What is a payday loan?

A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower’s expenses until his or her next payday. The loans are also sometimes referred to as cash advances.

How do payday loans work?

Once you have applied and been approved for a money loan, the company electronically deposits the loan amount into your checking account overnight. When your payday loan is due, the company simply debits the amount of the personal loan plus the agreed upon interest rate straight from your checking account.

What are the minimum requirements?

To be approved for a payday loan, you must be at least 18 years of age. You should also have an open checking account that has been in use for at least 90 days. You must be employed and your checking account should reflect that you have a minimum of $1000 in deposits a month. A current phone number is required and current job status needs to be verified with your employer.

How do I know my payday loan has been approved?

Once you have filled out and completed the online application, the company will process your information and notify you when your application has been approved.

When will I be able to access my money?

If your cash advance gets approved prior to 4 p.m. P.S.T/7 p.m. E.S.T Monday through Thursday, then you can expect your money to be available the next business day. Money loans made on Friday will be available the following Monday. Personal loans that get approved over the weekend will be available on the following Tuesday.

Can I extend my payday loan?

The company offers an extension program to help their customers make their required payments. They offer extensions up to three (3) times and you only pay the finance charge and the fees that are due at that time. After the third extension, the company requires an additional payment of $50.00 toward the principal amount for loans under $600.00. For cash advances over $600.00, there is a fee of $100.00 that is attached to the principal.

What is the minimum loan term?

The fees are based on a minimum 14 day loan term. There is no penalty for an early payoff. If it is paid off before the minimum 14 day loan term ends, the same fees apply.

How many open payday loans can I have?

The company only allows one open account per household at any time. Please keep in mind that it takes four (4) banking days to process and clear your final payment when paying off your payday loan.

Do I need a fax machine?

In most cases, there is no need to fax over any information. When you apply online, the application process covers the majority of the needed information. No faxing payday loans save customers time and eliminate the hassle that is associated with sending documents back and forth for approval.

More Questions?

If you have any further questions, click the link at the top of the page to get more answers directly from the company.