What is a Paycheck Cash Advance?
Also known as payday loans, pay day loans or cash advances, these
are very short-term personal loans collateralized against your next
paycheck(s). For many of our customers it's the easiest and fastest
way to get quick cash between paydays. Simply submit an online application
and your loan amount can be electronically deposited into your checking
account overnight, and repaid on your next paydate with an authorized
automatic withdrawal.
How do I qualify for a
payday loan?
Qualifying for a payday loan is easy with Paycheck Now. Our lenders
do not perform credit checks, so even if you have bad credit, no
credit, or a past bankruptcy you can still qualify. These are the
only requirements:
- Be currently employed or receive a regularly
recurring income.
- Your take home pay is at least $1,000 per
month if employed or $800 per month on a fixed income.
- Your checking account uses direct deposit.
How long does it take
to get approved?
Customers typically receive payday loan approval within a few hours
of applying, and receive the cash advance loan amount via electronic
transfer overnight!
Will my credit or bankruptcy
hurt me?
No. Paycheck Now lenders do not perform credit checks on our payday
loans.
What about collateral?
Your job and your paycheck are the only collateral you need.
Do I need direct deposit?
Yes. We can only process your payday loan if your paycheck is direct
deposited.
Is there an application
fee?
No, you will never be charged an application fee. Be extremely careful
with lenders that try to charge an application fee for your paycheck
advance loan
Are loans available in
every state?
Loans are not currently available to residents of AR, AZ, CO, GA, KS, MA, MI, MN, MO, MT, NC, NH, OR, SC, WA and WV.
How often can I get a
payday loan?
Paycheck Now is here to help anytime you need extra cash between
paychecks. We encourage all our clients to keep in mind that a paycheck
cash advance loan is a only short-term answer to an urgent cash
need, and to use these loans responsibly. Paycheck cash advance
loans should not be used repeatedly to deal with continuing budgeting
issues. If you need additional help with credit, budgeting or debt
management, please call the National Foundation for Credit Counseling
at 1-800-388-2227.
How is my loan amount
determined?
State law limits the payday advances to amounts from $100 to $1,000.
Your actual loan amount is determined by various other factors including
take home income.
What are the fees for
a payday loan?
Fees are $30 for every $100 borrowed.
When is the loan amount
due?
Paycheck cash advance loans are usually due when you receive your
next paycheck via direct deposit. The standard time for loan repayment
is usually no less than seven days and no longer than eighteen days.
You may also pay back your loan early without prepayment penalties.
What if I can’t
repay the payday loan in full on my due date?
We have different payment options available for our customers:
- Paying the loan in full on the maturity
date listed on your loan agreement*.
- Paying the finance fee and a portion of
the principle on or before the maturity date*.
- Paying only the finance fee on the maturity
date*.
* Some additional
terms and conditions may apply. Please ask your loan consultant
about all of the repayment options
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