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We Answer Your Questions

Many consumers are curious about payday loans but they don't know what they are or how handy they could be. For this reason, we offer this collection of frequently questions asked:

What's a payday loan anyway? With proof of employment and a level of income that will cover repayment, a person can borrow a small sum against their paycheck. The lender expects the balance to be repaid at the time of a borrowers next check. Some services even include a post-dated check written by the borrower to the lender in the agreed upon amount, which will include a fee for the service. That fee can be as low as $10 per $100 borrowed up to $50 per $100. Consumers should look for the lowest fee they can qualify for. Cash advances are convenient, easy to qualify for, and are not dependent on credit history. In fact, most lenders won't even check an applicant's credit.

Can anybody qualify? Just about any U.S citizen eighteen or older with a job and a checking account can qualify for these services. Having a bad credit history or having other debts outstanding don't matter. About the only thing that would stop an applicant from being approved is if, 1) they have a pattern of abusing cash advances by not taking care of the balance by the due date or by bouncing checks, or 2) by not being honest when they filled out their application. Information provided on an application is verified, as is whether or not a checking account is active.

What are these services used for? That's entirely up to the borrower of a loan! Unlike many traditional loans which want to be nosy and get into an applicants business, asking what the money will be used for and so on, providers know that adults have their own reasons for needing money. They are hardworking people who don't need a babysitter, they just need a little help. More often than not, these services are for emergencies, but what constitutes an emergency is a borrower's business, not a lender's. For one borrower it might be a car payment to stave off a repossession. For another it might be an electric bill that has doubled up and the lights are about to be turned off. But for another, it might be that money is tight when a child is about to celebrate their sixteenth birthday. Again, most borrowers are responsible adults. Just because they don't make as much as a Rockefeller doesn't mean lenders have the right to ask lots of personal questions.

What's the most I can borrow? Well, it depends on two things: 1) Whether a particular provider has limits in a certain locale or state, and 2) how much an applicant makes for a living. Some lenders offer up to $1,500, depending on circumstances of the borrower. Some limit their risk up to $500. But the good news is that there are many more providers than there once were, so check with more than one and see what their limits are based on the earning qualifications of an applicant.

When does my balance have to be paid back? Commonly known as the term of a loan, this is the amount of time before the amount owed is due to be paid. The term is usually the time from when it is dispersed to an applicant to when that applicant gets paid. Sometimes, this period of time can be extended in what is known as a "rollover." In a rollover, rather than taking care of what was owed back when agreed, time is extended to give a borrower the chance to pay it a little later, as agreed upon by the lender. If a rollover situation occurs, there would be a fee associated with that extension.

I have a regular source of income.
I receive at least $1000/month.
I have a bank account.
I have read and agree to the Terms & Conditions of this website.
We take the stress out of finding a payday loan