Community Financial Services - Keep it in the Neighborhood

If you’re a little short on cash in between paydays, or in need of emergency cash but don’t want to take out a loan from a mainstream financial institution, consider seeking the services of CFSA (Community Financial Services Association of America) approved payday advance institutions. Community Financial Services regulates payday advance institutions and works closely with consumer advocates, policymakers, and member companies to make payday advance a viable option for those in need of short-term loans.

Who Benefits From Community Financial Services

Community Financial Services regulate payday advance companies, who cater to America’s middle class and working populations. Most of those who avail of payday advance services are hardworking individuals who also have ties to banks and mainstream financial institutions. For small, unexpected expenses like late bill payment penalties, emergency car repairs, or bounced check fees, use payday advance to tide you over until your next payday.

How Payday Advance Works

Payday advances are small, short-term cash loans offered by Community Financial Services-affiliated institutions to be repaid on your next payday. Think of it as a sort of “financial taxi”. Just as taxis are convenient and useful for traveling short distances, payday advance is an economical way to meet short-term and immediate financial needs. Payday advance must not be used for long-term financial obligations.

In order to avail of payday advances, simply approach the nearest Community Financial Services-certified payday advance provider. The only requirements are proper ID, an active checking account, proof of employment, and a completed application form. If you get approved for the loan, you will have to read and sign an agreement that details the cost and transaction terms, and a personal check for the loan plus a small fee. You will receive the cash advance through a check minus the fee. The check you submitted will be held for approximately two weeks. On your payday or the agreed-upon day, the check will be cashed, or you can return with cash then reclaim the check.

Remember that payday advance should only be used in emergency situations. Don’t count on payday advance loans as solutions for long-term budget deficits.

Your Rights As a Consumer Are Always Protected

The critics of Community Financial Services claim that payday advance institutions trap consumers in a cycle of debt due to hidden fees and misleading statement. This myth could not be farther from the truth. The fees of payday advances are fully disclosed on signs all over the store and are included in the lending agreement, in accordance to the Truth in Lending Act. The fees are single and flat and include no balloon payments, hidden charges, or interest rates. Educational brochures are also provided all over the store so that consumers are made aware of how to use the offerings wisely.

Finding The Right Payday Advance Provider

To make sure that the payday advance provider you choose has your best interests in mind, look for the Community Financial Services seal. All members of the Community Financial Services are required to display their seal in a prominent position and provide a brochure to all new customers. Being an approved member of the Community Financial Services means that the payday advance institution must adhere to the Industry Best Practices, a code of standards developed to make sure they protect borrower’s rights and follow responsible lending practices.