Facts about Pay Day Loans

When it comes to pay day loans, the more you know, the better off you are as a borrower. Here are some need-to-know facts about pay day loans.

Our Lenders Offer Larger Loans

While most lenders of pay day loans limit their maximum loans to $300-$500, some of our lenders offer loans as large as $1500, upon qualification (varies by lender). That way, even if you have bigger emergency expenses, you can still get the funds you need with pay day loans. Our lenders offer some of the largest pay day loans online, up to five times the maximum loans of their competitors. They understand that $300 is not always going to cover life's surprise expenses, and they have responded to this demand.

You Don't Need a Perfect Financial Record

Many people are under the mistaken impression that, like with traditional loans, you need a flawless financial background to get pay day loans. Though qualification standards will vary by lender, most of our lenders welcome applicants from all financial backgrounds. The fact that pay day loans are secured against your next paycheck allows lenders to relax their qualification standards, which enables more people to qualify. Even if you've made a few mistakes with your credit and finances in the past, it's still possible to qualify for pay day loans.

Repayment Is Flexible

Repayment terms will vary by lender, so make sure you know the conditions of repayment before you take out your loan. In general, though, most of our lenders offer flexible repayment terms that will accommodate you if you cannot repay the loan in full on the due date. With many lenders, as long as you pay at least the finance charge on the loan's due date, you can have more time to repay the loan for an additional fee. When you extend pay day loans for more time, it's called rolling the loan over. Usually, as long as you pay the interest of the loan on the due date, you have this option if you are willing to incur another finance charge.

The Process Is Paperless

Unlike traditional loans, most pay day loans are completely paperless (varies by lender). This means that you can fill out the application entirely online without ever having to deal with a single piece of paper. Additionally, many of our lenders offer no-fax pay day loans, which do not require you to fax in documents to support your application. Thus, you can get the funds you need with an entirely paperless process.