A payday loan is a short term loan for use in an emergency. It is to be used when something unexpected comes up that exceeds a person's budget but must be paid for right now. It is a loan you can get very quickly with a minimum of hassle. Generally, the loans are for less than $1,000.
How long do I have to pay the loan back?
It is usually due to be repaid at the next month's payday. Payday loans are set up with an approximately 30 day time period in mind, so they have to be paid within about 30 days of when they are received. However, all loans are different so check the contract find out the duration of your loan.
What do I need to qualify?
You have to be 18 years old or older and a legal resident or citizen of the US. You need a bank account that can accept direct deposit, and you need a job with a monthly paycheck. That's the information you need to qualify and it is the information you will be asked for when you apply for your loan. Generally you have to make more than $500 per month to get a payday loan.
How do I apply?
There is a simple online application that you fill out with the information we described in the qualifying section. They send the information online to lenders who then make them offers of loans based on that information.
Is there an application fee?
No, there is no application fee. The only fees are the fees described in the terms of the loan you are approved. The average APR Representative (variable) across our lenders is 1734%.
Do I need to have collateral to get the loan? Do I have to own a house or apartment?
No, collateral is not required. You do not need to own property to get a payday loan. There are specific requirements that you must meet that are described in the application, including a job.
What about my credit? How good does it have to be?
Credit history is not an issue for payday loans. Payday loans are based upon the basic requirements described above, including having a bank account, a monthly paycheck, being at least 18 and legally living in the US.
I have a pretty big problem. How big are the loans?
The loans can be up to $1,000, but it depends on how much the lender thinks you can afford based upon a combination of factors, including your salary.
What do I need to do to protect my privacy?
You protect your privacy by submitting the material over the secure website. Your banking and loan information is protected by data encryption similar to what banks and other secure financial sites use, so your information is safe with us.
When do I get the money from the loan?
The loan should be sent to your bank account very shortly after you are offered the loan and you accept it online. This can be as short as a few minutes but is usually no longer than a day.
How many payday loans can I have? When can I get another one?
You can have only one payday loan at a time. You cannot get another payday loan until you have paid off the first payday loan. If you apply to different services for payday loans they can check to see if you have one, and they will not offer you another loan.
You can get another payday loan after the one you have is paid off, but please keep in mind that payday loans are for short term financial needs. If you need a longer term loan, you should consider loan products other than a payday loan.
Why do I have to have direct deposit?
Because that is how the loans are set up and processed to send you the funds. If you do not have a bank account with direct deposit you cannot get a payday loan.
When do I repay my loan?
Payday loans are designed to be repaid on the payday after taking out the loan, so that will most likely be the due date for your loan. But each loan is different; please see the documents which accompany your loan to see your exact due date or contact your lender.
I might not be able to repay my loan, what can I do?
You should contact the lenders as soon as you know there is a problem so that they can work with you to find a solution. Please keep in mind, though, that late payments on a payday loan can affect your credit rating in the same way as other late payments and we cannot prevent the reporting process.