- What is the difference between a Koster’s loan and a payday loan?
- What do I need to show Koster’s as proof of my current address?
- How much can I borrow?
- How much does it cost?
- What if I don’t get approved for the amount of money I need?
- What happens if I can’t make my payment?
- What if I need another loan?
- Is a short-term cash loan my best option?
- What are your hours?
- Is there anyone Koster’s will not lend to?
- Do Koster’s loan consultants speak Spanish?
- How does Koster’s support the local community?
- What types of fees might I expect to pay in association with my loan?
- How long do I have to repay a Koster’s cash loan?
- Will I need to provide any upfront collateral, such as the title to my car or a piece of jewelry, to secure a loan?
- Are there any financial education resources I can use to take control of my financial situation?
1. What is the difference between a Koster’s loan and a payday loan?
A Koster’s Cash loan is a cash loan to help you meet your urgent financial obligations. You don’t need a checking account, as we give you cash on the spot. Koster’s does not take post-dated checks or other collateral, and we don’t cash checks. A Koster’s cash loan allows you to repay your loan over a series of six payments instead of on your next pay day. You may earn a discount for repaying the loan early.
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2. What do I need to show Koster’s as proof of my current address?
Proof of residence can be demonstrated by a current utility bill or apartment lease. (Back to Top)
3. How much can I borrow?
The loan amount depends on your individual needs and qualifications. Typically, Koster’s loans are for $1,000 or less, and first-time loans are usually $500 or less. It’s important to carefully consider your financial situation when determining how much you need to borrow. Koster’s does not recommend taking out a loan that creates a financial hardship or one that you may have difficulty paying back. For money management tips, click here. (Back to Top)
4. How much does it cost?
Koster’s charges an origination fee at the time of the loan. The origination fee varies depending on your credit history with Koster’s. There are no application or documentation fees. Koster’s encourages our customers to pay off their loans as quickly as possible and there are never any penalties for early pay-off. (Back to Top)
5. What if I don’t get approved for the amount of money I need?
Koster’s will work with you to explore all the options that might be available to you. This could include working to get you approved for a lower loan amount, depending on your financial circumstances. (Back to Top)
6. What happens if I can’t make my payment?
It is important that you make your scheduled payments to maintain good financial health (such as maintaining a good credit record). If that is not possible, you need to come into Koster’s and talk with your loan consultant about your options. For tips on understanding how loans and credit work, click here. (Back to Top)
7. What if I need another loan?
Once you’ve completed your first loan, getting another loan is quick and easy. Simply come into any Koster’s branch with your pay stub, proof of residence and state-issued ID. You will be asked to provide updated contact information. If a significant amount of time has passed since the last loan, additional verification may be required. (Back to Top)
8. Is a short-term cash loan my best option?
When financial emergencies arise, it’s important to carefully consider your financial options. In many instances when quick cash is required, a Koster’s loan can be a good solution. Koster’s loans must be repaid like any other debt and should only be used in urgent or important situations (for example, when rent is due). Koster’s does not recommend using short term loans for luxury or non-essential expenses, such as vacations or personal entertainment. For money management tips, click here. (Back to Top)
9. What are your hours?
Hours vary by location. For a complete list of all locations and hours, click here. (Back to Top)
10. Is there anyone Koster’s will not lend to?
We do not lend to active duty military personnel. We also do not lend to anyone with more than three outstanding short-term loans. (Back to Top)
11. Do Koster’s loan consultants speak Spanish?
Nearly 70 percent of our loan consultants are bilingual. When you come into Koster’s, we’ll do our best to pair you with a loan consultant who can conduct business in your native language so you understand clearly the terms of your contract. (Back to Top)
12. How does Koster’s support the local community?
Koster’s is proud to serve Clark County and is committed to making our community a better place to live. In 2009, Koster’s sponsored a backpack giveaway for local school children and helped provide food donations to the Salvation Army. In the past, Koster’s has also supported a teddy bear drive benefiting children served by Child Haven, an organization that supports abused and neglected youth. CLICK HERE (Back to Top)
13. What types of fees might I expect to pay in association with my loan?
Any applicable fees associated with the loan will be included on the contract and explained by the loan consultant before we ask for your signature. Koster’s encourages all of our customers to review our loan contracts, as well as any other financial documents carefully. Koster’s does not charge application, documentation or early payment fees. If you make a loan payment and do not have sufficient funds in your checking account to cover the payment, you will be charged a $25.00 fee. (Back to Top)
14. How long do I have to repay a Koster’s cash loan?
A Koster’s cash loan must be paid off within 90 days. However, there is never any penalty for paying off the loan early, and we encourage customers to repay the loan as quickly as possible. This allows you to repay the loan in the time period that works best for your individual financial situation. (Back to Top)
15. Will I need to provide any upfront collateral, such as the title to my car or a piece of jewelry, to secure a loan?
No. Unlike other short-term lenders, Koster’s does not require collateral from the customer to guarantee a loan. At Koster’s, your signature is the guarantee. (Back to Top)
16. Are there any financial education resources I can use to take control of my financial situation?
Yes. There are a variety of free educational resources consumers can use. Some to consider include:
- The Federal Reserve
- The Federal Trade Commission’s Web site on Credit
- Consumer Action
- Bankrate
- Annual Credit Report Request Service
or by phone (877-322-8228/TDD 877-730-4104) (Back to Top)
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