Frequently Asked Questions
A short-term loan provides you with emergency cash when you need it most. It allows you to borrow the money you need now, and then pay the loan back when you get paid. Simply complete our quick, convenient, and confidential application online. Once you are approved, the money is sent directly to your account as early as the following business day.
Once you have completed your online application, you will be given the option to accept the terms of your short-term loan, and electronically sign your required Loan Agreement documents. These loan documents provide you with the full terms of your short-term loan. Per the Loan Agreement, the entire balance of your short-term loan will be due on your first scheduled due date. Once the funds are sent to your bank account you may be eligible to request an Extended Repayment Plan that could better fit your needs if you need additional time to repay. This option will allow you to pay back your short-term loan over multiple due dates if you choose not to pay in full on the first assigned due date. (Please note: By extending repayment of your short-term loan over more than one payment you will incur additional finance charges resulting in a higher payback amount at the end of your loan term. With a new repayment agreement, you will be required to sign a new agreement with us confirming the terms of your extended repayment plan.)
In order to qualify you must meet all of the following criteria:
- Must have been employed or receiving an equivalent reoccurring income for at least 1 month
- Must make equivalent to at least $800 USD per month*
- At least 18 years old
- Must have an active checking account
- Other requirements may apply during the application process
Once you submit your application, certain guidelines are used based on the information you have provided to determine the initial loan amount you will qualify for. After successfully paying off your initial short-term loan with us, any future loan amounts could be increased.
The due date for your short-term loan is based on your next paydate that you provided within your application. Once the funds are sent to your bank account, you may be eligible to request an Extended Repayment Plan that could better fit your needs if you need additional time to repay. This option will allow you to pay back your short-term loan over multiple due dates if you choose not to pay in full on the first assigned due date. (Please note: By extending repayment of your short-term loan over more than one payment you will incur additional finance charges resulting in a higher payback amount at the end of your loan term. With a new repayment agreement, you will be required to sign a new agreement with us confirming the terms of your extended repayment plan.)
As soon as you complete your loan application, it is sent to our processing department for review. If the short-term loan is approved by the close of our batch, usually at 2:00pm CST (GMT -5) and no further information is needed, we will send the funds to your account on the next business day. Though posting usually takes place the next business day, it will be up to your bank to make the funds available to you. Any loans processed after the close of our batch will post on the following days business.
Once your loan application is approved, an email will be sent to the email address that you provided within your application. This email will arrive with the subject "Congratulations" and will provide an estimated fund date.
There may be some instances where proof of income is required prior to the approval of your application. Examples of this could include, but are not limited to, a copy of a recent bank statement showing reoccurring direct deposits of income, a pay check stub or an award letter for government benefits.
The funds are deposited directly into your account via ACH the business day after your application has been approved. Though posting usually takes place the next business day, it will be up to your bank to make the funds available to you. If you do not see funds in your account the next business day following approval, you should contact your bank's ACH department for further information.
ACH stands for Automated Clearing House. An ACH is an electronic transfer of funds from one bank account to another.
There is a finance charge associated with the short-term loan provided to you. This is included within your initial Loan Agreement documents and is based on the loan amount you qualify for. After you have received your funds, if you choose to extend repayment over multiple due dates, you will see the applicable finance charge(s) as you build your Extended Repayment Plan. You will be able to edit and rework the extended payment schedule to comfortably fit your budget. (Please note: By extending repayment of your short-term loan over more than one payment you will incur additional finance charges resulting in a higher payback amount at the end of your loan term. You will be required to sign a new agreement with us confirming the terms of your extended repayment plan.)
The interest rate of your short-term loan depends on the initial loan amount you qualified for, and whether you have set up an Extended Repayment Plan or have opted for a One Time Payment only. The APR is displayed on the final page before you sign and is included in the Federal Truth and Lending Disclosure during your selection of the Repayment Plan.
