Your most concerning worries regarding online loan applications, our services, available loan options, and everything to know about Cash Payday Loans addressed.
What is a payday loan?
As the name hints, a payday loan is a loan offered to borrowers who need money to handle small financial needs before their next payday. A payday loan is also referred to as a payday advance or a cash advance. This loan should be paid back after the borrower receives their upcoming paycheck. A payday loan’s interest rates are usually higher but they don’t require any form of collateral to assure the lender. The amount you qualify for often depends on your income and you will be required to provide proof of income to the lender. Payday loans are best suited for people who only want to be in debt in the short term. The terms and conditions as well as the interest rates differ in every state. However, it’s worth noting that payday loans aren’t available in all states. To check if payday loans are available in your state as well as the law and regulations for every state, check out our Rates and Terms page.
What is an installment loan?
An installment loan is a long-term loan that the borrower pays back in small fixed portions after every agreed period, like a month. The lender expects the borrower to pay an agreed amount of the loan together with a given percentage of the interest per installment. Installment loans can be used for personal or business reasons. They are good to work with over an extended period as they have lower interest rates and more favorable terms and conditions compared to payday loans.
What is a car title loan?
A car title loan, also called a title loan or title pawn, is a type of loan that lets borrowers who have cars give them up to lenders as collateral. A car title is given to the lender when the borrower is submitting their loan application and the lender gives it back once the borrower has paid back the whole amount of the loan taken. In case the borrower defaults on a payment, the lender can choose to sell the car to recover their money. Car title loans are quite common among car owners with poor credit scores as the lenders don’t focus so much on their credit history. While title loans often come with unfavorable terms and conditions, they can be a lifesaver when the borrower is in urgent need of money.
What is a guaranteed approval loan?
Also referred to as guaranteed approval bad credit loans, guaranteed approval loans are loans offered to borrowers who have poor credit scores. With these loans, borrowers often have a higher likelihood of getting their applications approved. However, it’s never guaranteed that every borrower who sends in their application for this type of loan will get approval. Even with good credit scores, it’s still difficult for lenders to give 100% assurance that you will get a loan. It’s also worth noting that there’s a fundamental difference between guaranteed approval loans and guaranteed loans. With guaranteed loans, a third party is involved in the agreement between the borrower and the lender where the third party assures the lender they will pay back the loan offered in case the borrower fails to repay.
What is a debt consolidation loan?
This is a new loan a borrower takes to settle other loans and debts they may have so that they can bring all the debts they owe into place for easier and better management. Debt consolidation loans come with a flexible payment plan and cheaper interest rates. These loans may be secured or unsecured, and in the long run, they can help the borrower boost their credit score.
What is the Annual Percentage Rate (APR)?
An APR shows how much interest a borrower will pay every year for a loan they take. This is a crucial factor that helps a borrower determine if a given loan option is better suited for them compared to other options they may have. Lenders make the APR very clear for borrowers before they take the loan. Oftentimes, APR shows the fees such as the origination fees that the borrower will get charged. APR is often mistaken for APY (Annual Percentage Yield), which shows the amount of yearly interest an investment will bring, considering the compound interest’s effect.
What is a fixed rate on a loan? And how is it different from a variable rate?
This is an interest rate on a loan that isn’t expected to change over the course of the loan repayment period. The interest rate remains the same throughout the entire repayment period. A variable rate, on the other hand, is an interest rate that changes as the borrower repays the loan. It may be beneficial for the borrower to work with a variable rate especially when the interest rate market is plummeting as the total amount they will repay will be significantly lower.
What is the origination fee?
This is a fee charged for processing a new loan application. The lender makes it clear how much the borrower will pay before they sign the documents and receive the loan. The good thing is, the origination fee may be high or low depending on the lender you choose. You can also negotiate with the lender when it comes to the origination fee.
What are secured and unsecured personal loans?
Secured personal loans are loans that require the borrower to offer up an asset such as a car (by providing a car title) to give the lender confidence that their money won’t be lost. Pawn loans and car title loans fall under the secured loans category. Unsecured personal loans, on the other hand, are loans that don’t involve any form of collateral. These loans bank on the borrower’s credit score, credit history, and the reliability of their income source. Installment loans and payday loans are types of unsecured loans.
What is a credit line?
Also called a line of credit, this is the maximum loan amount given by a lender to a borrower who doesn’t have a consistent income to cover those times when their income is low. It also helps to handle projects whose total cost isn’t easy to calculate. The lender gives the borrower a maximum limit they can borrow at any given time. If they choose to get an amount lower than the maximum, they will only repay that amount and the interest charged will only be for the amount taken as opposed to the maximum limit. And in case they need more money, they can still borrow the remaining balance that will be calculated by deducting the first loan amount from the maximum limit.
How much cash can I get from an online loan?
