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- California Rates and Terms
- Governing Law for California
- Maximum Loan Amount
- Fees and Charges
- Loan Lengths
- Pay Off
- Additional Information
What you need to know about Short-term Loans Department
of Business Oversight State of California:
- What is a Short-term Loan?
- Fees for Short-term Loans?
- If You Take Out a Short-term Loan
- Loans to Military Members and their Dependents
- California Law Protects You
- If You Have Credit Problems
- If You Are Facing Bankruptcy
- Typically your loan will be due on the next day you are paid that falls between 8 and 31 days away.
- If your pay dates fall outside of these ranges, your loan will be due in 31 days.
In accordance with California law, your loan must be paid in full on the due date. Early payoff requests must be received by 6:00 PM Pacific time one day prior to your due date. Principal Amount and Finance Charge Table→
Net Pay Advance cannot use the criminal process against a consumer to collect on any deferred deposit transaction. California law only allows each consumer to have one loan with Net Pay Advance at a time.
What you need to know about Short-term Loans
Department of Financial Protection and Innovation State of California:
What is a Short-term Loan?
What is a Short-term Loan?
Short-term loans are also called “cash advances” or “deferred deposits”. With a short-term loan, a borrower writes a check to a lender in exchange for a short-term cash loan. For example, a borrower writes a $300 check, pays the $45 fee, and receives $255 in cash. The lender does not cash the check until the next day the borrower is paid, up to 31 days.
Fees for Short-term Loans
Fees for Short-term Loans
Under California law, the maximum loan amount a consumer can borrow in a short-term loan is $300. The maximum fee a short-term lender can charge is 15% of the face amount of the check (up to a maximum of $45). Additional fee restrictions apply for military and their dependents. A 15% fee is equivalent to an annual percentage rate (APR) of 460% for a two-week loan. By comparison, a loan for a new car generally has an APR of between four and seven percent.
APR is the total annual interest rate that a borrower pays on a loan, including all fees and charges. APR is used to reveal the total cost of borrowing money.
If You Take Out A Short-term
If You Take Out A Short-term Loan
Borrow only as much as you can afford to pay back in full on the next day you are paid. On the loan due date, some borrowers find they cannot afford to pay back the loan. Borrowers are encouraged not to take out a second loan from another short-term lender to repay the first, as this can lead to a cycle of debt from which it will be expensive and difficult to recover.
Loans to Military Members
Loans to Military Members and their Dependents
Due to recent changes in federal and California law that restrict short-term loan fees for military service members and the dependents, some short-term lenders may choose not to make loans to service members and their dependents.
California Law Protects You
California Law Protects You
In California, all short-term lenders – whether a storefront or online – must be licensed by the Department of Financial Protection and Innovation if they are going to do business in the state. Visit the Department’s website to verify a lender’s license.
A short-term lender may only make you one loan (which cannot exceed $300), and may only charge a maximum fee of 15% of the total amount of the check (up to $45). Additional fee restrictions apply for military service members.
Short-term lenders must post their California license and a fee schedule at every location.
A short-term lender cannot make you a new loan to pay off an existing loan.
A short-term lender cannot make you a new loan while an existing loan is outstanding, even if the combined balance of the existing loan and the new loan does not exceed $300.
If your check bounces, the short-term lender may charge only one bounced check fee(up to $15). (Be aware! –your bank may charge you additional fees for insufficient funds.)
Additional fees cannot be charged if you request an extension of time or payment plan. However, the short-term lender is not legally required to grant your request.
By law, the contract for a short-term loan must be provided to you in the language you primarily used to negotiate with the lender.
A short-term lender cannot threaten to prosecute you in criminal court for insufficient funds.
You may also have other legal protection under California law. If you need help or suspect violations of the law, please contact the Department of Financial Protection and Innovation.
If You Have Credit P
If You Have Credit Problems
Call your creditors and ask to waive late fees, reduce the interest rate, and/or work with you to establish a repayment schedule that will work for you.
If you have missed bill payments or have other credit troubles, you may benefit from the services of a financial counselor. Counselors help review your entire financial situation and help you develop a personalized money management plan. Be aware – just because a debt management agency claims to be “non-profit” does not guarantee the services are legitimate or affordable.
A reputable agency should send you free information without requiring you to provide any personal details. Look for a range of services, including budget counseling and savings and debt management classes. Avoid any that push a debt management plan as the only option before they analyze your financial situation.
If You Are Facing
If You Are Facing Bankruptcy
Recent Federal laws require credit counseling before you can declare bankruptcy. Go to
http://www.consumer.ftc.gov/articles/0224-filing-bankruptcy-what-know for help and information about Credit Counseling.
The U.S. Department of Justice Trustee Program approves organizations to provide mandatory counseling before you can declare bankruptcy and mandatory debtor education after you declare bankruptcy.
http://www.justice.gov/ust/eo/bapcpa/ccde to find an approved organization near you.
