Frequently Asked Questions:
Still not sure about getting a payday loan? All of your commonly asked questions are answered below:
What is a payday loan?
A payday loan is a short-term loan which is designed to help you out until your next payday. Hence you will need to pay it back when your next pay check comes. The emergency cash can give you some freedom and flexibility to pay for unforeseen expenses until then. Typical amounts range between $100 and $1,000.
Can I get guaranteed payday loans?
You may have come across the term "guaranteed payday loans" while searching the internet, but this is just a bad marketing slogan. No payday loan is guaranteed, however you are more likely to be approved by a payday lender than a bank or other large lender, as these will automatically disqualify you for having bad credit. Payday lenders however will fairly consider your application as long as you meet some simple requirements.
How old do I need to be to get a payday loan?
You need to be at least 18 years of age in order to get payday loan, according to the law. You will obviously also need to be a legal US citizen.
I don't have a job; can I still get a payday loan?
As long as you have a steady source of income of at least $1,000 and can back this up with documentation, lenders will usually still consider your application.
Is There Instant Approval?
How long the whole process takes will obviously vary, but if you have the required information on hand and there are no issues with your application, you could have everything finalized in less than 20 minutes. The point is, the online platform is much faster than traditional lenders. Instant approval is not realistic and anyone claiming to offer this is misleading you.
How long will it be before I get the money?
You can have the money in your bank account within 24 hours of signing the lender agreement, during the working week.
Is there no faxing?
There may be no faxing involved if all of the documents requested are already stored somewhere as digital copies. You can then simply upload these and forward them. If not you may need to send a fax.
How much can I borrow?
The lenders in our network all offer between $100 and $1,000, and you can request any amount within this range. The amount you are ultimately offered will be based on your current financial status, but they will aim to get as close to the amount you want as possible.
What can I use the loan money for?
You can use the loan money for anything you want, and you'll never be asked what you're planning to use it for or what you've spent the money on. We strongly recommend that you only spend the money on things that you really need, since you can end up in financial trouble if you take out a payday loan and squander it on unnecessary luxuries or to cover other debts.
Can I get a payday loan if I have a bad credit?
Whether you are offered along with bad credit depends on several factors, including your current income status. However unlike other lenders, payday lenders do not automatically disqualify you for having a poor credit history. This has led to some unscrupulous sites offering "no credit check" loans, but this is just a marketing tactic. All legal lenders will pull some kind of credit history.
Will a payday loan affect my credit rating?
A payday loan will affect your credit rating, and this could be bad or good depending on your performance. If you pay the loan back on time and there are no issues, your credit score will increase. However, if you don't pay it back on time and there are complications and problems, your credit score will get worse. This makes payday loans a good idea for those who want to increase their credit rating, but cannot get a traditional loan.
A search will also be recorded on your credit rating if you go through the process but walk away before signing the agreement. This should not have a major impact.
Will I be charged any hidden fees?
Before you are prompted to sign the agreement you will be given a copy of the full terms and conditions for the loan, which will clearly outline all of the potential charges and fees. Nothing will be sprung on you unexpectedly. In fact the only fee you will have to pay if you repay on time, is a single finance charge.
Is it necessary to have a bank account?
Yes, you need to have a bank account in order to get a payday loan. Using other payment methods would prove to be more costly and time-consuming, so in order to keep it quick and easy, a bank transfer is the best method.
What happens to my personal data?
We and you lender will never sell your personal data to any third parties, so you can rest assured that all your information is completely safe with and will be used for the use of your payday loan only.
Are there any interviews involved?
No, we do not need to interview you to request a loan, and neither does the lender for your application process. This ensures that the whole process is even quicker, and it allows you to retain your privacy. The only thing that you need to do is fill out the online form in order to get the ball rolling.