Payday Loans Frequently Asked Questions (FAQ's)
What is payday loans?
Payday loans are a personal short term loan, otherwise commonly known as a payday cash loan, no fax payday loans, or payday loan. This is a very short-term personal loan collateralized against your next paycheck(s). For many of our customers it's the easiest and fastest way to get quick cash between paydays.
How do I get a payday cash loan?
Simply submit an online application and your payday loan amount can be electronically deposited into your checking account overnight. On your next pay date, your payday cash loan will be paid off with an authorized automatic withdrawal from your bank account.
How do I qualify for a no fax payday loans?
It's easy to qualify for no fax payday loans with Pay-DayLoan.com. We work with a number of reputable lenders to get you the best deal. Our lenders do not perform credit checks with the large credit check companies (Equifax, Experian, and TransUnion), so even if you have bad credit, no credit, or a past bankruptcy you can still qualify. These are the only requirements:
- Be currently employed OR receive a regularly recurring income.
- Your take home pay is at least $800 per month, if employed OR $800 per month on a fixed income.
- You have an active bank account with direct deposit of your paycheck there.
- You are a USA citizen at least 18 years old.
How quickly can I get the money?
You will receive the payday cash loan amount via electronic transfer on the next banking day after you are approved. Our no fax payday loans are even faster to obtain when you complete the application and respond immediately to our verification process with a sense of urgency.
Will my credit or bankruptcy hurt me?
No. Pay-DayLoan.com lenders specialize in helping people get the cash they need including people with previous financial troubles. We offer bad credit payday loans and understand that sometimes you need a little help to make it until your next payday .
Do I need collateral?
No, you do not need collateral. The only thing you need is to receive regular income either through a job, or benefits.
Do I need direct deposit?
Yes. Our lenders only approve payday loans to applicants with direct deposit. You may be able to obtain a payday cash loan without it if we can find a qualified lender.
Is there an application fee?
No, you will never be charged an application fee. Our lenders normally charge the finance charge for the loan on your next pay date.
Are payday loans available in every state?
Our lenders offer payday loans in most states.
How is my payday cash loan amount determined?
State law limits the payday loans to amounts from $50 to $1000. Your actual loan amount is determined by various other factors including take home income.
What are the fees for a payday loan?
The fees are different depending on which lender you are matched with, however, the fees are competitive with the market. Some of our lenders may offer higher or lower rates depending on your frequency of pay and other variables. Including the ability to approve a no fax payday loans applicant.
Do I need to have a fax machine?
No, many of our lenders do not require you to fax in any paperwork. If your lender does require a fax, there are a number of local public fax machines in places such as Kinko's, Staples, Mailboxes etc., Office Depot, or other local stores.
When is the payday cash loan amount due?
Payday cash loans are usually due when you receive your next paycheck. 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.
How often can I get a payday loan?
Pay-DayLoan.com is here to help anytime you need extra cash between paychecks. We encourage all our clients to keep in mind that a paycheck cash advance loan is only short-term answer to an urgent cash need, and to use these loans responsibly. Paycheck cash advance 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.
What if I can't repay the payday loan in full on my due date?
We have different payment options available for our customers:
- Paying the loan in full on the maturity date listed on your loan agreement*.
- Paying the finance fee and a portion of the principle on or before the maturity date*.
- 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
Can I borrow more than $500?
Some of our lenders are able to provide loans for amounts larger than $500, however, not for the initial loan. Once you have established yourself as a good customer, you may be eligible to borrow more than $500.
Where can I apply?
At our Pay-DayLoan.com application page. It takes a minute or two to fill out.
If your question was not answered on this page, please use our Contact Us page to get in touch with us.