Surveys show that while Americans do a pretty good job of managing their money, most of us need occasional help. An increasing number of consumers choose a payday loan to cover unexpected expenses or bridge a short-term cash crunch between paydays, without incurring revolving debt. A Cash advance is a short-term financial management tool (unlike a Home Loan or Auto Loan) that can provide a sensible alternative to costly bounced checks, late payment charges and bad credit ratings.

However, you should evaluate the costs and benefits of all alternatives before taking out a Payday advance. Other forms of short-term credit that may be less expensive include a Personal loan from another institution or from family or friends, a credit card cash advance, an account with overdraft protection, or a salary advance.

Being a member of The Community Financial Services Association of America (CFSA), we abide by a set of Best Practices. As our customer, you have the right to rescind a payday advance transaction before the close of the following business day at no cost to you. Simply return the full amount of the cash advance.

A payday loan can be a short-term solution to an immediate need between paydays and when that immediate need arise Loanbyphone.com is here to help. However a payday advance is not a long-term solution for ongoing money management, it is not intended for repeated use or to carry an individual from payday to payday. Repeated or frequent use can create serious financial hardships. Should you need help with budgeting or debt management, call the National Foundation for Credit Counseling at 1-800-388-2227. NFCC is part of a national network of non-profit Financial Care CentersTM, dedicated to helping people learn how to budget their money better and to use credit wisely.

We respect our customers' desire for privacy in managing their personal financial matters. The online cash advance transaction is a confidential one, and we will treat your personal information accordingly. Please see our Privacy Policy for more information.

We do NOT tell your references you are applying for a loan. We only call your references to verify that the numbers are valid. We respect our customers' desire for privacy in managing their personal financial matters. The online cash advance transaction is a confidential one, and we will treat your personal information accordingly.

State law generally regulates the maximum advance amount available. Within the allowed range, you will qualify for a particular advance amount based on your current income. Sometimes you may not be able to get as much as you would like; but it would not really be helpful if you received more than you have the abiliy to repay. A payday loan can be used to help cover unexpected expenses or to help you through a short-term cash curnch betwwn paydays. A payday advance can be used responsibly as part of a short-time financial plan.

Our Payday advance fee is competitive and in compliance with applicable state or federal law. It is our goal to offer you the best online loan service at competitive fees.

Unlike many other financial institutions, we do not require that you have a good credit history, or for that matter any credit history at all. LoanByPhone.com subscribes to CL Verify and Teletrack risk assessment services. This is a non-traditional consumer reporting agency that gathers and combines non-traditional consumer information form various sources. It tells us that payments to other businesses are current and if additional payday advances are outstanding with other companies that subscribe to the same service. This system also helps us to reduce your risk of identity theft and fraud.

The payday loan agreement that you read and sign prior to receiving a cash advance is a contract that complies with all applicable state and federal disclosure requirements. It fully outlines the terms of the payday loan transaction, including the service fee both as a dollar amount and as an annual percentage rate (APR). Although a payday advance is a short-term loan and is not intended as a long-term source of credit (like a home loan or auto loan), we provide you with the APR in accordance with the federal Truth-in-Lending Act. Loanbyphone.com wants to provide you with all the information you need to make an informed financial decision.

Though some state laws allow rollovers, most do not. Even in states that permit rollovers, CFSA member companies, like Check Into Cash, limit rollovers to either four, or the state limit, whichever is less. In some states that allow rollovers, you must reduce your principal amount with each rollover as specified by state "buy down" guidelines and applicable rollover limitations. Buy downs allow you to make minimum payments for up to 4-6 paydays as specified by your state minimums and limits. You may also buy down in greater amounts.

The limiting of rollovers and the implementation of buy downs is a consumer protection designed to encourage responsible, short-term use of the service. It is important that you fully evaluate the costs when choosing to rollover a cash advance or payday loan.

Just like you, we hope this doesn't happen. But if it does, Loanbyphone.com is committed to collecting past due payday cash advances in a professional, fair and lawful manner. If we try to debit your account and it is returned by your bank due to insufficient funds, you may be charged a returned item charge if permitted by applicable law. Most financial institutions will also charge a NSF fee for a returned check and in some circumstances might revoke your checking account privileges. You will be responsible for payment in full of your account, including the returned item charge. We will contact you to collect the amount due.

In accordance with CFSA Best Practices, Loanbyphone.com does not pursue criminal actions against a customer as a result an unpaid payday loan. However if you become delinquent, you will be unable to receive another loan through us, information about your account may be reported to credit bureaus, your account may be referred to a collection agency and we may choose to use other lawful means to collect the amount due.

