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Benny's Payday Advance


SINGLE LUMP SUM LOAN

Qualifications and Required Documents

Qualifications Required Documents
  • Regular source of income
  • An active checking account
  • A working phone
  • Most recent pay stub
  • Most recent bank statement
  • Your check book
  • Proof of current address (Phone or ultility bill)
  • Driver's license or government issued photo ID

Description of Our Services:

We are not a lender or fiduciary, nor are we a credit repair organization. We will not improve your credit record, credit history or credit rating, nor will we provide any advice or assistance to you with regard to any such activity. If you agree to use our services, we will attempt to: (1) obtain a extension of credit for you from a lender with an annualized rate of interest of not more than ten percent (10%) maturing in not less than 140 days and not more than 180 days, and due in a single lump sum payment and with a maturity date based on your pay period cycle; (2); guaranty the extension of credit made by the third-party lender; (3) assist you in preparing and completing documents necessary to obtain the extension of credit; (4) assist you in paying your CSO fees timely by providing a reminder service; (5) cash your lender direct draft, if any, receive from the third party lender, and; (6) maintain a network of branch locations to provide certain CSO services.


Cost of Our Services

YOU WILL NOT OWE US A FEE IF YOUR APPLICATION FOR AN EXTENSION OF CREDIT IS DENIED BY THE LENDER. If your extension of credit application is approved by the lender to whom we submit it, we will charge you a fee based upon the amount and term of extension of credit provided to you by a third-party lender and your pay period cycle. You will be charged a fee for each bi-weekly or thirty (30) day period, as applicable, until the date you pay off your extension of consumer credit in a single lump sum payment or the date your extension of consumer credit matures, whichever is earlier. For a bi-weekly pay cycle, we will charge you bi-weekly a fee calculated at the daily rate of 1.57143% for each $100.00 increment of the original principal amount of the extension of consumer credit that we arrange for you, with the exception of (1) your first payment, which will be due on your first payday following the date of your original extension of credit; and (2) your last payment, which will be due on the date you pay off your original extension of consumer credit if you pay off your original extension of consumer credit prior to the date it matures (the “CSO Fee”). All customers not on a biweekly pay cycle, but who have more than one (1) pay period every thirty (30) days, will be treated as a bi-weekly customer for purposes of payment of the CSO fees. Your CSO fee will also be reflected in our Credit Services Agreement with you.

Single Lump Sum Loan Bi-Weekly Pay Cycle:

Amount of Loan

(Amount received from lender)
CSO Fee

(Fee paid to CSO)
Interest

(Paid to lender)
Total Payment

(Loan amount, CSO fee, and lenders interest)
Annual Percentage Rate

(Based on a Standard 168-day loan term)
$100.00 $264.00 $4.07 $368.07 582.41399%
$300.00 $792.00 $12.21 $1,104.21 582.41399%
$500.00 $1,320.00 $20.35 $1,840.35 582.41399%
$700.00 $1,848.00 $28.49 $2,576.49 582.41399%
$1000.00 $2,640.00 $40.70 $3,680.70 582.41399%

Single Lump Sum Loan Bi-Weekly Pay Cycle:

Amount of Loan

(Amount received from lender)
CSO Fee

(Fee paid to CSO)
Interest

(Paid to lender)
Total Payment

(Loan amount, CSO fee, and lenders interest)
Annual Percentage Rate

(Based on a Standard 168-day loan term)
$100.00 $150.00 $4.07 $254.07 374.90367%
$300.00 $450.00 $12.21 $762.21 374.90367%
$500.00 $750.00 $20.35 $1,270.35 374.90367%
$700.00 $1,050.00 $28.49 $1,778.49 374.90367%
$1000.00 $1,500.00 $40.70 $2,540.70 374.90367%

***If total of payment exceeds $300.00, you will be required to write more than one check

If your ACH debit, electronic check, or similar payment device you give to us as a payment under the CSO Agreement is returned unpaid, a dishonored instrument fee of $30.00 will be charged. If your payment is 10 or more days late, you will be charged 5% of the delinquent payment or $7.50, whichever is greater.

