FAQ

What Is a Payday Loan?

A payday loan is a short term loan that provides quick and easy money to someone facing a financial emergency. Sometimes unexpected expenses arise as a result of a financial emergency and there is not enough liquid cash to meet financial obligations such as car payments, rent or utility bills. Failure to meet required payments may lead to a damaged credit report, eviction or car repossession. While a payday loan can be a solution to many of life’s financial challenges, caution must be exercised prior to making the decision to commit to such a short term loan. Sometimes alternatives such as credit cards are a cheaper solution to unexpected expenses.

What are the Benefits of a Payday Loan?

A payday loan can provide fast and easy money that is needed to meet unexpected expenses or regular payments towards financial obligations. The primary benefit of a payday loan is the ease and speed in which funds can be secured in the case of a financial emergency. When faced with the possibility of overdraft fees, late penalties and other expenses associated with missed or late bill payment, it is often more cost efficient to use a payday loan than incur other expenses. Overdraft fees and interest on long term credit card payments can be extremely costly. By using a payday loan, the costs of obtaining cash in a hurry are greatly reduced and consumer credit is protected.

How Long Does It Take to Get Approved for a Payday Loan?

We understand that you need your money fast. That’s why when you complete and submit your loan application, one of our loan representatives immediately reviews your application. If you are approved for a loan, you may receive your funds within 24 hours, sometimes even the same day you complete and submit your loan application. The odds of loan approval are increased when all previous cash advances and payday loans are completely paid off prior to completing a submitting an application for a new short term loan.

Can I Get a Payday Loan Even If I Have Bad Credit?

Because our loan application and approval process does not include a consumer credit check, you may qualify for a short term loan even if you have less than perfect credit. Even if you have been turned down for a loan from other lenders or you have been told that you do not qualify for a loan due to your credit, you may still be able to get a payday loan as long as you have steady monthly income.

How Do I Know If and When My Loan Is Approved?

When you complete and submit your loan application, it will be promptly reviewed by a loan representative. Upon your loan application approval, you will be alerted via email with approval verification.

Does My Loan Application Obligate Me to Take Out a Loan?

No, simply completing and submitting a loan application does not obligate you to take out a loan. The loan application process lets us know that you are interested in obtaining cash through a short term loan. When we receive and review your competed loan application, one of our loan representatives will make contact with you to discuss all of the relevant terms and conditions of the loan. You are able to withdraw your loan application at any time without penalty.

How Long Is My Loan Good For?

Because payday lending laws vary from state to state, the actual term of your payday loan will depend upon where you secure the loan. Typically, payday loan terms are eight days to twenty-five days, depending on the borrowers next scheduled paycheck.

How Many Times May I Borrow Money With a Payday Loan?

Each state has different regulations governing how many times an individual can borrow money by means of a short term loan. Some states limit the number of times a single person takes out a payday loan to four per year. Other states do not impose limitations or restrictions on how often or how many times a person may apply for and receive cash through a payday loan. It is important for consumers to exercise caution when using payday loans as a mean to meet financial expenses as excessive borrowing can lead to continued debt.

How Do I Pay Back My Loan?

Some customers opt to pay the loan amount and all fees associated with the payday loan in full at the conclusion of the contractual term of the loan. The payday lender may offer the opportunity to renew the loan once all financing fees are paid.

Why Does the Online Application Require My Personal Information?

We use your social security number and driver’s license number to confirm your identity and protect you from identity fraud. Because identity theft is often used to obtain short term loans, we take measures to confirm the identity of our borrowers before we lend money. We require bank account information so that we can quickly and easily transfer your money so that you may have secure access to it.