Payday Loans

 
The amount you can borrow:
The Law of Alabama limits the maximum loan amount that any one borrower can receive to $500.00 with all Deferred Presentment providers. RedyMoney will verify if you have other outstanding deferred presentment loans with a database to determine compliance with the Alabama State Law.
 
The loan repayment period:
Your loan repayment period will be determined based on your pay cycle. Under the State of Alabama Law, Deferred Presentment transactions cannot be made for less than 10 days nor more than 31 days after the date of the contract.
 
The fee rate on borrowed amounts:
Our fee rate is 12.5% on payday loan borrowed.

Fee Schedule:

Fees for deferred presentment transactions may be significantly higher than for other types of loans.
Loan Amount Fee Rate Fee Amount Total of Payments
$100 12.5% $12.50 $112.50
$150 12.5% $18.75 $168.75
$200 12.5% $25.00 $225.00
$250 12.5% $31.25 $281.25
$300 12.5% $37.50 $337.50
$350 12.5% $43.75 $393.75
$400 12.5% $50.00 $450.00
$450 12.5% $56.25 $506.25
$500 12.5% $62.50 $562.50

The Annual Percentage Rate (APR):
The APR is the cost of your loan expressed as a yearly rate. The APR varies based on the term of the loan. See example below of the APR calculated on a 14-day loan and on a 30-day loan.

Loan Amount Fee Rate Fee Amount Total of Payments APR
Loan Term
14 Days
Loan Term
30 Days
$100.00 12.5% $12.50 $112.50 325.89% 152.08%
$200.00 12.5% $25.00 $225.00 325.89% 152.08%
$300.00 12.5% $37.50 $337.50 325.89% 152.08%
$400.00 12.5% $50.00 $450.00 325.89% 152.08%
$500.00 12.5% $62.50 $562.50 325.89% 152.08%

Other fees:
Under the State of Alabama Deferred Presentment Services Act, no other fees may be charged for a payday loan transaction. However, if your check bounces for insufficient funds, then you may be charged a one-time fee of up to $30.00. You may also be charged court costs and up to 15% of the face amount of the check as attorney’s fees if legal action is necessary to collect payment of the check.
 
Renewal:
Your transaction is due on the maturity date. You may obtain another transaction once this one is paid in full. However, if you cannot repay the total amount due, then, we may offer to renew this transaction one more time upon payment of an additional deferred presentment fee. If you cannot pay the total amount due at that time, then, at our option, we may extend your repayment in four equal monthly installments.
 
Agreement:
You will be given a copy of the Deferred Presentment Services Agreement. You have the right to read the Agreement before you sign it. You have the right to ask questions of the RedyMoney staff until you thoroughly understand everything in the Agreement. You also have the right to walk away from the Agreement before you sign it.
 
Complaints:

To report any unresolved problems with RedyMoney, you may contact the:
State Banking Department
401 Adams Ave. — Ste. 680
Montgomery, AL
Phone: 1-334-242-3452
Website: www.bank.state.al.us

 

Title Loans

 
The amount you can borrow:
You can borrow a minimum of $500.00 and a maximum of $2,500.00
 

The loan repayment period:
Under the Ala. Pawnshop Act, the term limit is one month.
 
The fee rate on borrowed amounts:
Under the Ala. Pawnshop Act, the fee rate is 25%. The APR on a $500.00 loan is $125.00 or 300%.
 
Other fees:
Other applicable fees will be provided by our representative upon contacting the office.
 
Eligibility for refinancing:
If you experience difficulties repaying your loan, we may provide refinancing and interest-only payments to aid you during the rough times until you can repay the loan in full.
 
Jointly owned title:
If a motor vehicle is jointly owned, and the title bears the joint ownership, the loan will be made out to both parties, and both parties will be required to sign the Loan Agreement.
 
Title loan Acquisition:
If you currently have a title loan with another company and you require a title loan with us, we would acquire the other and may be able to provide you with more money at a lower interest rate.
 

Check Cashing Services

 
Cashing a check:

  • Simply take your check to our office, and it will be verified for authenticity and funding.
  • Take also your photo ID, proof of income, and bank statement.
  • You will be required to complete a short application form.

 
The fee rate for cashing a check:
We offer good, competitive rates. We never allow a good check to exit our doors and are willing to work with you to ensure you obtain the most cash from your check.

