Q. What is a payday loan?
A. Payday loans are also known as cash advance loans, cash check advances, payroll advances, paycheck advances, short term loans, fast cash, fast loans, bad credit loans, and deferred deposit loans.
A payday loan is a quick, easy, confidential way to receive a short-term loan that is due back when the borrower acquires their next paycheck. The lender charges a fee that is paid at the same time that the borrower pays off the loan. They are a sensible solution for paying an unexpected expense or if dealing with a short-term financial crunch. This allows customers to get by until their next payday without incurring any costly fees accrued from late payment penalties or bounced checks. Online payday loan companies provide the customer with a direct deposit into their account and saves them the time exhausted by making a trip over to a payday loan store.
Q. When do people decide to get a payday loan?
A. People decide to use payday advances for a variety of reasons, usually involving unexpected expenses or emergency bills. Paying to fix your car or medical bills are the most common reasons for needing a loan, but really the money you are given can be used for anything you want. Millions of people use payday loans to cover these expenses because they are very fast and convenient. They are a good way to avoid sizeable late fees and bounced checks, as well as to steer clear of damaging your credit. It is important to analyze your financial situation prior to borrowing. Avoid needing an extension or taking out another loan in the future by putting together a budget plan so that you are able to pay off the loan by the time your next paycheck arrives.
Reasons for needing a cash advance:
· Short on rent or mortgage - this avoids late payment penalties and the possibility of being evicted
· Car or home repairs
· Emergency medical bills
· Car or health insurance
· Bills, bills, bills
· Unexpected expenses
· Financial crunch prior to your next payday
· Have a great weekend
· Buy something
· Help out your family or friends
· Vacation. You might need to take some time off for yourself or make sure that during your vacation you can be worry-free about overspending. When planning a vacation factor in the cost of plane tickets, accommodations, dining, lost luggage, shopping, souvenirs, and entertainment such as theme parks, sports events, shows, and museums.
· College supplies
Q. Why should I go with Payday Loan Superstore?
A. When you use our service, we save you a lot of time because it is easier and much faster than filling out multiple applications at various lenders’ sites. We find you a professional and courteous lender from our long list of affiliates. Best of all, we do this for you for FREE.
Q. How much can I borrow?
A. The amount you can receive is based on both your state’s laws as well as the policies of the lender we match you with. Lenders generally determine the maximum loan you can get from calculations based on your income. Your limit might be increased if you successfully repay previous loans and re-apply through this service. The minimum and maximum loan amount is $100 to $1,500.
Q. How is the amount I am qualified for determined?
A. The maximum you will be allowed to borrow is calculated from your income.
Q. How much should I borrow?
A. You may not want to borrow simply what you need at the given moment. It may be smart to borrow a little extra so that you do not have to take a second payday loan before your next paycheck.
Q. How often do people decide to use payday loans?
A. Payday loans are a very popular method of solving financial problems, especially lately because of the current status of the economy. While we can provide you with an immediate solution, it is not advised to repeatedly use payday loans before every paycheck. They are a short-term solution, not a long-term one. After a payday loan resolves your first financial predicament, do your best to prevent yourself from needing another. Even though we appreciate your business, we want to help you avoid using our services in the future. There are many educational sources online that have valuable financial advice. A few sites we recommend are: Free Financial Advice and CNNMoney.
Q. Is my transaction confidential?
A. Very. We never share any of your information with other individuals or companies outside of the lender matching process. You can remain certain that your privacy is safe.
Q. What determines how much money I can borrow?
A. Each state regulates the maximum advance amount a customer can receive. Besides the loan needing to be no larger than this limit, you will be approved for a particular advance amount based on your current income. Therefore, you may not be able to receive the initial amount you request. On your application you define how much money you would like to borrow and you will instantly be approved or disapproved. If denied, you can re-submit and request a lower amount. You can look up your state’s laws, as well as other valuable payday loan information at CFSA’s website.
Q. Is my credit rating checked before I receive an advance?
A. No. Unlike many other financial institutions, payday loan companies do not run credit checks using the major credit reporting agencies. Therefore, you do not have to have good credit or even any credit at all.
Q. Why is there so much information in the Customer Agreement?
A. The Agreement that you read and sign outlines and fulfills all applicable state or federal disclosure requirements. It explains all of the terms and conditions of a payday advance transaction.
Q. What are my payment options?
A. You pay the loan amount as well as the loan fee on the due date. Some lenders allow you to extend your loan for an additional fee. Contact the lender once you have been approved for details.
Q. What if I need to extend my loan?
A. First off, only some state laws allow loan extensions. Secondly, once we have matched you with the right lender you can then easily ask them about their rollover policy.
Q. Is a payday loan worth it to avoid late fees?
A. Quite often the answer is yes. Many late fees on credit cards and monthly bills can be upwards of $50 or more. Simply compare the cost of both routes. Also keep in mind that some bills such as your energy bill can cut off their service and companies like these usually charge a fee for resuming the service.
Q. Why are payday loans better than bouncing a check?
A. According to Bankrate.com the average bounced-check fee is $27.04, and with more and more banks using a tiered structure, the cost can quickly escalate. The punitive damages they charge continue to increase. If you write bad checks you can lose the ability to write checks in the future, you risk legal troubles, and your credit can suffer. Payday loans ensure that you always have enough money in your checking account. Along with cash advances, you can avoid bouncing checks by keeping track of your funds including checks you have mailed that have not been cashed yet. Also, at your bank you can sign up for overdraft protection which will draw from your savings account if your checking account is maxed out, but banks charge for this service so find out the size of this fee.
