What is the intended purpose of a payday loan?

A Payday loan is a short-term loan intended to help you stretch your budget to the next payday. This type of loan is meant for occasional use for times when you have a cash shortage between paychecks.

Who needs a loan and how often do most customers use this service?

Most people do a good job managing their money most of the time, but on occasion unexpected needs arise for extra cash. A payday loan can bridge the gap between paychecks for such times. A payday loan is NOT intended to help as an ongoing solution for cash management. We want to help you with a financial solution, not create a problem. You may want to consider other financing options that can help you with long term needs.

How does Check Masters decide how much I can borrow and what fees to charge?

State laws generally regulate fees and the maximum amount of money that can be loaned. Check Masters will qualify you for a loan amount that you can reasonably repay from your next paycheck for a fee that is competitive in our local industry.

Does my credit rating affect the amount I can borrow or the fees charged?

Unlike traditional banking institutions that lend and charge fees based on your credit rating, Check Masters charges a standard rate for all customers. We do not run a credit report or require a credit history of any kind. Your eligibility for a loan is based on our assessment of your ability to repay the loan.

What if I change my mind about borrowing money?

Check Masters will honor your request to rescind, for no fee, a payday loan transaction on or before the close of the following business day.

Why is there so much paperwork to fill out for a payday loan?

The Loan Agreement and Disclosure Statement is a contract between you and Check Masters. In addition to the terms of the loan, the agreement outlines the cost of the loan expressed as a dollar amount and an annual percentage rate. In the interest of both parties it is important that you understand the terms prior to completing the transaction.

Can I just pay the fee to extend my loan?

In keeping with State Law Check Masters does not allow “roll-overs” of payday loans. The full amount of the loan must be paid by the date it is due.

What will happen if I do not have the funds necessary to repay the loan on the due date? Will you press criminal charges if I do not repay the loan?

Like you, we hope that this does not happen. If your check is returned from your bank unpaid, you will be responsible for the amount of the check plus a late fee, as allowed by state law. Our collection department will contact you to make arrangements for collecting the amount due. We make every effort to make reasonable arrangements with you for repaying the loan, but if payment is not made, your account may be turned over to a collection agency. Check Masters does not pursue criminal charges, but in some cases we may take civil action to collect past due accounts.

We at Check Masters will do everything possible to make the process of getting a payday loan simple and easy. If there is anything that we can do to improve your experience with Check Masters please call our main office. We appreciate your input!