Common Sense Financial Tips:
Avoid Future Money
Avoid Future Money Problems
Create a budget (list all sources of income and all monthly expenses, including total owed).
Prioritize your debts (pay most expensive interest rates first); cut all unnecessary expenses.
Build up a rainy day fund by setting aside a small amount per paycheck in a savings account. Get into the habit of making regular deposits.
Online Short-term Loans:
CAUTION! The department strongly urges consumers to verify a lender is licensed before sharing personal information. You can verify a lender’s license by checking https://dfpi.ca.gov/ or calling Toll Free 1.866.275.2677.
Unlicensed lenders may illegally collect from your bank account directly without your permission, even if you are unable to repay the loan.
You might be illegally charged an interest rate far higher than California law allows.
Unlicensed Internet short-term lenders might sell or pirate personal financial information.
Lenders may be operating out-of-state or offshore, making it hard to track them down and recover your lost funds if they violate the law.
If you wish to file a formal complaint against an unlicensed lender, visit https://dfpi.ca.gov/ and submit a Consumer Complaint Form with the Department of Financial Protection and Innovation.
The Loan Agreement is governed by applicable Kansas State Law including the Kansas Uniform Consumer Credit Code.
Kansas Single Pay loans are governed by K.S.A. 16a 2-404 et seq
The Maximum loan is $500.00
The term of the loan is limited to 7-30 days
The fee shall be $15.00 for each $100.00 borrowed.
A fee for insufficient funds may be charge in accordance with Kansas Law.
Late fee 3% of loan per month. Max $15 per month May be charged
Net Pay Advance is a Supervised Lender licensed by the State Banking Commission of Kansas. We follow all state regulations for personal lending in the state of Kansas. Contact details for the Kansas Office of the State Banking Commissioner (OSBC) can be found here: https://www.osbckansas.org/about-us/. See our Kansas license here: https://www.netpayadvance.com/pages/Updated%20License.pdf
The loan agreement is governed by the applicable laws of the state of Texas.
An advance of money obtained through a short-term loan or auto title loan is not intended to meet long-term financial needs. A short-term loan or auto title loan should only be used to meet immediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.
This business is licensed and examined by the State of Texas – Office of Consumer Credit Commissioner. Call the Consumer Credit Hotline or write for credit information or assistance with credit problems. Office of Consumer Credit Commissioner, 2601 North Lamar Boulevard, Austin, Texas 78705-4207, 1.800.538.1579.
Credit Services Organizati
Credit Services Organization
Net Pay Advance, Inc will not be the lender for loans received at this site. Net Pay Advance, Inc. is a Credit Access Business, in the state of Texas. We will attempt to arrange a loan between you and a third party lender and service that loan once it is issued. Any questions, service issues or complaints about your loan will be addressed by Net Pay Advance, Inc. and not the lender.
|FACTS||WHAT DOES IVY FUNDING FOURTEEN, LLC (“IVY”) DO WITH YOUR PERSONAL INFORMATION?|
|Why?||Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.|
|What?||The types of personal information we collect and share depend on the product or service you have with us. This information can include:
|How?||All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons IVY chooses to share, and whether you can limit this sharing.|
|Reasons we can share your personal information||Does IVY share?||Can you limit this sharing?|
|For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus||Yes||No|
|For our marketing purposes – to offer our products and services to you||No||We don’t share|
|For joint marketing with other financial companies||No||We don’t share|
|For our affiliates’ everyday business purposes – information about your transactions and experiences||No||We don’t share|
|For our affiliates everyday business purposes – information about your creditworthiness||No||We don’t share|
|For our affiliates to market to you||No||We don’t share|
|For nonaffiliates to market to you||No||We don’t share|
|To limit our sharing||
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice.
However, you can contact us at any time to limit our sharing.
|Questions?||Call (888) 942-3320|
|Who we are|
|Who is providing this notice?||Net Pay Advance, Inc. is providing this notice, and it applies to all loans and lines of credit made by Net Pay Advance, Inc. and all products and services offered in connection with such loans and lines of credit.|
|What We Do|
|How does IVY protect my personal information?||To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
We also maintain physical, electronic and procedural safeguards i.e. computer virus protection software, firewalls, 128 bit Secure Socket Layer. Only authorized employees have access.
|How does IVY collect my personal information?||We collect your personal information, for example, when you
|Why can’t I limit all sharing?||Federal law gives you the right to limit only
|What happens when I limit sharing for an account I hold jointly with someone else?||Your choices will apply to everyone on your account|
|Affiliates||Financial and nonfinancial companies related by common ownership or control.
|Nonaffiliates||Financial and nonfinancial companies not related by common ownership or control.
|Joint Marketing||A formal agreement between nonaffiliated financial companies that together market financial products or services to you.