Payday Loan Terms
Payday loans are short-term cash loans directly deposited into your checking account by Community Choice Financial. The length and duration of the loan is, in certain states, limited by law but generally aligns with your next payday whenever possible as a convenience to you. At that time, the loan is generally paid back via an authorized electronic withdrawal from your checking account.
Representative Example of Payday Loan Fees:
16 day Payday Loan of $400.00 has an APR of: 370.70%. Finance Charge: $65.00.
To view additional examples of Payday Loan fees, select a loan amount and loan duration from the drop down menus below. Your results will be shown below once you selected loan amount and duration and click the ‘Submit’ button.
To view a specific Payday Loan example, select loan amount and duration. Terms will be shown here when you click the "Submit" button.
This Payday Loan Fee Calculator is only for illustrative purposes and provides an example of a typical payday loan we offer to qualified applicants. If approved, the specific rates and terms of your loan agreement will depend on your qualifications.
| Amount Provided | Fee* | Amount of Check | 14-Day APR | 30-Day APR |
|---|---|---|---|---|
| $100 | $20 | $120 | 521.43% | 243.33% |
| $200 | $35 | $235 | 456.25% | 212.92% |
| $300 | $50 | $350 | 434.52% | 202.78% |
| $400 | $65 | $465 | 423.66% | 197.71% |
| $500 | $80 | $580 | 417.14% | 194.67% |
* Finance Charge includes $5 nonrefundable origination fee.
Community Choice Financial loans are offered for the duration of 14-35 days.
To find out if you are eligible for a Community Choice Financial payday loan, fill out a new customer application and you'll be on the road to quick cash. If you have questions about your eligibility for a loan, learn more about How a Payday loan works, or contact Community Choice Financial. Once you have been approved, sign in at the Customers page and submit your request for a payday loan.
A single payday loan is typically two to four weeks. However, borrowers often use these loans over a period of months, which can be expensive. Payday loans are not recommended as long-term financial solutions.
How to determine your due date:
The minimum number of days Community Choice Financial offers a loan is 14 days. The maximum number of days Community Choice Financial offers a loan is 35 days.
- All payday loan due dates should be on your payday.
- If you get paid once a week: We recommend you use the subsequent payday.
- If you get paid twice a month or every other week we recommend you use your next payday. If your next payday is less than 14 days away then we recommend you use the following payday.
- If you are paid once a month and your payday is less than 35 days away, you should use your next payday. If your payday is over 35 days away, you will only be able to take the loan out for 35 days as that is the maximum term for a Community Choice Financial loan. As a convenience to you, we suggest making your loan due on your next payday whenever possible.
Payment Options:
In Alaska, you have the option to refinance your loan a maximum of two (2) times if you've been approved for a loan.
The cost to refinance your loan is $15.00 per $100.00 borrowed. ($15 covers earned interest for the extended period. The refinance is debited on the original due date. We recommend paying an additional amount toward the principal balance.)
The fee will be withdrawn from your account on your due date. We must receive your refinance request before 7:45 PM Eastern the banking business day before your loan is due.
ACH Authorization:
Your online agreement will be governed by the laws and regulations of the state of Alaska. If your authorized ACH debit is returned for any reason you agree to the following items:
- You are authorizing us to initiate electronic debits to your account in the amounts up to or less than the amount owed until the amount owed is paid in full. Your authorization shall remain in effect until we have received written notice of its termination. We must also have had a reasonable opportunity to act on this authorization.
If you have questions or concerns regarding your Community Choice Financial loan, please feel free to call us at 800-460-4305 or contact us via email, chat, fax, or mail.