Online payday loans FAQ’s

Online payday loans are a convenient way to get much needed cash to cover an unexpected expense until the next pay check arrives. The loans are short term and paid back in a time frame from 7 to 30 days, depending on your employment pay period.  Payday loans are relatively easy to get but come with an interest rate higher than most traditional loans from a bank. Let’s take a look at frequently asked questions regarding online payday loans.

1.         Q. Who is eligible for a payday loan?

A. To be eligible for online payday loans, the applicant must be 18 years of age, be employed and have an active checking account.

2.         Q. Can I apply for online payday loans if I have bad credit?

A. Yes, online payday loans are designed for those who need immediate cash, no matter what your credit score is like. Payday loan lenders understand bad credit but understand immediate need first.

3.         Q. Are the major credit bureau’s used during the application process?

A. Payday lenders do not perform a credit check in the evaluation process. However, an online lender may check an applicant through “Teletrack.”  Teletrack is an online data base that tracks loans an applicant already has in their name. It will show the duration of the loan and the amount owed on the loan.

4.         Q. Can I apply for online payday loans if I have filed for bankruptcy?

A. An applicant may have a bankruptcy in their past but it must be discharged before the loan will be approved.

5.         Q.  How do I apply for online payday loans?

A. The applications can be found online and they are simple and easy to fill out. The applications require minimal information and approval can sometimes take just minutes or be approved within 24 to 48 hours.

6.         Q. How and when do I receive my funds after the application has been approved?

A. Funds are available within 24 hours of approval and electronically deposited into a checking account.

7.         Q. Are there any restrictions to what I use the loan funds for?

A. The funds can be used for any reason. The payday loan application does not ask the purpose of the funds.

8.         Q. Is collateral required to obtain online payday loans?

A. Online payday loans are given collateral free. All that is required is you authorize the lender to deposit the funds upon approval and deduct the funds when the loan comes due.

9.         Q. when does a payday loan be paid back?

A. The payday loans are short term loans and are to be paid back in 7 to 30 days. The actual payback date is based on the applicant’s next pay check. The loans are paid back in one lump sum.

10.       Q. What loan amounts are available?

A. Online Payday loan are available from $300 to $1,500.  An applicant can apply for the full amount available. However, the amount borrowed must also be repaid. Only borrow what you absolutely have to.