Consumer Questions

Q: What is a payday loan?
A: A payday loan is a short term loan extended until your next payday. After you have been approved, the money is electronically deposited into your account over night. When the loan comes due, the repayment is made via an authorized automatic withdrawal.

Q: What are the requirements for a payday loan?
A: The qualifications for a payday loan are easy to meet. There are no credit checks. You just need to meet the following requirements:

•Currently have a job or other source of regular income.
•Make at least $1000 per month.
•Be a US citizen and at least 18 years of age.
•Have an active bank account

Q: I have bad credit. Can I still get a payday loan?
A: Yes you can. Payday lenders usually do not obtain credit bureau reports as part of the approval process so your credit problems will not adversely affect your application.

Q: Do I need collateral?
A: No. Your job and your paycheck serve as your collateral.

Q: How long does the process take?
A: It is very quick. Typically, you will receive an approval decision within a few minutes after submitting your application. The money will be deposited on the next business day, so it could be as soon as tomorrow.

Q: Are there any application fees?
A: No. There are no application fees.

Q: Can I get more than one loan?
A: You can only get one loan at a time. You can apply for another loan at a later date. However, you should keep in mind that payday loans are not intended to support a long term budget problem. Repeated use and reliance on payday loans can cause serious financial problems.

Q: When do I have to repay the loan?
A: Payday loans are generally due on your next payday. The standard repayment time is usually no less than 7 days and no more than 18 days. Your loan agreement will specify when your loan is due. You can always pay off the loan early.

Q: What if I cannot repay the loan when it is due?
A: There are several options for repayment:

•Pay the loan in full on the due date listed in the loan agreement.
•Pay the finance fee and a portion of the loan amount.
•Pay only the finance fee on the due date.

Your loan representative will be able to detail the options available to you.