How long does it take to get my money?

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Since these loans are deposited into your account electronically, you will usually get your money on the next business day after you sign up, although this may vary depending on the lender.

What kind of collateral do I need?

Payday Loans are collateralized agains your paycheck. In other words, your job is your collateral.

Is direct deposit really necessary?

Yes. It’s the safest and quickest way to get your money to you. Otherwise, you would have to pay for overnight shipping on a check. We have not encountered an online payday loan company that does not require direct deposit.

How do I know my personal information is safe?

Your payday lender should have a posted privacy policy that states what they will and will not do with your personal information. Additionally, the online form should be protected with 128-bit Secure Sockets Layer (SSL) encryption. Most browsers indicate that a page is SSL encrypted with a small padlock icon somewhere along the bottom of the browser window. See your browser’s help for exact details. If your chosen payday loan lender does not have a privacy policy or does not encrypt it’s forms, find another lender.

Can I get more than one loan?

You can only have one loan at a time. You can get another loan after you pay off the first one, but you cannot have more than one loan at a time. You should also keep in mind that payday loans are intended to solve your short term emergency cash needs. They are not intended to support on going budgeting problems. If you need help with you debt, credit, or budgeting, please call the National Foundation for Credit Counseling at 1-800-388-2227.

How big of a loan can I get?

Your loan amount is determined by several factors including income, state law, length of employment and other outstanding loans. Typically, payday loans are available for amounts from $100 to $500.

What if I can’t repay the loan on the due date?

Most lenders offer several payment options when the loan reaches it’s maturity date. The most obvious choice is to pay off the loan in full – the loan amount, plus the fee. A second option is to pay the finance fee plus a portion of the principal. The last option is to simply pay the finance fee. These last two options involve rolling over the loan into another loan and some additional restrictions may apply. Your lender may have a variety of repayments options available – speak to your designated customer service agent for more information on this topic.… Read more

What is a payday loan?

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Payday Loans are short term personal loans that use your paycheck as collateral. They are also known as cash advances. For many people, a payday loan is an easy and quick way to obtain emergency cash between paychecks. These loans are typically electronically deposited into your checking during the next business day, although this varies depending on the lender, and when the loan comes due they are also electronically repaid. Loan amounts vary from as little as $100 to as much as $1500; however, $500 is a more typical maximum.

What are the qualification requirements for a payday loan?

The exact requirements vary from lender to lender, but they are all generally similar to the following:

You must have a job or receive regular income.
You must be at least 18 years of age.
You must be a US citizen.
You must have a checking account with direct deposit.
You must make at least $1000 per month.
Don’t worry if you have had some financial troubles in the past; you may still qualify.

Do I need to fax in any documents?

Again, this also varies from lender to lender, but the payday loan industry is very competitive so most online payday loan lenders are moving to a faxless system. If you do happen to get a loan from a lender that does require faxing, you may be asked to fax in one or more of the following items:

A copy of your most recent bank statement.
A copy of a voided check.
A copy of your most recent pay stub.
A copy of a valid ID – drivers license, state ID, or military ID.
Currently, faxing is more the exception rather than the rule, so you probably will not need to fax anything.… Read more