Frequently Asked Questions
Q. Is this a cash advance?
A. Our loan service is similar to the more common cash advance services that charge a fee for the use of funds provided to a customer until their next payday. However, our agreement with you is a Loan Agreement.
Q. How much can I get?
A. All customers loan limits will be based on amount of income. The more income a customer can provide for our records, the higher the lending amount up to $500. As a guideline, a new customer can borrow up to 30% of their net income per pay period. Once a brief lending history has been established with us, a customer's lending limit will be increased to 50% of their net income per pay period.
Q. What if I'm on a fixed income?
A. The Money Tree welcomes all Social Security, disability or pension recipients to apply. You will not be disapproved simply because of your fixed income status. We know that EVERYONE needs help occassionally.
Q. Can I get the loan if my credit is not perfect?
A. Yes! Perfect credit is NOT required! All applicants will be given the same consideration. It is our business to help. Our application process will work with you to approve your loan request and establish a loan amount that is right for you!
Q. What is the term of my loan?
A. This is a payday loan. Loans terms will vary between 7 to 30 days depending on your next pay date.
Q. How much does it cost?
A. Our fee is $25 per $100 advanced.
| Example |
| Amount Advanced |
Repayment Amount |
| $200 |
$250 |
| $300 |
$375 |
| $400 |
$500 |
| $500 |
$625 |
Q. Can I get an extension on my loan?
A. Yes! Your loan will automatically be renewed and your account will be electronically debited the finance charge if you do not choose to pay the loan in full. After 4 renewals you will be required to pay down a portion of your loan plus any finance charges.
Q. When will I receive my loan?
A. If your online application is received by 4:00 PM EST and can be verified, you will generally receive your money on the next business day.
Q. When will I hear from you?
A. You will hear from us by email within one (1) business day or sooner upon submitting the online application. We will contact you with a loan offer and to verify the information on your application. We are closed on weekends and holidays.
Q. How will I know if I'm approved?
A. If you were denied, you will recieve a notice by mail. Otherwise, expect that your loan request is processing and look forward to hearing from us with your loan offer.
Q. Once paid off, when can I get another loan?
A. You must waint five (5) business days before applying for another cash advance loan.
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