FEDERAL DISCLOSURE REQUIREMENTS

Payday loans are short-term advances that are intended to be paid off quickly. They are not designed as a solution to long term financial issues. If you would like to discuss other alternatives, feel free to contact a non-profit counseling service in your area.

Regulation B in Federal Law prohibits the consideration of Age, Sex, Race, Ethnicity, Gender, National Origin, or Handicap as a basis for making anyone a loan. 123 CashNet, through its website does not discriminate based on any of these factors. In addition 123 CashNet will not enter into or maintain vendor/reciprocal information service type relationships with anyone who does not conform to these anti-discriminatory practices.

Regulation Z in Federal Law requires the full disclosure of all costs and terms associated with any credit purchase or transaction (such as this cash advance) and further requires that the costs associated with the transaction be expressed as an annual percentage rate of interest or A.P.R. Below all costs, terms and rates associated with the 123 CashNet cash advance program are given.

Federal Truth in Lending Act (T.I.L.A.)

123 CashNet Terms and Conditions

Click on the section you wish to view, or scroll down to view the pursuant agreement.

1) PAYMENT ARRANGEMENTS
    a) Payment Agreement
    b) Extensions of Payments
    c) Early Payments
    d) Late Payments
    e) Return of Payments
    f) Right of Rescission

2) “EFT/ACH” AUTHORIZATIONS

3) AGREEMENT/AUTHORIZATION FORM

4) DEFINITIONS

1) PAYMENT ARRANGEMENTS

a) Payment agreement

I agree to pay 123 CashNet the “Amount Financed” and “the Finance Charge” for that amount, in one payment, due on my “Payment Date”. I understand and agree that this “Payment Date” will be my next nearest payday. I authorize 123 CashNet to ACH/EFT debit the total amount due or any part thereof until this cash advance is paid in full.

I agree to maintain and keep in good standing the account with the financial institution I supplied in my application so that 123 CashNet can receive all payments due, in a timely manner.
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b) Extensions of Payments

Payday loans are short-term advances intended to be paid off quickly. They are not a solution to long-term financial issues. Therefore 123 CashNet does not recommend Extensions of Payment.

I understand that Delaware State regulations will allow me to extend my cash advance a maximum of four (4) times under the following terms. I can do so by paying the “Extension Fee” which is twenty-five dollars ($25) per one hundred dollars ($100) of the “Cash Advance Amount”. After the fourth extension request I will pay an additional amount of at least twenty-five dollars ($25) toward the “Payoff Balance” of my loan. Additional fees may accrue if the loan is extended/rolled over.

I understand that all extension requests must be received by 123 CashNet a minimum of two (2) days in advance of my “Payment Date” and that I can only submit such request through email, telephone, or on the 123 CashNet website.
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c) Early Payments

I may prepay all or part of the “Cash Advance Amount” at any time. If I do so before my “Payment Date” I shall receive a pro-rated discount on my “Finance Charge”. This charge will be either fifty percent (50%) of my “Finance Charge” or a percentage calculated by dividing the number of days since I received my cash advance divided by fourteen (14), whichever is larger.
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d) Late Payments

I may request extra time to pay either my “Extension Fee” or my “Payoff Balance”, however 123 FastCash is not required to grant me any. This is just a service that 123 CashNet can use for “Preferred Customers” at their discretion. All requests must be made a minimum of 3 days before my “Payment Date”.
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e) Return of Payments

If my pre-authorized payment is returned by my financial institution to 123 CashNet for any reason, I agree that 123 CashNet can automatically reschedule me for a repayment date and may include extra fees for, but not limited to, the continued use of my cash advance, a returned payment fee of thirty dollars ($30), and any other fees incurred by 123 CashNet in the collection of my debt. 123 CashNet has the right to use any means necessary to collect the amount I owe them. Including but not limited to smaller separate “ACH/EFT” withdrawals or preparing and submitting one or more checks drawn on my account.
If 123 CashNet is unable to obtain this payment in full, my account will be considered in default and will be transferred to a collection agency where I may accrue even more fees.

