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- Need Cash Fast? Here's how
- Top PayDay Loan Actual Lenders Sites
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- Payday Loan vs Credit Card
- No Credit Check Pay Day Loan
- Beware of Rip-Off Payday Loan Companies
- Refinancing Payday Loans
- Low Interest Payday Loans
- Military Payday Loans
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Frequently Asked Questions
Thank you for selecting us to assist with your short-term credit needs. Paydayloan.info is not a provider of online payday cash advances. We simply connect people seeking fast cash advances with online providers of instant cash advances so they can get their cash advances that they need as soon as possible. However, we make the process very easy for the consumer by helping you select the best online provider that will meeet your short term credit needs. We've compliled for you frequently asked questions by payday loan consumer. Here you will find straightforward answers to your questions in order to make an informed decision about payday loan service. We want you to have adequate information before you decide to use any of the online payday loan provider recommended by us. Please do not hesitate to write to us at support@paydayloan.info, if you have additional questions. It is our privilege to serve you.
Here are the common questions asked
What is online payday loan?
A payday loan is short-term loan that helps you covers unexpected expenses or when you need money until your next payday. The amount is usually between $100 and $1500 depending on credit criteria and state law limitation. You simply apply for payday loan online providing information to the payday loan provider taht we recommend, you would in effect write them an electronic check for the fee and the amount you want to borrow, and they will advance you the cash you need.
How much will I be able to borrow?
You can usually borrow anywhere between $100 to $1500 depending on your level of income. It is also subjected to State law that regulates the maximum advance amount available. Within the allowed range, you will qualify for a particular advance amount based on your current income. The idea is not to borrow more than your ability to repay because this will be doing a dis-service onto yourself. Paydayloan.info recommends a fine list of online payday loan provider that will be able to assist you in any way they could to get you the amount of money that you need
What do most people use payday loan for ?
More and more people are using short term payday loan to tie them over a period of credit crunch before their pay check to pay for credit card payments to aviod late fee, charges from other creditors, cover check payments to aviod bounced checks. This helps the consumer to meet their debt payment obligation without incurring revolving debt and tarnished credit ratings.However, there may be other less expensive alternatives to short tern credit needs like borrowing from a financial institution or from friends and relatives.
.What happens if I change my mind after taking out a cash advance or payday loan?
Most Payday loan providers will allow you to rescind the transaction at no cost before the end of the following business day, by returning the full amount of the advance.
How often do most people use or payday loan services?
According to some reliable sources like the CFSA, almost one out of four people use payday loan services at least once a year or a month. As with any form of borrowing, especially payday loan, it is to be used responsibly, not as a long term budgeting solution. If you find yourself doing this on a regular basis, you should try to look for more permanent solution like debt consolidation, debt counselling or debt reduction. Please visit www.creditcarddebt.org for more information. They are dedicated to helping people learn how to budget and use credit wisely.
Will my cash advance or payday loan transaction be confidential?
Please see our Privacy Policy for more information.
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How much does it cost?
Paydayloan.info already does all that homework for you. We only recommend the best the the business. Our recommended providers offer rates and fees that are competitive and in compliance with applicable state or federal law. It is our goal and theirs to offer you the best service at the most competitive fee possible.
Are payday loans more expensive than other forms of credit?
No. A typical payday loan can be less expensive than many other alternatives.*
- $100 payday advance with a $15 fee = 391% APR
- $100 credit card balance with a $37 late fee = 965% APR
- $100 utility bill with $46 late/reconnect fees = 1,203% ARP
- $100 bounced check with $54 NSF/merchant fees = 1,409% APR * Other costlier alternatives to a two week payday advance were obtained from bankrate.com. APR was calculated by taking the fee dividing it by the 14 day loan period and then multiplying it by 365 days.
Can I qualify for an online cash advance payday loan?
Yes, here are some very easy criterias for approval:
- Be 18 years of age (19 years of age in Alabama and Nebraska) or older and a citizen or permanent resident of the United States
- Have a current home and work phone number and valid email address
- To have had your current job for at least 90 days
- To have a take home pay of at least $1000/month after taxes
How do I get the money?
After your approval for a payday loan, the payday loan provider will call you and send you an email confirmation, the money that you borrowed is then electronically deposited directly into your active checking account.
I have bad credit or a bankruptcy, Can I still get a loan ?
Yes! Most of our recommended payday loan providers will work with you even if you have had credit challenges in the past, so don't hesitate to apply now with any of our recommended payday loan providers.
How long does it take to get an online cash loan?
It easy, quick and efficient. All you need to do is to provide them with some quick information, they will then call you to validate the information. After aproval, the money is in your checking account
Do I need a fax machine or printer?
Most of our recommended payday loan providers do not need you to fax anything over to them if they are satisfied with the electronic proof of information that you provide to them. An electronic signature will suffice in most circumtances. In certain situation, they may need additional validating information (such as a bank statement and/or pay stub), you will need a fax machine. Kinkos, Office Depot, Office Max, Staples, Mail Boxes Etc. and other stores offer fax services if you do not have access to a fax machine.
How much does it cost?
Our recommended payday loan providers offers some of the best fees structure in the industry, at the time of your application, they will notify you of the exact fee for your payday loan. In most cases, with payday loan used responsibly, it will be cheaper than a charge for a bounced check, or late fee on a credit card and not to mention a tarnished credit history.
If I already have a payday loan outstanding, can I still qualify?
Our recommended payday loan providers will work with you even if you have a payday loan outdstanding.
How and when do I repay the loan?
It's automatic, you don't even need to worry about it, it is taken out of your account electronically on your payday. If you need an extention, most of our recommended payday loan providers will just require that you call them before the scheduled payment. Additional fees may apply to loan extensions, please check with our recommended payday loan providers.
How long does it take to get a loan approved?
With our recommeded payday loan providers, your application will be approved within 60 seconds of receipt of your applicaton during regualr business hours and in most cases money can be deposited into your account within an hour or the same business day.
What hours is the service available?
Our recommended payday loan providers accept requests for payday loans 24 hours a day, seven days week, 365 days a year. Their payday loan processing staff are available during normal business hours, please check with them.
How bank holidays affect when I'll receive my loan ?
Please see the following holidays as observed by all Federal Banks and their branches:
New Years Day
Martin Luther King, Jr. Day
Washington's Birthday
Memorial Day
Independence Day
Labor Day
Columbus Day
Veterans Day
Thanksgiving Day
Christmas Day
Holiday Policy:
For holidays falling on Saturday, Federal Reserve Banks and branches will be open the preceding Friday. For holidays falling on Sunday, all Federal Reserve Banks and branches will be closed the following Monday.
Please check with our recommended payday loan providers for hours that they are available to do application verification. Depending on how close to the cut off time, your loan application be have to be processed in the next business day.
Can I be arrested for default on payday loan ?
Yes, If you need an extention, most of our recommended payday loan providers will just require that you call them before the scheduled payment. Additional fees may apply to loan extensions, please check with our recommended payday loan providers.
What happens if you default on a payday loan ?
If you need an extention, most of our recommended payday loan providers will just require that you call them before the scheduled payment. Additional fees may apply to loan extensions, please check with our recommended payday loan providers.