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Should I apply for a payday loan?

To issue or not to issue a payday loan to a bank card is an individual matter for each person. In any case, we recommend that you carefully weigh your credit needs and financial capabilities. Issuing a loan is a serious financial operation that requires a deliberate approach. A late loan repayment can ruin your credit history for years.

A payday loan can be issuied by capable citizens of the United States who have reached the age of 18. To fill out an application, you must have an ID, a bank card with the ability to pay on the Internet, a mobile phone, and access to a valid e-mail.

Common qualifications are:

  • be at least 18 years old;
  • be a U.S. citizen;
  • be employed and have a reliable source of income;
  • have a checking account;
  • have a valid email address and phone number.

Yes, this is a prerequisite for applying for a payday loan.

It is possible to issue the following loan amounts:

  • $ 200.00 - $ 500.00;
  • $ 500.00 - $ 1,000.00;
  • $ 1,100.00 - $ 2,500.00.

To repay the loan back, you need to have a sufficient amount to repay (principal and interest on the loan) on your bank card. You can also pay a payday loan back from any other bank card in your personal account.

Yes, you can repay the loan early. You will not have to pay any extra fees for early loan repayment. Moreover, the interest on the loan will be recalculated in accordance with the actual loan term.

No, you cannot. To issue a loan, you are required to use only your own card, which contains your first and last name. Unauthorized use of someone else's bank cards is a criminal offense.

Yes, you can use both debit and credit cards of any issuing bank, unless expressly prohibited by your banking agreement.

The term of funds receipt depends on the issuing bank of your card and, usually, does not exceed one or two minutes. However, there are situations when funds will be credited much longer, up to 3 business days.

First, you spoil your credit history. Over the next 15 years, information about a loan that has not been returned (or not at the time of being returned) will be available to any banking or financial organization from which you apply for a loan. Think about whether they would want to lend money to an unreliable borrower? Secondly, information about the overdue loan will be transferred to the debt collection service, which will take any measures not prohibited by law to collect the debt, up to a court proceeding and the subsequent description of your property by the bailiff service..

Regardless of which method of receiving money the client chooses - online or offline, he must go through the registration of the service - from registration to signing an agreement. The algorithm is standard and has no specific features. The main thing is the access to the Internet, mobile phone and e-mail.

Registration on the official website. The registration process begins with registration on the website. Fill out the application form. The process of providing information is a step-by-step process and consists of several steps. At each step, the borrower simply indicates different sources of information. In general, you need to provide an ID and contact information, as well as information about income and place of work.

Login to your personal account. After registration, the user gets access to the personal account. The company promises that all data is highly protected and potentially no third party can use the information. When logging in, the user must agree to the terms of lending and the provision of the service.

Filling out an application for a payday loan. All active tabs are visible on the left of the page. It is enough to select the appropriate tab. At this stage, the system will offer to verify the card - to check its authenticity. To do this, you need to specify the requested bank card details and then confirm its validity.

Signing a loan agreement. The loan agreement is signed electronically. An electronic digital signature is a combination of numbers that will be sent to the phone to activate the loan. The agreement is provided in electronic form in PDF file format.

Receiving money to a bank card or at a department. If an individual does not have a bank card that meets the requirements, then he can receive money at the office. To do this, he can select the appropriate department during registration.

The best way to minimize the time wasted is to submit an online application, get a decision on it, and only then go to the office with the necessary package of papers. But if the borrower does not have the Internet or does not fully understand how to register, then he can apply for a loan directly at the department. To do this, you need an ID or a driver's license and a mobile phone. No other papers are needed to sign an agreement and receive funds. The disadvantage of this method is the impossibility of knowing the preliminary decision in advance. Although the likelihood of approval is quite high - more than 95%.

The peculiarity of a microfinance organization is that it provides loans to a large number of people. But in some cases, a refusal is possible.

Reasons for refusal are:
  • incomplete information. If the borrower skips fields, provides incomplete data, indicates not entirely correct information, then the application may even be left without review.
  • falsification of information, distortion of data. Clients often want to embellish information about their solvency, credit history, etc. If fraud is detected, the loan will also be refused.
  • limit is exceeded. As a rule, it is impossible to get another loan before the primary loan is paid off. Therefore, when submitting a repeated application, the service will be denied.