f) Right of Rescission

As required by federal law, you are given the right to rescind. In order to rescind you must notify 123 CashNet of the rescission by mail, telegram, or other means of written communication. You may only exercise the right to rescind until midnight of the third business day following the original contract agreement. You may not rescind each credit extension made under the plan if such extension is made in accordance with a previously established credit limit for the plan.
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2) EFT/ACH AUTHORIZATIONS

To serve you better 123 CashNet has an electronic banking service to help you prevent “NSF” return fees by your bank. In ordinary course of business we obtain your written pre-authorization to process your payments electronically. This allows us to submit an electronic entry to your bank instead of a check. Providing the payment is honored, Under Federal Regulation E, authorizing this transaction does not give us the right to access your account further. Only the authorized amount can be debited from your account. Payments due are presented to your bank on the morning of your “Payment Date”.
I hereby authorize 123 CashNet or their agent to initiate debits/credits entries to the account I supplied, for all payments due, including but not limited to “Amount Financed”, “Finance Charge”, “Payoff Balance”, “Extension Fee”, and “Service Fee”.
I understand and agree that 123 CashNet does not need to notify me prior to any debit entry as this contract constitutes a point-of-sale debit initiated by me.

I understand that the foregoing “ACH/EFT” Authorization is a fundamental condition to induce 123 CashNet to accept my application. Consequently such authorization is intended to be irrevocable. I have read and agree to all terms and conditions contained in this ACH Agreement and further agree that said document cannot be altered, modified, revoked, or rescinded unless both parties agree and said agreement is in writing and signed by both parties. The authority is to remain in full force and effect until 123 CashNet has received written notification from me of its termination in such time and manner as to afford them and the depository bank a reasonable opportunity to act on it.
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3) AGREEMENT AND AUTHORIZATION FORM

1.) I acknowledge that I have read, understand, and agree to all the conditions, terms, and disclosures of the 123 CashNet agreement.
2.) I acknowledge that I have provided my banking information, including routing and account number for 123 CashNet to use for debit/credit transactions.
3.) Once approved, I give 123 CashNet authorization to deposit a cash advance into my account. This amount will be my “Amount Financed”.
4.) I understand that the “Amount Financed” may be less than the amount I requested.
5.) I authorize and approve 123 CashNet to withdraw the “Amount Financed” plus the “Finance Charge” on my “Payment Date” as determined by the application. And that that date should be my next payday.
6.) I confirm and promise that I am not currently in bankruptcy proceedings nor am I planning on filing bankruptcy in the future.
7.) I understand that if I chose to pay for an extension on my loan, that paying the “Extension Fee” in no way decreases my “Payoff Balance”, and that if I wish to decrease my “Payoff Balance” I must pay an additional amount above and beyond my “Extension Fee”.
8.) I understand that all transactions will be deemed to have taken place in the State of Delaware regardless of where I viewed, submitted or accepted this application and agreement.
9.) I understand and agree that this agreement and authorization are binding and valid for now and as requested in the future and will remain in effect.
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4) DEFINITIONS

A) “Amount Financed” – The amount of cash you receive from 123 CashNet

B) “Finance Charge” – Your actual cost for the cash advance you receive.

C) “Payoff Balance” – This is the “Amount Financed” minus anything you have paid to your balance. * See pay-down requirement under Delaware State Regulations.

D) “Extension Fee” – This is a fee you can pay to extend your loan another pay period. The fee is $25 per $100 “Amount Financed”

E) “Service Fee” – This could any of several fees charged to you if your account goes delinquent.

F) “Payment Date” – This is the date your payment is due, this should be your next payday.

G) “APR” – Annual Percentage Rate – The “Finance Charge” expressed as a yearly rate.

H) “ACH” – Automated Clearing House – The agency responsible for financial electronic transactions.

I) “EFT” – Electronic Funds Transfer – An electronic banking service to process your payments electronically.
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DELAWARE Licensed Lenders Regulations
Itemized Schedule of Charges
(5 Del. C. . §§2218 and 2231)

The Delaware State Licensed Lenders Regulations and Itemized Schedule of Charges are available on this website by clicking here. (to review click here)