Washington Alternate Loan Repayment Options
Thank you for choosing Moneytree as your short term credit solution. We know that it is your intention to repay your loan on the due date. Occasionally, however, circumstances may arise that change your ability to repay. Below you’ll find information about the payment plan option available in Washington through Moneytree.
What Are My Payment Options?
At the time you repay your loan, you should have sufficient funds to meet your other financial obligations. If you cannot pay other bills because you are paying your payday loan, you may enter into the payment plan offered in connection with this loan by notifying us before 3 pm on the loan’s due date. If the amount you owe us is $400 or less, you may enter into a payment plan that allows you to pay off your loan in substantially equal payments over 90 days. If the amount you owe us is more than $400, you may enter into a payment plan that allows you to pay off your loan in substantially equal payments over 180 days.
During the term of your payment plan you will not be eligible to take out a payday loan from any licensed payday lender. After repaying your payment plan, we may evaluate your credit limit.
You may visit any branch or contact the Customer Service Department at 800.745.1011 to set up a payment plan.
What Happens If My Loan Goes Into Default?
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
Fair Debt Collection Practices Act guidelines when collecting defaulted loans. You will be charged a one-time $25 fee if your check or ACH returns unpaid. We will contact you and ask for payment in full, and we may make reasonable repayment arrangements with you. Additional interest will not accrue after default. You will not be eligible to take out a payday loan from any licensed payday lender while your current payday loan is in default. We may refer your account to an outside collection agency. After a loan goes into default status, we may re-evaluate your credit limit. You can reach Moneytree’s Payment Center at 888.516.6643 for more information.
If You Receive a Call From Moneytree
From time to time, a Moneytree representative may call you at the contact numbers you have provided to talk about a transaction you conducted at Moneytree. The most common reason for this call will be to discuss payment arrangements on an unpaid loan or check. Whenever you receive a call from Moneytree, our representative should be friendly and courteous. We will give you our first name and will be clear about the location we’re calling from and the reason for the call.
You are always welcome to contact our Customer Service Department at 800.745.1011 to confirm the source and validity of the phone call. It is helpful if you have the caller’s name and telephone number so that we can confirm the nature of the call. We will not threaten you with any adverse consequences if you choose to confirm the validity of the call before providing any information.Source: www.moneytreeinc.com
Category: Payday loans