Loan Process FAQ
What exactly is a payday advance?
A payday loan is a small unsecured loan, usually $100 to $1,500, designed to meet your financial needs until your next payday. Essentially, you are making out a check for an advance plus a fee, to be held until your next payday. No matter what you call it, a payday loan can get you through your financial crisis.
How does the payday advance process work?
You can either pay directly or the lender will cash your post-dated check or debit checking account. You do not need any other form of collateral like a house or car other than your check. Depending on which state you live in, you may be able to extend or roll-over the loan(s) but this will mean you incur more finance charges.
Say you borrow $300 from a lender with a 390% annual percentage rate (APR). Your finance charge would $45 for a total of $345 for your payday loan’s term. It’s important to note that 390% is just an example and loans and their associated APRs will vary by state, lender, and borrower.
What hours is your service available?
Applications are accepted 24 hours a day, 365 days a year.
Many lenders are available to approve payday loans at night so it can fund the next business day. If you have a difficult time being approved at night or during a weekend, try again during normal bank hours. Also, your payday loan can only be electronically deposited into your bank account when your bank is open.
If you have any questions about your loan application, customer service representative are available Monday to Friday from 8 am to 5 pm EST. If you have any questions about an existing payday loan, you will need to contact your lender directly.
How much money can I have advanced to me?
A typical payday loan is $100 to $1500.
Sometimes a payday loan lender may provide a smaller loan than you request until you establish a payment history with them. The amount you’re approved for will also depend on your income and other lender requirements.
How quickly can I get my money?
Payday loan applications are processed as soon as they’re received so you could have your cash in one hour.
Will I get a fair deal?
Yes, you will always a get a fair deal! Your interest rate will adhere to current market rates and industry regulations. You terms and fees will be determined by which payday loan option you choose and its amount. Our mission is to provide you access to highly competitive services and helpful alternatives to other costly loan options.
We work with a network of lenders who have some of the most competitive payday loan fees in the industry. Nevertheless, your payday loan fees will depend upon the lender you are matched with, the payday loan option you choose, and how much you borrow.
What if my application is not matched with a lender?
While we work with a comprehensive network of payday loan lenders, we cannot guarantee you will matched with a lender. If we do not find you a lender, there are few things to try to better your chances:
- Time of Day: Most payday loan lenders don’t process applications outside of their normal business hours. It’s a good idea to apply Monday through Friday, 8 am to 5 pm.
- Direct Deposit: The majority of payday loan lenders prefer customers whose paycheck is directly deposited into their account. If you do not have direct deposit, you may want to ask your employer to enroll you and then reapply.
- Outstanding Payday Loans: Some states will not allow more than one outstanding payday loan at a time. Also, some lenders will not give you a payday loan if you have other outstanding loans. You should first pay off the other loan(s) and then reapply.
Will I have to submit to a credit check?
Because we are not a payday loan lender, we do not perform any credit checks. We match your application to lenders in our vast network in order to find the best payday loan for you. Some lenders might use alternative providers such as DataX, Teletrack or DP Bureau but this will usually not affect your credit.
If I have bad credit, bounced checks or any other negative marks on my record, can I still get a payday loan?
Yes, in fact most people turn to payday loans because they have trouble finding approval from other credit sources. If you have bad credit, no credit, or are even experiencing bankruptcy, you should still be able to get a payday loan. In fact, more than 80% of applicants are approved for payday loans!
After I fill out my application, how much longer do I have to wait?
Upon completing the e-signature page with your payday loan lender, you will usually have your cash in as little as an hour. If you apply for a payday loan on a weekend or bank holiday, you will have to wait until the next business day.
How often can I get a payday loan?
Payday loans are available to you whenever you need immediate cash for emergencies or unexpected expenses. However, payday loans are only intended for short-term and occasional use. Also, some states have laws which prevent you from borrowing more than one payday loan at a time. Always remember to borrow responsibly.
If you need to use a payday loan service often, have on-going budget problems, or serious financial difficulties, you may need to seek help in other areas. You may wish to contact a reputable debt management program such as the National Foundation for Credit Counseling at 1-800-388-2227.
How is my personal information being used?
Your privacy is our top concern at PaydayAdvance.org.
Our lender matching service is free to use but to utilize it you must complete one or more online application forms that request personal information from you.
Your use of our service is voluntary and is governed by our Terms of Use and Privacy Policy.
Any personal information you enter is private and only shared with participating lenders. Your personal information is encrypted and secured using 128-bit Secure Socket Layer (SSL).
Once you are matched with a lender you will be redirected to that lender’s website. PaydayAdvance.org is not a lender and your lender is solely responsible for its services to you. Once you leave our website to utilize the lender’s website you are subject to the terms of use, privacy policy and other terms of that lender. Please review the terms and conditions carefully before finalizing your loan.
