Payday Loans Questions
At Speedy Cash, we know what it’s like when money dries up leaving you nowhere to turn in emergency situations. In those instances, you may be considering a payday loan. Before borrowing, it’s important to understand how payday loans work. Take a look through some of the most frequently asked questions about payday loans.
Payday Loan Basics
What is a payday loan?
A payday loan – also known as a cash advance or payday advance – allows you to borrow money against your next pay day. If you are in need of a small sum of money to hold you over until your next paycheck, a payday loan may be right for you. Instead of paying bank overdraft fees, dipping into overdraft protection or paying late fees for credit cards or rent, a payday loan can give you the money you need to take care of your expenses immediately. These loans are designed to cover short-term financial obligations, and are not intended to be a long-term financial solution.
The process to get a payday loan varies a bit depending on how you choose to apply, but the main steps remain the same:
- Complete an application
- Receive a lending decision
- Sign your payday loan documents
- Receive your cash
- Repay your payday loan amount plus fees
Can anyone get a payday loan?
Anyone who meets the application requirements is eligible to apply for a payday loan, and may qualify for cash. If you meet the minimum age requirements in your state, have a steady source of income and a working phone number, then you can apply.
The number of payday loans you can get depends on your state, and on the lender you are borrowing from. See how many Speedy Cash payday loans you may be eligible to borrow in your state by visiting our rates and terms page.
Payday Loan Process
To get a payday loan, you must first fill out an application. Payday loan applications typically collect personal information, income information, and banking information. Once you submit your application, the lender will provide you with a lending decision letting you know how much you’re approved to borrow.
There are three easy ways to apply for a Speedy Cash payday loan.
The answer to this question depends on how you choose to apply, and the lender you apply with. If you apply for a loan online, you will typically get your loan funds within 24 business hours. If you choose to apply at a payday loan store, they will typically give you cash right away (please note that some payday lenders may provide your loan funds in the form of a money order, which means you will have to go elsewhere to get cash).
Speedy Cash offers a few more funding options than most payday lenders.
- Select our instant funding option online if you have an opt+ prepaid card
- Opt to get your online loan in cash immediately by picking it up at a Speedy Cash location
- Have your loan deposited directly to your bank account
It’s easy to come by businesses that offer payday loans with the number of payday loans stores and online websites. Depending on the lender you choose to borrow from, you may even be able to get a payday loan online – without ever having to leave the comfort of your home. Speedy Cash offers the convenience of “Call, Click or Come In” to apply for payday loans.
Can I get a payday loan online?
Yes, many payday lenders offer the ability to apply for payday loans online, including Speedy Cash. Check to see if your state offers payday loans online by visiting your state’s rates and terms page.
Payday Loan Requirements
Payday loan requirements may vary from lender to lender, but typically you will need the following to apply:
- Meet minimum age requirements in your state (18 in most states)
- Have an open and active checking account
- Be able to show proof of income
- Have a valid phone number
Payday Loan Payments
When will my payday loan be due?
Payday loans are typically due to be paid back on or around your next pay day, which will correlate with your pay cycle – whether you’re paid weekly, bi-weekly, monthly, etc.
How much will I owe on my due date?
You will owe the principal amount (or the amount you borrowed) plus fees.
Different lenders may have different pay off options including:
- Debit card payment
- Cash payoff
- Automatic payment from your bank account
- Post-dated check
What if I can’t pay on my due date?
Some states put restrictions on refinancing a payday loan. However, in some states you can refinance your payday loan for another term. To refinance means that you will only pay your fees on your due date. Your principal loan amount will then roll into a new term, and you will be charged fees again.