Payday Loan Relief

A payday loan - which might also be called a "cash advance" or "check loan" - is a short-term loan, generally for $500 or less, that is typically due on your next payday and have three features;

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Speak with one of our Certified Personal Counselors to find out more about reduced repayment options and extended time frames for repayment.  

No matter how hard we try, there's nothing we can do to control certain aspects of what goes on in our lives.  It's why sometimes we have more bills left over at the end of the month than money.  Payday loans work when you need cash, but what happens when you can't meet repayment deadlines.  Many lenders understand that you may need more time to repay your loans.  In some states, (FL), a payday loan extension...it's the law.  

What is a Payday Loan?

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​​The loans are for small amounts, they typically come due your next payday , and you must give lenders access to your checking account or write a check for the full balance in advance.

How Payday loans work?

Charge a fixed fee on the amount you borrow.   A fee of $15 per $100 is typical which equates to an annual percentage rate of almost 400% for a two week loan.

If you renew or roll over your loan, you will be charged another fee and still owe the entire original balance.  If you don't repay the loan on time, the lender charges a late or returned check fee, depending on state law.  

​Other fees you should take into consideration; fees to add the money to your card fees for checking your balance fees for calling customer service fees each time you use the card and/or regular monthly fees.  

Applying for Payday loans?

There are two main ways to apply for a payday loan.  

One is in person at a store front and the other is online.   If you take out a loan at a storefront, you may have a better idea of where you can go for help if you have any questions and verify licensing.  If you take out a loan online, the website you visit might not belong to the actual lender and you increase your risk of identity theft because most online websites are lead generators.


Payday Loan Extensions?

Payday loan extensions laws vary from state to state.  Genesis has developed relationships with many payday lenders based on the extension model in the state of Florida.  Here in our home state of Florida, the law provides you with a 60-day grace period if you are unable to pay back the loan upon the  expiration of the contract term without additional charges or interest.  However, to take advantage of this you must:

  • Make an appointment with a credit counseling agency within seven days of the original due date.
  • Complete credit counseling with the 60-day grace period.  If the credit counseling agency recommends a repayment plan, you may repay the debt in accordance with the plan without incurring additional fees or cost.

​Most payday lenders have policies loosely tied to their state laws that allow for customers to rollover or extend loans beyond their original due date.  Many of these lenders will not relinquish much of the interest and fees as the loans rolls over.