There are several queries and worries that pop up while seeking payday loans. Some of the most frequently asked questions on it are answered and enlisted below.
- What is a Payday Loan or a Paycheck Loan?
It is also known by other names like paycheck loan, short term loans, cash loans, cash advance, fast loan, fast cash, deferred deposit, bad credit loans and so on, is a miniature form of a normal loan, where a certain amount is released to cover the expenses until the next payday.
- How can a payday loan be availed?
It can be easily availed as there are many payday cash lenders, offering cash advance. But choosing the most appropriate online payday lender is of crucial importance and should be done cautiously. Guidance can be acquired in finding a good payday loan lender by just filling online application forms.
- What are the eligibility criteria for availing a payday loan?
Availing a payday cash loan is possible, if you meet just a few eligibility criteria. The requirements are as follows:
- Should be a citizen of the nation where the it is sought for
- Should have completed 18 years of age
- Should be an employed person
- Should possess a record of verifiable income
- Should not be involved in military service
- Is bankruptcy or bad credit a curb for availing payday loans?
Bad credits issues can never pose a problem while you avail a online loans. In fact, many of the applicants for instant cash advances often are either bankrupt or with bad credit issues. Therefore, issues like NFS, bad credit, bankruptcy etc have nothing to do with the accessibility of a loan.
- How long does it normally take to get a payday loan?
It can be acquired at a very fast pace and the customers need not wait for many days. Once the customer applies for a online loan, the application is verified and checked well. After the verification process, if the application is approved with no problems, the money is directly sent to the savings or checking account of the customer. The approval process happens within a few hours of the application. The money will be funded to you, in almost all cases, the very next day of application.
- How often can the service of payday loans be availed?
It can be availed whenever there is an urgent need for liquid cash. There is no restriction as to how often the pay day loans can be acquired. But it should be kept in mind that the payday online loans can only satisfy your immediate monetary needs. Depending solely on instant online loans can be threatening in the future, where an utter financial crisis can be caused.
- Is the information given during the application process secure?
Definitely. The financial information sourced from you while you apply, is absolutely confidential and with due respect, the information is kept highly secure and safe.
- What happens if I'm late with my payment or don't pay at all?
Additional fees will more than likely occur in the event of a late or partial payment. Failure to pay will result in legal action, as well as reporting of the non-payment to a consumer reporting agency.
- How much will the loan cost?
The cost of the loan and the APR depends on your application. The terms are disclosed in the application process when you are directed to the lender's website. At this point you have NOT accepted the loan. If, when the terms are disclosed, they are not acceptable to you, do not sign the application.
- What is your renewal policy?
Renewal policies are determined by the lender, not by us, so they will vary. But, be aware some lenders may not debit your account for the full amount of the loan, which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.