You cannot reduce the finance charge on your initial short-term loan. The initial finance charge is fully earned and accrued at the time you receive your short-term loan. If you later select and schedule an Extended Repayment Plan, you can select to pay additional funds toward the principal balance, reducing periodic finance charges for future scheduled payments. (Please note: By extending repayment of your short-term loan over more than one payment you will incur additional finance charges resulting in a higher payback amount at the end of your loan term. You will be required to sign a new agreement with us confirming the terms of your extended repayment plan.)
Your account will automatically be due for the full balance of your short-term loan on your first due date as specified in your Loan Agreement documents. (This option will cost you the least)
After you have received your funds,you may be eligible to request an Extended Repayment Plan if you need additional time to repay. We offer the flexibility to create your own Extended Repayment Plan that will allow you to make payments over multiple due dates. Once you have received your loan, but prior to your first due date, you can schedule an Extended Repayment Plan that works best for you.
Once you have logged into your account by selecting 'Create New Schedule', you can build an Extended Repayment Plan. You may also contact a Customer Service agent to help you build an Extended Repayment Plan. (Please note: By extending repayment of your short-term loan over more than one payment you will incur additional finance charges resulting in a higher payback amount at the end of your loan term. You will be required to sign a new agreement with us confirming the terms of your extended repayment plan.))
You are responsible for making your payments by your scheduled due date(s). Our friendly Customer Service team would be happy to assist you with any questions or review options available to help you avoid a late payment. If there is a late payment, skipped payment or a payment is returned to us, you may accrue additional fees and your account will be sent to our collection department.
Due to increasing email restrictions from some email providers, our emails could be marked as SPAM, Junk Mail or Bulk Mail. You can also add us to your "contacts", which usually allows our emails to go straight to your inbox. Additionally, you must make sure that you have not previously opted out of receiving emails from 500FastCash™.
You will be emailed a Username and Password to our website. This Username will allow you to access your account online and complete such services as:
- Review your short-term loan balance.
- Review your signed loan agreement and other documents.
- View your next scheduled payment and due date.
- View, create, or modify your Extended Repayment Plan.
- Contact our Customer Service department via email.
- Change or reset your password.
- Update your personal profile such as phone numbers, email address and mailing address.
Your balance is due in full on your first scheduled due date. If you choose to not pay your balance in full on the first due date, you may be eligible to request and create an Extended Repayment Plan. When an Extended Repayment Plan is created there are a maximum number of times that you may pay the finance charge only before you are required to start paying towards your principal. If you choose the maximum number of payments for your Extended Repayment Plan, payments to reduce the principal balance of your short-term loan will be required after four payments of finance charges only.
What does it mean to enter into a contract with an online lender wholly-owned by a sovereign, federally recognized Indian tribe? One of the things it means is that as a sovereign just like the United States and each of its states, Modoc Tribe Financial Services Authority, doing business as 500FastCash™, is immune from lawsuits unless we agree to waive our tribal sovereign immunity. This means that unless we agree to waive our tribal sovereign immunity, you cannot sue us for any disputes related to your loan. In the unlikely event that we are unable to resolve a complaint you may have to your satisfaction, however, we are committed to resolving all disputes in a fair, effective, and cost-efficient manner. Accordingly, if you complete the loan application process, we will agree to a limited waiver of our tribal sovereign immunity solely for the purpose of consenting to individual arbitration for the resolution of any disputes between us and/or any third parties related to your loan that we cannot resolve to your satisfaction.
What is arbitration? Arbitration is a faster, simpler, and less expensive alternative to filing a lawsuit. For more information about our agreement to individually arbitrate disputes, please see the section in the loan agreement under the statement: "PLEASE READ THE FOLLOWING CAREFULLY AS IT IMPACTS YOUR LEGAL RIGHTS." A sample of limited waiver of sovereign immunity and arbitration provision can also be found here.
