CASH 1 Rates, Fees & Finance Fundamentals

It is important to remember that Personal Loans or Installment Loans are intended solely to cover emergency situations which arise between your paycheck. They are not intended as a long term solution to money management. If you are in need of assistance in long term debt, we recommend that you seek the advice of a professional counselor.

Financial Fundamentals

At CASH 1, we adhere to the values promoted by INFiN, a Financial Services Alliance and the guidelines set forth by the Consumer Financial Protection Bureau (CFPB). We believe in promoting responsible lending practices and encourage our customers to practice educated and responsible borrowing.

How to Use Short-Term Loans Responsibly

Just like any other kind of short-term loan, Personal Loans or Installment Loans must be used in a responsible manner. If you have financial troubles that are ongoing and extensive, an Installment Loan will only delay the inevitable. Instead, use Installment Loans only when absolutely needed, and remember to abide by a few tips:

Use an Installment Loan for purchases that are absolutely necessary. In other words, ask yourself whether you "need" an Installment Loan or whether you simply "want" an Installment Loan. Understanding your wants and needs is essential not only when it comes to Installment Loans, but for managing your finances in general. For example, let's assume that a flat-screen television is a "want," not a "need," regardless of whether it is on sale! On the other hand, taking out a Installment Loan to make repairs on your car so that you can get back and forth to work will definitely fall under the "need" category. Bottom line: be truthful with yourself and recognize whether an Installment Loan is a necessity or an indulgence.

Borrow only what you need! Some consumers, when given the opportunity to take out an Installment Loan, will borrow the maximum amount, instead of what they actually need. Decide how much money you need BEFORE applying for an Installment Loan, and stick to that amount!  Borrowing more than you need or more than you can afford to pay back only accomplishes one thing: getting in over your head. Don't let greed get the best of you!

Read and understand all of the loan's terms and fees and do not sign the contract until you fully understand them. Understand that a Installment Loan is a legal contract that you will need to pay back. Don't let difficult or hard-to-understand verbiage keep you from fully comprehending the terms of your Installment Loan! Ask questions and educate yourself.

Don't get comfortable with taking out Installment Loans to make ends meet on a frequent basis. As with any other type of loan, it is important to use them only when needed. You do not want to begin to become dependent on them.

Budgeting Tips

Create A Budget. List income you receive from any and all sources and know how much you take home in each month. List how much you have in savings or if you can list out how much you can place into savings each month- even if it is minimal. List out your fixed monthly expenses such as: rent, car payments, cell phone, internet access, etc. Then list out your variable expenses like groceries, clothing, insurance and electrical. Then compare the two lists to see where you are financially. If you have money left over each month, put it in savings right away. If your list of expenses exceeds your monthly income, then see where you can cut back and that is usually from your variable expenses.

Importance Of Savings. It is hard to save unless you change the way you think about savings. When you write out your bills each month – write one to yourself – even if it is for only $20 dollars. Put that one in your savings and forget you have it. Every six months, give yourself a raise, even if it is only $5 dollars. The key is to pay yourself, then deposit that check into savings and walk away.

The Trick To Spending. Spending isn't bad unless you spend foolishly. Be sure that what you are buying you need or you can afford. Shop around, watch for the sale, match prices online or get coupons from any number of websites. Just make sure you keep track of the spending on that Budget list you've made.

Emergencies. That is when you need us. That expense that you didn't see coming and can't cover it. We will get you the emergency cash that you need today. Let's say you qualify for a credit limit of $1,000. You request a cash advance for $500, then your payment is $75.00 per pay period, based on a two week pay cycle. The interest rate is 20% per month. The one-time cash advance fee is 10% of cash advance for each cash advance. Every payment includes principal and interest! And in less than 7 months, your balance will be paid in full. There are no hidden costs. There are no monthly fees, application fees, set-up fees, or annual fees. If you qualify for a $1,000 credit limit, but never get a cash advance, there are no charges. You only pay when you get cash. And, you have the option to pay-off early, and if you pay early, you will save by paying less interest. Now it is true that this works out to an APR of 240%. Why so much – walk into a bank and see if they will give you $500 for two weeks today – with little or no paperwork…. If they do – go for it – if they don't – come back here.

Late Payments and Failure to Pay

This policy, including the additional charges you will incur, is detailed in the loan documents provided to you before you are requested to submit your e-signature. Once you have signed the loan documents, you will be expected to understand and abide by the loan terms including the additional charges and/or interest if your payment is late. If you are not able to make the payments timely, please contact us as soon as you are aware the loan payment will be late, but remember additional fees and interest may apply.

Additional fees, charges will more than likely be assessed in the event of late or partial payment. We are dedicated to fair and reasonable collection practices for refusal or failure to repay the loan. Refusal or failure to pay may result in legal action, as well as reporting of the non-payment to consumer reporting agency against you to collect the loan amount, interest and costs of collections. If you are not able to pay, contact us as soon as you are aware the loan payment will be late and work with us before any legal action is taken.

Loans Renewals

Loan renewal policies are largely governed by state statute. Be sure to read the renewal policy in the loan terms carefully and thoroughly before signing the initial loan contract.

CASH 1 Promotes the Values of INFiN

CASH 1 is a proud member of INFiN, a Financial Services Alliance, the leading national trade association representing the diverse and innovative consumer financial services industry. Formerly Financial Service Centers of America (FiSCA) and comprising members of FiSCA and the Community Financial Services Association of America (CFSA), the alliance includes more than 350 companies, operating approximately 8,000 locations throughout the United States and online.