Frequently Asked Questions
- What is a Payday loan?
- Are there any limitations to use payday loan?
- What amount of cash can be borrowed?
- How is the interest rate estimated?
- What requirements should be met to qualify for a payday loan?
- How to apply for a payday loan online?
- What information lenders require from their customers to provide?
- What are payday loan privacy and safety policies?
- Is there an application fee?
- Are customers obliged to take the loan after they submit an application?
- Is bad credit ok with lenders?
- Is any faxing required in the process of application?
- Can a person take several payday loans simultaneously?
- Is any information sent to the employers by lenders?
- Is direct deposit required?
- How much does it take for the funds to be transferred?
- Do customers get any notification about payday loan application approval?
- When a payday loan is usually repaid?
- Can repayments be made earlier?
- What to do in case repayment is impossible on the due date?
- Can another payday loan be acquired right after the previous one is repaid?
What is a Payday loan?
A payday loan is an unsecured short-term loan that is supposed to be paid back on the next pay day. Payday loans are intended for the cases of urgent financial need and, therefore, they are generally obtained to cover some unexpected expenses such as medical bills, car repairs, etc.
Are there any limitations for the use of the payday loan?
You can use the funds you obtain for any possible goal as you do not have to state the reason while proceeding with your application. However, cash advance lenders can provide you only with a limited amount as you are to pay back in a short period.
What amount of cash can be borrowed?
Depending on your needs you can apply for up to $1,000, or 25% of your gross monthly income. Returning customers can get larger loans, however, the maximum amount usually depends on a lender and the state laws.
How is the interest rate estimated?
Different lenders charge varies interest rates for their payday loans. The rate of interest depends on the state laws and also on the lending company as well. In those states where payday lending is allowed and lenders are not subject to small-cap or usury cap, it is quite varied for each $100 borrowed. General information about interest rates in different states and payday loan legislation can be found at UStatesLoans.org.
What requirements should be met to qualify for a payday loan?
Customers are expected to meet the following requirements:
- Age not below 18 years old
- US citizenship
- Current employment or regular income otherwise
- Monthly income above $1,000
- Valid checking account
How to apply for a payday loan online?
The application process is usually fast and simple. Borrowers fill in the application form and submit it, then they get approval from a lender, then the money is transferred to a borrower’s checking account. The approval of the application comes as soon as in several minutes in case you apply on any business day.
What information lenders require from their customers to provide?
To fill out the application for a payday loan you should first state the following:
- Your full name and address
Later you will also have to provide:
- Your monthly income information
- Bank account details
What are payday loan privacy and safety policies?
Lenders do everything possible to keep your information private. Most companies use a 128-bit Secure Socket Layer (SSL) to encrypt your personal information and all the transaction made online.
Is there an application fee?
Lenders do not usually charge any fees for online payday loan applications.
Are customers obliged to take the loan after they submit an application?
No. After you fill out our application for a payday loan online you do not have to accept the payday loan offered by the lender. You can continue finding better options and ask us any questions concerning your cash advance loan and the best solutions available. When you decide to go on with the application you should confirm your information.
Is bad credit ok with lenders?
Payday lenders do not refuse the applications from people with bad credit. Notwithstanding your credit history, you may still be eligible for a cash advance loan.
Is any faxing required in the process of application?
Generally, payday lenders do not require any faxing; however, there are lenders that may ask you for additional information later on through your application.
Can a person take several payday loans simultaneously?
The quantity of loans allowed per borrower is defined by the law in every state; therefore, you should better check this information at UStatesLoans.org states pages.
Is any information sent to the employers by lenders?
All the lenders work with respect to their customer’s privacy and keep all the loan information and details confidential.
Is direct deposit required?
Yes, direct deposit is the safest way to transfer the funds, therefore, you should have a banking account with a direct deposit. Besides, direct deposit allows quick transactions so you can get your funds in a shorter period.
How much does it take for the funds to be transferred?
After you submit your application for a payday loan, you get approval first. The approval of the application comes as soon as in about 30 minutes in case you apply on any business day. Once your application is approved, the funds will be transferred overnight. The due date for payday loan refinancing will be chosen to make you comfortable and ensure you against bounced checks and missed deadlines.
Do customers get any notification about payday loan application approval?
You will get an email as soon as your application is approved.
When a payday loan is usually repaid?
The refinancing of payday loans usually takes play on the next payday (from 7 to 30 days after you obtain a cash advance loan). However, the terms vary from state to state.
Can repayments be made earlier?
In case you can afford early refinancing of your payday loan, you will have to contact your lender directly and discuss this option.
What to do in case repayment is impossible on the due date?
In case you refinancing on the due date is impossible you can apply for a loan extension. However, this option should also be discussed at the very beginning with the lending company representative. Some lending companies (as well as laws in some states) do not allow roll-overs and extensions. It is strongly recommended to make sure that this issue is settled beforehand.
Can another payday loan be aсquired right after the previous one is repaid?
The number of loans allowed per borrower is defined by the law in every state, as it has been mentioned above; therefore, you should make sure that in your area multiple loans are allowed – this information can be found at UStatesLoans.org states pages.
It is, however, essential to remember that payday loans can provide only temporal relief and is not the way you can overcome serious financial difficulties.