Payday loan FAQ

1. Why should you get a payday loan?
   A payday loan is helpful when you’re in need of urgent money. The loan can be useful to pay for unpredicted expenses or cover bills that have become past-due. Since this is a short-term loan, the payday loan companies expect you to pay the money back quickly. Basically, you should get a payday loan when you’re in an extreme financial crisis.
2. How can you qualify for a payday loan?
   Several lenders have their own special set of requirements, so this can differ depending on who chooses to fund your loan. A typical lender may need the following:
   1. You must have a valid bank account
   2. You should be a legal American resident and at least 18 years old
   3. You should have been employed for at least 6 months with the same employer
   4. You should provide a regular source of income not less than $800 a month
   5. You should be able to provide proof of your income
   6. You should be able to provide employment information along with contact numbers

1. How long does it take to get your loan?
   You will get quick approval once you submit the payday loan form. When approved, the funds may be electronically transferred overnight into your back account.

1. What if you have a bad credit record?
   Most lenders do no have a problem with your earlier financial difficulties. Hence, a perfect credit may not essentially be an obstruction.

1. Is it needed to have direct deposit for your bank account?
   Yes. This is the best way to make the quick transfer of funds to your account.

1. Is there any risk to getting an online payday loan?
   There is totally no risk at online payday loan websites. The companies follow a stringent privacy policy and all your information is secure.

1. How can you use payday loans?
   Well, that’s completely up to you as how you wish to spend your payday loan. Unlike other traditional loans that impose several restrictions on the usage of the loan amount, you can use the money for your own reasons.
   
2. What’s the payback time for this loan?
   Payback time is the period by when you need to repay the loan. In the case of payday loans, they are approved for a shorter time period and usually you need to repay when you get your next paycheck.
   
3. What about collateral to receive a loan?
   Your paycheck and your job are your collateral.
   
4. Can you be approved even if you only work part-time?
   Yes, you can get approval for your payday loan even if you work part-time. As long as your pay slips show that you are in a regular job there will be no problem in your loan approval.
   
5. Are payday loans the same as personal loans?
   A personal loan is obtained from a bank or other financial institution, normally for six months to five years, at a fixed interest rate. Whereas a payday loan is a short term unsecured loan that has little in common with the personal loans offered by conventional financial institutions.