Few Common Questions about Payday Loans

For many people, there are many questions about Payday Loans. We will try to answer some of the most common questions that are asked. Payday loans, also called cash advance loans, are quite common and are used by millions of Americans every year. 

So, do not feel you are one of a few. You are one of many!

Do I Need to have a Checking Account to Get a Payday Loan?

Generally, you do need a checking account to get a payday loan or even an installment loan. Why? Because your lender needs to deposit your money if they have approved you for a loan. They do not send checks. Make sure you have an open account, even if the balance is small.

Can I Still Get a Cash Advance If I Am Newly Employed?

You can get a cash advance loan even if you are newly employed. Why? Because the number one factor in payday loan approvals is your income! Having a job, even if new, will be a major factor in a lender approving your loan request. Your income should be at least $1,000 a month or more, and of course, the more, the better.

Must I Pay Back a Payday Loan All at One Time?

Since states have different laws for payday loans, there are some differences based on where you live. Common practice is to pay back the loan in 1 month or less, in full. This means the loan amount plus the loan fee for that loan. There are exceptions, and you can ask your lender if this is an option you want to consider. We recommend only taking out a loan you can pay back when it is due. Otherwise, you could have additional fees or charges.

How Old Must I Be to Request a Payday Loan?

You must be at least 18 years of age or older. A couple of states require you to be 19 years old to request a payday loan. But most use the 18 years old standard.

I Want to Borrow a Little Money Now, but Can I Borrow More Later?

Only borrow what you need at the time. Do not request more than you need. If you borrow now and pay it back on time, your lender will likely allow you to borrow in the future and borrow a higher amount. But your income at the time of your second request is still a big factor in getting loan approval.

Can I Borrow Money If I Am Not a Citizen?

You must be a citizen or legal resident of the U.S. to qualify for an online payday loan…or any loan for that matter. If you are neither, you will not be eligible. 

Is My Poor Credit Score Going to Prevent Me from Getting an Online Payday Loan?

There are several factors in getting an online payday loan. But your credit scores, often called FICO scores, are not one of them. Payday lenders do not perform hard credit checks. More than half of all payday loans are to people with poor or even bad credit. This will not be a barrier to your acceptance as long as you have current ongoing income at the time of your loan request.

If I Get an Online Loan, Will My Information Be Sold to Spammers or Telemarketers?

This can be a real problem with some companies. At CashinaMoment, we do not sell your data to anyone. Only the lender who wishes to lend to you gets your information. In fact, unlike most service providers, we delete your statement within 30 days of receipt. We are serious about protecting your data from anyone except a direct lender who wants to loan money to you.

Do I Need to Borrow a Larger Amount to Get A Loan?

It is the opposite. The smaller the loan, the more likely you will get approved. Many states limit the number of payday loans (often to no more than $500). Loans over $1,000 are called installment loans and require tougher standards to gain approval. This is what you would expect; the bigger the loan, the more stringent the requirements.

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CashinaMoment has a large referral network of direct lenders for online payday loans. We are open 24/7 and 365 days a year. When you need urgent, emergency cash, consider requesting your online payday loan with CashinaMoment.