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Payday Loans FAQ
This is an agreement that states if you do not repay your loan, it will be deducted from your wagesl at your place of work. Your employer and yourself must sign this document.
Yes you can. Providers do not do credit checks as a condition of getting a loan as your employment is your collateral. Do I need DIRECT DEPOSIT? Yes, the loan payment made to you will be direct deposited into one of your accounts. What determines your pay back day? Your next payday is the repayment date. How long will it take until I get approved? Typically the provider will process your application in the same day you submit it, some even offer approval in 30 minutes once they receive all the necessary documents. If I have a payday loan from another company? Most providers will not approve your loan if you have an outstanding loan with another payday loan provider. Providers use a central systems like Teletrack to identify individuals that are attempting to borrow another payday loan. Where is my money going to be wired? Your money will be wired to the account that you have specified on your ONLINE APPLICATION. Can I pay my loan back early? Yes you can. Most providers wont worry if you pay them back early. How long does it take to get my money after the faxing process? The money you loaned is usually available in your nominated account 24 hours after you have signed and faxed all the required documentation to the provider. Do I get a discount if I pay my loan back early? Most providers will not give you a discount or for early payment. Nor will you incur an early payment penalty. You should check this with your supplier before paying back early of course. How much does an advance cost? This obviously varies per provider, at the moment you can pay anything from $10 to $35 per $100 you borrow. It is therefore important you look around and find a provider that suits your needs. Do you allow rollovers or extensions? Most providers will expect the repayment on the agreed date. If you require an extension you need to discuss this with your provider as this will usually incur extra costs. What is the maximum amount I can get? Most providers will lend you up to $500, they will however usually deduct their fee from that amount, so be sure you factor that into your calcuations when you decide on an amount. What happens if I change my bank? If you change your bank, you must inform your provider of it. It is important you do so because the terms and conditions of your agreement may require your payroll will be held at your employer until you do. Do I need any collateral? No, your employment is used as collateral, you are borrowing against your ability to repay the loan from your wages. There is rarely any need for extra collateral. What is an ACH? ACH is an automatic deposit or withdraw to or from your bank account. How will I get any confirmation about my approval? Most providers will email you as confirmation that your loan has been approved. You should also get advice of when the funds will be available in your bank account. Is ACH the only form of payment? Yes, Usually How long will it take for a representative to get back to me? Depending on the provider, but most will contact you that day (Monday to Friday) What is an ONLINE APPLICATION? Most Payday Loan providers off you the ability to apply online. They usually collect all the necessary information required to begin the processing of your loan. What is the LOAN AGREEMENT? The Loan Agreement is the legal document that contains all the agreed details of the loan including the loan amount, your payback date, all of the fees that apply to the loan. How do I get a loan approved online? Getting
a loan approved online is a simple and fast process. The cash advance loan funds are usually available in your account the very next day!
Typically
amounts from $100 - $500. This usually depends on the information
you provide. What can I use my loan for? Use you money for whatever purpose you wish. If you have some bills due, something necessary you need to buy, or just want to have some fun! Your loan is for you to use as you wish!
You need to meet the following: - I am currently employed or I receive recurring income regularly. - I currently have an active checking account. - I have Direct Deposit of my pay check. - I am a Citizen, or Legal Resident of the USA of at least 18 years of age. How do I Recieve the Payday Loan Money? Usually the loan provider will direct deposit into your bank account. How do I Repay the Loan? Usually the loan provider requires a cheque made out and dated after your next payday. Does a bad credit rating affect my loan approval? You can qualify for a loan, even with bad credit, slow credit or no credit rating. Your loan approval is typically based on a simple income test. |
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