PROS / If your employer pays you twice a month, you make two monthly payments instead of one, so your payments are smaller.
CONS / This service does not offer online loans.
VERDICT / Because this service takes out two small payments instead of one large payment each month, it may be a better choice for people who have little to spare each paycheck.
Rather than receiving a payday loan in Denver, residents are eligible for six-month installment loans. With EZMoney, you start your application online and go to one of the Denver-area stores to pick up your loan. The website clearly explains the fees and interest rates so you know what to expect when you receive an installment loan from EZMoney. This service also breaks the normal single monthly payment into two smaller payments based on your paycheck schedule, which may help you if you have little cash to spare from your paychecks.
As is the law with installment loans in Denver, the maximum amount you can receive from EZMoney is a loan for $500, but this service may not approve you for the full $500 on your first loan. Laws also regulate rates and fees. The APR is 45% and the origination fee is 20% on the first $300 and 7.5% on any amount from $301 to $500. There is also a monthly maintenance fee of 7.5% but not higher than $30 per month. All of these numbers, fees and rates are the same across the board no matter which service you chose.
EZMoney has a relatively lax application process, requiring typical information about you, your employment and your banking information. It does not require you make a minimum monthly income, but you must have some sort of valid income. It is preferred that you have a checking account, but the company works with you if you do not. You can begin the application online and complete your loan within a few minutes in one of its nine Denver-area stores. However, this service does not offer online loans via direct deposit, so you must go into a store to receive your funds.
Payments with EZMoney are slightly different from other installment loan services in Denver. Most services require one monthly payment for six months, but EZMoney takes out payments based on your paycheck schedule, so if your employer pays you twice a month, you make two smaller monthly payments for six months. Online, you can view the specific payment schedule based on your loan amount. As an example, for a $100 loan your bi-monthly payments are just over $12.
If you have direct deposit, EZMoney automatically removes the amount due from your checking account when payment is due. However, if you do not have a checking account, you repay your loan in a local store with cash. If for any reason you cannot make your payment, you can contact EZMoney to see if you are eligible for a loan rollover, which it does not advertise, but Colorado allows one rollover at 45%. But this service has final say in extending that option to you.
The website is a great place to start if you have any questions. While there is not a FAQs page for in-store installment loans, the FAQs page for online services has some relevant answers. The website outlines the fees and payment schedule in increments of $100 so there are no surprises. If you need to call with any questions, the local branches are very friendly and helpful. You can also call their main customer service line and send emails.
Installment loans with EZMoney offer the same amounts, rates and fees as other services, but the way its payment schedule works is helpful for customers who already stretch their paychecks as far as they can go.
Tommy A. Moore, Jr., is a co-founder of First Investors Financial Services Group, Inc. ("FIFSG"), a financial services corporation founded in 1989 and located in Houston, Texas. Since 1989, Mr. Moore currently has served as the President, Chief Executive Officer and as a director of FIFSG. Mr. Moore was elected to the additional position of...
General Items Loan and Installment Software ( Non Auto )