FAQs about Loan Repayment
How fast will I receive my money?
Once your payday loan has been approved, your money is available immediately for pick-up at any Moneytree branch. If you are an existing customer and have a prepaid debit dard
that you purchased at Moneytree, you can have the money instantly deposited on your card. Otherwise, your loan proceeds can be deposited into your checking account in 1-3 business days!
How do I repay my online loan?
Just as with receiving the loan proceeds, the process is automatic and convenient. An electronic withdrawal will be made from the account you provided to us on your loan application on the loan's due date via an ACH transaction. If you would prefer to pay from a different account, you may pay online.
You can use a different checking account, debit card, or you may call our Customer Service Team at 800.745.1011. Any change in payment method must be made prior to 1 pm Pacific time on the date the loan is due in order for the change to be processed for the current payment.
If you aren’t sure about your loan due date or the amount you owe, please call the Customer Service Team at 877.613.6669. They are available to help 24 hours a day, seven days a week.
When do I need to repay my loan?
For payday loans, Moneytree typically sets your loan due date on your next payday or the following business day. If you are paid weekly, biweekly, or twice monthly you can choose to repay your loan on any payday within 24 days from the date you are taking out the loan. If you are paid monthly, your loan will be due on your next payday. If your next payday is 9 days away or less, you can choose to repay your loan on the subsequent payday. If you repay your loan with cash in seven days or less, we will refund 50% of your loan fee.
In certain cases, you may renew the terms of your loan by paying the additional fee to extend the loan due date until your next payday. The renewal may occur prior to the time your electronic transaction is deposited. You may extend the term of your loan by paying the additional fee at any time prior to 3 pm Pacific time on the loan due date. You may extend the term of your loan a maximum of four (4) times, but for no longer than 60 days after the original loan’s first due date or 90 days after the original loan’s origination date, whichever is shorter. At the time that your fourth renewal is due, or if the applicable time period has expired, you must repay the loan in full.
If I choose to renew my loan, can I repay part of the principal and renew only a portion of the loan?
You are encouraged to repay any part of the principal you choose and only borrow the amount you need during the upcoming time period. We will accept any size repayment of principal prior to making another loan to you.
What happens if I can’t repay Moneytree on my due date?
Occasionally circumstances may arise that change your ability to repay. If this occurs, you have options:
(1) In certain cases, you may renew the terms of your loan by paying the additional fee to extend the loan due date until your next payday. The renewal may occur prior to the time your electronic transaction is deposited. You may extend the term of your loan by paying the additional fee prior to 3 pm Pacific time on the loan due date. You may extend the term of your loan a maximum of four (4) times, but for no longer than 60 days after the original loan’s first due date or 90 days after the original loan’s origination date, whichever is shorter. At the time that your fourth renewal is due, or if the applicable time period has expired, you must repay the loan in full.
(2) You may choose to enter into the Community Financial Services Association of America (CFSA) Extended Payment Plan.
You may request a payment plan to restructure the payment terms to at least four (4) substantially equal payments. You may choose this option once per 12-month period. There is no charge to enter into the CFSA Extended Payment Plan. You may choose this option prior to the deposit of your current loan. After repaying your payment plan, we may re-evaluate your credit limit to reset it at an amount you can reasonably repay. Additional details about this option are available at any Moneytree branch or by calling our Customer Service Department.
What if I change my mind about borrowing the money?
You may choose to rescind (cancel) your payday loan, at no cost, at any time until the close of the following business day. To do so, simply call our Customer Service Department at 800.745.1011 or visit your nearest Moneytree branch.
Will my credit score be impacted if I can’t repay my loan on time?
No. Moneytree does not report customer information to credit agencies.
If my check is returned unpaid by my bank, will I be charged a fee?
Yes. The returned item fee in Nevada is $25.
What happens if I default on my loan?
If your loan goes into a default status, Moneytree is committed to collecting your debt in a professional, fair and lawful manner. We follow the applicable Fair Debt Collection Practices Act guidelines when collecting defaulted loans. You will be charged a one-time $25 fee if your check returns unpaid. We will contact you and ask for payment, and we may make reasonable payment arrangements with you. Additional interest will not accrue after default. We will not garnish your wages, sue you or threaten to pursue criminal actions against you under the state bad check statutes. We may refer your account to an outside collection agency. After a loan goes into default status, we may re-evaluate your credit limit to reset it at an amount you can reasonably repay. You can reach Moneytree’s Payment Center at 1.888.516.6643 for more information.
Moneytree is a member of the Community Financial Services Association (CFSA), the Financial Service Centers of America (FiSCA), California Financial Service Providers Association (CFSP), an the Colorado Financial Services Centers Association (COFiSCA). Moneytree actively supports laws, regulations and industry best practices that protect consumers and preserve access to credit. As a member of the Community Financial Services Association of America (CFSA), our company encourages responsible industry practices and proudly supports and abides by CFSA’s Best Practices
Moneytree, Inc. • PO Box 58266, Seattle, WA 98138.1266 • 6720 Fort Dent Way, Seattle, WA 98188