Check On Hold is a member of the Community Financial Services Association of America (CFSA) & Financial Service Centers of America, Inc. (FISCA). The CFSA is the national trade association for the payday advance industry. Many people have questions about payday advances. Here are some facts that might be useful to you in determining whether a payday advance is right for you.
Q: How often is it advisable to use payday advances?
A: A payday advance is designed to provide short-term financial assistance. Only use a payday advance to solve a cash shortfall between paydays. It is not a long-term solution. Repeated or frequent use of payday advances can cause serious financial hardships.
Q: What should I do if I need financial assistance to repay my payday advance or other types of credit?
A: If you need long-term assistance, seek credit counseling through the National Foundation for Credit Counseling at 1-800-388-2227. NFCC is a national network of non-profit credit counselors. With one toll-free call they can connect you to a local credit counseling service.
Q: What should I do if I am having a hard time paying back my payday advance?
A: First, know that taking out additional payday advances to pay off previous advances can lead to new and bigger financial challenges. Instead, talk to your payday advance provider. All CFSA member companies offer a special Extended Payment Plan that allows you additional time to repay your advance. If you need long-term assistance, please seek credit counseling.
Q: What happens if I change my mind after taking out a payday advance?
A: CFSA's Best Practices guarantee that you can rescind your payday advance at no cost before the end of the following business day simply by returning the full amount of the advance.
Q: How do I know if a payday advance provider adheres to CFSA's Best Practices?
A: Every CFSA member company is required to prominently display the CFSA seal in all its store entrances. Just look for the seal—it is your guarantee that the store adheres to CFSA Best Practices.