Some Frequently Asked Questions (FAQs) on Quick Payday Loans:
1. What is the Definition of Payday Loan, Paycheck Loan or Cash Advance?
A payday loan or paycheck loan is a short term loan which one is applying for overcoming the short term financial crunch. This is also termed as cash advance. The term payday loan refers to the period of loan which extends maximum up to the next payday.
One can easily make use of such cash advances to cover up unexpected financial damages caused by either sickness or something unpredictable. This will help one avoid late payment penalties and costly bounced-check fees.
2. How can one qualify for payday loans service?
Qualification for payday loans service is very simple. Clear identification, a running bank account with check facility and some documents which backs up your claim for regular income are some of the documents which decides the qualification of the applicant.
Payday lenders extended credit is mainly based on a percentage of the borrower’s income or net pay until the next salary. This is generally for 2 or 3 weeks period.
The borrower has to supply the lender a post-dated check which amounts the interest rate added to the money borrowed. Authorizing the lender for a direct withdrawal is another way of repaying the taken payday loan.
3. How much time does payday loan cash take for its process?
Once your application is approved, you are sure to receive the payday loan within a few hours. The amount will be deposited in your running account. The maximum time period is one working day.
4. How much does an application form cost?
Application forms are provided free of cost. There is absolutely no charge for the application form at all. So without spending even a single penny one can apply and receive a payday loan.
5. Can I get payday loans in cases of having poor credit or proclaimed bankruptcy?
Your poor credit or no credit does not affect your application for payday loans. You can receive advance cash loans despite of your poor/bad credit or no credit.
6. How can I extend the payday loan?
Extension of the payday loans is possible. One can extend the advance cash loans as many times as required. However these are short term loans and so it needs to repaid quickly.
7. What is the normal period of payday loan?
Payday loans are short term loans which are taken in case of financial emergency. 14 days is the normal term of the loan yet in some cases it may vary according to the situations.
8. What will befall if I fail to make a payment request on time?
Failing to submit a payment request for 2 working days prior to the due date, will invite debiting of the entire amount due. Moreover you will lose the chance to receive further cash loans for which you have already applied and not yet given.
9. How far are my application and financial information secured?
Respecting each customer’s privacy requirements in running their personal finances smoothly, we take a number of security measures to secure safety of anyone’s personal information. Our website makes use of advanced encryption technology to receive all sorts of information.
10. What is my security to receive a loan?
Your employment and postdated checks are your security for receiving payday loans.