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When will I know if my payday loan request is approved?

Normally, you will know if your payday loan online is approved within 1-3 minutes but sometimes, within seconds. If there is a short delay, stay on your phone, do not hang up, as you will lose your opportunity if you are approved. If for any reason, you are not approved, you will also be notified in the same time frame.

Can I get a payday loan without going through a credit check?

Most, but not all, payday lenders use databases to assess your credit history and do not do direct credit checks. However, we cannot guarantee that a credit check will never be made by any specific lender. As a referral source to over 100 lenders, it is impossible for us to monitor every one of them. There is truly no such thing as a ‘no credit check’ loan. See the next question which is relevant to this one.

Know More - Short Term Payday Loans Online for Bad Credit

Is it harder to get a loan with bad credit?

This depends on a wide range of factors. Bad credit may be an approval factor, but it does not prevent millions of people each year from getting an online payday loan. It is more important that you meet other criteria like having a steady job (at least 6 months) and a working bank account, etc. Every day people with bad credit receive the benefit of an emergency payday loan.

When will the money arrive in my bank account?

In most cases, if approved, you will receive the cash in your bank account the next business day. This means no weekends or holidays because banks are closed, and deposits cannot be made when they are closed.

How many payday loans can I have?

There are 2 answers to this question: 1 and more than 1. Let us explain. It is always best to have only 1 loan, pay it off on time, and then get another if you need to. Rarely, you may be approved for a second loan, but most lenders do not do this as it has proven to be very risky for them.

Know MoreCan You Get More Than One Payday Loan at Once?

What is APR? What does it mean for a customer?

APR is the annual percentage rate charged for borrowing that represents the actual yearly cost of funds over the term of a loan. Payday loans have very high APRs because they are fee-based and not intended to be used like an auto loan for 60 months, or a home purchase for 30 years and so on. Online payday loans are expected to be paid back on your next paycheck and are not intended as longer-term loans.

Know More - APR and Interest Rate: How Are They Different?

How does Faaast Cash secure all the personal information I provide them?

Faaast Cash uses the latest 256-bit encryption system and updates it on a consistent basis. Faaast Cash also does not retain your data for long and does not resell your data. We are a referral service directly to over 100 lenders. Once your request is referred, the process becomes one directly between you and a lender.

What is the maximum amount that I can borrow?

You can borrow between $100 and $1,000 with a payday loan online. However, the exact amount you can borrow depends on quite a few factors. If approved, your lender will contact you directly and discuss how much you are approved for. Most online payday loans are for $500 or less. Also, the amount you can borrow is often affected by the state you live in. Some states do not allow payday loans while others restrict the maximum amount that can be lent and so on. Check your state government website to learn more about the payday loan rules in your state.

What if I am not able to pay back the loan on time?

You don’t want to be in this situation, but you do have options if this occurs. First, contact your lender as soon as you know you will not be able to make your payment. Most lenders will work with you to “rollover” the loan and set new payment dates. However, there are additional fees for this process. Extending your loan is a costly option that should be avoided as much as possible. You are better off paying your loan on time and taking a second loan than rolling it over.

Know MoreI Can’t Repay My Payday Loan: What Happens Now?

Related Readings: 

Paying off Your Debt: Which Bills Should You Pay First?

Tips to Help You Pay Off Your Payday Loans on Time

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