Payday Loan FAQs
Frequently Asked Questions
- How do I know if my loan is approved?
- How soon will I be able to get my money?
- How long can I have a loan for?
- How many payday loans can I have?
- Do I need to have good credit to get a payday loan?
Loan approval processes vary by lender. Some payday lenders will notify you immediately online if you are approved, others via e-mail, and some through fax or a phone call. In most cases, you will receive approval within 24 hours of applying.
In most cases, your money will be direct deposited in to your bank account within 48 hours. Specifically how long it will take depends on what time of the day you apply for the loan.
How long you are able to get a payday loan for varies by lenders. Some lenders have terms as long as three months! Typically payday loans last for two weeks, however and often that is the minimum term required for a loan as well, though there aren't usually any penalties for pre-payment if you are able.
Most lenders will allow you to have one loan out at once. Some people think that they can get away with taking out payday loans from several lenders at the same time, however payday lenders do use a reporting service that other lenders can check to see if you have any active payday loans with another company.
Absolutely Not! Most payday lenders do not check traditional credit records or scores before offering a payday loan to their customers.
Do not forget to look through the terms associated with payday loans to help you through the payday loan process.