Our loan agreements provide that the Federal Arbitration Act will apply and that arbitration will occur before the American Arbitration Association or JAMS. The Federal Arbitration Act can be found here. To learn more about the American Arbitration Association click here and to learn more about JAMS click here.
You can also learn more about arbitration by visiting some useful websites. This site and this site generally describe arbitration. The Uniform Arbitration Act, adopted by many states, can be accessed here and the Arbitration Ordinance of the Modoc Nation can be found here.
If you do not understand the impact of entering into a contract with an online lender wholly-owned by a sovereign, federally recognized Indian tribe that agrees to a limited waiver of its tribal sovereign immunity solely for the purposes of individual arbitration for the resolution of any dispute, you should not apply for a loan from Modoc Tribe Financial Services Authority doing business as 500FastCash™.
What is arbitration? Arbitration is a faster, simpler, and less expensive alternative to filing a lawsuit. For more information about our agreement to individually arbitrate disputes, please see the section in the loan agreement under the statement: "PLEASE READ THE FOLLOWING CAREFULLY AS IT IMPACTS YOUR LEGAL RIGHTS." A sample of limited waiver of sovereign immunity and arbitration provision can also be found here.
Our loan agreements provide that the Federal Arbitration Act will apply and that arbitration will occur before the American Arbitration Association or JAMS. The Federal Arbitration Act can be found here. To learn more about the American Arbitration Association click here and to learn more about JAMS click here.
You can also learn more about arbitration by visiting some useful websites. This site and this site generally describe arbitration. The Uniform Arbitration Act, adopted by many states, can be accessed here and the Arbitration Ordinance of the Modoc Nation can be found here.
If you do not understand the impact of entering into a contract with an online lender wholly-owned by a sovereign, federally recognized Indian tribe that agrees to a limited waiver of its tribal sovereign immunity solely for the purposes of individual arbitration for the resolution of any dispute, you should not apply for a loan from Modoc Tribe Financial Services Authority doing business as 500FastCash™.
No. Your loan agreement will be governed by and construed in accordance with the laws of the Modoc Nation and all applicable federal laws. Federally recognized Indian Tribes are sovereign and possess sovereign immunity and are not subject to state law absent congressional authorization. Our loan applications and loan agreements state that the laws of your state of residence and/or the state where you apply for a short-term loan will not apply to any agreement you enter into with us.
500FastCash™ does not engage in the illegal practice of threatening its customers. Sadly, there are companies that run scams designed to intimidate or con people into making payments for debts, including debts that do not actually exist, that have previously been paid, or that are owed to a different company.
A typical scam works like this: The scammer emails you and poses as a short-term loan collector. The fake collection email then accuses you of failing to repay a payday loan. It says that you will be sued if you don’t immediately wire a payment, provide a bank account, or credit card number to pay off the supposed debt. The email may appear to be from 500FastCash™ and may even use our logos. Other intimidation tactics include threatening to alert your employer or family members, and/or saying that you’ll be arrested if you don't pay off the debt.
If you have received one of these threatening emails, we respectfully ask that you forward it to us at customerservice@500FastCash.com, so that we may report this illegal activity to the FTC and the FBI. If you have any other questions or concerns, please do not hesitate to contact us at 1-800-507-5859.
A typical scam works like this: The scammer emails you and poses as a short-term loan collector. The fake collection email then accuses you of failing to repay a payday loan. It says that you will be sued if you don’t immediately wire a payment, provide a bank account, or credit card number to pay off the supposed debt. The email may appear to be from 500FastCash™ and may even use our logos. Other intimidation tactics include threatening to alert your employer or family members, and/or saying that you’ll be arrested if you don't pay off the debt.
If you have received one of these threatening emails, we respectfully ask that you forward it to us at customerservice@500FastCash.com, so that we may report this illegal activity to the FTC and the FBI. If you have any other questions or concerns, please do not hesitate to contact us at 1-800-507-5859.
