Most Frequently Asked Questions About Payday Loans
General Information on Payday Loans
What are payday loans?
Payday loans are short-term cash advances with high interest rates that usually range from $100 to $500. These small loans can be a convenient way to hold yourself over until your next paycheck arrives. In addition, borrowers can use the funds to pay for expenses, like utility bills, medical costs, or car repair charges in between paychecks.
Can I get a payday loan in my state?
Payday loan laws and regulations differ state to state. You can find out more about payday loans in your area here.
What can I use a payday loan for?
There are no limits on what you can do with your payday loan! Usually, borrowers use these advances to cover unexpected expenses or some larger purchases.
How much money can I borrow with payday loans online?
The loan amounts are usually dictated by the state you reside in. So, payday loans can range anywhere from as little as $50 to over $1,000.
How do I get the cash advance?
As long as we approve your loan application, the funds will be deposited directly into your bank account.
How are the interest rates and extra fees calculated?
This depends on several factors, including the lender and the state regulations. A rule of thumb is that you’ll need to cover anywhere from $10 to $30 for each $100 you borrow. Hence, a $100 payday loan with a $15 fee will have a ~ 400% APR.
Why getting a loan through AdvanceSOS is better than getting one from a direct lender?
Our service makes it extremely convenient for applicants to find the best lenders in their area. These lenders have excellent reputations, offer the most competitive interest rates, and accept applicants regardless of their credit score. So, you can get a handful of reliable loan offers within minutes by completing our short loan application.
Applying for Payday Loans
How much does it cost?
Applying for payday loans online is entirely free! Applicants don’t need to cover any extra costs as long as they’re doing it through the AdvanceSOS website.
How do I qualify for payday loans?
The regulations surrounding payday loans are pretty simple. All applicants must be at least 18 years old and have a valid, government-issued ID proving they’re US citizens. Additionally, you need to provide proof of a stable income source (at least $1,000 a month), an active checking account in your name, and valid contact information.
How to apply for a payday cash advance?
Applying for a payday loan is a quick and effortless procedure that only takes a few minutes. Simply head over to our website and click the ‘Apply’ button. Next, fill in all the required information and make sure to double-check everything. The last thing you need to do is hit ‘Submit’ on your application and sit tight for our speedy response!
When can I apply for a payday loan?
Our offices are open Monday to Friday. All loan applications are revised and approved on the same day you apply. However, if you apply after our office hours or on a non-working day, you’ll have to wait until the following business day to receive the funds.
Is employment a requirement for a payday loan?
No, it’s not. The lenders require you to have a stable source of income so you’re able to repay the advance. This can be standard job revenue, government benefits, pension, retirement, etc.
Can I get a payday loan if I’m retired?
Yes! However, you must have a form of income to ensure the lenders you’re able to pay back the loan.
Can a couple get approved for separate loans?
Yes. Each customer applying for a payday loan online is treated as an individual.
Can I get more than a single loan at a time?
Taking out multiple loans at a time is a difficult task to manage. Hence, the majority of lenders don’t allow people to take out more than one loan at once.
How soon can I get a new advance?
This depends on your lender’s policies and the state you live in. Usually, you should be able to apply for a new loan as soon as you repay the first one. Yet, some states do enforce a cooling-off period between loans. Most of the time, these last about 24 or 48 hours.
Payday Loans and Credit Scores
Am I able to apply for a payday loan with bad credit?
Even with a bad credit score, or no credit, you could still be eligible for a payday loan. The lenders in our network consider several factors before approving a loan, not just your credit standing. Moreover, they care more about your ability to repay than your credit history.
Will the payday loan impact my credit score?
Payday loans online rarely impact credit scores since they aren’t reported to the major national credit reporting companies. Moreover, lenders usually only run a soft check, so your credit remains intact.
Payday Loan Repayment
How do I repay my payday loan?
This task requires virtually no effort on your part. The payday loan amount and fee will be automatically taken out of your bank account on the repayment due date.
What happens if I miss the repayment deadline?
If you fail to pay back the loan by the end of the term, you’ll face several serious consequences. This list includes extra fees and higher interest rates, and a negative impact on your credit score. Additionally, you might get reported to a debt collection agency. All these consequences can make it difficult for you to get another loan later.
Are there extensions on payday loans online?
This depends on the lender you’re working with. They often allow rollovers or renewals on the loan if borrowers can’t afford to repay it within the due date. In this situation, you must cover an extension charge. We strongly recommend using resorting to this as the last option.