1. What is the number one reason customers get turned down for a loan?
You already have other payday loans that are not paid off.
|2. What is the number two reason customers get turned
down for a loan?
Again, lying on the application, for example,
applicant states they have no other loans out but a check of TeleTrack
shows other loans.
3. Number three reason.
See #20. for Tips on securing a loan.
Multiple applications at different sites.
Most lenders use TeleTrack and every inquiry shows-up. So most lenders know you've applied at more than one place and they will all turn you down
|4. How do I get the money?
In most cases overnight funding is done by ACH. "Cash" is electronically deposited into your bank account
on the next banking day.
|5. How do I get money in an hour?
Sometimes when you see this it means that the funds transfer is done by wire
transfer and wire transfers are very expensive for you. Most
banks charge at least $25.00
|6. What about "no fax" loans?
Most loans are no fax loans now.
|7. What does funds "sent out every hour mean"?
This is sales hype. ACH is overnight
regardless of when in the day (before the cut-off time) it is
sent out. Don't buy into this. Also be careful of
wire transfers as the lender and your bank will charge you extra.
Banks and credit unions sometimes charge up to $45.00 to receive a wire
transfer. So if you don't absolutely need same day funds,
don't wire transfer.
|8. Is funding available in all areas.
No. This list changes from
time to time. See question 16.
|9. What about credit checks?
Our lenders do not check the major credit
bureaus Some lenders
however, check TeleChek (NSF check reporting service), TeleTrack
(TeleTrack is a reporting service for sub prime lenders (rent-to-own,
payday advances, cash for title auto lending, etc.), SCAN (NSF
reporting service) and some others of the same type.
When is a good time to apply?
business hours. Night time, weekends and holidays are all
bad times to put your application in.
|11. Are there any up-front , processing or application fees?
|13. How much can you get?
Usually 10% to 30% of your net monthly income.
|14. Do you need direct deposit?
No. Several lenders require you to
have been on your job for 6 months if you don't have direct deposit,
but we also have lenders that don't use that criteria.
|15. What kind of a loan is this?
Short term non collateral personal loan.
|16. Is funding available in all areas?
No. These services do not constitute an
offer or solicitation for short term loans in all states. These services may or may not be available in your particular state. The
states these lenders service may change from time to time without
|18. Is there a pre-payment
No. If you want to payoff
early, the lender will prorate the loan to the number of days you had the funds. Also
they will rebate you in case of overpayment. If you want to pay off early,
just give the lender a call and they will calculate the new rate and ACH your bank
account for the reduced pre-payment amount.
19. Can I rescind my loan?
Yes, if you return the loan amount before 5 PM EST the following
business day. Call your lender or customer service if you wish to
rescind and they will handle it.
Tips for securing an online payday loan:
put in an application late at night, weekends or holidays unless
you have excellent credit. Daytime Monday through
Fridays are your best bet.
type the application in all caps (lender have found that
applicants that rush through the application or use all caps end
up in collections more that applicants that don't.