If you are looking for answers to any payday cash advance loans questions that you may have please see
the information below which should be helpful for you. We have listed
the questions that
we most often get asked by people using the AdvanceLoan website.
What exactly is an online payday loan?
A payday loan is a small unsecured loan, usually for $100 to $1,000, which is
designed to meet your emergency financial needs until your next payday. Essentially, you are making
out a check for the advanced loan amount, plus a fee to the lender, to be held until your next payday.
Payday loans are also known as a cash advance, short term loans, payday advances,
cash loans, deferred deposit and a number
of other terms. No matter what you call them, payday loans can get you through a short term
Charges are often shown as an APR percentage rate which represents the interest rate for a
whole year. This can seem somewhat high but you should remember that payday loans are usually only
held for a few weeks at the very most so the actual amount you pay is relatively small.
AdvanceLoan.net is here to help you find an honest payday loan lender. We present your completed application to our vast network of direct lenders in order to find a lender that is most likely to approve your loan quickly. By searching for a payday loan through AdvanceLoan.net, you can be sure that your application has been reviewed by the leading companies in the payday loan industry.
What are the requirements for a cash advance loan?
The minimum requirements for a payday loan are:
1. You must be at least 18 years of age or older
2. Have a job (or another regular source of income)
3. You must have an active open bank account
To be approved for a loan, you need to meet all the requirements of the specific lender with whom you are connected. The lender will evaluate your application and determine whether you are eligible for a loan based on its own set of approval criteria. Factors such as your income, the direct deposit of your salary into your bank account, past payday loan history and your state of residence, may affect the approval of your loan.
If your application is accepted by a payday lender, your assigned lender may contact you directly to ask for additional information in order to fully approve the application. Payday lenders utilize proprietary criteria to evaluate applicants and will approve your loan when your application matches their individual set of criteria.
In order to increase your chances of getting correctly matched with a lender and ultimately approved for a loan, please be sure to fill out our application with honest, verifiable information. For example, entering your cell phone number instead of your home phone makes it more difficult to verify your information. In fact many lenders will not accept applications that cannot be completely verified. We do our best to find a suitable lender for you, but unfortunately there's no cast iron guarantee that your loan application will be accepted.
How long do I have to pay back a payday advance loan?
Your loan is normally due to be paid back on your next pay date. However, most lenders will allow you to extend your loan by paying an additional fee.
Once you are matched with a lender, you will be directed to the lenders loan documents. Here you can find specific instructions regarding what happens when your loan is due. You typically have the following options:
* Do nothing at all and your loan will auto-finance
* Pay off the loan in full
* Renew the loan and pay interest and fees only
* Renew the loan and pay interest and part of the principal
Please contact your lender directly if you have any repayment questions.
How quickly can I get my money?
Payday lenders typically process the loan immediately so that it will be available in your bank account the next business day after the loan is approved. Some lenders have the ability to wire the money to your bank account immediately. If you apply on a weekend or holiday, the money will be sent to you the next business day.
What hours is your service available?
We accept applications 24 hours a day, 7 days a week, every day of the year. However, once your application is submitted to a payday lender, sometimes its procedures require additional verification which can only be carried out during normal business hours. Please remember that the lenders can only electronically deposit money to your bank account on days when your bank is open.
You can submit your loan application to us at any time, 24 hours a day, 7 days a week.
How do bank holidays affect my loan?
The following bank holidays are observed by Federal Banks and their branches:
New Years Day
Martin Luther King, Jr. Day
For holidays that fall on Saturday, Federal Reserve Banks and branches open the preceding Friday. For holidays that fall on Sunday, Federal Reserve Banks and branches close the following Monday.
If your loan is approved on a weekend or bank holiday, typically your funds will be sent on the next business day. You should contact the lender directly to confirm exactly when the money will be deposited and the ACH department of your bank to verify that the funds have been credited into your account.
How much money can I have advanced to me?
AdvanceLoan will help you borrow between $100 to $1,000, based upon the information that you provide to us in the loan application. At first your lender may offer you a smaller loan until you establish a payment history with them.
Always remember that once you have built up some history with the payday lender they are more likely to offer you more. This may only take a short time to achieve.
What if I do not get approved for a loan by the lender you matched me with?
AdvanceLoan works with a vast network of payday loan lenders; however, we cannot realistically guarantee that we can find a lender for you. If you are not matched with a lender at first, here are a few suggestions to improve your chances if you chose to re-apply:
* Time of Day: Many lenders do not accept applications outside of normal business hours. You may want to re-apply during regular business hours Monday - Friday 8 AM to 5 PM EST.
