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?
Proof of residence can be demonstrated by a current utility bill or apartment lease.
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 that you may have difficulty paying back. For money management tips, click here.
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. We encourage our customers to pay off their loans as quickly as possible, and there are never any penalties for early pay-off. In fact, if you pay off your loan early, you may be eligible for an early pay-off discount.
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.
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, feel free to come into Koster's to speak with your loan consultant about your options.
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 verify your contact information. If a significant amount of time has passed since the last loan, additional verification may be required.
Is there anyone Koster’s will not loan 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.
Is a short-term cash loan my best option?
When 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, such as when rent is due. We do not recommend using short-term loans for luxury or non-essential expenses, such as vacations or personal entertainment. For money management tips, click here.
What are your hours?
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. We 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 Safe Nest and a teddy bear drive benefiting children served by Child Haven.
What types of fees might I expect to pay in association with my loan?
Any applicable fees associated with the loan will be included in the contract and explained by the loan consultant before we ask for your signature. We encourage all of our customers to carefully review our loan contracts and any other financial documents. Koster’s does not charge application, documentation, or early payment fees. If you make a loan payment with a check and do not have sufficient funds in your checking account to cover the payment, you will be charged a $25.00 fee.
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 a 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. In fact, if you pay off your loan early, you may be eligible for an early pay-off discount.
Will I need to provide an upfront collateral, such as the title to my car or a post-date check, 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.
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 website on credit
- The Consumer Action Bankrate Annual Credit Report Request Service website, or by phone at (877-322-8228/TDD 877-730-4104)