It depends. Certain factors come into play when determining how much money you qualify for. State laws, your credit score, and your income source help lenders calculate how much money they can give you that you will be able to repay comfortably. Some states don’t permit certain types of loans like payday loans. Other states do permit but heavily regulate how much a borrower can get. To be sure what you qualify for and where each state stands on the loan you desire to get, please see our Rates and Terms page.
Will my poor credit score prevent me from getting a payday loan?
No. You can still get a payday loan even with a bad score. With payday loans, lenders often focus on other factors other than your credit score when determining your ability to repay. Nonetheless, you may end up with a loan that may not be all that favorable for you compared to someone with a good score. Also, you may have limited loan options. A car title loan is another good example of a loan option that lenders offer people with poor credit scores as collateral is another major consideration factor.
What’s defined as a poor credit score?
When it comes to calculating a person’s credit score, several credit scoring models like VantageScore and FICO and credit bureaus like Transunion, Experian, and Equifax are used. The majority of lenders work with the FICO model, and according to it, a score that falls between 300 to 579 score is considered to be very poor. 580 to 669 is a fair score while 670 to 850 is an above-average score (which ranges from good to excellent) to have if you want more loan options from lenders. How well you have repaid your previous loans, how long your credit history is, and your standing debts as of the time of your loan application help to determine your credit score.
Understanding the Cash Payday Loans Website Better
If you have some questions about our website and the service it provides, you can find the answers below.
What role does Cash Payday Loans play in acquiring online loans?
The short answer is that it helps you spend less time, money, and effort looking for loans online. Instead of having to look for lenders and apply to each at a time, which may consume much of your time, you can use our platform to submit an application, which will be sent to our lending partners.
Do I have to pay for services offered by Cash Payday Loans?
No. We don’t charge any fees for using our platform. You can apply to all our lenders at once through our platform and receive money in your bank account without having to pay us a dime for it. For full disclosure, while you won’t pay anything to use our platform, we may get compensation for every loan issued to borrowers. The good thing is, you won’t be charged extra for the loan as a result. The loan amount and repayment terms will be as favorable as you would normally expect when dealing directly and physically with lenders.
What types of loans do Cash Payday Loans lenders offer?
Loan options available include car title loans, same-day loans, bad credit loans, $255 payday loans (for California residents), $500 loans, $1000 loans, $1500 loans, $2000 loans, $2500 loans, instant cash advance, installment loans, debt consolidation loans, short term loans, and emergency loans. Please contact our lenders to see which loan options are available for you depending on the state you reside in, and other factors.
Will I get guaranteed approval loans through Cash Payday Loans?
No. It’s not possible to have a lender’s full guarantee of loan approval. Different factors have to be kept into consideration when lenders are calculating risk assessments when giving out loans. Sometimes, these calculations may show that you may or may not be the right person to provide certain loan options at a given time. Lenders who market their services by saying they guarantee everyone who applies will get a loan are often not integrity-based lenders and may lead you to disappointment. To further understand how guaranteed approval loans work and what loan options our lenders have for you, please check out our Guaranteed Approval Loans page.
How long does it take to receive feedback about my loan application when I use Cash Payday Loans?
Often, it takes a few minutes. Our lenders try to be on standby for any applications sent through our platform. They review applications and send feedback. And the best part is, feedback from multiple lenders often begins coming in less than an hour. However, we cannot guarantee any specific timeframe for your individual situation.
What are the requirements for an online loan application?
The major thing to keep in mind is to check if payday loans are allowed in the state you are in. You can easily do that through our Rates and Terms page. After that, you should ensure you have the following basic requirements:
- Having a valid and active phone number and email address
- Having a photo identity card such as a driving license, military ID, or passport that’s been issued by the government
- Being 18 years of age or older (or of the required age in your specific state of residence)
- Having a verifiable source of income
- Having a constantly transacting savings or checking account
- To be residing in the state you wish to apply for a loan in
You also need to have other requirements specific to the type of loan you wish to get. For instance, for car title loans, you ought to have a valid and clean car title with you as you apply.
How do I apply for an online loan?
Click on the “Apply Online” button on the top right corner of our platform and then fill out the application form by providing the required information and documents depending on your state and the type of loan you wish to get. Upon submission, our lenders will review your application and get back to you with feedback. When you get offers, you will choose the lender you want to get the loan from and you will review and sign the loan documents. After that, you will receive your money in your bank account shortly afterward.
What’s the maximum amount I can get on an online loan?
It depends. Each state in the United States provides a different loan amount. Moreover, your credit score and credit history as well as your loan options go a long way in determining how much you can get. To have certainty on how much you qualify, please see our Rates and Terms page.
How will I confirm my loan has been approved?
