A payday loan can also be referred to as a cash advance or cash loan. A payday loan is a short-term loan which is repayable on your next payday.
If you are approved for a payday loan, the cash will be deposited directly into your bank account for your immediate access. Cash is usually deposited into your account within one business day of being approved for the loan.
Yes, you are required to be employed for at least 3 months to be approved. A payday loan is designed to provide relief from money struggles between paydays. You are required to pay back the loan on your next payday. Individuals who are self employed are not eligible for a payday loan.
No, this can be referred to as a "rollover" loan and is restricted. You must pay off your existing payday loan before you can apply for another loan. This policy is in place primarily for your protection. Payday loans are designed to be a solution for short-term financial problems. Having multiple payday loans at a time is an indication of long-term financial issues that should be addressed by a more permanent solution.
You are required to repay the loan when you receive your next pay cheque or on your next payday when funds have been replenished in your bank account.
No, unfortunately funds do not clear on weekends or on bank holidays. Be aware of this when applying for a loan.
No you will not be approved for a loan if you are in between jobs. You are required to be currently employed for at least 3 month to qualify.
In the application process, you are given the option to choose your requested loan amount. Based on our evaluation of your application and your ability to repay the loan, we may offer you a loan amount equal to or less than the amount requested.
The payment agreed upon during the application process will be debited from your bank account on your next payday.
In order to be approved for a loan...
Additional fees will more than likely occur in the event of a late or partial payment. Failure to pay will result in legal action, as well as reporting of the non-payment to a consumer reporting agency.
The cost of the loan and the APR depends on your application. The terms are disclosed in the application process when you are directed to the lender's website. At this point you have NOT accepted the loan. Before you accept the loan conditions, the lender's terms and fees will be disclosed. If terms and fees are not acceptable to you, do not sign the loan agreement.
Renewal policies are determined by the lender, not by us, so they will vary. But, be aware some lenders may not debit your account for the full amount of the loan, which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.