FAQ
Frequently Asked Questions
- Q: What happens if I change my mind after taking out a payday advance?
- Q: How often do most people use this service?
- Q: Is my transaction confidential?
- Q: How is the advance amount determined?
- Q: Is my credit rating checked before I receive an advance?
- Q: Getting an advance is such a simple process, why is there so much information on the Payday Loan Contract?
- Q: Can I renew, or roll over my advance by just paying the interest on my due date?
- Q: What is the cost of taking out a Payday Advance with Main Street Payday Advance?
- Q: Can I pay my loan early?
- Q: What happens if I don't have the funds necessary to repay the advance on my due date?
- Q: If my account becomes past due, will I face criminal prosecution?
- Q: Do you lend to people in all states?
- Q: What can I do if I'm ever dissatisfied with the service?
Answers
Q: What happens if I change my mind after taking out a payday advance?
A: Any of our clients can rescind their loan transaction at no cost before 5:00 PM Eastern Time the following business day by returning the full amount of the advance in cash or cash equivalent. Contact us to arrange for us to withdraw the full amount of the advance from your account.
^^ Top ^^
Q: How often do most people use this service?
A: We respect our clients' rights and abilities to manage their own finances. A payday advance is a short-term solution to an immediate need and is not intended to be a long-term solution. When an immediate need arises, we are pleased you have chosen us to help. Sometimes, a client can be harmed by repeated or frequent use. Should you need help with budgeting or debt management, call the National Foundation for Credit Counseling at 1-800-388-2227.
Q: Is my transaction confidential?
A: We respect our clients desire for privacy in managing their personal financial matters and we abide by Privacy Laws. Your payday advance transaction is a confidential one.
Q: How is the advance amount determined?
A: State law regulates the maximum advance amount 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 you could be harmed if we were to loan you more than you can afford.
Q: Is my credit rating checked before I receive an advance?
A: No. We do not obtain a complete credit report. Unlike many other financial isntitutions, we do not require that you have a good credit rating or any credit history at all. We do subscribe to a risk assessment service to verify identity and prevent fraud.
Q: Getting an advance is such a simple and easy process, why is there so much information in the Payday Loan Contract?
A: The loan contract that you read and sign is a contract that complies with all state or federal disclosure requirements. It fully outlines the terms of the payday advance transaction so that our clients understand all terms, conditions and expectations.
Q: Can I renew, or roll over, my advance by just paying the interest on my due date?
A: Some states* allow "rollovers" and some states do not. We are committed to following the laws in your state and your loan will comply with all applicable laws in your state.
* In Utah, you may apply for an extension by logging on to your account and requesting an extension at least 3 days before your scheduled due date. At minimum, you will be required to pay the interest due on the due date, and we encourage you to pay some toward reducing your principal loan balance at the time of extension. If you do pay extra toward your principal, you will reduce the amount of iterest you would otherwise pay.
In Rhode Island, you may request an extension only one time. Additional interest fees will apply.
In New Hampshire, you cannot rollover your loan; it must be paid in full on your due date
.
Q: What is the cost of taking out a payday loan with Main Street Payday Advance?
A: We charge lower rates than most internet payday lenders, while providing superior customer service. Our typical loan is for 14 days at the rate of 521.43% APR, making the finance charge $20 per $100 borrowed. Please see our Fee Schedule to see the APR of loans with other terms, as the APR will change if the term of your loan is longer or shorter than 14 days.
Q: Can I pay my loan early?
A: Yes. We do not charge a prepayment penalty, and if you pay your loan off early, your interest will be adjusted so you are only charged for the days your loan is outstanding.
Q: What happens if I don't have the funds necessary to repay the advance on my due date?
A: We are committed to collecting past due accounts in a professional, fair and lawful manner. You will be responsible for payment in full of your account. One of our representatives will contact you to collect the amount due. If necessary and appropriate, we may turn your account over to a collection agency or attorney.
Q: If my account becomes past due, will I face criminal prosecution?
A: No. We will not pursue criminal actions against a client as a result of the client's check being returned unpaid. If it becomes necessary and is appropriate, however, we may seek civil remedies to collect past due accounts.
Q: Do you lend to people in all states?
A: No, we lend to residents of only those states in which we are licensed or legally allowed to do business. We pride ourselves on our compliance with State laws and consumer protections. You can feel confident that you will be protected by all applicable laws, regulations and consumer protections when you do business with us.
New Hamshire Banking Department can be reached at 1-800-437-5991
Q: What can I do if I'm ever dissatisfied with the service?
A: We are committed to client satisfaction. You may contact us directly:
By phone:
1-800-542-8080
Or in person or by mail:
Main Street Payday Advance
216 Washington St.
Claremont, NH 03743
or by email:
customerservice@mainstreetpda.com
If a problem cannot be resolved by speaking with us and the nature of the complaint is something other than a high rate of interest or lack of funds to pay the loan, Utah residents may contact the Utah State Department of Financial Institutions at 801-538-8830. Residents of other states should contact the regulatory agencies of the states in which they reside.
Utah residents are encouraged to read the Consumer Guide to Payday Lending in Utah (Adobe PDF).
* Provided in compliance with NH RSA 399-A:13,XVI.
