Frequently Asked Questions

Payday loans are valuable assets for consumers who are looking to get a near-immediate loan to pay for emergencies or unforeseen expenses. Even better, today's payday lenders are making the process more convenient with online payday loans and payday advance cards, which are similar to debit cards. To learn more about the payday loan process, read on for answers to some of the most frequently asked questions related to payday loans.

What is a payday loan?

Payday loans are called by several different names, including short-term loans, paycheck loans and cash advance loans. With a payday loan, consumers borrow against their future paychecks. Payday loans are usually paid back within a brief period, such as two weeks or a month. The loan amount for which you will be eligible will vary, depending on your current income and your credit rating. You can apply for a payday loan either at a payday loan store, or online.

Why do people take out payday loans?

There are a variety of reasons for consumers to take out cash advance or payday loans. Little interruptions in life, such as a health emergency or the need for auto repair, can force consumers to need money immediately. Payday loans are common choices for these scenarios because they are generally processed quickly. Your reason for seeking a payday loan could be different from the reasons of other consumers. Remember that payday loans are loans and must be repaid, otherwise you run the risk of damaging your credit rating.

Will I qualify for a payday loan?

Because each consumer is different, each payday loan is different as well. Your current income, the amount of money you need and your credit score will all affect your ability to get a payday loan. Some consumers with less-than-ideal credit qualify for payday loans, but they must repay the loans at higher interest rates than those consumers who have excellent credit. Keep this in mind as you apply - there are several different variables that come into play, so don't feel shy about asking questions and finding out what you need to do to get a loan.

Is it safe to get a payday loan online?

Absolutely! Consumers apply for and receive payday loans every day. Whether you're interested in a traditional payday loan, a longer-term payday loan or a payday advance card, you can feel comfortable going through the process online. Just like applying for a mortgage or a car loan, the process is very straightforward and simple online. Just provide basic information and have proof of employment ready, and your application can be processed. Be sure to ask any questions you might have before taking out the loan.

Why would I want to get a payday loan online? Can't I just go to a store nearby?

Consumers have the freedom to choose the way they want to apply for a payday loan. But one of the benefits of online payday loans is that you can complete an application from the comfort of home - no waiting in line - and at any time of the day. You can complete the process at your convenience. And when you need money fast and time is a factor, this makes the online payday loan system particularly valuable.