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Most Frequently Asked Questions
Who is eligible and are there any specific requirements?
To qualify, you must:
- Be a U.S. Citizen and over 18 years of age
- Have a steady job with verifiable monthly income of at least $1000
- Have an active, open checking account
- Not be active-duty in the military and not reside in Georgia, Massachusetts, Virginia, West Virginia and New York.
In addition to these, lenders set their own policies. Not everyone who applies will qualify for a loan and approval is NOT guaranteed.
How much can I borrow?
Loans are usually in the amount of $100 to $1000. These amounts will vary according to the specific lender and not all lenders can loan the maximum amount. Your income and ability to pay back is generally the biggest factor that determines how much you can borrow. LoansPayday.info does not make loans or cash advances. Our goal is to match you with a lender who will then make the final loan decision.
Some lenders will offer smaller loan amounts to first-time applicants. Once you have established a good repayment history, lenders will generally approve higher amounts for a loan.
The operator of this site is not a lender and plays no role or has any influence in the loan decision process.
What is the approval process and cost of the loan?
Once you have completed the secure online application form and clicked "submit", LoansPayday.info forwards this information with one or more lenders in our network. It's important to fill out the form in full and accurately otherwise it might not be considered. The approval process can take up to two minutes.
LoansPayday is not a lender and does not have any role in the approval process or decision to lend. All lenders set their own standards as far as interest, APRs, rates and terms, loan extensions and rollovers. A lender is required to inform you in writing of all terms, interest rates, APRs, repayment schedule and fees before you sign any loan agreement.
As a consumer, you should fully read, review, and understand your loan agreement before committing to or entering into it. If you have any questions or concerns, ask for an explanation before signing. You have the right to decline any loan offer at any time before you sign.
For more information, view our Rates, Fees and Extensions page.
Will I get my funds today or in as little as one hour?
Not likely, since many banks are closed on the weekends, funds should generally be available within one business day. Typically a lender will wire your loan proceeds into your checking account within 24 hours from when you applied and were approved. All lenders set their own standards on the timing of transfers and some may require additional verification which could delay processing further.
Many online companies advertise "cash in one hour" or "cash in minutes", it's just not possible.
What if I'm approved and no longer want a loan?
You are under no obligation for a loan until you e-sign your lender's loan agreement. If you choose not to follow through or aren't satisfied with the terms of your loan, you will not be charged any fees and have every right to refuse to sign the agreement.
Are there any restrictions on how I use the money?
There are no restrictions on how you can use your funds, but due to the nature of this type of loan and the quick repayment time, a payday loan should only be used for a true financial emergency. Loans such as these are not designed or meant to be used to solve long-term debt problems.
Do payday loan lenders run a credit check on me?
Lenders set their own standards and many will run routine credit checks. Poor or bad credit does not disqualify you but should at least have successfully repaid previous loans.
Lenders may also verify an applicant's Social Security number and other information which is given on the application. If you meet the basic requirements such as being a U.S. citizen, being at least 18 years of age, and having verifiable income and a checking account, you will most likely be approved. However, it is NOT guaranteed.
All lenders in our network have their own requirements for approval of a payday loan and credit checks may be performed.
When will I have to pay the loan back?
Typically, the repayment time for an online payday loan is 2 weeks (14 days). Every lender sets their own criteria for repayment terms, rates, and fees and these can vary among lenders. Some lenders may extend the repayment terms if your next payday is 3 or 4 weeks out. Generally, an extended repayment period will normally result in higher fees and interest. Be sure to review and understand all the conditions and terms as set forth in your loan agreement before committing to your loan.
If you are approved for a payday loan, take the time to once again fully review your loan agreement and ask questions about anything you don't understand. You are under no obligation to accept a loan offer, even after approval. If you are not satisfied with the terms and conditions in your loan agreement, you may decline the loan offer and re-apply with another lender.
Failure to Pay
As with most other types of credit, if you fail to repay your loan according to the terms of your contract, the lender may begin collection proceedings against you. You should seriously consider this fact when deciding whether a cash advance loan is appropriate for you and your situation.
Defaulting on your loan obligations and late or missed payments could be reported to major credit bureaus which could have a negative impact on your credit.
Be cautious when making decisions for these types of loans. If you have any doubts you might not be able to pay, you must look for other borrowing options. Certified credit counselors will be able to provide advice to help get your finances back on track.
Renewals and Extensions
If you are unable to repay your loan by the due date, contact your lender immediately and explain your financial situation.
If you wish to renew your loan until your next paycheck, be prepared to pay an "extension fee" that may be assessed by the lender. Lenders have their own loan extension policies and options may vary since some states have a ban.
For more information, view our Rates, Fees and Extensions page.
Can I take out more than one online payday loan?
Normally you are only able to have one online payday loan at a time. Occasionally some lenders will approve multiple loans if you have a solid repayment history with them. All lenders have their own rules and regulations regarding this and you should check with the specific lender about multiple loans. Some states do not allow more than one loan at a time.
Be a smart and responsible borrower. Investigate your options. Only borrow what you really need. Review and fully understand your loan agreement before entering into a contract. If you have any questions or concerns, ask before you sign.
Remember that these types of loans are short-term and should be used sparingly and cautiously. Investigate other possible sources of cash loans before committing to an online payday loan. Some options might be a conventional loan through your bank or credit union, borrowing from a friend, or taking a salary advance from your employer.
Can I contact a lender through your site?
No. All questions regarding existing loans and new applications should be directed towards your lender.
For LoansPayday.info site questions or issues before you submit your application, please do not hesitate to contact us.