Q: What are Cash Advance Payday Loans?
A: Cash Advance Payday Loans (also referred as cash till payday loans, 30 day payday loans, american payday loans, easy payday loans, faxless payday loans, cash advance, payday advance, and etc...) are short-term small size cash loans made by a lender (also referred as a Payday Loan Center). The loans can vary from $100-500 up to $1500 typically.
Q: What are Cash Advance Payday Loans used for?
A: The loans can vary from $100-500 up to $1500 typically. A payday loan can be useful for people who need a short-term loan to pay a car repair bill, help a friend, etc...
Q: What are the requirements for qualifying for american payday loans?
A: To qualify for a payday loan all you is proof of the following:
- You have a savings or checking account in relatively good standing that uses direct deposit
- Currently employed or receiving some sort of steady recurring income
- Monthly income is a minimum of $1,000 - 1,500 (depending on the lender)
- One or two valid forms of picture identification (depending on the lender)
Q: What can I use as proof in meeting requirements?
A: Proof should be provided with copies of the following:
- Bank statement from within the last 30 days
- Valid ID (drivers license, state issued ID, or military ID)
- Most recent pay stub or proof of income
Q: How does the loan process work?
A: The borrower will:
- Log onto the internet or walk into a lending establishment (Payday Loan Center) and fill out necessary form(s) (paper or electronic via the internet)
- Present proof of meeting minimum requirements (in person or by fax if internet loan)
- Wait anywhere from 5 minutes to 5 hours for approval (depending on the lender)
- Write a post-dated check (check dated to a specific date in the future, usually two weeks or so) for the amount of the loan plus interest and predetermined fees
- Receive cash
- Either redeem check for cash, allows it to be simply deposited, or most establishments will allow you to just pay the finance charge
Q: Do I need collateral?
A: No, typically your job is your collateral. However, most payday loan companies require that you have been at your place of employment for at least 2 years.
Q: How often can I get a payday loan?
A: You can obtain a payday loan anytime you need extra cash between paychecks. Remember, a payday loan is a short-term solution to your need for urgent cash. Please use these loans responsibly.
Q: When is the loan amount for borrowed cash due?
A: Payday loans are usually due when you receive your next paycheck (remember most centers require this via direct deposit). The time for quick cash loan repayment is usually no less than seven days and no longer than 15-18 days. You may find some 30 day payday loans, but they are not common. You may pay back your loan early before the actual mature date without any prepayment penalties.
Q: Can I receive another cash advance before my current advance is paid?
A: No! Most, if not all, will not permit you to have two loans.
Q: What if I don't have a recent copy of my bank statement?
A: Most loan centers will allow you to fax a printout of your online account covering the last 30 days. As long as it has information on it to identify you, like your name and account number on it. Most will also accept a bank printout (usually received from a teller) with a bank's stamp or watermark on it.
Can I get an extension?
A: Yes, most will allow. Just make arrangements prior to loan maturity date.
Q: What if I have poor credit?
A: That should not be a problem! Many payday loan centers and financial institutions do not require that you have credit, good or bad.
Q: How long does it take to be approved for a cash payday loan?
A: You can expect to be approved in less than one business day often more than not, it is 30-60 minutes.
Q: How often can I get a payday loan?
A: You can obtain a payday loan anytime you need extra cash between paychecks. Remember, a payday loan is a short-term solution to your need for urgent cash. Please use these loans responsibly.
Q: Risks
A: There are certain risks involved with payday loans. The most serious would be a failure to pay the loan. Failure to repay the load could result in bounced check fees, possible negative credit rating being reported to the major credit reporting agencies, loss of one's own back account if too many checks are bounced, etc... Giving a business direct access to your back account could allow that business to withdraw funds without your knowledge. Some lenders may structure a loan to automatically renew, so check your paperwork!
Q: How is the amount of a loan determined?
A. The amount varies from state to state. Most states limit the amount of payday advance cash from $100 to $1500. This is primarily determined by factors such as current take home income and how much of that pay goes towards other expenses.
Q: What are the fees for a payday loan?
A: Payday loan fees will vary from lender to lender. Most lenders fees are competitive in the industry and regulated by state and federal laws. A typical person who is not in the active military or in a state that caps the percentage of fees, to pay anywhere from $10 for every $100 borrowed to $35 for every $100 borrowed.
Q: Do you have any advise for readers seeking payday loans?
A: If you need cash in a hurry and use one of these services, then use them responsibly and don't allow yourself to get in the habit of constantly relying on these services for each and every monetary situation that arises.
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