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What are
payday loans?
Payday loans are
short-term cash advances
you receive from a
financing company.
A cash advance or cash
loan is due on your next
pay date. To utilized
the
benefits of payday loans, it is in your
best interest to only
borrow what you can
expect to pay back.
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How
soon will I receive
the quick cash?
Once you're
approved,
you have authorized
us to electronically
fund your account
for the amount you
have been approved
for. You can
immediately start
spending your cash
as early as the very
next business day.
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What are
the requirements to get
approve?
The
only things you will
need to qualify are
the following items:
-
Valid
bank account
-
Direct
deposit
-
REQUIRED
DOCUMENTS
- A copy of
your most
current bank
statement
- A copy
of your most
recent pay
stub
- Driver
License or
State
Identification
Card
- Voided
Check (not
required if
it's a
savings
account)
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How long
does it take to be approve?
After
you have completed
our online cash
advance
application and
submitted all the
required documents
during our normal
business hours, our
fast friendly
service agents will
contact you within
an hour either by
phone or email
to notify you of status. For
applicants who
submitted their
information after
our normal business hours,
your online cash
advance application will be processed
the very next
business day.
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How do I pay
back my online cash advance?
On
your next payday,
your contract agreement
with us for the
cash advance has
authorized us to
automatically
withdraw the amount
due from your bank
account. It’s that
simple and
confidential. You
don’t even have to
lift a finger.
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Will I be notified
prior to the
withdrawal of the
funds from my account?
Definitely,
we will notify you
either by phone or
email a few days
before your loan is
due. This is a
confirmation to let
you know we will be
withdrawing the
amount due from your
bank account.
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What if I
don’t have enough money to
pay back my payday loan?
In
this case, please
contact us as soon
as possible so that
we could arrange a
payment method with
you to avoid a N.S.F.
charge of $20.
One example of a
payment method is
making partial
payments to your
loan. For instance,
if you decided to
make a partial
payment of $68 from
your $118 loan, then
the left over amount
of $50 plus our fee
of $9 ($18 per $100
borrowed) will be
carried on till your
next pay date.
It will be in your
best interest to pay
off as much of the
payday loan as possible so
that you will incur
less on the
extension fee.
Please note Utah
State Laws will not
extend your payday loans for
more than 12 weeks.
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What
is
the cost of credit for your
service?
Hot
Payday charges a
fixed finance charge
of $18 per $100
borrowed with a
varying APR from
200% to 1000%. For
instance, if you
took out a $100 cash
advance for 25 days,
then your pay
back on your next
pay date is only $118
with an APR of
262.80%.
For a complete
schedule of fees,
please click
here. There are no other
hidden fees you
would have to worry
about.
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What does
A.P.R. mean and how does it
work?
APR
(Annual Percentage
Rate), interest
rate: The yearly
rate charged to a
consumer to borrow
the finance
company's money. APR
is usually expressed
as a percentage.
Hot Payday charges a
varying APR of 200%
to 950% for
short-term cash
advances in which
depends on the
length (term days)
of your loan. For a
completed schedule
of fees, term days
and its appropriate
APR, please click
here. Below is a chart
which emphasis the
variance between a
one year loan and a
one month payday
loan.
|
Loan type |
Payments
type |
Amount
borrowed |
Rate (APR) |
Finance
charge |
|
1 yr. loan |
One payment |
$1000.00 |
7.5% |
$75 |
|
1 month loan |
One payment |
$1000.00 |
219% |
$180 |
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What if I
have no or bad credit?
Hot
Payday does not
perform credit
checks to anyone. We
only based your
approval upon the
documents you have
submitted to us and
your agreement to the
terms and
conditions.
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Would I
have to reapply again to get
another payday loan?
No, once you have
established a solid
commitment with us,
then getting another
cash advance would
not be a problem.
You could log on to
the members homepage to
request another
payday loan or
simply give us a
call using our toll
free number and our
service agents will gladly
work with you to get
another payday loan.
Please note, in
order to request
another loan,
you must pay off
your current payday loan.
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Is my
personal information
confidential?
Your
personal information
is protected under
our Terms
and Conditions.
Please refer to it
for additional
information. In
addition, Hot Payday utilizes
an encrypted SSL
(Secure Sockets
Layer) server
whenever your
personal data is
sent to us for
online payday loans
applications.
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