Payday Loan FAQ
Payday Loan FAQThis FAQ is written by Mypaydayloan, one of the most trusted and Highly recommended Payday Loan providers.
Their Mission Statement:
"...Our mission for Mypaydayloan is to manage an online service where clients can obtain a payday loan with the utmost confidentiality and convenience. We strive to empathize with our customers' needs and maintain a consumer friendly website that is easy to understand. Mypaydayloan works to provide financial services that meet our clients needs by providing quick, helpful, and outstanding customer service. As a company, we will strive to increase our client base consistently by satisfying our clients, and encouraging their future business. Our goal is to be the number one payday loan site on the Internet through dedication, hard work, and customer loyalty..."
THE FAQ:
How much can I borrow?
As a first-time applicant you can choose $100, $200, or $300 to borrow. After you pay off your first loan, you can borrow up to $400. Once you have paid off your $400 loan, you are then eligible for a $500 advance. Finally, after completing your $500 loan, you can step up $100.00 at a time up to $1000!
How soon can I get my payday loan cash?
If your application is approved by 4 pm EST you will receive the payday loan funds the following BUSINESS DAY. Please verify that you have submitted the correct bank routing number and checking account number. This will enable us to get the payday loan funds to you as quickly as possible.
What if I have poor credit or have filed bankruptcy?
If you have poor credit it will not affect the approval of your loan. However, if you have filed for bankruptcy within the past year or if you have filed multiple times, we will not be able to extend an advance to you.
How much does a payday loan cost?
The fee for advancing a payday loan is $25 per every $100 borrowed. For example, if you borrowed $300 the fees would total $75.
What is the period of time the short term, payday loan is designed for?
Payday loans are intended to be used for quick cash in the case of a financial emergency. The loan period is most often 14 days long, but no longer than 18 days.
How long does it take to get approved?
Depending on what time of day you apply and how quickly you complete the application process, you can be approved within minutes. However, keep in mind that we are open from 9 am to 6 pm EST Monday through Friday. Please take these hours into consideration when awaiting a response.
What happens when my loan is due?
You will be required to submit a payment request online at least 2 business days prior to your due date. Please see the “Payments†section of our FAQ page for more information regarding payment requests.
How does getting a payday loan work?
Applicants will begin the process by filling out and digitally signing our online application. Once submitted, we review your application and notify you either by phone or email regarding your status. If your payday loan is approved, you will receive the funds the next business day (as long as you are approved by 4 pm EST, Monday through Friday). All applicants will receive their status via email. Please pay close attention to all emails that you receive from us.
Do you perform a credit check?
We do not perform credit checks, however, we do verify your check writing/loan history with national databases.
What is a payday loan?
A payday loan is designed to be used for emergency financial situations. MyPaydayLoan.com strives to be the #1 source for our customers’ short-term financial needs. We encourage you to use our services the way for which they are intended, not as a permanent source for your financial funding.
Will I be approved for a payday loan?
Most people are approved for a payday loan; however, you MAY be denied if your submitted information falls under one or more of the following categories:
- You have filed for bankruptcy within the past year, or have filed multiple times
- You are currently unemployed
- You have been employed at your present job for 5 months or less
- You have an outstanding payday loan and/or unpaid returned checks
- You have a newly opened checking account
- You have multiple NSF/Overdraft fees in your checking account
- Your monthly NET income is below $1000.00
- Your contact information/reference information is invalid
- We are unable to successfully identify your personal information
- We are unable to verify your bank account information
- You are paid monthly
When will my cash advance be due?
Since this is a payday loan, your due date is determined by your pay date. Payments are due every 14 days or up to 18 days, regardless of how often you are paid. Please keep in mind that your generated due date may not always be in line with your pay date if your next pay date exceeds the 18 day limit. However, if at any time you have a discrepancy with your due date we encourage you to contact us to discuss the matter.
How can I change my due date?
In order to change your due date you will need to contact us either by phone or email.
What is a payment request and how does it pertain to me and my payday loan cash advance?
Every customer is required to submit a payment request online. You must agree to this before you can be approved. All requests must be submitted 2 business days prior to your due date. A payment request is simply an electronically submitted form which notifies us how much you wish to pay when your due date arrives.
Why does my new contract have $0.00 for the amounts?
If you submit a payment request to pay your loan in full, then the contract generated will have $0.00 for the amounts. Basically, this means that on your next due date your amount due will be $0.00 because you are paying the loan off on the current due date.
What is the minimum amount I can pay towards my loan on my due date?
The minimum amount is simply the fees associated with your current principal balance. For example, if you have borrowed $300, your amount due is $375. Assuming you submit a payment request on time, the minimum amount you would be required to pay on your due date would be $75.
How many times am I allowed to extend my payday loan advance?
You are allowed to extend your payday loan as many times as necessary, however, keep in mind these are short term loans and should be paid back quickly.
When will my payment hit my bank account?
The request to withdrawal your payment from your account will arrive at your bank at 12 am in the morning on the day that you are due. If you do not have direct deposit, please keep this in mind when scheduling your due date. Please call us if you need to change your due date for any reason.
What are my repayment options?
You have 3 payment options to choose from:
1) Elect to pay the total amount due (Fees will be waived if you are a Free Loan customer)
2) Elect to pay the minimum amount and extend the loan with a NEW CONTRACT*
3) Elect to pay more then the minimum amount and extend the loan with a NEW CONTRACT* (Payment will initially be applied to the fees and the remainder of the payment will be applied to the principal!)
*A NEW CONTRACT MEANS: You are entering into a new loan period, which obligates you to pay the finance charge associated with your new principal balance at the end of the next pay period.
What happens after I submit a payment request?
The amount you have selected to pay will be deducted from your checking account on your due date. Your account will remain in good standing with MyPaydayLoan.com You are entering into a NEW LOAN PERIOD, which obligates you to pay the finance charge associated with your new principal balance at the end of the next pay period.
What happens if I do not make a payment request on time?
If you fail to submit a payment request at least 2 business days prior to your due date, then the entire amount due will be debited! Further, if you are a Free Loan customer, you will forfeit your right to getting the fees waived.
What happens if there are insufficient funds when my loan payment hits my account?
If your payment is returned due to NSF, then our collections department will contact you to arrange a second attempt to debit the payment. An NSF fee, ranging from $25 to $75, will also be collected with the next debit.
Will you contact my references?
We will verify all references before approving your loan, however we will not disclose the name of our company. Please provide us with valid phone numbers.
Do I need access to a fax machine and printer in order to complete the loan process?
We do suggest that you print a copy of the Check Advance Agreement for your records, however, there is NO FAXING required in order to get approved!
How do I find out the status of my payday loan application?
All applicants will receive their status via email. In some cases, if more information is needed, we will contact you by phone to request the materials. Please pay close attention to all emails that we send you.
If I pay my loan in full, how long must I wait until I can apply for a renewal?
If you recently paid off your payday loan, please be aware that there is a waiting period of 5-6 business days before you can apply for a renewal. We must verify that we have successfully received your payment. If you are trying to login during the waiting period, you will receive an error message.
What is required to receive a renewal?
In order to get a renewal, simply submit an application under the Renewal section and provide us with your electronic signature. That’s it, no faxing required!
I am ready to get a payday loan / cash advance! Where do I go to apply?
You can go to different lenders or use an instant loan application.