What happens if I change my mind after taking out a payday advance?
If you return the full amount of the cash advance by the end of the following business day, Loan Stop will void the transaction at no cost to you.
Is my transaction confidential?
Loan Stop realizes that you want to keep your financial affairs private. Every transaction made through Loan Stop is confidential.
How is the advance amount determined?
The laws of each state mandate the maximum cash advance that Loan Stop can offer. When you apply for a payday loan, you will qualify for a percentage of that amount based on your income. This way, you are protected from taking out a cash advance that you are unable to pay back with your next paycheck.
How are fees established?
The fees at Loan Stop are set in compliance with state and federal law and through market competition.
Is my credit rating checked before I receive an advance?
No, Loan Stop will not check your credit before you take out a cash advance. You don't need to have an excellent credit score or any credit history to take out a payday loan through Loan Stop. However, we often use a risk assessment service to find out if our potential customers have any outstanding cash advances to any other payday loan establishments.
Getting a payday advance seems simple, so why is there so much information in the Customer Agreements?
Loan Stop gives you full disclosure of all policies and fees as required by the state and federal government. The Customer Agreements contains information about the transaction cost, service fee, and dollar amount of the loan. The annual percentage rate (APR) of the loan is also included in the paperwork even though the payday loan is intended to be a short-term option. Loan Stop wants to be sure that their customers have all the relevant information to make solid financial decisions.
Can I renew, or roll over, my advance by just paying the fee again on my due date?
A payday loan is intended to be a short-term financial solution, not a long term line of credit. Loan Stop does not allow for a loan to be “rolled over”. A loan must be paid in full before a customer can re-apply for a new loan.
What happens if I don’t have the funds necessary to repay the advance on my due date?
Loan Stop will make every effort to collect past due accounts in a fair and lawful manner. If we deposit your check and it is returned due to insufficient funds in your account, you could be charged a returned check fee if the laws in your state permit. We suggest that you make every effort to avoid this happening since most banks will also charge you a fee or revoke some account privileges if one of your checks bounces. After a check is returned, Loan Stop contact you to pay back the amount you owe. If necessary, your account could be turned over to a collection agency or attorney.
If my account becomes past due, will I face criminal prosecution?
No. Loan Stop will not raise criminal charges against a customer with a past due account, as the industries Best Practices mandate. However, in some cases the company may pursue civil action to collect past due accounts.
What can I do if I’m ever dissatisfied with the customer service from Loan Stop?
Shame on us! You may call our corporate office at 877-918-5712 or email us at email@example.com. We are committed to excellence in customer service and will take any necessary steps to remedy the situation.
Loan Payment Information:
Loan stop is a registered business and holds a Supervised Lenders License in the State of Colorado and a Post Dated Check Cashers License in the State of Wyoming. All Colorado Loans are 6 month installment loans and all Wyoming Loans are payday loans due in 1 payment in one month or less. Payday loans in Wyoming with has an Annual Percentage Rate (APR) of 228.125% for a 16 day loan while an installment loan in Colorado has Annual Percentage Rate (APR) of 214.564% for a 6 month loan. Nonpayment of a loan with Loan stop can result in referring your account to collections, garnishment of wages, and any other legal and equitable remedies afforded by the law and additional fees may apply as detailed in the customer’s loan disclosure. Collections efforts on past due accounts are conducted in a professional, fair and lawful manner in accordance with applicable state and federal laws. Loan Stop does not report to credit bureaus but accounts can be placed for collection can negatively impact a borrower’s credit score. Loan Stop does not allow for loans to be “rolled over”. A loan must be paid in full before a customer can re-apply for a new loan.