Frequently Asked Questions:

1.What is a payday loan?

2.Would I be eligible for a payday loan?

3.On what circumstances will my payday loan application be denied?

4.What is the minimum and maximum amount that I can get on a payday loan?

5.Where can I find the payday loans companies?

6.Is it safe dealing with an online payday loan company?

7.How do I get the loan amount from an online payday loan company?

8.How long will it take for my loan to reach my account?

7.How often can I get a payday loan?

8.What is the repayment period for the payday loan?

9.Do I have to repay the full loan amount?

10.Do I have to submit collateral in order to get a payday loan?

11.What are the interest and fee charges for a payday loan?

12.Will the payday lenders call up for reference checks?

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What is a payday loan?

A payday loan is a form of cash advance. It is based on the pay check of the payday loan applicant.

Would I be eligible for a payday loan?

You would be eligible for a payday loan if you are employed, have been in the same job for six months, have completed 18 years of age, have a savings account and your salary must be credited to that savings account, and you must be a US citizen.

On what circumstances will my payday loan application be denied?

If you are in the military or self employed, then your payday loan application will be denied.

What is the minimum and maximum amount that I can get on a payday loan?

Most of the cash advance companies will be ready to offer you as less as $1. The maximum limit is $1500. For the first timers, the loan amount will be less, but on timely repayment, it could be increased gradually.

Where can I find the payday loans companies?

The payday loan companies are online. One can browse the net and find a suitable payday loan company.

Is it safe dealing with an online payday loan company?

Yes, there is absolutely no problem dealing with an online payday loan company. You just have to ensure that the payday loan company has Secure Sockets Layer Encryption technology so that your sensitive information like the bank details cannot be intercepted by others.

How do I get the loan amount from an online payday loan company?

The loan amount, once it is sanctioned, will be electronically transferred to your bank account.

How long will it take for my loan to reach my account?

The loan amount will be transferred to your account within a few hours. If you apply later in the day, then the amount will be credited the next working day.

How often can I get a payday loan?

You can get one payday loan at a time. But once you repay the loans, you will be eligible for another payday loan. But there is generally a waiting period of about one week. This is to ensure that the borrower has indeed repaid the payday loan amount.

What is the repayment period for the payday loan?

The payday loan can be repaid as soon as you receive your paycheck. This usually happens in a week or two depending on the time you obtain the loan. The payday loans are short term loans; therefore, the repayment duration will be short.

Do I have to repay the full loan amount?

You can repay the full loan amount if you can afford to do so. But you must communicate with the payday lender if you are unable to repay the entire loan to avoid automatic money transfer from your account. The other repayment options are: you can pay half the amount or more than half the loan amount.

Do I have to submit collateral in order to get a payday loan?

The payday loans are unsecured loans. There is no need for any collateral. Therefore, all your immovable properties are safe.

What are the interest and fee charges for a payday loan?

The interest rate for every $10 you borrow is $2.50. Considering the spurt of expenditure, the fee charged for this emergency loan is very less.

Will the payday lenders call up for reference checks?

Usually, the payday lenders do not run a reference check. But if the documents submitted are not found to be in order, then the references may be called for verification. However, this is not a usual practice of the payday lenders.