FAQ

What is a payday loan?

A payday loan is a quick and convenient way of borrowing money, enabling you to access short-term funds to help cover emergency expenses. These loans can be very helpful for late payments, overdraft fees, and missed payments which can damage your credit. You should realize that other forms of lending may be more suitable for your situation. For example, it is usually costs less to use a credit card for emergency funds as opposed to payday loans (unless the credit card has reached its credit limit).

What is the benefit of a payday loan?

The benefit is FAST cash, as soon as you need it. To demonstrate the benefit of payday loans, look at a situation where a person overdrafts her checking account by $100. She will probably be charged $30 or more as a penalty. If she repaid the $130 to the bank within two weeks, that expense would be equivalent to a 720% annual interest rate! Compare that to an average credit card that has a 19-30% annual interest rate. A wise person will surely want to prevent overdraft penalties. Moreover, late bill payments can be harmful for your credit, costing you a great deal of money in larger payments for your loans in the future.

When I send in my application, is it confidential and secure?

Security is extremely important when dealing with your personal and financial information. This website utilizes 128-bit encryption for all of its internet forms and applications. At the bottom part of your browser page, there should be a small lock icon which means that the page is encrypted. Information you send to us is completely safe, and cannot be seen or obtained by third parties. All of your personal information is confidential and will not be sold or given to anyone else (however, the lenders who process your application will be provided with your financial data).

Who is eligible for a payday loan?

In order to be eligible for a payday loan, you need to have the following qualifications:

· A U.S. citizen or legal resident
· At least 18 years of age
· Be employed at your current job for at least 3 months
· Have a checking account to receive the money
· Receive a minimum income of $800 after taxes

How much money can I get from a loan?

State law usually determines your loan limit. After state law, the lender determines your loan based on your salary and your capacity to repay the loan. You will not get more money than you can reasonably be expected to repay. The limit for payday loans is generally around $1,500.

How much time does it take to be approved for a payday loan?

Upon submitting your application, a lender will evaluate it and if it is approved, then you will receive the funds within 24 hours (often on the same day). If you have paid off all your prior payday loans and cash advances, then it is more likely that you will be approved.

How does the money get sent to me?

Once you are approved, you will receive a confirmation email. Your funds will automatically be deposited into your checking account by electronic transfer (this can happen very fast). You will then go to your bank and make a withdrawal just like you normally do. You can also withdraw your cash from an ATM with your debit/check card.

Is there any collateral necessary? What kind of credit rating do I need?

Collateral is not necessary for a payday loan. The lender will not evaluate your credit rating for a basic payday loan. The lender evaluates your employment record and expected future earnings in order to have assurance that you will repay the loan.

If I have bad credit, can I still receive a payday loan?

Certainly! We will never care about your credit rating on your application. Even if you have been refused by other lenders for bad credit, you can still get a payday loan from us if you receive a steady income.

How will I know if my application is secure?

We strive hard to ensure your personal security. The application form on our website is protected with 128-bit SSL encryption for the maximum possible security of data sent to and from our site.

How will I know when my loan is approved?

When your payday loan is approved by a lender, we will contact you by email to verify your approval.

Is there any fee to apply for a payday loan online?

Our online application is totally free. We will never charge you a fee to apply for a payday loan.

What happens if I change my mind? If I sent in an application, does that give me an obligation to take out a loan?

Definitely not. Your application is not loan contract.

How do I repay my loan?

Most borrowers repay their loan completely when they are due at the end of the lending period. Your lender may allow you to pay the financing fee on the due date and renew the loan for another term.

Why do I need to send my personal information for my online application?

We request your driver’s license information and social security number in order to verify your identity, and to prevent an imposter from fraudulently using your name and information. We need your bank account information in order for the lender to send your money directly into your checking account.