Faq

What does it cost the borrower to apply for a payday loan?

A borrower will pay nothing until they pay back the entire loan. The amount of interest that they are charged will depend on the lender and the laws and market where they live. In most cases, you can expect to pay from $10 to $30 for each $100 you borrow.

Will you still be able to apply for a payday loan if you have a loan with a different payday lender?

No. If you still owe money to another payday lender, you will not be able to apply for a new one. Payday lenders are able to check to see if you owe money on another cash advance using a central system.

Will bad credit interfere with your ability to apply for a payday loan?

No, and this is one of the reasons why they are as popular as they are. They are based entirely on your income and are not influenced by your credit score. A credit check is not even run.

Is it possible to pay back the loan before it is due?

You will be hard pressed to find a lender that would have a problem with receiving their money before they expected it.

If you pay back the loan early, will this reduce the amount of interest that you owe?

This is the catch to the question above. Unlike “normal” loans, payday loans don’t really earn interest. The amount of interest that you owe is completely inflexible and won’t change just because you pay them back early. There may be exceptions with some lenders.

Can you ask for an extension so that you can pay back the loan at a later date?

Most payday lenders will allow you to do this, but it doesn’t come without a catch. You will almost always be required to pay late fees.

When does the loan need to be paid back?

As the name suggests, most payday lenders will require you to pay them back when you receive your next paycheck. This isn’t always the case, but most lenders won’t wait more than a month.

How is the loan received?

Most payday lenders will deposit the loan directly into your bank account via an electronic funds transfer.

Is collateral needed in order to apply for a payday loan?

No, it is not. Your eligibility for a payday loan is based strictly on your income.

If you need to send in a fax in order to apply for a payday loan, how long will you need to wait before you receive the loan?

You shouldn’t normally need to send in a fax. If for some reason you need to, it should only delay the loan by 24 hours, although weekends may interfere with this schedule.