Loanbyphone.com strives to provide friendly and professional customer service and receives very few customer complaints. But occasionally a problem will arise with your payday loan. If you have a concern that is not resolved to your satisfaction, we invite you to call 1-877-577-7977 or email us at customersupport@loanbyphone.com . We welcome the opportunity to address your concerns.

In the unlikely event you have a dispute we can't work out together, our agreement provides that you can take your issue to small claims court or request arbitration, where a neutral third party hears both sides of the issue and makes a binding decision.

Loanbyphone.com offers customers who are unable to repay their advance an Extended Payment Plan option in accordance with CFSA Best Practice Guidelines in states that permit implementation of CFSA's Extended Payment Plan. This extended payment plan is offered in compliance with any requirement in State Law and/or with CFSA Best Practice Guidelines.

To request an extend payment plan you must:

• Call us at 877-577-7977 before 6:00 PM ET on a banking business day prior to your payment date,  So, if your loan payoff date is a Monday, you must call us before 6:00 PM ET on Friday (which is the prior banking business day).
• Have access to a fax machine so we can fax you the loan addendum.
• Fax back the signed addendum to us by 7:00 PM ET the same day.  Our fax number is 877-577-7978.

Q: What if I have a complaint?

A: For questions regarding deferred deposit loans or assistance with a complaint against a deferred deposit lender, contact the Oklahoma Department of Consumer Credit at 1-800-448-4904. The Department's Internet website is www.okdocc.state.ok.us.

Oklahoma Department of Consumer Credit
4545 North Lincoln, Suite 164
Oklahoma City, OK 73105
Voice 405-521-3653
Fax 405-521-6740

Q: Can I prepay my loan?

A: You may prepay in increments of at least $5.00 or in full the amount due under this Loan Agreement at any time and will not incur an additional charge, fee or penalty. You will not incur any additional charge, fee or penalty if you cancel your obligations hereunder or prepay your obligations. You have the right to cancel your obligations without having to pay any finance charge. You also have the right to prepay your obligations without having to pay any finance charge or by paying a reduced finance charge, depending upon the date of prepayment. To cancel this Loan Agreement, you must fax or email to us written notice of your intent to cancel prior to our initiating an automatic credit to Your Account. To prepay your obligations without having to pay any finance charge, you must email or fax to us, prior to 5:00 PM M.T. on the Disbursement Date, written authorization to effect a debit entry to Your Account for the principal amount of the loan. If we receive payment of the principal amount of the loan via such authorization, we agree to rebate and refund the finance charge we have earned. At any time after 5:00 PM M.T. on the Disbursement Date and before 5:00 PM M.T. on the business day prior to the Payment Date, you can prepay your obligations in full by sending us an email or fax giving us written authorization to effect a debit entry to Your Account for the prepayment. The payoff amount will be calculated as of the date you send us such written authorization.

Q: What is the cost of credit for this service?

A: You pay $22.00 per $100.00 borrowed. The Annual Percentage Rate (APR) ranges from 501.88% to 1147.14% depending on the term of the loan (7 to 16 days). See the Loan By Phone fee schedule by clicking here.

Q: What are payday loans?
A: Payday loans are small, short-term loans provided by companies that must be licensed in Oregon. These loans must be for a minimum of 31 days, and are usually not longer than 60 days. These loans may also be called cash advance loans, post-dated-check loans, check advance loans, or deferred presentment loans.

Q: How does a payday loan work?
A: Generally, you give the payday lender a personal check payable to the lender. In return, you receive cash (minus the allowable lender fees). Another way is to authorize the lender to make an automatic withdrawal from your bank account for the money you’ve borrowed. Although the loan must be for a minimum of 31 days, you may pay it off earlier, such as when you receive a paycheck. The lender may cash (redeem) your check or the lender may make an electronic withdrawal from your bank account when your payday loan is due.

Q: What is the cost of a payday loan?
A: As of July 1, 2007, the State of Oregon limits the fees that may be charged for payday loans. Lenders may charge an interest rate up to 36 percent per annum*. They may also charge a one-time loan origination fee for a new loan of up to 10 percent of the amount borrowed, up to a maximum of $30. A lender may not charge you any other fee or interest charge in addition to this interest and origination fee to get the loan. If a lender renews your loan, they cannot charge any additional origination fees.
Example: If you borrow $300 for 31 days, the maximum cost of the loan (the fee you pay the lender) will be $39.17 — $9.17 in interest for 31 days for the term of the loan and $30 in origination fees.

