FAQ
What is a Payday loan?
How do Payday loans work?
How long does the Payday loan application process take?
How long is a typical payday loan period?
Why are Payday loans popular among some people?
What are the advantages of a Payday loans?
What does APR mean?
What are the basic requirements for a Payday loan applicant to be approved?
When should Payday loans be used?
What are the disadvantages of Payday loans?
Do lenders charge additional fees on Payday loans?
Do lenders provide discounts on Payday loans?
Are there any laws that protect Payday loan borrowers?
What can cause an applicant to be denied approval for a Payday loan?
What is a Payday loan?
Payday loans, cash advance loans, no fax payday loans, faxless cash advance, and payroll advance loans are short-term personal loans that give you quick access to cash before your next paycheck.
How do Payday loans work?
Payday loan lenders provide you with cash now to meet your emergency needs in exchange for your post dated check. The payday lender cashes your post-dated check at the due date for the payday loan repayment.
How long does the Payday loan application process take?
The payday loan takes only a few minutes, only your basic information is needed to complete the application.
How long is a typical payday loan period?
Usually, it is a minimum of your next pay period and on average a maximum of 30 days
Why are Payday loans popular among some people?
Personal payday cash advances give people the flexibility of choice and convenience that they may not get from their bank or credit union.
What are the advantages of a Payday loans?
A payday loan gives you the ability to meet your emergency cash needs within 24hrs. No other financial institutions are able to meet personal loan needs of customers so quickly.
What does APR mean?
Annual Percentage Rate (APR) is the effective interest rate on your payday loan. It is the total cost of your loan including all fees and charges. You should use APR to compare lenders and loan options.
What are the basic requirements for a Payday loan applicant to be approved?
Just like any other personal loan application process, payday lenders require:
- applicants to be at least 18 years of age
- have steady income
- have a checking account
- other information as needed
When should Payday loans be used?
Payday loans are only a stop-gap measure only to be used in emergencies, not for meeting daily expenses.
What are the disadvantages of Payday loans?
Payday cash advance loans are accompanied by high interest rates, in many cases triple digit interest rates. However, these triple digit interest rates come into play if you are unable to meet your loan payment deadline.
Do lenders charge additional fees on Payday loans?
Personal payday loan fees and charges vary by payday lenders.
Do lenders provide discounts on Payday loans?
Discounts are usually provided to good borrowers who use the payday loan service often and pay off their loans on time.
Are there any laws that protect Payday loan borrowers?
There are varying state laws that require the payday loan lender to disclose all fees and charges associated with the loan upfront. Also, many states now have stronger consumer rights laws to protect you.
What can cause an applicant to be denied approval for a Payday loan?
Applications can be declined for various reasons, here are some of them:
- Lack of proof of identity
- No steady income
- No checking account
- History of late loan repayments
- Outstanding cash advance loans