Frequently asked questions about payday loans
What Exactly is a Payday Loan?
A payday is a short term loan that is made to a borrower in between paychecks.
Lenders will deposit the amount of your payday loan into your checking account. When you get your next paycheck lenders will automatically withdraw the original amount of the loan plus the applicable fees from your checking account. This is usually the case, however, different lenders offer different repayment methods.
How Much Can I Receive?
Usually in between $300-$1500. Different lenders offer different amounts. Please refer to your designated lender for any additional information regarding the amounts given.
When Will I Get the Money?
Once you are approved lenders will direct deposit the loan amount into your checking account so you can have access to it right away. This typically takes one business day, though actual times may vary depending on the policies set by your financial institution and the lender.
Do I Qualify for a Payday Loan?
You do if you follow these guidelines:
- Are over 18 years of age
- Having a valid checking account
- Make at least $1,000 a month
This is usually the case, however, different lenders have different qualifications.
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