Payday Loans FAQ
1. What are payday loans exactly?
They are a fast and easy way to borrow extra money quickly and securely until your next payday. They are "unsecured" loans, which means you do not have to put up any collateral. Your job is your collateral.
2. Why would I need a payday loan?
These small, short term loans are a good source of emergency cash. Basically, this type of loan is good if your next paycheck isn't very close and you need a decent amount of cash quickly.
3. How much can I borrow?
The most you can borrow is $500.
4. How long does it take to get a payday loan?
Cash can be deposited within 24 hours, sometimes shorter. The application takes only minutes to complete.
5. What are the requirements for a payday loan?
Typical requirements are holding a job for the past 3 months, having a checking account, having current work and home phone numbers, and having a job that pays more than $1000 per month.
6. How much does it cost?
Between $10 and $30 per hundred borrowed.
7. Do you allow extensions?
Most lenders do allow extensions, but you must contact them as soon as possible.
8. How do I receive the money?
The money is wired to your bank account within 24 hours.
9. When do I have to pay back the loan?
Your bank account will be electronically debited after your next payday. You may apply for an extension, but you must contact the lender as soon as possible. Additional fees may be charged if a loan is extended.
10. What if I have bad credit?
Bad credit is ok. There are no penalties for bankruptcies, divorce, or anything else. As long as you meet the basic requirements, you'll qualify.
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