Rates & Terms – Alabama

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Alabama Sunshine Loans loan agreements are governed by the State of Alabama.

ALABAMA PUBLIC NOTICE
SCHEDULE OF FEES and PERTINENT PROVISIONS

NOTICE: FEES FOR DEFERRED PRESENTMENT TRANSACTIONS MAY BE SIGNFICANTLY HIGHER THAN FOR OTHER TYPES OF LOANS.

Maximum Fee

The most that any Deferred Presentment provider may charge for Deferred Presentment transactions is 17.5% of the cash advanced. MoneySpot Direct, LLC charges 17.5% of the cash advanced for these transactions. The following table illustrates MoneySpot Direct, LLC’s fee structure:

**Annual Percentage Rate: The APR is the total cost of your loan expressed as a yearly rate. The above APR is based on example loan terms of one payment due in 14 days. The APR will increase if the actual loan term is shorter than these examples, and will decrease if your loan term is longer.

No other fees may be charged for these transactions, except if a check “bounces” once it is deposited at a bank, then the provider may charge a one-time NSF fee of up to $30.00. And if the provider must go to court to enforce payment of this loan, then you may be assessed court costs and up to 15% of the face amount of the check as attorney’s fees. You cannot be arrested or sent to jail for passing a “worthless” deferred presentment check unless the check was returned due to an account closed prior to the day of the loan.

Maximum Loan Amount

The law limits the maximum loan amount that any one borrower may have with all Deferred Presentment providers to $500. The provider will be verifying your other outstanding deferred presentment loans with a database to determine compliance with the law.

Term

Deferred Presentment transactions cannot be made for a term of less than 10 days or more than 31 days.

Renewal

Your transaction is due on the maturity date. You may obtain another transaction once this one is paid-in-full. However, if you cannot repay the total amount due, then, if offered by the provider, you may renew this transaction one more time upon payment of an additional fee. If you cannot pay the total amount due at that time, then, at the provider’s option, you may extend your repayment into four equal monthly installments at no additional cost.

Customer Agreement

You must be given a copy of the provider’s Deferred Presentment Services Agreement. You have the right to read the Agreement before you sign it. You have the right to ask questions of the provider’s staff until you thoroughly understand everything in the Agreement. You also have the right to walk away from the Agreement before you sign it.

Complaints

MoneySpot Direct, LLC is a licensed Deferred Presentment provider in Alabama. To report any unresolved problems with MoneySpot Direct, LLC, contact the STATE BANKING DEPARTMENT, Bureau of Loans, P.O. Box 4600, Montgomery, Alabama 36103-4600. Telephone: (334)242-3452. Website: www.banking.alabama.gov.