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WHAT IS A PAYDAY LOAN?
Payday loans are pretty simple to understand. A payday loan is a small, unsecured, short-term
cash advance that allows a person to meet their financial needs until their next
payday.
You may need payday loans to cover unplanned expenses that come up from time to time. Using
your payday loan to avoid bounced-check fees or late payment charges can actually put
money in
your pocket. Or a payday loan can be used to take advantage of a limited-time special purchase
that you would miss out on by waiting until payday. Payday loans can be a quicker and easier
alternative to other less desirable short-term credit options. Payday loans are, however, for
short-term cash management and not intended for larger financial problems that consumer credit
counseling would resolve.
Payday loans may not be the right choice for everyone. But when you compare
Pronto’s payday loan rates to the following alternatives you can see for yourself the great value and
convenience we offer:
$100 payday loan with a $12 fee*
$100 ATM withdrawal with a $1.44 fee**
$100 credit card balance with a $29 late fee***
$100 utility bill with a $47 late/reconnect fees****
$100 check with a $25 NSF $24 merchant fee****
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APR
APR
APR
APR
APR
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313%
526%
756%
1,225%
1,278%
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* Pronto’s advance fee, ** Bankrate.com pricing
study,
*** Credit card fees are national, **** Average fees according to industry survey
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APPLYING FOR A PAYDAY LOAN
To apply for a payday loan, you must have an checking account in good standing and regular income.
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Read and complete our online payday loan application form.
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If your payday loan application is approved, your money will electronically transfer (ACH) to your bank that day
(assuming it is Monday - Friday and is not a bank holiday). The funds should arrive at your bank the following day.
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Repaying your payday loan is simple. We will send an email reminder 3 days before your
payday loan is due.
On the due date, you can choose to:
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Repay your Payday loan in-full or pay interest plus as little as 10% of the original loan amount
(for customers paid bi-weekly). This amount is calculated for you and provided in your email reminder.
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We will send a second email reminder on your due date.
Should you forget to go online to pay your payday loan, Pronto makes a minimum payment for
you. This auto payment service is free of charge plus it keeps your account in good standing.
If you choose at anytime to repay your payday loan in-full, your interest stops!
Pronto
prorates daily which means you never pay for money you’re not using.
Terms for your payday loan can be from 10-30 days and must match your pay schedule.
Pronto Annual Percentage Rate (APR) is 312.86 percent.
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