What are the borrowing limits for a payday loan?
Each individual payday lender sets their own limits. The average range is between $100 and $1,500.
How do I get the money?
After you are approved, the loan proceeds are sent to your checking account via direct deposit.
How do I qualify for a payday loan?
Unlike a bank, qualifying for a payday loan is very simple. You will be approved as long as you are at least 18 years old, a legal citizen of the United States, are currently employed with a verifiable source of income and receive your paychecks into your checking account by direct deposit.
Do I need to have good credit?
No. Payday lenders are open to working with people with all types of credit history. In the majority of cases, a credit report is not requested.
How about collateral?
Your payday loan is secured by the wages you earn at your job, so no additional collateral is necessary.
When am I expected to pay the money back?
The full amount of your loan, including interest and any other fees, is due on the date you receive your next paycheck.
What if I am going to be late?
In most cases, your payment is deducted from your checking account, so if you encounter an emergency, speak to your payday lender before that happens. Each payday lender sets their own policies regarding loan extensions, and if you are granted one, it will cost you more in fees.
What if I can pay early?
There is no rule against paying your payday loan early, but again, notify your lender so you don’t pay the amount twice due to the schuedled automatic withdrawl.
Is there any reason to pay early?
It may help with your own budget if you can pay your payday loan before it is due, but unfortunately we can not give you a refund on any finance charges.
When will I get the money?
You will usually receive your loan proceeds in less than 24 hours. The average is slightly longer for online applications than for ones completed in person.
Are there extra charges for getting a payday loan?
All types of loans have interest, including payday loans. To find out your rate of interest, see the Truth in Lending disclosure that was included with your original application. The typical amount charged for payday loans is from $10 to $30 for every $100 that you finance.
Can I get one loan for my car payment and another for medical bills?
No. You can divide up the proceeds of the payday loan however you choose, but we are not able to provide more than one loan at a time.