* Direct Deposit: Many lenders favor customers whose paycheck is directly deposited into their bank account by their employers. If you do not have direct deposit, please ask your employer to enroll you in their direct deposit program and then come back and re-apply.
* Outstanding Payday Loans: Many lenders will not issue payday loans if you have too many current loans outstanding. Once you have paid off your other loans, come back and re-apply.
Do I need to fax any information to apply for a cash advance?
No, the application process does not require any faxed documents. However, your lender may ask you to fax over certain information such as a paystub, if they are unable to verify information in your application.
Are there consequences if I miss a payment, pay after my due date or completely fail to pay the loan back?
When you are approved for a loan that is offered by a lender that you have been matched with, you must accept the terms and conditions associated with accepting the loan offer. One of the most important terms of the loan is that you must pay back the loan on time. If you miss a payment, pay your loan late or completely fail to pay back the loan, it is possible that the lender will charge additional fees for your failure to comply with their terms. It is also possible that your loan will be handed over to a debt collection agency. Any failure to pay the loan back as agreed upon can result in a report to a consumer reporting agency. Reporting a failure to pay to these agencies may unfortunately negatively affect your credit history.
It is your responsibility to make yourself familiar with the terms and conditions of a loan. If you find yourself having trouble making a payment, you should contact the lender immediately and let them know your situation. Lenders are often willing to postpone payment due dates or lower monthly payments for a temporary period of time to assist you. Contact your lender directly for the answer to any questions you may have concerning the terms of the loan.
What is the Payday Lenders code of practice?
Truth In Lending Act
Consumers using the AdvanceLoan website should be aware that the practices and policies of Advanceloan.net strictly adhere to the regulations of the Truth in Lending Act. Before initiating any loan, a consumer should be able to see exact interest rates, charges, details of the loan and any other fees without any obligation to take out the loan. As different states have different laws it's recommended that consumers view the state regulations on this page.
In addition to the above any lender that chooses to participate in our matching service must agree to the regulations listed below.
• Any personal information gathered from borrowers may not be sold by lenders for marketing purposes. The lender may not attempt to sell products of services to the borrower that are not related to the loan.
• Information is only to be used by the lender to communicate directly with the borrower regarding the loan. This information may not be given to a third party.
• Lenders are required to provide borrowers with a phone number for customer service concerns. The phone number must be a current number that is accessible on a regular basis. The lender is required to respond to any customer questions within two business days. All responses should be courteous and professional.
• Terms and conditions of the loan must be completely outlined by the lender before the borrower agrees to the loan offer. The terms and conditions that must be available to borrowers prior to agreeing to the loan are listed below.
- The exact amount of the loan that is offered
- The length of the loan
- The amount and frequency of loan payments
- Fees and interest details
- Details regarding failure to pay, missed payments and late payments
• Lenders are required to comply with all federal and state laws related to collection procedures.
• Lenders are required to comply with all federal and state laws related short term lending.
We take the time to make sure that lenders are complying with the regulations outlined above. If a lender is found to be operating outside of these regulations, we reserve the right to suspend or terminate the lender from our matching service and loan and any other fees.
What is the renewal policy on these payday loans?
Each lender reserves the right to maintain its own renewal policy. Some lenders are willing to offer a loan with alternative payment plans. Be aware that these alternative plans may be subject to additional fees. Also be sure to thoroughly read the terms and conditions before requesting an alternative payment plan. If you are confused about any of the terms and conditions, contact your lender to request clarification. Be sure to tell them that you were matched with them using our service. Any issues with reaching your lender should be discussed with us immediately.
What is the APR rate for these loans?
Once you have completed and submitted the no-obligation online application form you will see the exact APR rate and terms for your loan.
If the APR rate and terms are acceptable then you can go ahead and apply for the loan. If they are not acceptable or you change your mind and want to cancel, you can do so without any obligation to continue.
It is important to review all the information regarding the loan before you agree to it.
We require all lenders to provide clear information to borrowers. Do not agree to the loan unless you completely understand this information fully.
It is not necessary for borrowers to accept the terms and conditions of the loan. However, be aware that you will not be eligible to receive the loan if you do not agree with the terms.
APR rates range from from 260% to 1042% depending on your location and personal circumstances. Please see the table below for the minimum and maximum borrowing costs for a loan over 14 days.