- What is a payday loan?
Best defined as small amount instant cash loans which are usable during times of emergencies, a payday loan is a very short term loan that’s intended to be repaid on the next payday of the borrower which should ideally be 7-14 days from the date of loan deposit. Since these cash advances are pledged to be paid by the next salary date, they are also synonymized as payday advances. These easy loans are suitable for temporary cash need and are inappropriate for long-term usage. Both online and storefront lenders are available for payday cash advances.
- Are online payday lenders better than storefront lenders?
Online payday loans have multiple benefits in comparison to storefront lenders such as:
- Fast instant approval
- Direct cash deposit in checking account by same day or next business day (maximum)
- No need to stand in queues.
- No faxing, no writing checks required
- Easily verifiable customer service reputation
- What costs can be covered by these emergency payday loans?
An online cash advance can cover almost any kind one-time cash need. However some of the probable uses are:
- Emergency medical bills
- Vehicle repair bills
- Home repairing / renovations
- Loan EMIs
- Home rents
- Utility and lifestyle bills
- How can I have a 1 hour approval?
Getting a cash loan approval in 1 hour is not too hard. All you need to do is fill up the online application form, e-sign the loan documents and you could get up to $1000 in your checking account. Apart from a PC, you can apply for these quick loans through any mobile device like laptop, tablets, and phone as well. During business hours, if all documents and details provided are easily verifiable, our system is designed to complete approval within an hour.
- What are the eligibility criteria for such easy loans?
An applicant must have:
- Employment history for 3 months minimum
- A working bank account with minimum 3 months history
- A minimum regular monthly income of at least $1000
- No indications of bankruptcy filing
- Is there any need of faxing documents?
We ensure a zero paper work procedure. We manage this as ours is an exclusive funding module that requires no faxing of any documents.
- How much cash advance am I entitled for?
Generally we offer up to $1000 as our loan limit, and you can borrow anything in this range based on your monthly income. For the first time borrowers, we typically maintain the limit of $500 for payday advances.
- How can I raise my approval limit to $1000?
After your first repayment is completed successfully and you establish yourself as a trustworthy borrower, $1000 will be your new loan limit.
- How much time would it take for the loan approval?
Our loans usually have instant online decisions. Upon the completion of your loan request, we will immediately contact you via mail or phone in our normal business hours – Monday to Friday, from 8:00 am to 8:00 pm. For loans that have been requested after business hours, we will contact you on the next business day. However subject to state norms and verification procedures, some loan application might have to face a little delay.
- I am a bad credit scorer. Do you offer loans only after credit checks?
Being direct lenders, our payday loan have a guaranteed approval for bad credit scorers too. We may at times choose to run soft credit checks. Poor credit score holders or even no credit scorers -everyone is eligible to qualify for our loans.
- What is an APR?
Annualized interest of the loan is known as the APR (Annual Percentage Rate). For detailed information, you could have a look at our fees page.
- What will be the overall loan cost?
As a trusted payday lender, we abide by all the rules and regulations of lending enforced by the respective state of loan query origin. We charge $30 for every $100 which makes our APR in the range of 365.00% to 1564.28%.
You can use the funds form a cash advance in any manner you like, there are no restrictions. It is however advised to use borrowed funds responsibly.
- Is it possible to apply for a payday advance on weekends?
Yes it is. But you may not always be able to get the same instant service on weekends. If you submit the application near to the end of business day on Friday or on weekends as on Saturdays or Sundays, your loan your requested funds will be deposited only on next business day, which is Monday.
- If not required, can I cancel my payday loan?
Yes, there is an option to cancel, but you must return the loan before the end of the next business day from the time deposit. Say, if you get the loan on Wednesday, you will have to return the loan money by 5:00pm in Thursday, for there to be no levy of penalty charges.
- What is the repayment procedure of the no credit check loan?
No credit check payday loans have an e-repayment module, which deducts your due amount automatically from your next salary. It is as simple and convenient as receiving funds. The withdrawal will be done electronically by ACH transaction from the bank account authorized by you. Hence there wouldn’t be any need of writing a check. Should there be any change regarding the banking information, please mail the new banking details to email@example.com at least two business days, prior to the due date.
- What is an Automatic Clearing House transaction (ACH)?
Automatic Clearing House transaction or ACH is a method of depositing or withdrawing funds from an account electronically. When you write a check for paying up the loan, you authorize us for the ACH transaction.
- Are there any chances of you withdrawing excess amount than stipulated?
PaydayLoanTeller is an authorized and legitimate payday lender and we follow all rules of NACHA. Conforming to the state and federal laws, our system shall never withdraw money more than you authorize us.
- What happens in case of failure to repay?
In case you are unable to repay the loan, we suggest that you let us know at least 2 days prior your due date. You can ask for extending the loan term, but you will have to make the minimum payment, that will include finance charge of $30 for every $100 and the APR that will be in the range of 365 to 1564%. But we would suggest you to reduce the principle amount if possible, to reduce the interest overall.
- What is the fees for non-sufficient funds (NSF)?
We charge $20 as NSF fee.
- Can I repay the loan earlier?
Yes surely you can do that and you wouldn’t be charged of any prepayment penalties. But do mail us at firstname.lastname@example.org, for the necessary proceedings.
- Do you approve tenure extension and partial payments?
If due to unavoidable circumstances, you are unable to make a payment, you can extend the term till the next pay date. You can also make partial payments, if you prefer to, but you will have to make a minimum installment of $5 at least, excluding the additional charges.
- Do you assure complete confidentiality of my shared personal information?
As a trusted direct lender with no third party mediation, we can assure you complete confidentiality of your shared information. The transaction details are encrypted to the highest standards and with processing through a secured SSL server.
- I am a military personnel, am I eligible to apply for a quick online loan from you?
Thank you for considering our service and your service to the country is highly appreciated. But presently we do not have provisions for providing cash loans to people serving in the military or defense.
- Are your loans expensive?
We abide by the state and federal rules of standard rate in the market. So if you borrow and payback responsibly, our loans will be very inexpensive.
Still not satisfied with the answer? For any further queries or details, kindly email us at email@example.com