Most Essential And Significant Questions And Answers To Take Instant Payday Loans Out

What is a payday loan?

A payday loan, or cash advance, is an easy way to get cash until your next payday. That is the reason why it is called payday loans itself.

What are the requirements to get a payday loan?

To be able to qualify for an instant payday loan we have to respond to the following questions:

Do you have a job?

Have you been with your current employer for more than 3 months?

Do you have an active checking account?

Do you get paid by direct deposit?

Do you have an active phone number that we can reach you at?

If these questions are answered YES, you qualify for availing the loan.

Unfortunately people who are under the following categories do not qualify for the loans.

Self-employed, paid by commission, on social assistance, on worker's compensation or on disability. These things are to be considered by the lender to come up with a final decision.

Most people are approved for a cash advance with instant payday loans; however, one may be denied if will fall under one or more of the following categories:

Employment

If you are currently unemployed or if you have been employed at your current job for 2 months or less, your cash advance application may not be approved.

Banking History

Your advance application may not be approved if you do not have a checking account.

Income and contact phone number is important.

Our cash advance application may not be approved if our net monthly income is less than the minimum wage or if we do not have an active phone number that we can be reached at.

Now, What if we have a poor credit history?

Bad Credit? No Credit? No Problem! Most payday loan lenders do not care about your credit history. If you meet the following requirements you are qualified for an instant payday loans.

However, people who are currently in bankruptcy are not qualified, but any discharged bankruptcies are of no concern.

How soon can we receive our instant payday loans?

All loan applications are processed as quickly as possible. Depending on the volume of applications, it takes anywhere from 30 minutes to 2 hours for an application to be processed during regular business hours.

What documents do we require to fax in?

Lenders might ask you to fax your personal documents like IDs, payslip and a bank statement.

Once we have completed the online application,we will receive a conformation email with a login and a password to our private customer's page where we can login and monitor the status of our application. It usually takes about 30 minutes to process our online loan application during regular business hours, however it can take longer due to high volume of applications.

We are approved, how do we get our money?

When we get approved, the funds will be wired right into your bank account or an Interac Email Money Transfer will be send to your email account.

How do we pay back the loan?

Your bank account will be debited on your next scheduled pay day.

How soon do I have to pay it back?

You will have to repay your loan on your next pay day. Your loan payment cannot be skipped.

Can we get approved today, and get the money later on, when we need it?

Yes, our application can be approve today and we can have funds deposited into our bank account whenever we need the money. Our approval is good for 4 weeks. When we decide to get the funds deposited into our bank account, our information will be confirmed once again to make sure that it is still accurate and then the money will be deposited into our bank account.

Can I pay my loan back early?

Yes. Simply contact Customer Service Department to let them know that you want your bank account to be debited earlier than your loan due date.

What happens if we default on paying back the loan?

Lenders do reserve the right to collect delinquent loans using all legal remedies available including legal debt collection and civil court action.

Lastly, these questions and its respective answers will help one a lot in obtaining a loan rightly. These are but essential and significant questions to be considered to take instant payday loans and other payday loans out, without hassle and it is stress free.

by: Princess Lee

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