Payday Loans
Are you considering a payday loan? If so, be very careful. Payday Loans, often called advance loans, check advance loans, or deferred deposit loans, come with a very high interest rate and are very expensive. Payday loans should be your last resort if you need to borrow money. But, if you need money to meet a short-term cash crunch, a payday loan might be what you need.
Payday Loans are usually secured by a personal check to the lender for the amount that the borrower wishes to borrow -- plus a fee. The borrower gets the amount of the check less the fee and the fee is based on the amount that is borrowed. If you extend payday loans for a longer period than originally agreed upon, you will pay additional fees for each extension.
Like all Lenders, the institutions that issue payday loans are required by law to disclose the costs involved in the loan. Pay close attention to the finance charge and the annual percentage rate. Make sure that you shop around to get the best deal that suits your own needs, and if the interest rates are very high, you should try to only borrow the minimum amount you need and make every effort to repay it as quickly as possible
Payday Loans are usually secured by a personal check to the lender for the amount that the borrower wishes to borrow -- plus a fee. The borrower gets the amount of the check less the fee and the fee is based on the amount that is borrowed. If you extend payday loans for a longer period than originally agreed upon, you will pay additional fees for each extension.
Like all Lenders, the institutions that issue payday loans are required by law to disclose the costs involved in the loan. Pay close attention to the finance charge and the annual percentage rate. Make sure that you shop around to get the best deal that suits your own needs, and if the interest rates are very high, you should try to only borrow the minimum amount you need and make every effort to repay it as quickly as possible
Payday Loans Frequently Asked Questions
What are the requirements for a payday loan?
• You must be at least 18 years of age and a U.S. Citizen
• You must have a job (or other source of steady income, i.e., pension, social security, etc.)
• You must have an active, open bank account
• You must make at least $1,000 NET income per month (after tax)
• Other requirements may apply depending on the individual lender.
What if I only have a savings account and not a checking account?
We have several lenders in our network that can qualify you for a loan even if you only have a savings account. Please contact your bank to get the routing number if you do not already know it. This is needed in order to electronically transfer the loan to your savings account. You must have a bank account in order to qualify for a payday loan because your money is usually deposited directly into your account and the payment will be withdrawn on a pre-determined day.
What if I do not have a driver’s license or State ID?
If you do not have a driver’s license or State issued ID you may enter your social security number.
What if I have a fixed income such as Social Security or Retirement Pension?
As long as you have a steady stream of income monthly, our lenders may be able to provide you with a loan. Enter your benefit provider as your Employer or simply write Retired. If you do not have the telephone number of your benefit provider, then you may enter your own telephone number. Enter the number of months you have been receiving benefits for the Months Employed field.
How long do I have to pay back the payday loan?
Your payday loan is normally due on your next pay date; however, most lenders will allow you to extend your loan by paying a fee.
You typically have the following options:
• Do nothing , loan will auto-refinance on a schedule set up by the lender
• Pay the loan off in full on your next pay day
• Renew the loan and pay the interest payment and fees only
• Renew the loan and pay interest as well as part of the principal
Here are a few suggestions to improve your chances when you apply:
• Time of Day: Most lenders accept applications outside of normal business hours. However, to verify bank accounts, employment, etc. you may want to apply during regular business hours – Monday through Friday, 8 a.m. to 5 p.m. EST.
• Direct Deposit: Many lenders favor customers whose paycheck is directly deposited into their bank account by their employers. If you do not have direct deposit, you can ask your employer to enroll you in their direct deposit program
• Outstanding Payday Loans: Many lenders will not issue payday loans if you have too many other current loans outstanding.
Click here for Instant Quote and Application of Payday Loans >>
• You must be at least 18 years of age and a U.S. Citizen
• You must have a job (or other source of steady income, i.e., pension, social security, etc.)
• You must have an active, open bank account
• You must make at least $1,000 NET income per month (after tax)
• Other requirements may apply depending on the individual lender.
What if I only have a savings account and not a checking account?
We have several lenders in our network that can qualify you for a loan even if you only have a savings account. Please contact your bank to get the routing number if you do not already know it. This is needed in order to electronically transfer the loan to your savings account. You must have a bank account in order to qualify for a payday loan because your money is usually deposited directly into your account and the payment will be withdrawn on a pre-determined day.
What if I do not have a driver’s license or State ID?
If you do not have a driver’s license or State issued ID you may enter your social security number.
What if I have a fixed income such as Social Security or Retirement Pension?
As long as you have a steady stream of income monthly, our lenders may be able to provide you with a loan. Enter your benefit provider as your Employer or simply write Retired. If you do not have the telephone number of your benefit provider, then you may enter your own telephone number. Enter the number of months you have been receiving benefits for the Months Employed field.
How long do I have to pay back the payday loan?
Your payday loan is normally due on your next pay date; however, most lenders will allow you to extend your loan by paying a fee.
You typically have the following options:
• Do nothing , loan will auto-refinance on a schedule set up by the lender
• Pay the loan off in full on your next pay day
• Renew the loan and pay the interest payment and fees only
• Renew the loan and pay interest as well as part of the principal
Here are a few suggestions to improve your chances when you apply:
• Time of Day: Most lenders accept applications outside of normal business hours. However, to verify bank accounts, employment, etc. you may want to apply during regular business hours – Monday through Friday, 8 a.m. to 5 p.m. EST.
• Direct Deposit: Many lenders favor customers whose paycheck is directly deposited into their bank account by their employers. If you do not have direct deposit, you can ask your employer to enroll you in their direct deposit program
• Outstanding Payday Loans: Many lenders will not issue payday loans if you have too many other current loans outstanding.
Click here for Instant Quote and Application of Payday Loans >>
