Often Asked Questions Regarding Areas Bank Payday Advances

How exactly does the Regions “Ready Advance” loan work?

The Regions “Ready Advance” is just a tiny loan of $500 or less, paid back in complete out from the borrower’s next direct deposit—typically their next paycheck or Social Security deposit. The mortgage charge is ten dollars per $100 borrowed and it is paid back in complete an average of 10 times later on.

In the event that deposits that are direct maybe maybe not adequate to settle the mortgage within 35 days, areas takes the funds anyhow, regardless if it overdraws the bank account. This loan can be acquired to Regions customers who may have had a checking account for nine months, with regular deposits that are direct present months.

Is this just exactly how other loans that are payday?

Yes. Other payday advances work with almost precisely the same way—they are tiny loans due in full on your own next payday, frequently a couple of weeks later. The loans are guaranteed by way of a real time check or another type of electronic usage of your money, such as an ACH authorization. Plus »