Q. What exactly is a payday loan?
A. Payday Loans are short term, unsecured cash advances that range from $100 to $1500. They help an individual in need of urgent cash to meet emergent monetary situations.
Q. What else is this kind of loan called?
A. These loans are known by several different names. For instance, cash advances, no fax payday loans, check cashing, no tele-track payday loan, deferred deposit, short term loan, payroll advance and the like.
Q. Is a bank account required for a payday cash advance?
A. It is important to possess a checking account or a saving account, where the money has to be transferred. If you do not hold a bank account, then you should register for a check card that can receive wire transfers.
Q. Can I apply for a payday loan if I am without a job?
A. No, being employed is one of the most important pre-requisites for a payday cash advance.
Q. What is required for approval of a payday loan?
A. The most generic requirements for a payday cash advance include:
• Minimum income of $1000 per month
• A permanent job
• Citizenship of the country you apply in
• A valid bank account
• More than 18 years of age
Q. How much money can I borrow?
A. Typically, you can borrow up to $1500. However, not every lender offers this much money and not everyone qualifies for such a big amount.
Q. How much time do I have to pay back the loan?
A. You usually have to pay back the whole amount, with interest, by your subsequent payday. However, in some circumstances, there is a possibility of qualifying for easy repayment plans which may allow you to stretch your loan period.
Q. How quick will I receive the money after I apply?
A. If you meet the loan criteria your application will be accepted within a few minutes. Then, within a couple of hours or a day the cash amount will be transferred to your bank account. However, make note that money transfer differs from lender to lender.
Q. What if I have a bad credit score?
A. There are several lenders in the market who offer cash advances to people with a bad credit score. Individuals with a poor credit also can qualify.
Q. Will only the amount I owe on the loan be withdrawn from my account?
A. The amount approved in the agreement of the loan is the amount the lenders can lawfully take out from your account, nothing more.