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What is a payday loan?
A payday loan or a payday advance is a short-term, quick and confidential
cash loan to get a cash advance until your next paycheck.
What can I use a loan for?
Your funds can be use for anything you like, such as car bills, phone
bills, a medical emergency, grocery, or anything you like.
Do I really need a payday loan?
Only you will know if you need a payday loan or not. But to help you
figure out if a payday loan is right for you, we encourage you to read
this.
What are the requirements for approval?
• Your account allows Direct Deposit.
• You have held your current job for at least 3 months.
• You have maintained a valid checking or savings account for
at least 3 months.
• You have gross income of at least $1000 per month.
How much does a payday loan cost?
A payday loan rate may vary from lender to lender. Bad credit loans
are known to have higher rates than regular loans.
What if I have poor credit?
No problem! Unlike many other financial institutions, we do not require
that you have good credit or, for that matter, any credit history at
all. If you have any questions about qualifying for a payday loan, please
contact
us.
How soon can I receive my cash advance?
Payday loans are usually approved instanly. If you request your loan
before 4:00 PM (EST) and receive approval, we can deposit funds into
your account the next business day. Some lenders have the ability to
deposit cash into your checking account the same day.
What documents do you require for me to fax in?
After submitting your loan application, you need to fax us the following
items for your first loan:
• Your personal check with the number you entered in your application.
• Your most recent bank statement, showing that you are Direct
Deposit capable.
• Your last two (2) pay stubs, showing your direct deposits.
How do I receive the cash, and how to I repay the loan?
When you apply for a payday loan, you authorize us to directly deposit
the approved amount into your checking account. You also authorize us
to directly withdraw from your checking account on your next payday
for the same amount advanced plus additonal loan fee.
How do I know that the amount you withdraw from my account
is the amount you say?
Since we are authorized to use the Federal Reserve Wire System, we must
abide by the NACHA rules and regulations. All Lenders are subjected
to federal and state laws and regulations that regulate our lending
practices. The amount we withdraw from your account will be the amount
that you have authorized.
How are the fee amounts established?
In the interest of consumer protection, the fee we charge is never higher
than the law allows. It is our goal to offer you the best service at
the most competitive fee possible. Shop around to find the best rate
that you are comfortable with before applying for your payday loan.
What is an A.P.R.?
An A.P.R is the annualized percentage rate of your payday loan. Our
A.P.R range is based upon the length of the loan required. Please refer
to lenders' A.P.R. Disclosure page for comprehensive information, so
you make an informed financial decision.
How do you determine the amount of money to advance me?
State law generally regulates the maximum advance amount available to
our customers. Within the allowed range, you qualify for a particular
advance amount based on your current income.
Is my payday loan secure and confidential?
Absolutely! To assure the privacy of your personally identifiable information,
we use 128-bit encryption over an SSL tunnel when you submit your loan
application form. Your nonpublic information is also completely confidential
and protected by our company privacy policy. All payday loans are confidential,
safe and secure - guaranteed!
How do I determine my due date?
All loans are due on your next payday, unless your next payday is less
than 7 days away. In this case your check will be held until your second
payday. The maximum advance term is 30 days. Some lenders offer payment
plans.
What happens if I don't have the funds necessary to repay you
on my due date?
You must contact your lender immediately! Arrangements can be made for
an extension with lenders. If do not contact your lender before your
due date, you will be charged you extra fees on top of what you owe,
including a possible NSF fee.
Can I get an extension on my payday loan?
Yes! If you are unable to repay your payday loan on the due date, you
can pay a fee to extend your loan until the next payday (18-day maximum).
The extension fee is typically $25.00 per $100.00 borrowed. Please note
that we can only allowed two (2) extensions. The loan may not be rolled
over beyond twelve (12) weeks after the day on which the deferred deposit
loan is executed.
Can I pay my loan back early?
Yes, you can pay your loan back early. Contact us to let us know that
you want us to debit your account earlier than the due date. You may
be entitled to a refund or discount of the fees, depending on the date
of payment. Lenders are always happy when you make good on your word.
This will make future loans easier with a good track record.
What about loan requests on Fridays or the weekends?
All Friday loan requests before 4:00 PM (MST) will be funded on Monday.
All weekend requests will be treated as Monday's requests. There are
lenders that will direct deposit your cash on weekends.
Do you provide payday loans for military personnel?
Yes, active and retired military personnel are welcome. A large segment
of our clients are from this sector. Military payday loans is one of
the largest segment of customers. A lot of lenders provide this service
to military and army personnels.
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