Frequently Asked Questions
Q. What exactly is Advance Pay?
A.
An Advance Pay is a small unsecured advance until your next payday. Essentially, we advance you a certain amount, usually up to $1,000, to hold you over until your next payday. With direct deposit, you only pay $10 per $100 borrowed. You pay $15 per $100 borrowed without direct deposit.
Q. How does an Advance Pay differ from a payday loan?
A.
No outrageous fees, easy to complete application, fast approval and immediate access to funds in your account.
Q. I’m new to Advance Pay. How do I get started?
A.
It’s easy! Just determine if you are eligible, then visit a branch to apply.
Q. How do I determine if I am eligible?
A.
Visit a convenient branch location or our eligibility page to determine if you are eligible.
Q. What documents do I have to provide?
A.
If you do not have direct deposit, you will need to provide a current (within the last 30 days) pay check stub.
Q. What are the requirements for approval?
A.
You must have a valid One Nevada account that is in good standing, valid employment (current pay check stub) and no adverse pay history with any payday lenders. If you’re not a member, you can join today if you meet the eligibility requirements.
Q. Do I need direct deposit?
A.
No. Borrowers without direct deposit may apply for an Advance Pay as well.
Q. Is there an application fee?
A.
No. There are no application fees.
Q. How are rates established?
A.
Our rates are competitive and in compliance with all applicable state and federal laws. In many cases, we charge less than a typical payday lender.
Q. Is my application and financial information secure?
A.
Absolutely. We respect our member’s privacy needs in managing their personal finances. We use a variety of security measures to maintain the safety of your personal information.
Q. I have finished the application. How do I find out if I’m approved?
A.
Upon completion of the application, a financial service representative assisting you will immediately inform you.
Q. How do I get my money?
A.
The amount is deposited directly into your One Nevada account. You can use your debit card for immediate access.
Q. How often should I use this service?
A.
Whenever an immediate or urgent need arises, One Nevada Credit Union is here to help. It is important to remember that an Advance Pay is a short-term answer to an immediate cash need. Advance Pay is not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on Advance Pays can create serious financial difficulties. If you need help with credit, budgeting or debt management, please contact the National Foundation for Credit Counseling at 1-800-388-2227.
Q. How much money can I have advanced to me?
A.
Advance Pay will help you get up to $1,000 based upon the information that you provide to us on the application.
Q. How is the Advance Pay amount determined?
A.
Loan amounts (including fees) cannot exceed 25% of your gross monthly income or monthly direct deposit, whichever is less.
Q. How soon do I have to pay back the Advance Pay?
A.
Advance Pays are generally repaid back when you receive your next paycheck. The standard time for repayment is no less than seven days and no longer than fourteen days. Of course you may also pay back your Advance Pay at anytime without any prepayment penalties.
Q. What if I can’t repay the Advance Pay in full on my due date?
A.
Contact us and we'll work with you to extend your term.
Q. What if I only have a savings account?
A. That's okay but we recommend you open a checking account with a debit card. This will allow you immediate access to your funds.
Q. Can I get my loan the same day?
A.
If you don’t have an account, we will help you open one right away.
Q. Where do I go to apply?
A.
You can apply at any of our convenient branch locations
