Category Archives: FAQ

What is a payday loan?

A payday loan is a line of credit that you can apply for and be approved for almost instantly. Your application is assessed immediately and the parameters for which it is appraised are different from those of a regular loan. The lenders who offer payday loans understand the implications of having an urgent need for cash and the whole process is carried very fast.

Who is eligible for payday loan?

Only citizens of the United States of America are eligible. Anyone who above age 18 and has a job would most likely have a bank account. And if these conditions of a regular salary and job are fulfilled and if the applicant is not from the military, he or she can apply for an instant payday loan with the bank details in hand. A steady income record of 3 to 6 months will reassure the lender that you have repayment capacity.

Documents needed for applying for payday loan

If you are applying for the payday loan, you need to have your bank details and statements for ready proof and processing. You also need to furnish proof of identity, residence, employment and of having the bank account, preferably a checking account.

Since this is an unsecured loan, you do not have to furnish any collateral. Proof of amount of salary has to be furnished based on which you will be approved for the loan amount.
You also need to furnish contact information which will be verified by the lending authority. Upon satisfactory verification, the loan processing happens in one day.

What about paying back the payday loan?

As the name indicates, you can pay back the loan when you get your next paycheck. This is how the law stipulates the payback period. The amount (including the processing fees) is debited from your account as soon as your salary is credited. You can ask for extension from the lender if necessary.

How to apply for payday loan?

Applying for a payday loan or a cash advance loan is easy. Just call up your bank and ask for their terms and quotes with regard to cash advance loans. You will also be able to fill up forms online, if you look through their website. If you do it online, you have no constraints of working hours and time zones.

Make sure you look through the quotes of various lenders before you settle for any one offer. Also look at the complaints section so you will see how other borrowers have fared while dealing with that lender.

Why go for a payday loan at all? And why online?

While having savings to fall back on is the ideal situation for anyone, there might be urgent needs for cash which may not be compensated through savings for various reasons. Payday loans can be your lifeline at that time, as they are processed almost instantly and there are no questions asked about your credit history.

Online processing is easier because you do not have to worry about time zones and delays for applications sent outside working hours of banks. Also, complete confidentiality is afforded between the lender and the borrower, with no third party interference.

Approval of the loan is informed to you instantly through an e-mail or phone call.