan by just paying the fee again on my due date?

Because this is a short-term loan rather than a revolving credit option, CashMax requires you to repay your loan in full on the due date. Some state laws allow rollovers, while most do not. Even where rollovers are permitted, CFSA Member companies limit rollovers to four or the state limit, whichever is less. The limiting of rollovers, where permitted, is a consumer protection designed to ensure responsible, short-term use of the service

10.

What happens if I don’t have the funds to repay the loan?

We know that it is your intention to repay your loan on the due date. But in case you can't, CashMax is committed to collecting past due accounts in a professional, fair and lawful manner. If your check is deposited and returned by your bank due to insufficient funds, CashMax may charge a returned check charge if permitted by applicable law. (You should be aware that most financial institutions will also charge an NSF fee for a returned check and in some circumstances might revoke your checking account privileges.) You will be responsible for full payment 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.

*11.*	*If my account becomes past due, will I face criminal prosecution?*
	No. CashMax does not pursue criminal actions against customers. In accordance with the CFSA’s Best Practices, our company policy is not to pursue criminal actions against a customer as a result of the customer’s check being returned unpaid. If it becomes necessary and is appropriate, however, we may seek civil remedies to collect past due amounts.

12.

What can I do if I’m ever dissatisfied with the service I receive from CashMax?

Customers often compliment CashMax for providing the friendliest and most professional customer service. But an occasional problem may arise. If you have a concern that is not resolved to your satisfaction by the Store Manager, we invite you to call our Customer Comment Line at 1-707-448-4835. We welcome the opportunity to address your concerns. In the unlikely event that your concern continues to be unresolved at that point, our agreement states that you can take your issue to small claims court or request arbitration by a neutral third party who hears both sides of the issue and makes a binding decision.