Questions and Answers You May Have About Payday Loans
If you expect to get the best of your borrowing experience, you are at the right place. This service provides you with a wide range of payday loan offers from multiple legitimate lenders and is able to find the best match according to your requirements. If you have any special unresolved issues regarding payday loan service or have questions, please, don’t hesitate to request support any time 7 days a week. In order to facilitate the procedures, please, go through the FAQs. It’s possible that you can solve your problem and find answer right away.
- I don’t understand what payday loans are. Can you explain?
- I’m not sure if I qualify for a loan. What are the basics?
- I don’t know the maximum amount. How much can I take?
- I don’t know how to receive my loan. How does money transfer?
- My credit history is not perfect. Is that OK?
- I need money fast. How long does it take to get a loan?
- I don’t know what papers to collect. Do I have to fax?
- I’m not sure I can afford it. What are the fees?
- I need more than one loan. Do I have options?
- I don’t understand how the repayment works. Can you explain?
- I can’t pay off on time. Do I have options?
- I’m not sure about the security. Is my information safe?
- I’ve just repaid another loan. Is there any cooling period?
- I need to prolong my loan. What are the terms for extension?
- I have troubles with repayment. Do I have options?
Payday loans are small personal credits (usually, $100-$1000) given for 2-4 weeks (depends on the state), which suppose fast funding and little verification procedures.
You can quality for a loan if you are:
- at least 18 years old;
- legally employed (and have been employed for the last 30 days at the current place;
- guaranteed to get at least $800 of income every month;
- eligible to provide valid personal and banking data.
The top amount for payday loans vary from state to state (according to the limits set by federal or state legislation). The average amount of a loan is $375, while the top is $1000.
Usually, a lender transfers money directly to the borrower’s bank account via direct deposit.
Poor credit history and low credit scores are of no importance to most lenders. Usually, providers of payday loans perform little verification and can content with the proof of income and employment.
The process of applying for a loan takes minutes. After the form is filled out and submitted, a borrower can expect to get loan offers within hours, and receive money within 1 business day after the loan agreement is signed.
Even though payday loan lenders perform little verification and support paperless processing, it’s possible that some documents are to be faxed for check. If a borrower don’t have access to fax machine at home or at work, one can always use the service of post office or a nearby library.
Detailed calculations and final figures regarding a loan are stated clearly in the agreement according to the requirements (by federal and state laws) in a transparent manner. Moreover, every loan provider is obliged to give access to rates and explicit explanation of how the calculations are made anytime before the agreement is signed and after it came into force. The rates and fees vary from lender to lender.
It’s important that a borrower informs lenders of the current status of existing loans (if there’re). According to the federal and state laws, some state don’t allow to borrow more than one short-term loan at once. Unless any of such restrictions exists, one can apply for more than one loan at the same time.
Repayment procedures can be performed by direct deposit option (with direct transfer from your debit account to the account of the lender) automatically on a due date or by a controlled transfer, preformed upon request.
Late payment regulations and penalty policies depend from lender to lender. Still, all the terms regarding failure to complete obligations on time align with federal and state regulations. Every borrower gets an explicit explanation of these cases in the agreement before signing it.
Every loan provider carries responsibility for handling personal and financial information of borrowers. Legitimate payday loan lenders protect data using topnotch security measures and shield borrowers from malicious online activity at the level.
The average cooling period between two loan deals is 72 hours. It’s highly recommended to inform lenders of recent loan deals or current loan liabilities so that to eliminate dragging out procedures and verifications in future.
In order to prolong a loan one can use the option of Extended Payment plan (which is guaranteed by state legislation in most regions) and reschedule loan repayment according to the new circumstances. It’s recommended to ask about these options individually before one signs the agreement.
It’s highly recommended that the one who expects failure in loan repayment informs lender as early as possible to avoid penalties and higher fees. Apart from Extended Payment plan, one can benefit from other options, such as renewal. Still, it’s important to acknowledge the costs of these options and understand that these operations may be followed by additional