Can you explain the term payday loan?
This term refers to a short-term loan that is granted for emergency cash purposes and is repaid when you receive your next paycheck. People find it helpful to deal with such issues as emergency car repairs and to avoid late fees on other bills. However, it is just one of many options and you should always investigate several loan options before making a decision.
How does it benefit me?
The biggest benefit of a payday loan is that it is fast and convenient. You usually don’t have to wait more than 24 hours to get your money. It can help you get through a financial squeeze until you get your next paycheck, whereas the alternative is waiting two weeks or more with no money for living expenses.
How do I know that my application is secure?
We pledge to you that your information is only viewed by people responsible for making a lending decision. We safeguard what you have entrusted to us by employing encryption technology, which is the term used to describe how your information becomes scrambled and unreadable to a third party.
What are the eligibility requirements?
We have structured our requirements in such a way that most people who need a payday loan can qualify. We ask only that you are over the age of 18, a legal citizen of the United States, have been with your employer for three or more months, have an established checking account and earn at least $800 per month after payroll taxes and other deductions.
How big of a loan can I get?
This depends on several factors. Our industry is regulated by both the federal and state governments, and individual states set lending limits on payday loan providers. We will factor in your present income and determine the amount you can reasonably pay back on your next payday. Our loans range from a minimum of $100 to a maximum of $1,500.
How long does this take?
You could have money in your checking account by this time tomorrow. However, we may not be able to approve your request if you have one or more unpaid payday loans with other lenders.
Do I need a good credit rating or any form of collateral?
The answer is no to both questions. We do not request your credit report to process a payday loan, so you do not have to be concerned about your application being rejected if you have had issues with your credit previously. We also don’t require you to leave us with any form of valuable collateral. When considering you for a payday loan, we are more concerned about your present salary and your ability to repay the loan in a short amount of time.
Do I have to pay a fee to apply?
No, there is no application fee at any time.
How will I know the status of my application?
Your assigned lender will send you an email letting you know the amount of your approved loan or that you did not meet our payday loan criteria.
Do I have to accept the loan?
By submitting an application, you are simply stating an interest in receiving information. This does not obligate you to accept the loan or its terms. If you have found an offer that works better for you, please let us know and we will void your application.
How long do I have to repay the loan?
Typically, you agree to pay back the loan, plus interest, on the same day you receive your next paycheck, although actual time frames can vary from a minimum of eight days to a maximum of 25 days.
Is there a limit on the number of payday loans I can take out?
This is dependent on the laws of your state of residence. There are some states which place no limits on the number of payday loans you can have during the year, while other states limit borrowers to no more than four payday loans in a 12 month period. We advise you to take an honest look at your financial situation to see if you are becoming dependent on payday loans for everyday living expenses. If you are, we recommend that you seek assistance through a consumer credit counseling center.
How do I repay my loan?
You can pay it when it comes due by having the amount deducted from your checking account. You also have the option of paying only the interest due at that time and renewing the loan for another pay cycle.
What do you do with my personal information?
We require your social security number and other identifying information to insure that you are the one applying for credit and not someone else who has stolen your identity.