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Payday Loans FAQ

Aug 17, 2007
Following are the top 7 frequently asked questions we've encountered about Payday Loans.

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

A: 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.

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

A: 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 these types of loans.

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

A: 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 a payday loan.

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

A: 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. 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.

Q: How long will the application process take for a payday loan?

A: 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.

Q: Once I submit an application, how long will it take to receive my cash advance?

A: The answer to this question will greatly depend on the lender and their policies. Because payday 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.

Q: How can I find payday lenders online?

A: 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 compare the amount of payday loans offered, the services available, and fees associated with these types of loans.

The information contained in this article is designed to be used for reference purposes only. It should not be used as, in place of or in conjunction with professional financial advice relating to the use of payday loans or cash advance opportunities involving paychecks.
About the Author
Brian Dolezal is a contributing editor for TopConsumerReviews.com, a leading provider of independent reviews and rankings for hundreds of consumer products. You can find out how top payday loan programs compare by visiting TopConsumerReviews.com today.
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