Army

September 7, 2012

Cash advance loans — worth the quick fix?

Legal Assistance Office

A Soldier is short on cash and needs money known as a “deferred presentment service” to obtain that “quick fix”. What people may not realize is that this “quick fix” comes at a high cost. Someone pays for the convenience of having money on hand when they don’t have any money in their bank account.

Cash advance stores take a check for the face value that the individual requests plus a processing fee. In return they agree to hold the check for a period of time, usually two weeks, before they cash it. This gives the check writer time to have money deposited into his or her account whether by paycheck or by some other means.

Check advancing may sound like a good idea. However, the price can sometimes be high. Arizona allows deferred presentment services to charge a fee of up to 15 percent of the check value, with the maximum check value of $500. For instance, those who want $500 will be charged a deferred presentment service of $75 as a processing fee for advancing the money. If the lender takes the processing fee out up front, the check casher will only get $425 for the $500 check, and the lender will recoup his $75 processing fee when the check is actually cashed.

Be aware there are higher costs with check advancing from deferred presentment services. Arizona law allows only one deferred presentment service contract at one time. This means that an individual cannot seek cash advances from a number of deferred presentment service stores at the same time to cover bills. Those who are strapped for cash should visit Army Community Service financial counselors to discuss other alternatives before signing a deferred payment service contract.

Those with legal questions should call the Legal Assistance Office, 533.2009.




All of this week's top headlines to your email every Friday.


 
 

 
square

A local take on America’s PrepareAthon!

Over the month of April events have been taking place nationwide to help ensure America’s preparedness in the event of an emergency. America’s PrepareAthon is a grassroots movement that highlights the importance of prepared...
 
 
Stephanie Caffall

Second ‘Take Back Night’ hosted at Cochise College

Stephanie Caffall Rick Mueller, mayor, City of Sierra Vista, spoke at the Take Back the Night event and encouraged the community to put an end to sexual assault and harassment. Fort Huachuca and the Sierra Vista community joine...
 
 

BLUE BORDER MESSAGE / SEXUAL ASSAULT CASE COMPLETED

At a court martial on 25 March 2015, a Second Lieutenant, U.S. Army, was tried for committing sexual acts on multiple occasions by causing bodily harm. The 2LT pled not guilty, but was found guilty to the charge of sexual assault. On 27 March 2015, the 2LT was sentenced to a dismissal. The sexual assault...
 

 
Stephanie Caffall

Installation Retirement Ceremony honors retirees

Stephanie Caffall Fourteen Soldiers, one Department of Army Civilian and their guests await the formal recognition portion of the Installation Retirement Ceremony Friday on Brown Parade Field. Fort Huachuca honored 14 Soldiers ...
 
 
Natalie Lakosil

Holocaust Remembrance Day Observance reminds crowd of valuable lessons

Natalie Lakosil Lily Brull, Holocaust survivor, receives a poem, flowers and homemade Challah bread from Malachi, 4, and Kayalynn Fiddes, 8, after speaking about her experience as a Holocaust survivor. Lily Brull was only 10 ye...
 
 
U.S. Army photo

Military Intelligence – Moment in MI history

U.S., Britain agree to share communications intelligence U.S. Army photo Maj. Melvin C. Helfers evaluated ULTRA, or Special Intelligence, and presented it to Gen. George Patton. The BRUSA Agreement severely restricted access to...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin