Faq

What Is a Payday Loan?

A payday loan is a means to secure cash when it is needed to meet financial obligations. Obtaining cash in hurry with a payday loan is fast and simple and may help avoid costly overdraft expenses, late fees, missed bills and other expenses associated with an inability to meet financial obligations. Penalties for overdue bills can lead to a poor consumer credit rating and repossession of assets that were purchased using credit that have outstanding balances. Consideration must be given to personal circumstances when seeking cash to settle debts. Sometimes using a credit card is more cost efficient than obtaining a short term payday loan, unless the credit card has reached its credit limit.

What Is the Benefit of a Payday Loan?

The primary benefit to payday loans is securing cash fast. Sometimes financial expenses come up unexpectedly and traditional loans provided through a bank or other financial institution take too long to process. Payday loans provide the opportunity to get cash in a hurry and avoid costly overdraft fees that most banks charge. Also, interest rates on credit cards are often prohibitive to money saving efforts. When interest is calculated on a small sum of money over a period of months or years, the financial strain can lead to additional expenses and perpetuate debt. Often, responsible use of a payday loan is the best option for protecting consumer credit and avoiding costly fees associated with missed or late bill payments.

How Long Does It Take to Get Approved for a Payday Loan?

A lender will review your loan application immediately upon its completion. If you are approved for a payday loan, you may receive your money within 24 hours, sometimes even on the same day you submitted your application. The odds of being approved for a payday loan and being able to secure the cash you need in a hurry are increased if all previous payday loans and cash advances have been paid off in full prior to submitting an application for a new loan.

How Do I Know If and When My Loan Is Approved?

Upon completion and submission of your payday loan application, it will be promptly reviewed and when it is approved, you will be alerted via email with approval verification.

Is There a Fee To Apply Online?

There is no cost to our no fax online application process. We never charge an application fee to our customers.

Does My Loan Application Obligate Me to Take Out a Loan?

No. The payday loan application only indicates your interest in securing a loan through us. The application is not a contract therefore there is no obligation to take out a loan. Upon receipt of your loan application a lender will contact you and discuss all of the loan terms and conditions. You may withdraw your application at any time without penalty.

How Long Is My Loan Good For?

Actual lending terms vary from state to state as payday lending laws are not uniform nationwide. Generally, a payday loan term ranges between eight and twenty-five days. The timing of the borrower’s scheduled paycheck may influence the actual term of the loan.

How Many Times Can I Borrow Money Through a Payday Loan?

The actual number of times cash can be borrowed by using a payday loan is governed and dictated by each state’s loan regulations. Some states limit the number of payday loans that a person can have to four per year. Some states do not have restrictions or limitations on the number of payday loans a consumer can take out. Consumers must be mindful of their borrowing practices as excessive use of short term loans, such as payday loans, can lead to greater financial stress.

How Do I Pay Back My Loan?

The entire loan balance may be paid in full at the end of the contract period. However, your payday lender may also give the option of paying the financing fee that is associated with the loan and allow the payday loan to be renewed for another term.

Why Do Online Applications Require Personal Information?

It is standard practice to verify the borrower’s identity by means of his or her social security number and government issued ID such as a driver’s license. This protects the borrower from identity fraud. Bank account information is required so that funds that are secured through the loan can be deposited into the correct account and so that the borrower can have safe and secure access to the money that is issued from the payday lender.

Can I Get a Payday Loan Even If I Have Bad Credit?

Yes. We do not conduct consumer credit checks as a part of our application process. Even if you have not qualified for other loans or have been turned down by other lenders in the past, you can still obtain cash through a payday loan. The only requirement is that you earn a steady monthly income.