Payday Loans

 
The amount you can borrow:
You will be able to apply for a payday cash loan from $100.00 to $1,000.00. The amount you are approved for will be determined by the information you provide.
 
The loan repayment period:
Your loan repayment period will be determined based on your pay cycle. Under the State of Texas, the loan term is 7 days to 31 days after the date of the contract.
 
The fee rate on borrowed amounts:
The fee for a payday loan will not exceed the fees authorized by Texas’ state regulations.
 
The Annual Percentage Rate (APR):
The APR is the cost of your loan expressed as a yearly rate. The APR varies based on the term of the loan. See example below of the APR calculated on a 14-day loan and on a 30-day loan.

Fee Schedule and APR:

Amount Financed Annual Interest Rate Loan Term
14 Days
Loan Term
30 Days
Finance Charge
(Interest & Fees)
Total of Payments APR Finance Charge
(Interest & Fees)
Total of Payments APR
$100 10% $11.87 $111.87 309.47% $14.00 $114.00 170.33%
$200 10% $23.73 $223.73 309.47% $28.00 $128.00 170.33%
$300 10% $35.60 $335.60 309.47% $42.00 $342.00 170.33%
$400 10% $47.47 $447.47 309.47% $56.00 $456.00 170.33%
$500 10% $59.34 $559.35 309.47% $70.00 $570.00 170.33%
$600 10% $71.20 $671.21 309.47% $84,00 $684.00 170.33%
$700 10% $83.07 $783.08 309.47% $98.00 $798.00 170.33%
$800 10% $94.94 $894.95 309.47% $112.00 $912.00 170.33%
$900 10% $106.81 $1006.82 309.47% $126.00 $1,026.00 170.33%
$1000 10% $118.67 $1118.70 309.47% $140.00 $1,140.00 170.33%

Other fees:
We are guided by Texas’ state regulations, and as such other fees that will be applicable are: (1) if your check bounces for insufficient funds, then you may be charged a one-time fee of up to $30.00, and you may also be charged court costs and up to 15% of the face amount of the check as attorney’s fees if legal action is necessary to collect payment of the check; and (2) you will also be charged late fee of $7.50 or 5% of the payment due, whichever is greater.
 
Renewal:
Your transaction is due on the maturity date. You may obtain another transaction once this one is paid in full. However, if you cannot repay the total amount due, then, we may offer to renew this transaction one more time upon payment of an additional fee. If you cannot pay the total amount due at that time, then, at our option, we may extend your repayment in four equal monthly installments.
 
Agreement:
You will be given a copy of the Agreement. You have the right to read the Agreement before you sign it. You have the right to ask questions of the RedyMoney staff until you thoroughly understand everything in the Agreement. You also have the right to walk away from the Agreement before you sign it.
 
Complaints:

To report any unresolved problems with RedyMoney, you may contact the:
Texas Office of Consumer Credit Commissioner
2601 N. Lamar Blvd
Austin, TX 78705
Phone: (512) 936-7600
Fax: (512) 936-7610
Website: www.occc.state.tx.us

 

Title Loans

 
The amount you can borrow:
You can borrow a minimum of $500.00 and a maximum of $2,500.00
 
The loan repayment period:
Under the Texas Finance Code et al, the term limit cannot exceed 180 days.
 
The fee rate on borrowed amounts:
Under the Texas Finance Code et al, the fee rate is 10%. The APR on a $500 loan is $114.00 or 277%.
 
Other fees:
Other applicable fees will be provided by our representative upon contacting the office.
 
Eligibility for refinancing:
If you experience difficulties repaying your loan, we may provide refinancing and interest-only payments to aid you during the rough times until you can repay the loan in full.
 
Jointly owned title:
If a motor vehicle is jointly owned, and the title bears the joint ownership, the loan will be made out to both parties, and both parties will be required to sign the Loan Agreement.
 
Title loan Acquisition:
If you currently have a title loan with another company and you require a title loan with us, we would acquire the other and may be able to provide you with more money at a lower interest rate.
 

Check Cashing Services

Cashing a check:
Simply take your check to our office, and it will be verified for authenticity and funding. Take also your photo ID, proof of income, and bank statement. You will be required to complete a short application form.
 
The fee rate for cashing a check:
We offer good, competitive rates. We never allow a good check to exit our doors and are willing to work with you to ensure you obtain the most cash from your check.