Payday loans are emergency, short-term loans taken for a small amount of money ($100 up to $1,000), the repayment of which is generally due on the borrower’s next payday or within 30 days.
These are primarily designed to serve consumers with poor or bad credit. However, as these loans have high fees, they should only be taken to meet emergency expenses.
To get a payday loan, you need to complete a loan request form with an online payday lender or in person at a storefront payday loan location. Online payday lenders can be found through Google searches, while storefront payday lenders can be found through a local business directory such as Google Maps.
Each payday lender may have its own procedures and processes for requesting and approving a loan.
There may be varying requirements, but most payday loans are relatively easy to get.
The basic requirements to qualify for a payday loan include:
We accept requests for Online Payday Loans 24 hours a day, 7 days a week, and 365 days a year. Our direct lenders can electronically fund loans to your checking account only on banking days (Monday–Friday, no holidays).
It takes a few minutes to request your Online Payday Loan. You are answered in just seconds after submitting your request. If approved, you are connected directly to your lender to discuss loan terms and any questions you may have. Funding is typically done within the next business day.
If you have been experiencing trouble getting a payday loan, it may be due to any of the following reasons:
Currently, CashinaMoment requires an active checking account in order to provide you with a Payday Loan.
Being unable to repay your payday loan might result in several serious consequences. Your direct lender may try to automatically withdraw the funds from your checking account, open up a payment negotiation, or just send you to a collection agency. The collection agency may file a civil case in court to recover your loan.
Many lenders will work with you if you contact them before you default on your loan. It is always best to try to work out a solution than just default on a loan.
Every state has its own laws regulating payday loans. In a few states, you may be able to have more than one payday loan from the same lender. However, most states do not allow you to have more than one open payday loan at any time.
If you default on your payday loan, your lender will probably send your account to a collection agency. The agency may sue you and make bank withdrawals without notice.
Usually, you receive quite a few phone calls from the collection agency before any court action is taken, if it is taken at all.
You cannot go to jail for not paying a payday loan. However, if a lender sues you and you refuse to appear in court, it may lead to serious consequences, including the possibility of jail time.
Yes, direct payday lenders do not do hard check checks when deciding whether or not to approve you for a payday loan. This is because they believe that your current income is the best indicator of your ability to repay the loan.
Average payday loans are between $100 and $1,000, depending on your lender and state law where you live. Most states limit payday loans to a maximum of $500.
APR is the annual percentage rate charged for borrowing that represents the actual annual cost of funds over the term of a loan. Payday loans have very high APRs but are not annual loans. They are fee-based loans and are not intended to be extended for more than one month. Online payday loans should be paid back on your next paycheck or on the due date as they are never intended to be long-term loans.
With a CashinaMoment Cash Advance, you do not need to worry about your loan affecting your credit scores. Our direct lenders do not make hard credit checks that would affect your scores. Instead, they use information from alternative credit sources to decide your ability to repay your loan.