Frequently Asked Questions

In case you still haven’t heard about them, payday loans are short-term cash advances approved by a specialized type of lending agencies. These days, everyone can find themselves short of money. We live in trying times, and because of that, unexpected expenses fall hard on our budget. These payday loans are a lifesaver for people who can’t or don't want to borrow money from relatives or friends. The difference between payday and conventional bank credits is that you can get the money very quickly and without loads of paperwork. Unlike with a bank loan, here you can take a limited amount of money that is predefined by the lender. Most of these lending agencies approve sums from $100 and up to $2000. As the name implies, these money advances are due for repayment when the borrower's paycheck arrives. However, it is possible to make different kinds of arrangements with a provider.

Applying for a payday loan is relatively simple. You should meet several requirements and submit your application. Nearly all lenders have more or less the same terms and conditions.

• Applicants must be at least 18 years old and have a document that verifies their identity. Valid documents, besides ID cards, are travel documents, social security cards, permanent residency cards, driver’s licenses, etc.
• Applicants need to provide contact information – address, phone number, email.
• Also, everyone who applies must show proof of employment and steady income.
• In the end, lenders ask for bank account details.

Well, this depends on the agency and several other factors. Generally speaking, it should all go very quickly. Once you apply, the company will need some time to process the request. It usually takes not more than 15 minutes. They will inform you whether the application is approved or rejected. If successful, money should be in your account within 24 hours. The best is to check with the lender when you can expect it. Some agencies offer you the possibility to come to their office and take the cash. In this case, you can get the money on the very same day.

Lenders usually don't ask for your credit report. They are more interested to know whether you are solvent now. So, they make their investigation, and that is why they need proof of your employment and income. If everything looks fine, and they deem you reliable, you won't have any problem getting a payday loan even with a bad credit score. However, some do run credit checks because they want to be entirely sure that they can trust you. Thus, you will fail if you have bad credit.

When a loan is approved, in a short time after you applied, three minutes on average, you will receive a message from your lender asking you to connect. They will inform you that they approved the request, and you will be asked if you accept the terms of the agreement. If you do, the provider will send you the money within 24 hours. But keep in mind that the fact that you applied for a loan doesn't necessarily mean that you will get it. Sometimes, applications are rejected, and lenders usually don't explain why.

People think that because the entire process is online, it is possible to get the money on weekends. However, that isn’t the case. Bear in mind that if you submit your application on Saturday, Sunday, or public holidays, you will have to wait until the first working day to get the response.

It depends on the organization. But, a lot of agencies who do offer you to choose between taking cash and receiving payment on your account allow you to take the money right away if you come to their office. If you don't mind taking cash, check for lending agencies near you.

Sometimes, the provider may ask you for some additional documents during the application process to make sure you are trustworthy. Some of them are paycheck slips, recent bank reports, current utility bills with your information, voided checks (if you have them), social security card, and ID or driver’s license.

You see, as the name says, these loans are to be repaid when your next paycheck arrives. That is how it usually functions, and it is done automatically. When you get the monthly payment, the amount of the loan with interest fees will directly go to the lender. Now, a lot of lending agencies have different repayment plans, but you have to arrange this in advance.

This question was kind of covered earlier. It depends on the agency and several other factors, such as when (day of the week and time) you applied. On working days, you will get the money within 24hours. You can always contact your lender to see how soon you can expect the cash.

Most of the creditors will advise you to repay the debt as soon as possible, regardless of the due date. This way, you avoid paying additional fees. When your loan is approved, you should discuss all the terms regarding repayment with your lender. If you repay early, there is a high chance you will spare some cash, as you will pay less interest.

This is something that depends on the lender. Each agency has its own rules on how to handle repayment options. Sometimes, these policies are based on state regulations. Many providers accept partial payments. If you want to return the money in this way, discuss it with your lender to see their terms and additional fees.

If you can’t pay the loan on time, talk to your lender to see what your options are. Here are some potential solutions:

• Contact the provider as soon as you realize you can’t repay by the due date. Some companies will extend the repayment period.
• Personal loans have lower interest rates, so check if you can apply for it.
• If you belong to a credit union, you can request alternative loans.
• Look for advice from the National Federation for Credit Counseling.

It is reasonable to wonder about this since the agencies use your data. Bear in mind that they encrypt the information and use the latest technology to ensure maximum safety and security. Most lenders have sections about privacy policies where you can get all the necessary details.

This question has already been covered in the article. What is important to know is that rules vary from lender to lender. Check the terms of your provider on the matter.