Q. When should I not use a payday loan?
A. Before getting a cash advance you might want to pursue other options. Here are some things to consider:
· Borrow from your family, friends, neighbors, or employer
· Contact the company that you owe and find out if you can set up a payment plan, which is oftentimes possible to do with medical bills
· Decrease frivolous spending such as dining out, entertainment, or shopping
· Find out if there are any assistance programs through the government, your community, or neighborhood churches
· You might be able to receive an advance on your credit through your bank, but be sure to know about any fees that may apply
Q. How much do payday loans cost?
A. Based on your application, lenders charge different fee amounts according to their rates and terms as well as state law limitations on fee amounts. What Payday Loan Superstore does is match you up with one of our many lending affiliates. After submitting your application you will be informed by the lender of their rates and you are under NO obligation to make a transaction.
Q. What is required to be approved for a cash advance?
A. All you need:
· A job or another source of steady income
· Active open checking account
· Phone
· Email address
· At least 18 years of age
Q. How long does it take to receive my cash?
A. Once you are approved, the money you need will be deposited into your account by next business day.
Q. What happens if I am late on a payment?
A. This depends on the lender we match you with. Be sure to go over their rates and conditions.
Q. How will I be informed about my application outcome?
A. Once you click “submit” your application is processed right away and you will receive your results usually within seconds.
Q. What if I have bad or no credit?
A. Not a problem! Payday loans are for people who do not qualify for other loans, such as from banks. Their purpose is to help people with bad or no credit. Payday Loan Superstore is here for you when you need emergency funds or to help you get out of your slump, even if your credit history isn’t golden.
Q. If I have filed for bankruptcy in the past, can I still get a loan?
A. Yes. You may be still approved, especially since we recognize that you are currently employed.
Q. Do I have to provide any collateral?
A. No. You only allow the lender to securely access your account and proceed to deposit and deduct funds on the dates pre-defined in the contract.
Q. Is my personal information safe and secure?
A. Very. Our website is 100% secure using top of the line SSL encrypted technology so that you do not have to worry one bit about the safety of your personal information.
Q. When will the payment on my loan be due?
A. Usually you will have to pay back your loan on your next payday. This is determined by the lender.
Q. How do I update my banking information?
A. You just contact your lender. Once you have given them your new information they will update what they need to on their end.
Q. How common are payday loans?
A. Increasingly common. On average, 19 million individuals in America take out a payday loan every year. Just like with any kind of loan, cash advances are meant to be used responsibly and are not designed to solve a long-term financial situation.
Q. Do our lenders offer fast and simple faxless transactions?
A. Yes. The entire process is completely paperless.
Q. What are bank routing and account numbers and how do I find out what mine are?
A. A bank routing number is the nine digit number located in the lower left corner of your checks and is used to identify your bank. The account number is just to the right of your routing number (See application page). These are used to enable lenders to deposit your loan straight into your account electronically.
Q. Is there an application fee?
A. No!
Q. Does the online application cost anything or obligate me to take out a loan?
A. No. First you are matched with a lender and then you decide if you agree with their rates. Once you’ve decided to take the loan you receive the cash and do not pay a dime until your next payday.
Q. Does it matter if I rent or own a home?
A. No. You can receive a loan either way.
Q. How often can I get a payday loan?
A. Once in between every payday given that you consistently pay them back on time.
Q. How do I receive my loan?
A. Once you are approved, the money is electronically deposited straight into your bank account.
Q. How long does the entire process take?
A. It takes about 5 minutes to fill out the application and get approved. Your funds are usually deposited by the next business day.
Q. On what holidays will I be unable to receive a loan?
A. If your loan is approved on a weekend or bank holiday your money should be deposited the next business day. You can contact your lender to find out exactly when you will get your money.
Here is a list of the bank holidays that are observed by Federal Banks and their branches:
New Years Day
Martin Luther King, Jr. Day
Presidents Day
Memorial Day
Independence Day
Labor Day
Columbus Day
Veterans Day
Thanksgiving Day
Christmas Day
Q. What if I do not get approved by the lender you matched me with?
A. Payday Loan Superstore partners with a vast amount of lenders, but we cannot guarantee that you will be approved. Although, when you apply with us you have a higher chance of getting accepted by one of our lenders than if you go straight to a lender. If you do not get approved for a loan it is wise to apply at a later time because you may be approved even if just one variable of your situation has changed.
If you are denied, then you may want to take a few of these steps to increase your chances of getting a loan:
· Work on having a job that pays at least $1000/month
· Apply during regular business hours because some lenders do not accept applications outside of these hours
· You may need to pay off other outstanding loans
Q. Why apply online for a payday loan instead of going to a store?
A. Payday Loan Superstore saves you time and gas money. Matching you with multiple lenders in seconds means it’s not only faster than making the trip to a store, but it’s also less time-consuming than filling out online applications at every lenders’ site.
Q. Why can’t I receive a loan if I am in the military?
A. The government has set up their own type of payday loans to assist people in the service.
Q. What if I am dissatisfied with my payday loan service?
A. We do our best to try to match you with a lender that provides friendly and professional customer service, but if you are unhappy you can re-apply on our site and we will see if we can match you with a different lender.
Q. What days and hours are your services available?
A. You can submit a request at any hour of any day, including weekends. At this time you will also find out if you are approved or not for a loan. During a weekday you will have your application processed the day you apply, and weekends are processed the following Monday.
Q. Can I pay off my loan early?
A. Yes, simply contact your lender with your inquiry to find out what their policy is. You may be eligible for a refund of your fee.
Reasons you may want to contact your lender:
· You do not or will not have sufficient funds when payment is due
· You want to know when you can borrow again
· You decide you want to pay off your loan early
· If you have any questions concerning fee rates and late penalties
· You need to inform them of any banking account updates