Frequently Asked Questions
This page aims to answer any questions that you might have.
What is a payday loan?
The name can be rather self-explanatory to some people, but if you're still wondering what exactly a payday loan is, here's a quick explanation.
Payday loans are short-term solutions to your temporary financial problems. They can be taken out at any time of the month, but you are expected to pay the money back on or after your next payday with an added fee. In that sense you can view it as an advance on your wages. No collateral is required and you can borrow between $100 and $1,000, with a 500 dollar loan being a common choice.
Who can take out a payday loan?
If you are a legal US citizen of 18 years of age or older, have a bank account and a stable source of income ($1,000 or more a month), you can take out a payday loan. Even those with bad credit will be considered by the lenders in our network.
Do you make exceptions for those under the age of 18?
Unfortunately, lenders cannot make any exceptions for people under the age of 18. US laws state that people under this age cannot take out any form of loan of credit, so they are obliged to comply with these rules. Our lenders adhere to all federal and state laws regarding payday lending!
What if I don't have a bank account?
To keep the process fast and efficient all lenders require a bank account in your name, where they can deposit the loan and take the repayment automatically. You can set up a bank account and then go through the process at a later date. Very new bank accounts will not always be approved because transaction history helps lenders assess your financial status.
What information will I need to give?
In order to obtain a payday loan, you will need to give us your personal details, including your address, phone number and other relevant information, which we will then pass on to the lenders in our network. Lenders will also require your employment and incomes status and bank account details. While there may be no faxing involved in some cases, lenders may require further documentation to verify your details and circumstances. This process will be much faster than at the bank.
How long will it take to get the loan?
Our loan request form takes a matter of minutes to complete. You will then be connected with one of several lenders in our network who will assess your data and approve or reject you in as fast as 5 minutes. If you accept their offer you can see the cash in your account in as little as 24 hours.
How long will I have before repaying the loan?
The average length of time you have to repay the loan is two weeks. The repayment date will normally coincide with your payday, ensuring that the funds are there to cover the repayment.
What if I borrow too much?
You should never borrow more than you can realistically afford to pay back. It's always a better idea to borrow as little as you need, rather than borrowing excessively and then struggling later on to pay back the cash. Lenders have a few fail safes, such as requiring a monthly income of over $1,000 and offering amounts that are well below your income, but only you will know for sure how much you can really manage.
What if I change my mind altogether?
If you change your mind before you sign the contract, you are free to walk away with no obligation, and you can easily go through the process again in the future when you are ready. If you change your mind after you have received the money you must contact the lender right away. usually you will be legally bound to meet the terms at this stage but some lenders may have a grace period.
Do I need to tell anybody what the money is for?
You do not need to tell anybody what you will be spending the money on. We won't ask you, and the lender doesn't ask either. You can use the money for your bills, a shopping trip, a family holiday or anything else that you want to spend it on, however you should be wise with your decision. Using a payday loan to pay off other debt will only make your financial situation worse.
Where does my personal information go?
We understand that you're passing sensitive information into our system, which is why we are dedicated to making sure that it is properly protected. We use all the latest encryption technology and never pass on your information to third parties outside our network of lenders.
Can I borrow two loans within the same month?
Borrowing more than one loan within the same month can cause serious financial problems for you, therefore lenders only allow you to borrow one loan at a time.
Will there be any credit checks?
While we cannot say there will be no credit check, lenders do not always use the big 3 rating agencies, and even if you have bad credit it doesn't mean you will be rejected. Factors such as your income also play a very important role.
Do you need any paperwork?
Lenders will let you know if they require any documents to verify your details. These days you can download bank statements and other documents online, so there may be no faxing involved.
Will my credit be affected if I don't repay the loan?
Because lenders reserve the right to perform a credit check when you apply, this may leave a search on your credit report. Failing to repay the loan or missing the date will negatively impact your credit rating, making it harder to borrow in the future. Likewise paying the loan offer on the due date may improve your credit rating, as it demonstrates that you can meet your obligations.