F.A.Q. - Frequently Asked Questions
What are payday loans?
Also known as payday advance, cash loan,
paycheck loan, faxless loans, a payday
loan is a short term loan with unsecured
nature that is mainly intended to take
care of emergency or unexpected expenses
until your next payday.
How do payday loans work?
can apply online or at a payday loan store
by filling out simple loan application
forms online. Once approved, which is
almost assured if you meet certain minimal
requirements, you sign an agreement. The
loan is due on your next paycheck, but
you can extend it, with two weeks increments,
but you have to pay at least the late
fee each time. The cost of payday loans
are high so be sure to discuss this with
the lender before agreeing with any loan
I have bad credit. Can
I still get a loan?
This is what pushes most people to these
loans. Payday loan lenders normally do
not check any credit report or ask for
any form of collateral. Good or bad credit
scores can apply for a loan.
What about collateral?
As stated above, you do not need any form of "hard" collateral with payday loans. Your job and paycheck credential work as collateral here.
What if I have NSF's, overdrafts, charge-offs or a bankruptcy?
Usually the rules and requirements differ with each and every lender. But since payday loans are typically meant for sub-prime borrowers, you can still find someone to loan you unless your situation is really, really bad.
What are the approval requirements or criteria?
are that you have regular income with
checking or saving account and your age
should be 18 years or above. One more
thing is very important that you should
have valid social security number and
currently be employed.
Are there any upfront or application fees?
If you ever come in contact with a lender
who asks for upfront or application fees
for that issue then it may be a scam.
You should never pay any upfront fee's
when applying for a payday loan online.
What if I do not have a valid checking bank account?
checking bank account is very important
to get these loans. But with online mode
you can find some lenders who can endorse
a loan even if you have a savings account.
So, you can go and apply with a savings
account and some lenders accept this form
When do I get the cash?
your application gets approved, and you
have signed all the essential papers you
should be able to get the cash you are
approved for in less than 24 hours. If
applying online, the loan amount get deposited
into your bank account overnight - you
can withdraw cash the very next day in
I do not have a job.
Can I still get a payday loan?
honest answer is NO. But some lenders
offer payday loans to the people who have
other sources of steady income; you can
show the proof of your income to the lender
and get your loan approved if you meet
the lenders minimum requirements for approval.