FAQ

Definition Of A Payday Loan

A payday loan is a simple and easy way to borrow money for a short term. Most payday loans are used for emergencies, such as covering overdrafts or unexpected car repairs. This can be more expensive than using a credit card, however if available credit is not enough to cover the expense a payday loan may be your best option.

Benefits Of Payday Loans

The largest benefit of a payday loan is the ability to obtain money fast. If you have found yourself overdrawn as an example, you could face overdraft fees and bounced check fees. These fees can add up quickly. Using a payday loan to quickly cover this balance before the fees occur can actually save you money in the long run.

Application Security And Confidentiality

Our site uses encryption software to protect your personal information when transmitting. The 128 bit encryption will prevent any third-party from accessing data during transmission. It is our policy to never share or sell your private information to outside sources. The only time your personal information is shared is with the potential lenders, and only to the lenders that may be able to issue a loan.

Eligibility Requirements

To qualify for a payday loan you must meet the following guidelines:

• You must be 18 years or older to apply
• A U.S. citizen or legal resident
• Have at least 3 months of consecutive employment with the same employer
• Have a checking account to allow direct deposit of the loan
• Bring home at least $800 per month after taxes
Some payday lenders may have additional requirements.

How Large Of A Loan Can I Apply For?

Payday loan amounts are regulated by the state. Some states will only allow you to borrow against a certain percentage of your income, while others have a limit amount, regardless of income. In most cases, however, the highest amount that you can borrow is $1500.00

What Is The Length Of The Approval Process?

Once you have submitted your completed application online it is immediately sent out to the qualified lenders. Lenders generally approve loans within 24 hours of receipt. In many cases, loans can be approved in the same day. You improve your chances for quick approval if all of your previous payday loans have been paid off in the past.

How Do I Receive The Loan?

Once approved, the money is transferred to your bank account via EFT (electronic funds transfer.) Once it arrives you can use it immediately.

What About Credit Rating?

Your credit rating is not checked when you apply for a loan. Payday loans are considered short term loans and the same requirements for credit approval do not apply like they do through a lending institution.

I Have Bad Credit, Will I Need Collateral?

You will not be required to provide collateral for this type of loan, regardless of your credit rating or history. Payday loans are available to anyone that meets the above stated requirements for work history, age and citizenship.

Will I Be Notified Of Approval?

You will be notified through email that your loan has been approved.

Is There A Fee To Apply Online?

We never charge a fee for your online application.

Can I Change My Mind Once I Apply?

Your application is not considered a contract for a loan. Once you apply, even if you are approved, you can decline to accept the loan. There will never be a fee with declining a loan.

How Long Do I Have To Repay The Loan?

Payday loans are usually between 8 and 25 days in length. As a guideline, payday loans are normally due on your next pay date. However, some states regulate the amount of time for repayment on a payday loan. Verify the terms and conditions of the loan you are offered.

How Many Loans Can I Have Out At Once?

Payday loans are regulated by the state, and each state will have different terms. In some states, you can only receive 4 payday loans throughout the entire year, in others there are no limits placed on these loans. We recommend that borrowers always use caution when using a payday loan. Always make sure that you can repay any loan with your next pay check without causing serious financial harm before accepting the loan.

How Arte Payday Loans Repaid?

Payday loans are repaid during your next pay cycle. Depending on the company you accept the loan from will depend on how repayment is made. In most cases, a withdrawal from your checking account for the full amount of the loan plus interest occurs on your next pay. If you are unable to pay, many lenders will accept an interest only payment at that time and renew the loan for another pay period.