Short Term Lending. What is a Short Term Loan? Small dollar loan to pay for an unexpected bill Instant funds to avoid more costly alternatives No credit.

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Presentation transcript:

Short Term Lending

What is a Short Term Loan? Small dollar loan to pay for an unexpected bill Instant funds to avoid more costly alternatives No credit check Average loan is around $350 for 2 weeks Requirements are steady income and checking account

What is the Process? Fill out a customer application Provide proof of income/checking account Will loan up to 35% of GMI Write a check post-dated for your next payday Option to extend the due date for additional finance charge We encourage our customers to pay extra towards principal

More About Check City Doing business in Utah for over 17 years 28 Locations in Utah Largest short term lender in the state Accredited with the BBB Member of Community Financial Services Asso. Member of Utah Consumer Lending Association

Finance Charge Utah State regulations limit interest to 10 weeks Our loans are $8 per $100 / week Cheaper than other alternatives ▫Bounced checks ▫Late payment penalties ▫Ding on credit score ▫Utility reconnections fees

Cost Comparison / Bank PDL

Cost Comparison / Alternatives

Regulation in Utah 10 week interest rate cap Interest free payment plan Annual audits by Utah State Department of Financial Institutions (DFI) Written and verbal disclosure of finance charge and interest rate Display all fees in lobby on a prominent sign

Other Services Check Cashing Wire Transfer Services Tax Preparation Auto Title Loans Renter and Auto Insurance Pre-Paid Debit Cards Free Money Orders Phone Cards Precious Metals

The Facts Other financial institutions find it too expensive to market and service small loans The average payday loan is 2-3 times less expensive than overdraft charges Available 7 days a week and also online at Loans are approved same day and the financial dilemma is taken care of immediately Over a million transactions last year

Benefit to the LandlordBenefit to the Landlord Your Tenant will receive a 20% discount! Rent will be paid on time Less hassle and stress, we take on the risk Avoid expensive and timely evictions Check City always has the Win/Win mentality Extension to your team

Questions / Contact Info Please visit our website: Check City Contacts: Dee Dee Brownlee