Payday Loan FAQs

What is a Payday Loan, Cash Advance, or Personal Cash Loan?

A payday loan is a short-term loan between paychecks. These payday loans, or cash advances are most often used to help with unexpected expenses such as emergency auto repair bills.

What is necessary to qualify for a payday loan?

Unlike most other loans, approval for payday loans is very easy and does not take in consideration your credit. The only requirements most creditors have are that you currently have a job (or other regular income), that you earn roughly $1,000 per month (although this varies between lenders), that you have a checking account, and that you are 18. Other restrictions may apply with different lenders, although these are close to the general norms.

How long does the payday loan process take?

Approval for a payday loan usually happens within hours of applying. After being approved, money is wired directly into your checking account and you have access to the cash the following day.

Does bad credit or bankruptcy affect my qualifying status?

Since payday loans do not require a credit check, bad credit, no credit, or bankruptcy are not a problem in obtaining a payday loan or cash advance.

Are you required to have any collateral to obtain a payday loan?

The only required collateral for a payday loan is being currently employed.

When does a payday loan or cash advance have to be paid back?

Payday cash advances are normally paid back within 18 days, although you can pay it back at any time to lessen the interest charges.

What if I can't repay the payday loan in full on the due date?

You will typically have the option of paying only the finance fee and extending your payday loan for another period. Most lenders will give you the option of paying the loan in full, paying the finance fee along with a portion of the loan, or only paying the finance fee. The best option, of course, would be to pay the loan in full on its maturity date. Because this is not always possible due to unforeseen circumstances, lenders give borrowers the abovementioned options.

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