Payday Loan Basics
What is a payday loan?
A payday loan, also known as a ‘cash advance’ is a short term unsecured loan connected to the borrower’s payday.
How much can I borrow with an online payday loan?
The payday loan amount may vary from $50 to $1,000, depending on your lender and state laws. The legal status of payday loans and the maximum and minimum loan amounts vary by state.
What are payday loan fees?
It differs from lender to lender and from state to state. Typically, you will be charged from $15 to $30 per $100 borrowed. If calculated on an annual percentage rate basis (APR), the APR ranges from 391% to more than 521%.
Are payday loans available in my state?
You can check the cash advance status in your state here.
How do online payday loans work?
Payday loans’ application, approval, and funding processes are easy and fast. Borrowers complete and submit a simple online application, which takes a few minutes. Usually, they get an immediate loan decision. If approved, the applicants get funded the following business day or even sooner.
How do you qualify for online payday loans?
To qualify, applicants must:
Be a US citizen or permanent resident; Be at least 18 years of age (for most states*); Have an active bank account; Have a valid email address and a phone number.
Depending on the state, an additional check may be required.
Do I have to be employed to be eligible for an online payday loan?
No, it’s not a mandatory criterion, but you must have a steady income source to prove that you can repay your debt.
Can I get a payday loan if I have bad credit?
Yes, we work with a vast network of licensed lenders who assist customers with credit difficulties. They do not perform a traditional, hard credit check. They are more concerned with your repayment ability.
Can I apply for more than one loan at a time?
The laws of each state determine the number of loan products taken simultaneously. Most lenders don’t offer multiple loans to one customer at once. Also, it is not recommended, as multiple payday loans are difficult to manage.
How long do you have to wait between online payday loans?
Once you repaid in full your cash advance, you can immediately apply for a new payday loan.
Payday Loan Process
How can I get a payday loan?
Follow these easy steps:
1. Fill out our online application form, providing basic personal details. Depending on your lender, you may be required to provide additional documents.
2. Receive a lending decision within minutes. If approved, e-sign the loan agreement.
3. Get cash on the same day or the next business day on your checking account.
How long could it take to get approved for a payday loan?
Typically, if you meet the eligibility requirements, you could get approved within minutes after applying. The direct lenders we’re working with provide immediate approval decisions. Generally, our customers get the funds on the next working day, or even on the same day.
Why would you be denied a payday loan?
There are different reasons why a lender may deny your application. The most common reasons are: you don’t meet the minimum requirements, you have no evidence of regular income, or you provided misleading information.
Payday Loan Payments
When will my payday loan be due?
Typically, your cash advance will be due at your next paycheck. However, loan terms may vary from lender to lender.
How can I pay back my payday loan?
The payday loan amount and fee will be automatically withdrawn from your checking account on the payment date.
What will happen if I fail to make the payment on my due date?
The defaulted payment terms will be explained in your loan agreement, together with applicable penalties, additional fees, and other consequences associated with delinquency. Also, not paying your debt will negatively affect your credit score. Note that some states put restrictions on payday loan refinancing. Ask your lender before signing the loan agreement.
Can my payday loan be renewed or rolled over?
Yes, some of our partners make this option available to their customers who can’t afford to pay off the loan when it’s due. However, they should be ready to pay an additional fee to extend the due date. These options should be used for short-term financial needs only, as a last resort, and not as a long-term financial solution.
What is QuickCashLoans?
QuickCashLoans is a lending company that specializes in online payday loans. We are helping our customers with different credit scores to find a suitable loan product. We are promoting responsible borrowing and fair lending practices.
What types of loans do you offer?
Is it safe to apply for a loan online through QuickCashLoans?
Yes, here at QuickCashLoans, we keep your data safe with advanced encryption technologies. We don’t store your personal information; we only use it to connect you with a licensed direct lender that matches your financial needs. Also, it is not shared with any third parties.
Why choose QuickCashLoans?
QuickCashLoans only works with reliable direct lenders who offer the most competitive rates and terms and are willing to consider customers with credit difficulties. We made our borrowing processes safe, easy, and straightforward, so you can get the funds hassles when you need them most. Our customer service representatives treat our customers with respect and are standing by if they need help. More than that, our services are free of charge.