Texas Fee Chart: 01/28/2014

BENNY'S PAYDAY ADVANCE
FEE SCHEDULE

Multi-Payment Bi-Weekly Online Payday Loans

AMOUNT RECEIVED STANDARD LOAN TERM STANDARD RATE (CAB FEE) LENDER INTEREST ($ AMOUNT) TOTAL OF PAYEMTS ANNUAL PERCENTAGE RATE
$300 180 days $541.73 $8.18 $849.91 672.53%
$500 180 days $902.69 $13.66 $1416.35 672.56%
$700 180 days $1263.69 $19.15 $1982.84 672.58%
$1,000 180 days $1805.36 $27.36 $2832.72 672.59%
$1,500 180 days $2708.05 $41.08 $4249.13 672.60%

Multi-Payment Monthly Online Payday Loans

AMOUNT RECEIVED STANDARD LOAN TERM STANDARD RATE (CAB FEE) LENDER INTEREST ($ AMOUNT) TOTAL OF PAYEMTS ANNUAL PERCENTAGE RATE
$300 180 days $316.85 $8.74 $625.59 373.68%
$500 180 days $528.08 $14.57 $1042.65 373.69%
$700 180 days $793.38 $20.47 $1459.79 373.70%
$1,000 180 days $1056.22 $29.16 $2085.38 373.70%
$1,500 180 days $1584.33 $43.76 $3128.09 373.71%

Multi-Payment Auto Title Loans

AMOUNT RECEIVED ADDITIONAL FEES (LIEN FEE) STANDARD LOAN TERM STANDARD RATE (CAB FEE) LENDER INTEREST ($ AMOUNT) TOTAL OF PAYEMTS ANNUAL PERCENTAGE RATE
$300 $33 180 days $300.00 $12.54 $612.54 246.67%
$500 $33 180 days $500.00 $20.92 $1020.92 246.67%
$700 $33 180 days $700.00 $29.32 $1429.32 246.68%
$1,000 $33 180 days $1000.00 $41.89 $2041.89 246.68%
$1,500 $33 180 days $1500.00 $62.83 $3062.83 246.68%

Late fee of greater of 5% of the payment amount or $7.50 if any payment is in defualt for a period of not less than 10 days.

Non-sufficient fund fees or return check fees of $30.00.


This Business is licensed and examined by the State of Texas – Office of Consumer Credit Commissioner. Call the Consumer Credit Hotline or write for credit information or assistance with credit problems. Office of the Consumer Credit Commissioner, 2601 N. Lamar Boulevard, Austin Texas 78705-4207, (800) 538-1579, consumer.complaints@occc.texas.gov , occc.texas.gov


An advance of money obtained through a payday loan or auto title loan is not intended to meet long-term financial needs. A payday loan or auto title loan should only be used to meet intermediate short-term cash needs. Refinancing the loan rather than paying the debt in full when due will require the payment of additional charges.

PAYDAY LOANS TEXAS- HOW IT WORKS

Benny's Payday is a credit services organization and credit access business. We are not the lender. All loans given out by us are made by an unaffiliated third party lender.The information above is unique to the specified term mentioned, and accounts only for situations where the customer makes the payment on time.

In the event that a customer is unable to pay off their loan on the designated due date, a late fee will be charged. In the event that there are any return check, electronic payment or other payment device, a dishonored item charge will be levied. In the event that the debt is not paid in full by the due date, there will be additional charges that will be levied.

Cash obtained through a payday loan is not intended to meet long-term financial needs. Payday and auto title loan should only be used to meet immediate short-term cash needs. If you are not sure that you will be able to pay the loan in full by the due date, you may want to consider exploring our payment plan or refinancing option.This will however require payment of additional charges.You can reach out to us online, call or just ask one of our representative's in-store for more details.

It is vital that customers read both the disclosure statement and the contract provided by Benny's, before taking out a Payday loan, to fully understand what it is that they are signing up for.