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Frequently Asked Question on Payday Loans

What is a payday loan?

Payday loan is defined as a small short-term loan repayable on the applicant’s next payday. To be able to pay the payday loan lender, you issue a pre-authorized withdrawal from your checking account.

Can I avail of payday loan if I have bad or poor credit?

Payday loan companies exist for people with poor or bad credit and who needs cash fast and easy. The best way to know of your eligibility, check out the requirements section of an online payday loan lender. Fill-out an application form on the website and complete the answers needed.

How much can I loan?

Generally, payday loan lenders approve anywhere from $100 to $500. First time applicants usually get smaller loan amounts. The $400 and $500 loan amounts are usually reserved for preferred customers or repeat clients.

When do I get my loan if I applied on a Friday or weekend?

Usually, loans approved from Monday to Thursday receive the wire transfer the following day. But loans approved on Thursday afternoon and the whole day of Friday get cash the following Monday. A loan approved on the weekend—Saturday or Sunday—gets the cash on the following Tuesday. Verify with your bank of the deposit’s arrival before writing checks on that deposit

How is my loan sent?

Once the loan amount is approved, the payday loan lender wires it to your checking account.

How does the payday loan lender gets repaid?

The payday loan lender gets repaid by a direct withdrawal from you checking account on your next payday.

Can the payday loan lender withdraw more than what is required?

No. The payday loan lender can never withdraw more than what you authorized in the loan contract.

Is my loan information confidential?

Absolutely. All payday loan lenders have Privacy Policy though they may differ in small ways. Nevertheless they can never disclose any loan information other than what is allowed by law.

What if I’m not able to pay on the maturity date of the loan?

Contact your payday loan lender immediately. They usually offer extension on payments. If they do not receive any information from you, any payment will be considered late and the loan will default.

What is a roll-over?

Roll-over is extension on the payment. It means that the payment is extended on the next payday after the due date in question. The interests are rolled over to the next payday, meaning you pay double. Roll-overs are approved within a maximum of 18 days and most payday loan lenders charge an additional $20 for every $100 loaned plus the interest on the extended period and the principal amount.

Can I get another loan even if I haven’t paid an existing loan?

No. Every client is allowed only one outstanding loan. All existing loans should be paid first before an approval of a new loan. Any new applications if you still have an outstanding loan will be declined.

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