Frequently Asked Questions About Payday Advance Loans:
Payday Advance USA provides
the following answers to the most frequently asked questions about payday
advance loans.
Last updated October, 2005
What are the loan approval
requirements?
Approval is easy. Since no credit check is required, any type of credit
qualifies. Bankruptcy, charge-offs, tax liens, and bounced checks are all OK.
You should:
Earn $1,000 a month or more from any source.
Be a US Citizen at least 18 years old.
Have a checking account.
How much can I borrow?
How much you can borrow depends on a number of factors, including your income
and other factors. To see how much you will qualify for, simply complete our 30
second online pre-approval request, select a program and complete your deposit
request. If you are not approved for as much as you need, no problem. Just complete our
30 second online pre-approval request again, and select a different program and
complete your deposit request. You may request loans from up to three programs.
How do I apply?
Click
Here
When will I know if I'm approved?
Sometimes instantly, usually within a few minutes, and ALWAYS within an hour!
When and how will I receive my funds?
After you have completed the short two minute online deposit request, you'll
receive an email within the hour containing your loan details. In order to
complete your loan and get you cash to you, you MUST reply to the email and
confirm your loan details and that you want the loan. Once done, the money is on
it's way. Depending on time zones, which program you chose, and your banks
policies, you should have the money by midnight and could have it as fast as an
hour.
When do I have to pay back the loan?
Your repayment is the best part. Only the minimum required payment (a small
percentage of loan amount) will be deducted from your bank account on the date
you specify. You get cash when you need it most and repay when you have it. As
long as the minimum required payment is made you may repay as much or as little
anytime you choose.
If your next payday comes around and you are not yet ready to pay your loan off,
no problem; we have it covered. We will automatically extend your due date, and
only deduct the renewal fee from your checking account. Additional fees may
apply, but you will be able to repay your cash advance from future paychecks.
How much does it cost?
Payday loans are designed for emergency situations when you are short of cash
and need money fast! Family emergencies, unexpected car repairs, overdrafts,
telephone reconnection and deposits are just some of the urgent cash needs our
customers have experienced.
Your fees are less than the cost of not having the cash you need when you need
it - overdraft fees, bounced check charges, taxes, even loosing your job because
you can't get to work! Actual fees are determined based on the information you
provide when you submit your loan application. Depending on how much you borrow
and through which program, fees for a one hundred dollar loan will vary from $10
to $30.
Loan extensions can I get one?
Yes, customers are automatically renewed, so there is no need to request an
extension. If your next payday comes around and you are not yet ready to pay
your loan off, no problem; we have it covered. We will automatically extend your
due date, and only deduct the renewal fee from your checking account. Additional
fees may apply, but you will be able to repay your cash advance from future
paychecks.
How much will my payment be?
Depending on the program you select your minimum payment will be between $10 and
$30 for each $100 that you borrow.
Are there any limits on what I can use the
money for?
No, you can use the money for anything you want.
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