You will receive a notification from our lenders when you qualify for a loan. You will also be guided through the entire process to ensure everything from the application to receiving your money in your bank account is seamless. Our lenders also disclose everything you should know about the loan so that you know how much you are paying in fees and any other charges before you sign the documents and receive the money.
Are there any physical documents involved in the online loan application process?
Our lenders ensure your loan application process is as easy as it can get. You won’t need to provide any papers for the majority of the loan options. And in case any documents will be required from you, you can send soft copies through your email address. Our platforms and lenders ensure all documents are safely delivered and stored along with your personal information.
Is collateral necessary for me to get a payday loan?
No. You don’t need to provide any form of collateral when applying for installment loans and payday loans as these are unsecured loans. Your credit history, income source, and other factors are what lenders look at when determining your level of creditworthiness.
Are there long delays in receiving a lender’s decision on my application?
While other lenders online may require more time to figure out if you qualify for a loan, our lenders have a system that allows them to give you a decision almost immediately. Most borrowers hear from our lenders right away. If not that, within a few minutes.
Do I have to be employed to get a loan?
No. Most lenders understand that people have various sources of income which aren’t necessarily employment. That being the case, if you can provide a verifiable source of income, despite it not being employment, you can qualify for a loan and have the money sent to your bank account.
Will lenders perform a credit check when considering my application?
For the most part, yes. Many loan options require lenders to run checks on your credit history and see your credit score. If you don’t want lenders to venture into credit checks with your application, you should consider applying for a title loan where you will need to provide your car title as security for the loan. If you choose any other loan option, there is a high likelihood that lenders will do credit checks. The good thing, however, is that there are soft checks that will not affect your overall credit score and these may help you still get a loan despite the bad credit. Hard credit checks that lenders may decide to perform with the help of credit bureaus like Equifax, Transunion, and Experian may end up negatively influencing your ability to get a loan as they interfere with your credit score.
What’s the maximum repayment period for an online loan?
It depends on the loan option you are interested in, the lender you are working with, the state you are in, and other factors specific to the loan option you are applying for. The repayment period may range from a few weeks to a few months. At times, it may be several years.
Why didn’t my loan application go through successfully?
There are many reasons our lenders may reject your application. When you receive a declination notice, the reason why you didn’t get approved is always indicated in the notice.
Receiving The Loan And Repayment
Common questions about how you will receive the loan and how you can pay it back are answered below.
Do I get to receive the money the same day I apply?
In most cases, yes! Sometimes, the lenders will send the money on that very day you apply. This is often referred to an instant payday loan. If there are any delays, you will get the money the following business day. What you can do to accelerate the speed at which the money is sent to your account during your application process is to have all the needed documents for the loan option you want to go for. Also, sending in your application in the early hours of the morning (around 10 a.m. or earlier) helps to give lenders ample time to process your loan before the day ends.
Is money for all loans approved sent out on the same day?
Not in all cases. For some loans, the loan will be sent the same day, while for others, the money may be sent the following business day if the application was sent in late or if there are some missing documents in the application. How well you are prepared and how early you send your loan application will play a big role in determining how fast you get the money.
Which methods do lenders use to send money when the loan is approved?
The bank. In your application, you are asked to provide your bank details which will be used by lenders to send money to your account.
Where can I see the terms and conditions of the loans I want?
The terms and conditions of the loan you desire to get will depend on the lender you work with. Once the lender approves your loan application, they send you an offer that highlights all the terms and conditions of the loan and everything else you should know about the loan. Cash Payday Loans is not able to provide you with that information as you don’t borrow directly from it.
How can I spend the money I get from the loan?
It’s entirely up to you what you choose to use the money on. Personal loans can help with medical emergencies, utility bills, paying for petty expenses, meeting financial expectations of personal events, home furnishings, general repairs, and other personal issues.
Is it possible for me to get more from my loan?
There are laws in your state that put a cap on how much you can borrow. Oftentimes, you may be able to get more from your lender, if your first loan was below the maximum limit of cash you can borrow. You should first confirm the terms and conditions of your loan agreement and reach out to the lender for further clarification.
Which method do I use to pay back my loan?
Every lender has their preferred method of repayment. The most common method is through the bank, where the lender makes a request to your bank for the account you provided in your loan agreement. This request asks the bank to send the lender the amount you agreed with them in the loan agreement on your repayment date, from your savings or checking account.
Are there penalties if I pay more than the due amount so that I can clear my loan faster?
No. Our lenders will not penalize you for making extra payments to clear your loan early. However, it’s important to discuss with the lender you choose the best dates to pay extra so that you can avoid getting charged extra interest in some cases
What happens if I'm not able to pay back my loan?
There are usually penalties on your loan in case you default on your payments, as agreed with the lender. You may have extra charges on your loan while other lenders may choose to penalize you in different other ways. In case you fear you may be late on your upcoming payment, you can reach out to the lender before the due date to discuss the best way to go about the issue.