Posted by : Dougie Morris
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for the desired amount, in addition to an interest fee. The lender will hold onto the check until the next payday (usually 14 days) and then deposits it. Consumers also have the option to return with cash to reclaim the check. Or, in some cases, consumers can repay the loan with a signed agreement which allows the lender to electronically withdraw the funds from their bank account on a pre-determined date. Payday loans are regulated by state; therefore, it’s important to understand your state laws.
Payday loan laws in Guam, Puerto Rico, American Samoa, and U.S. Virgin Islands prohibit lenders from offering any payday loan product.
Payday loans are not accessible to residents of American Samoa because they’re not considered U.S. citizens (a requirement to qualify for cash advances). Currently, MoneyNowUSA does not provide payday loans to residents in any of these territories.
To contact The Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, call (800) 981-7711 or visit online.
* With any financial product, there are several things to remember. A cash advance is designed to be used as a temporary solution. As a subprime borrower, it’s especially important to repay the loan on time. Any late payment will have a significant impact on your credit, potentially, making it even harder to obtain financing in the future.