Check Advance FAQs
Here are some answers to the most frequently asked questions regarding our Check Advance services. If you have additional questions, feel free to ask any of our customer service representatives at any of our store locations.
What’s the difference between a Check Advance, a payday loan and a cash advance?
Basically nothing. All three terms generally refer to the same service whereby a company will defer the presentment of a customers personal check until an agreed upon date (typically a payday). As the industry evolved, different companies have used different names for the same basic service. The Cash Company uses the term Check Advance.
How does a Check Advance work?
Getting a Check Advance from The Cash Company is easy. On your first visit to one of our stores we ask that you bring in the following:
- A drivers license or photo ID
- A copy of your most recent bank statement
- Your most recent paycheck stub or verification of other income
- A copy of most recent phone or utility bill
- A personal check
After filling out a quick application, you will write us a personal check, we will cash it on the spot and hold it until an agreed upon due date, typically your next payday. On the due date you will return to our store with cash and we will return your personal check to you. Subsequent loans typically do not require a new application unless your personal information has changed.
How are the fees established?
The fee is competitive and in compliance with applicable state or federal law. It is our goal to offer you the best service with the most competive fee possible.
What are Check Advance’s used for?
An increasing number of consumers choose a check advance to cover unexpected expenses or to bridge a cash shortage between paydays, without incurring revolving debt. A check advance is a short-term financial management tool that can be more cost effective than high-interest credit card debt, bounced check and overdraft fees, pawning your automobile with a Title Loan or accruing late payment penalties.
Check Advances are especially useful when you need help with unexpected bills, emergencies, or other short-term cash needs.
Is my transaction confidential?
We respect our customers’ desire for privacy in managing their personal financial matters. Our Check Advance and Signature Advance transactions are confidential and we treat your personal information accordingly. More information can be found in our Privacy Policy.
What happens if I don’t have the funds necessary to repay the advance on my due date?
Just like you, we hope this doesn’t happen. But if it does, The Cash Company is committed to collecting past due accounts in a professional, fair and lawful manner. If we deposit your check and it is returned by your bank due to insufficient funds, you may be charged a returned check charge if permitted by applicable law. (You should be aware that most financial institutions will also charge a NSF fee for a returned check and in some circumstances might revoke your checking account privileges.) You will be responsible for payment in full of your account, including the returned check charge. We will contact you to collect the amount due.
How much money can I borrow?
State laws generally regulate the maximum advance amounts available. Within the allowed range, you qualify for a particular advance amount based on your current income. Sometimes you may not be able to get as much as you’d like; but a Check Advance should be part of a financial solution. The Cash Company is commited to responsible lending practices and we wouldn’t really be helping if you if we advanced you more than you had the ability to repay.
Can I renew, or roll over, my Check Advance by just paying the fee again on my due date?
No. State laws in both Tennessee and Virginia require a customer to pay off, in full, any outstanding Check Advances before contracting for any subsequent Check Advances.
What can I do if I’m ever dissatisfied with the service received from a Cash Company store?
We strive to provide friendly and professional customer service and receive very few customer complaints. But occasionally a problem will arise. If you have a concern that is not resolved to your satisfaction by your Cash Company manager, we invite you to contact our Corporate Office. We welcome the opportunity to address your concerns.