DISCOUNTADVANCES - DISCLOSURES
Here at DiscountAdvances, we appreciate our payday loan customers and are willing to disclose information about our business practices. Please read this page carefully to learn about our policies regarding cash payday loan due dates, negotiating disputes, class action lawsuits, extensions, and more.
The transactions related to cash payday loans will be deemed to have taken place in the offices of DiscountAdvances and according to the laws of Anguilla, BWI, regardless of where you may be viewing or accessing this site.
REPORTS BY TELETRACK.
Borrower agrees to allow a search of the Teletrack database. The Teletrack database is a national database of consumers and contains information about transactions with lending institutions.
REPORTS BY Clarity Services, INC.
Borrower understands that DiscountAdvances will not perform a credit check with a credit bureau, but agrees to allow searches of the databases provided by Clarity Services, Inc., a nationwide consumer reporting agency which provides consumer information.
Borrower hereby agrees that disputes and controversies of every kind and nature between borrower and DiscountAdvances or its successors or assignees, and any claim or dispute by either of us against any agent, employee, successor, or assignee of the other including, to the full extent permitted by applicable law, third parties who are not signatories to this agreement, including any past, present and future claims and disputes hereto arising out of or in connection with this agreement as to the existence, construction, validity, interpretation or meaning, performance, nonperformance, enforcement, operation, breach, continuance, or termination therefore, as well as whether the controversy or dispute is subject to arbitration, and the amount of any loss or damage, shall be referred to and finally resolved by arbitration administered by the London Court of International Arbitration (LCIA) under the LCIA Rules, which Rules are deemed to be incorporated by reference into this clause. Any award by the arbitrator(s) may be entered as a judgment in any court having jurisdiction in accordance with the Convention on the Recognition and Enforcement of Foreign Arbitral Award (the "New York Convention"). This agreement to arbitrate disputes is an independent agreement and shall survive the closing, funding, repayment and/or default of the loan for which borrower is applying. In the event this provision or any part thereof is held to be invalid or unenforceable for any reason, the remaining terms and conditions of this agreement shall not be effected thereby and shall remain in full force and effect.
REGARDING CLASS ACTIONS.
To the extent permitted by law, you agree not to bring, join or participate in any class action as to any claim, dispute or controversy you may have against DiscountAdvances or its employees, officers, directors, assignees and servicers. You agree to the entry of injunctive relief to stop such a lawsuit or to remove yourself as a participant in the suit. This agreement is not a waiver of any of your rights and remedies to pursue a claim individually and not as a class action in binding arbitration as provided above. This agreement not to bring or participate in class action suits is an independent agreement and shall survive the closing and repayment of the unsecured personal loan for which you are applying.
RENEWAL / EXTENSIONS POLICY.
DiscountAdvances will allow you to extend the original loan for up to 3 times, paying only the finance charges and fees due with each extension. After three extensions, you must pay (on loans of $600.00 or less) a minimum of $50.00 more than the fees due (until the loan principal is fully repaid). On loans of $600.01 or more you must pay a minimum of $100.00 more than the fees due (until the principal is fully repaid).
If you receive your paycheck once a month, DiscountAdvances requires you to make a payment toward your principal on your 2nd extension. Advances of $600.00 or less require a payment of $100.00 more than the fees due until the principal is fully repaid. Advances of $600.01 and above require a payment of $200.00 more than the fees due until the principal is fully repaid.
All extension requests must be received before 4:00pm Pacific Time on the business day prior to the schedule due date. Any request submitted after the deadline will not be processed.
All special promotions and/or discounted rates for the original finance charge, if extended beyond the original repayment date, are subject to normal charges specified under our "low fees" chart.
In the event that any transaction, ACH or EFT debit, that you have authorized returns to DiscountAdvances for any reason: (1) you agree to pay a returned check charge of $25.00; (2) in the event that we initiate collection activity on your account, you agree to be responsible for collection fees; court costs and fees, and all reasonable attorney fees, and (3) you authorize DiscountAdvances to initiate debits to any bank accounts in your name in amounts up to and less than the amount owed until the amount owed is paid in full.
PAYDAY LOAN AMOUNTS AND FEES.
DiscountAdvances currently provides unsecured personal loans ranging from $100 to $2500. See our cash advance and payday loan fees for a complete breakdown of amounts and charges for various length cash advance loans.
Receipt of Funds:
Time of receipt is dependent on time of approval and banking procedures.
Implications of late payment.
In the event that any authorized payment returns to us as unpaid your account will be assessed with a returned check charge of $25.00. For your convenience the next payment due on your account will be automatically drafted in accordance with the original terms of your agreement as outlined in the Returned Transactions section of your loan agreement.
If you are unable to make your regularly scheduled payment please contact us as soon as possible to discuss alternative repayment options.
Implications of non-payment.
Information regarding your payment history, delinquency, or defaults on your account may be reported to a third party consumer reporting agency as outlined in your original loan agreement.
We offer several repayment options to assist you in avoiding late payments and defaults on your account. In the event you are unable to make the payment on your account please contact us as soon as possible to discuss alternative repayment options.
Code of practice/policy on responsible lending.
Our goal is to provide the most affordable and convenient cash advance service and we strive to build an open and trusting relationship with our customers. We currently provide unsecured personal loans ranging from $100 to $2500. A loan from DiscountAdvances should be used for short-term needs only, not as a long-term financial solution.When using our service, you can expect:
- Flexibility - we will allow you to choose the amount of your loan and will not encourage you to borrow more than you can comfortably repay in the short duration of the loan.
- Transparency - our fees are published in our fee charts so that you can see the total cost of repayment before applying. There are no hidden fees, and the rate will not change during the life of the loan. The only way costs will increase is if you do not honor the agreement.
- Fast decisions and verification of information - although we don't perform traditional credit checks as part of the approval process, we will verify your application information using credit reporting agencies. If an application is denied, we will provide the reason(s).
- Fair treatment - if circumstances change and a loan cannot be repaid on the promised due date, please let us know as soon as possible - we promise to treat you with respect and help determine a payment schedule that will work for both you and us.
- Customer service - for us, customer service isn't just a slogan. We promise to respond quickly to any question or concern and try to resolve any issue to the satisfaction of everyone concerned. We're happy when our customers are satisfied and we show our appreciation in our Preferred Member Rewards and Referrals programs.
- Compliance with regulations - DiscountAdvances operates under the Commerce Clause with regards to regulation and oversight. We take compliance very seriously, requiring full-time oversight of compliance to all applicable federal regulations.