Q: What other fees or charges can a lender charge?
A: A lender may charge one $20 fee for a bounced check (also known as a dishonored or nonsufficient funds check), regardless of how many checks you give the lender for the loan. Lenders may charge you for fees their financial institutions charge them for your bounced checks. Lenders may also collect any amounts awarded by a court for the collection of an unpaid loan. Lenders may not attempt to recover damages or attorney fees from you for a bounced check.

Q: What if I can’t repay the loan when it is due? Can I renew or roll over my loan?
A: The new law allows a lender to renew an existing payday loan up to two times after the first loan is made. However, the law does not require lenders to renew loans. Lenders are allowed to charge interest on the renewal, but they may not charge any additional origination fees. You could also ask your lender about re-payment by installments — an agreement between you and the lender that requires you to repay what you have borrowed in small payments on specific dates.

Q: How often can I get a new loan?
A: As of July 1, 2007, lenders may not make a new payday loan to you on the day the loan expires or during the six days before and the six days after the date on which a payday loan expires. If you pay off a loan early, you may not get another loan from a licensed Oregon payday lender until seven days after the loan is paid.

Q: Are payday loans subject to consumer protection laws?
A: Yes, the Federal Truth-in-Lending Act requires lenders to disclose the annual percentage rate (APR). The APR is the total cost of the credit extended to you, expressed as a yearly rate. Oregon law also requires that lenders clearly post the APR for a payday loan in their office where you can easily see it. If a lender declines your loan request, the lender must still comply with the Equal Credit Opportunity Act (ECOA), which requires the lender to provide you with a written notice of the reason for their decision. This notice is known as an "Adverse Action Notice."

Q: Are there any protections if I get a loan from an Internet payday lender?
A: Oregon law requires Internet lenders to be licensed by the state, just like lenders physically located in Oregon. Do not provide any personal information on a payday loan Web site of an unlicensed lender. (Such as your name, Social Security number, home address, place of employment, or checking account numbers.) To find out which companies are licensed to make payday loans in Oregon or to get a list of registered nonprofit organizations that offer financial counseling services, contact the Oregon Division of Finance and Corporate Securities (DFCS) by telephone, 503-378-4140, or toll-free, 866-814-9710 or go to http://www.dfcs.oregon. gov/cf/search.html.

Q: Are there options other than payday loans if I need cash right away?
A: You can contact your creditor or service company and arrange to make bill payments. You can also use what is called a debt consolidating agency to arrange debt repayment. A debt consolidating agency works with all of your creditors to arrange for options for repayment. A list of licensed debt consolidation agencies is listed at www.dfcs.oregon.gov/dca/ agents.html or you can call 503-378-4140. You may be able to request an advance from your employer. Also, many credit unions or banks provide small short-term loans or overdraft protection.

Q: What else do I need to know?
A: If you repay any amount of your loan before it’s due, you should receive a partial refund of the interest charged for the loan (but you will not get a refund of the origination fee). When you apply for payday loans, lenders must give you a written statement that clearly explains what happens if you default or are late with your payments. You should not give a payday lender your bank account PIN or other personal banking information. Your contract with a payday lender should not include:

• Any agreement on your part releasing the lender from any liability in connection with the loan.
• Any requirement that you waive your rights to be heard in court or through arbitration.
• Any consent by you, as a consumer, giving up your authority to seek legal action against the lender.
• Authorization for the lender to garnish your wages ("wage assignment"). You should always read the loan agreement and ask questions about the loan before you sign the agreement.

Q: Where can I get more information about other resources?

• To locate a consumer-credit counseling service near you, call 800-388-2227 or visit www.nfcc.org.
• Contact your local credit union, bank, or conventional consumer finance lender to see what short-term loans they offer.
• Veterans and their immediate family may be eligible for the Oregon Veterans’ Emergency Financial Assistance Program (OVEFAP), call 800-828-8801 or visit www.oregon. gov/ODVA/VeteransEmergencyFinancial Assistance.shtml.
• For legal advice on issues or disputes involving a payday loan, you should contact a lawyer. 440-2938 (1/08/COM) Division of Finance & Corporate Securities

Q: Who should I contact to file a complaint?
A: To file a complaint contact the Oregon Division of Finance and Corporate Securities (DFCS) by phone, 503-378-4140, or toll-free, 866-814-9710 or go to www.dfcs.oregon.gov/ filecomplaint.html. Send mail to: Department of Consumer & Business Services Division of Finance & Corporate Securities P.O. Box 14480 Salem, OR 97309-0405