payday loan
Payday Loans
Allowance for Loan and Lease Losses (ALLL) Adequacy
As with other segments of an institution's loan portfolio, examiners should ensure that institutions maintain an ALLL that is adequate to absorb estimated credit losses within the payday loan portfolio. Consistent with the Interagency Policy Statement on Allowance for Loan and Lease Losses Methodologies and Documentation for Banks and Savings Associations (Interagency Policy Statement on ALLL),6 the term "estimated credit losses" means an estimate of the current amount of loans that is not likely to be collected; that is, net charge-offs that are likely to be realized in a segment of the loan portfolio given the facts and circumstances as of the evaluation date. Although the contractual term of each payday loan may be short, institutions' methodologies for estimating credit losses on these loans should take into account the fact that many payday loans remain continuously outstanding for longer periods because of renewals and rollovers. In addition, institutions should evaluate the collectibility of accrued fees and finance charges on payday loans and employ appropriate methods to ensure that income is accurately measured.
About
Payday Loans offers short term cash advances to help you make ends meet when those situations arise and you find yourself a little short on cash. Our service is courteous and hassle free.
We are not a bank. We are not here to judge and penalize you. We do not perform a standard credit check however, we do utilize various verification type services to help our staff process your application quickly.
Your business is very important to us and we make sure that you are treated both fairly and with respect. We understand that there are certain times that require a little financial help. A payday loan instrument allows you to take care of those matters with dignity and confidentiality. We want you to feel that you are important to us and if at anytime you feel otherwise, please let us know.
