COMMON QUESTIONS
What exactly is ADVANCpay?
An ADVANCpay is a small unsecured advance until your next payday. Essentially, we advance you a certain amount, usually $200 up to $500, plus a minimal $40* application fee**, to hold you over until your next payday.
How does an ADVANCpay differ from a payday loan?
No outrageous fees, easy to complete application, fast approval and immediate access to funds.
I’m new to ADVANCpay. How do I get started?
It’s easy! Just determine if you are eligible, then visit a branch to apply.
How do I determine if I am eligible?
Visit a convenient branch location or our eligibility page to determine if you are eligible.
What documents do I have to provide?
If you do not have direct deposit, you will need to provide a current (within the last 30 days) pay check stub.
What are the requirements for approval?
You must have a valid Nevada Federal 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!
Do I need direct deposit?
No. Borrowers without direct deposit may apply for an ADVANCpay as well. However, there will be an additional non-refundable application fee of $10.
Is there an application fee?
There is a non-refundable one time per transaction application fee that applies to each ADVANCpay. Members with direct deposit are charged $40. Members without direct deposit are charged $50 per application.
How are fees established?
Our fees are competitive and in compliance with all applicable state and federal laws. In most cases, we charge about half of what typical payday lender charge.
Is my application and financial information secure?
Absolutely. We respect our customer’s privacy needs in managing their personal finances. We use a variety of security measures to maintain the safety of your personal information.
I have finished the application. How do I find out if I’m approved?
Upon completion of the application, a financial service representative assisting you will immediately inform you.
How do I get my money?
The amount is deposited directly into your Nevada Federal account.
How often should I use this service?
Whenever an immediate or urgent need arises, Nevada Federal Credit Union is here to help. It is important to remember that an ADVANCpay is a short-term answer to an immediate cash need. ADVANCpay is not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance on ADVANCpays 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.
How much money can I have advanced to me?
ADVANCpay will help you get up to $500 based upon the information that you provide to us on the application.
How is the ADVANCpay amount determined?
State law regulates and limits the maximum advance amount to between $200 and $500. Within that range, you qualify for a payday advance amount based on your current income.
How soon do I have to pay back the ADVANCpay?
ADVANCpays are generally repaid back when you receive your next paycheck. The standard time for repayment is usually no less than seven days and no longer than fourteen days. Of course you may also pay back your ADVANCpay at anytime without any prepayment penalties.
What if I can’t repay the ADVANCpay in full on my due date?
We’ll work with you, provided you contact us as soon as you know that there’s a problem. If you contact us before the due date, in most cases we can make arrangements to extend your ADVANCpay, where state law allows, until your next payday. If we attempt to withdraw funds that aren’t there, we incur extra expenses that we have to pass on to you. By staying current with your original ADVANCpay, you limit any additional charges or collection fees assessed to your account.
What if I only have a savings account?
You would save $10 if you opened a checking account with direct deposit… but you can still get an ADVANCpay without one. The application fee for members without a checking account with direct deposit is $50.
Can I get my loan the same day?
Yes. Funds are directly deposited into your Nevada Federal account. If you don’t have an account, we will help you open one right away.
I am ready to get an ADVANCpay! Where do I go to apply?
Great! You can apply at any of our convenient branch locations.
Still have questions? Contact a representative at Nevada Federal.
ADVANCpay is subject to qualification. Qualified members must have a valid NFCU account with verifiable employment and no adverse pay history with any payday lenders. *Account holders with established direct deposit are subject to a $40 application fee, $50 application fee for those without direct deposit. Other conditions and terms may apply; ask for details. **Application fee must be paid upfront and is non-refundable.
