FAQ
What
is a Payday Loan Center?
Also known as payday loans, pay day loans or cash advances, these are
very short-term personal loans collateralized against your next paycheck(s).
For many of our customers it's the easiest and fastest way to quick cash
between paydays. Simply submit an online application and your loan amount
can be electronically deposited into your checking or savings account overnight,
and repaid on your next paydate with an authorized automatic withdrawal.
How do I qualify for a payday loan?
Qualifying for a payday loan is easy with Payday Loan Center.
We do not perform credit checks, so even if you have bad credit,
no credit, or a bankruptcy you can still qualify. These are
the only requirements: (note: you may qualify
for
our no fax payday loan service if you meet certain qualifications)
• Be currently employed or receive
a regularly recurring income.
• Your take home pay is at least $1000 per month if employed or
$800 per month on a fixed income.
• Your savings or checking account uses direct deposit.
What else will I need?
After completing the online application, you will be asked to
fax in the following items: (note: you
may qualify for
our no fax payday loan service if you meet certain qualifications)
• Copy of a bank statement from within
the last 30 days
• Copy of a valid ID (drivers license, military ID or state issued
ID).
• Copy of your most current pay stub
How long does it take to get approved?
Customers typically receive payday loan approval within a few
hours of applying, and receive the cash advance loan amount
via wire transfer overnight!
Will my credit or bankruptcy hurt me?
No. Payday Loan Center doesn't perform credit checks on our
payday loans.
What about collateral?
Your job and your paycheck are the only collateral you need.
Do I need direct deposit?
Yes. We can only process your payday loan if your paycheck is
direct deposited.
Is there an application fee?
No, you will never be charged an application fee. Be extremely
careful with lenders that try to charge an application fee
for your payday loan
Is my application and financial information secure?
Very secure. Our site uses a host of security measures to ensure
the safety of your confidential financial information. All
sensitive information transmitted between your browser and
our website uses 128 bit Secure Socket Layer (SSL) encryption
technology.
How often can I get a payday loan?
Payday Loan Center is here to help anytime you need extra
cash between paychecks. We encourage all our clients to keep
in mind that a payday loan is a only short-term
answer to an urgent cash need, and to use these loans responsibly.
payday loans should not be used repeatedly to
deal with continuing budgeting issues. If you need additional
help with credit, budgeting or debt management, please call
the National Foundation for Credit Counseling at 1-800-388-2227.
How is my loan amount determined?
State law limits the payday advances to amounts from $100 to
$500. Your actual loan amount is determined by various other
factors including take home income.
What are the fees for a payday loan?
Loan fees vary. Payday Loan Center fees are competitive in
the industry and regulated by state and federal laws.
When is the loan amount due?
Payday loans are usually due when you receive
your next paycheck via direct deposit. The standard time for
loan repayment is usually no less than seven days and no longer
than eighteen days. You may also pay back your loan early without
prepayment penalties.
What if I can’t repay the payday
loan in full on my due date?
We have different payment options available for our customers:
1. Paying the loan in full on the maturity date listed on your
loan agreement*.
2. Paying the finance fee and a portion of the principle on or
before the maturity date*.
3. Paying only the finance fee on the maturity date*.
*Some additional terms and conditions may apply. Please ask
your loan consultant about
all of the repayment options
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