What do I need to bring to get a payday loan from Check Depot?
After you complete the application, either online or in one of our conveniently located stores, we ask that you please bring an Alabama Driver’s License (or Alabama Non-Driver’s ID), your most recent checking account statement (showing 30 days of activity), your most recent pay stub and a personal check. You must also be at least 19 years of age to qualify for a payday loan.
Do I need a checking account or can I use my savings account for my payday loan?
We do require that you have an active checking account that has been open at least one month.
How much can I borrow?
At Check Depot, we lend from $50 to $500 on a payday loan. The amount of the payday loan is determined by your net income. We work very hard to lend you the amount you requested; however, we don’t want to lend more than your income will support.
When do I have to pay the loan back?
The loan must be repaid generally on your next payday. By law, the advance is due between 10 and 31 days of the contract date.
Is my credit rating checked before I receive an advance?
No, we will not obtain a credit report from any of the three major credit bureaus. Unlike many other financial institutions, we do not require that you have a good credit rating or credit history.
Is my payday loan history reported to a credit bureau?
No, payday advances are not reported to traditional credit bureaus.
What happens if I don’t have the necessary funds to repay the advance on my due date?
We are committed to collecting past due accounts in a professional, fair and lawful manner. We will work with you to arrange an orderly and timely repayment. Remember, you are responsible for full repayment of your account (including a returned check charge, when appropriate). We will contact you to collect the amount due and, if necessary, may turn your account over to a collection agency.
If getting a payday advance is such a simple and easy process, why is there so much information in the customer agreement?
The agreement you read and sign prior to receiving a payday advance is a contract that 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). Full disclosure provides all the information needed to make an informed financial decision. |
