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Payday Loans FAQ

Question: How much can I request when applying for payday loans?

Answer: Some lenders will grant up to $1,500.00, while others will loan a maximum of $500.00 in payday loans to an applicant. The maximum amount will vary depending on the lender and their policies regarding these types of loans. In addition, the amount that you are approved for will be determined largely by your income.

 

Question: Are payday loans available for self-employed individuals?

Answer: Generally, payday loans offer fast cash for those with a steady job and paycheck. Because self-employed individuals often have sporadic income and they do not work for a traditional employer nor are they guaranteed a weekly paycheck, they are not usually eligible for payday loans.

 

Question: I need a payday loan, but have been turned down by other lenders due to a poor credit history. Will I qualify for payday loans?

Answer: Because payday loans do not generally require a credit check, your past credit history will not be a factor in whether or not your loan is approved. What is more important is your current employment and income, which the lender will evaluate while deciding whether or not to issue you a loan. Even if you have bad credit, you may be able to qualify for payday loans.

 

Question: I've heard that payday loans have excessive fees. Is this true and what, if anything, can I do to minimize them?

Answer: Most payday lenders charge a fee based on the loan amount. This cost may range from $10.00 to $30.00 per $100.00 loaned. There is no way to minimize these fees as they are calculated by the lender in accordance with their policy on payday loans. However, if you want to avoid future fees and the continued cost of payday loans, pay the loan off with your next paycheck as opposed to extending it further.

 

Question: How long will the application process take for payday loans?

Answer: Most applications will take only a few minutes of your time and some can even be completed online. The latter is often the most convenient as they do not require that you even leave your home.

 

Question: Once I submit an application, how long will it take to receive my payday loan?

Answer: The answer to this question will greatly depend on the lender and their policy on payday loans. Because these types of loans are designed to provide fast cash, you will generally receive your funds quickly. Some companies promise to issue your payment within 24 hours, but you should check with the lender regarding schedules before submitting an application.

 

Question: How can I find payday lenders online?

Answer: The best way to find legitimate fast cash loans online is by reading independent reviews, which are designed to evaluate a business and its services. Through this, you will have the opportunity to read about the amount of payday loans offered, the services available and fees required for these types of loans.

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