A Cash Advance / Payday Loan is a short-term loan usually between paydays. The money is directly deposited into your personal checking account, then the cash advance funds (plus a fee) are taken out of your account at the end of the loan period.
How can I get a payday loan?
To receive a payday loan, you’ll need to select a lender complete an application and then request a payday loan. Approval is usually quick and easy. Upon approval, the payday lender will then electronically deposit the loan amount directly into your checking account. On your next payday, or within 15 to 18 days the loan amount and a small fee will be withdrawn from your account.
What are the requirements for approval?
Each Payday Lender has Different Requirements see each Lender for More Details.
EX. of some lenders requirements you might find
1) Have a current job for at least 4 consecutive months.
2) Take home a minimum of $1000.00 monthly after taxes.
3) Have a valid checking account open for at least 3 months.
EX: Requirements of Applicants:
1) Minimum net income (take home) of $1200 per month if employed, or
$800
per month if on Gov. Benefits or SSI
2) Age 18 or older
3) US Citizen
4) Valid, active checking account
5) Employed at least 3 months if paychecks are directly deposited to
checking account, (or) employed at least 6 months if paychecks are NOT
directly deposited to checking account.
6) Must not have submitted an application on our own, or any other
Affiliate website within the past 30 days.
Documents which Applicants must fax in:
1) A copy of their most recent paycheck stub
2) A copy of their most recent checking account bank statement
3) A copy of a voided personal check
4) The completed, signed loan agreement that is generated online, &
printed
by applicant
Please Note: Not all Payday Lenders require Faxing the process is just a little slower
The online application pre-qualifies the applicant for the maximum
amount
they are able to borrow, between $100 and $500.
Cash Loan fees are may be up to $30 per
$100
borrowed, per pay period.
Final paycheck loan approval is not made until all
documents are received, examined, and approved.
Cash Advance proceeds are deposited directly into the Applicant's checking
account,
and payments are deducted from their checking account.
b) Pay Down. Borrower can pay down principle amounts by increments of
$50.
Paying down will decrease the fee charge for refinance.
c) Pay Out. Borrower can payout full balance, the principle plus fee
for
that period. *** See Each Lenders Payment Payback Rates
What will this cost me?
The cost of a Payday loan is $20.00 to $30.00 per $100.00 borrowed. Please refer to our APR Disclosure of each lender for more information about payday loan fees and payment options.
What if I am late?
Some Payment options:
Pay Day Loans are generally due on applicant's next paydate, however, some payday loans have
the following options:
a) Refinance. Payday Loans will be refinanced on every due date unless
borrower
makes notification of desire to pay in full or pay down the principle
amount
borrowed. New fees accrue every time the loan is refinanced. Any fees
accrued will not go toward the principle amount owed.
If you are going to be late, you may have the option of extending the payment until your next payday for a small fee with most lemders. *** See Each Lenders Payment Options
This service does not constitute any specific terms from any short term loan in any state. All terms listed above do not apply to any specific cash advance lender on thes website
1. What is a deferred deposit, or post dated check advance?
A short-term money advance provided until your next payday or benefit payment.
2. How does it work?
Once approved, we will fax you a disclosure and authorization form that will allow us to disburse the money to you and electronically debit your bank account for the amount financed as well as the finance charge.
3. What do I need?
If you are employed or have some form of guaranteed income, SSI, SSDI, etc., you can apply. We will confirm the information you give us as well as perform credit verification. When you meet at least the minimum criteria, you are approved!
4. Does a poor credit history disqualify me?
Not necessarily, Cash Oncall, Inc. is in business to assist customers. Many of our current customers have credit difficulties from time to time.
5. What if I filed bankruptcy?
You may still qualify, if the bankruptcy is discharged, subject to our normal employment and residency requirements.
