People are always asking questions about payday loans or want to know more about these cash advances so we compiled an FAQ about payday loans list in hopes to answer everyone’s questions.
Do I Need To Have A Checking Account To Get A Payday Loan?
To apply and receive a payday loan you will need an active checking account. Once you are approved, the money will be deposited electronically into your checking account. Most often the money is deposited by the very next day.
Can I Still Get A Cash Advance If I’ve Been Recently Employed?
You will need to be employed to receive a payday loan. After all, you’ll need to have a payday to pay back your payday loan. It’s not as daunting an obligation as you might think. Most cash advance loans only require that you have been employed for 1 month in regards to work status.
Must I Pay A Payday Loan Back All At Once?
While some loans are paid back the next paycheck, lenders will work with you and you can apply for a payday installment loan. This allows you to borrow more and the flexibility to pay off the loan in regular installments.
How Old Must I Be To Get A Payday Loan?
Payday loans are available to anyone who is a legal adult of at least 18 years of age. Cash advance loans are not open to minors.
I Want To Borrow A Little Money Now But Can I Borrow More Later?
It is possible to open a line of credit with your lender. You can borrow a small amount but be approved up to a higher limit, much like a credit card. You only make payments based on the money you’ve used, not on the full line of credit available to you.
Can I Borrow Money If I Am Not A Citizen?
You might not necessarily need to be a US citizen. When applying for a payday loan, you will need to present your social security number for the application process. Therefore, to be eligible for a cash advance loan you must either be a US citizen or a permanent resident.
Is My Credit Score Going To Prevent Me From Getting A Payday Loan?
Do to the short-term nature of payday loans, credit score is not normally a disqualifier. Often Fico credit checks never even happen. Most lenders are willing to work with people who have bad credit or no credit.
If I Get A Payday Loan Will My Information Be Sold To Spammers and Telemarketers?
This is a danger often encountered by not choosing a direct lender. Many “lending companies” are actually just collecting information for resale to third party lenders, spammers, and telemarketers. It is important when obtaining a payday loan to work with a direct payday lender who will protect your information and who guarantees that your info will not be resold. Make certain to choose a direct lender who assures complete confidentiality.
Do I Need To Borrow A Larger Amount Or Can I Get Just Enough To Buy An Appliance?
The need to buy or replace appliances in an emergency is one of the most common reasons people take out payday loans. A good payday lender will usually offer a retail installment loan. Just tell them the total cost of the item including any sales tax and they can make a check out to the store where your intended purchase is. You’ll just pay back your lender with budgeted monthly payments.
If you have any more questions please leave them in the comments below and we can answer them or add them to the list!