Frequently Asked Questions
What is a Short-Term Loan or Cash Advance?
A short-term loan or cash advance is a small loan, typically between $100-$1000, that can be used to help your unexpected expenses such as car repairs, household emergency repairs, urgent bill payments, or other financial emergencies. Short-term loans can be used as a short-term source of emergency cash, but need to be repaid when you get your next paycheck. Short-term loans are therefore often referred to as cash advance loans.
How Much Will The Loan Cost?
The cost of the loan and APR depends on several factors and information provided in your loan request form. The terms and APR are disclosed in the loan request process when you are directed to the lender's loan agreement.
The APR is not your finance charge. You will find out your finance charge later in the process. Also keep in mind that APR depends on how much you want to borrow and how quickly you want to repay. This is an expensive form of credit and should only be used for urgent financial needs.
Will Short-Term Loan Lenders Perform Credit Checks on Customers Looking For Cash Advances?
Companies that offer short-term loans and cash advances often don't conduct a credit check with the three major credit reporting bureaus (Experian, Equifax, and Trans Union) on customers looking for cash advances. That's why customers with less than perfect credit are often able to turn to short-term loan companies when they need emergency cash in between paychecks. However, loan review procedures vary by company, and short-term loan companies DO review a customer's information in national databases that track consumer lending transactions, such as Teletrack, DP Bureau, or DataX, using a customer's social security number.
How Soon Can a Short-Term Loan or Cash Advance be Made Available?
The time it takes to process a short-term loan and transfer or ACH funds into a customer's account varies with each short-term loan company, and also depends on the financial institution where the customer has their bank account, However, approved customers can often receive their short-term loan within one full business day after approval.
When Does The Short-Term Loan or Cash Advance Need to be Repaid? What Happens if a Customer Can't Repay The Loan on Time?
Repayment terms, including dates for repayment and any fees chargeable in the event of rollover, etc., vary for each company that offers short-term loans, and it is essential that customers review all of these terms and conditions, before
entering into a short-term loan agreement.
What Happens if You do Not Pay (Implications of Non-Payment)
If you do not pay the full amount of principal and interest by the agreed-upon payment date, you will likely be charged a new finance charge and payment date may be extended until your next pay date. This new finance charge may be a flat fee, or may be calculated by applying the proportionate amount of the finance charge to the unpaid loan amount. Review the late payment policy detailed in the loan documents provided to you by your lender before signing your e-signature, and thereby agreeing to the loan terms.
Early Payday does not enforce payment. If you do not pay, your lender may take legal action against you. Additional fees may apply to you in the event that you are unable to repay your loan. Information regarding your payment history, delinquency or defaults on the account may be reported to a third party consumer reporting agency and may impact your credit rating.
Early Payday will not provide a renewal for you. Your lender has renewal policies which will vary. With every extension or renewal, a new finance charge ('Extension Fee') may be assessed by the lender, and the re-payment date may be extended until the borrower's next pay date. The finance charges can be significant depending on the lender
Collections practices of lenders and/or any assignee(s) will be in accordance with the principles of applicable federal regulations. Lenders may attempt to contact borrowers via one or more authorized methods, including phone calls and emails, to arrange for payment.
Impact to Credit Score:
Your lender may report late or missed payments to the credit bureaus. This can negatively affect your credit store. Consumers with credit difficulties should seek credit counseling.
What Services Are Provided by The Operator of This Website?
The operator of this website is NOT a lender, and we do not make credit or loan decisions. This website does not constitute an offer or solicitation to lend. The operator of this website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. We provide online cash advance and short-term loan online referrals on our website. If a customer is looking for a cash advance or short-term loan online, we help connect them with a marketplace of companies who offer short-term loans and cash advances. Our website features a secure form used to transfer information to lenders and aggregators within our marketplace. Marketplace participants will review your information and see if it meets their buying filters. The information that they need in order to make their decision about each customer includes name, address, home and work phone numbers, and email address. They also need a customer's birth date and social security number to comply with the US Patriot Act.
Residents of Arkansas, Connecticut, Georgia, New Hampshire, New York, Oregon, Washington, West Virginia, and Vermont are not eligible to submit a request for a cash advance on this Website. This service is not available in all states, and the states serviced by this Website may change from time to time and without notice.
The operator of this website can be reached by mail at Early Payday, 6709 W. 119th Street #338, Overland Park, Kansas 66209, or by email at Contact us
. Customers can contact us if they want to discontinue using our loan referral service, or to change their communication preferences. Any questions about cash advance or short-term loan amounts should be directed to the company from which a customer obtained his or her cash advance or short-term loan.
What to Expect When Submitting a Request For a Short-Term Loan or Cash Advance Online:
The operator of this website provides a referral service for customers looking for short-term loans or cash advances online. We do not make decisions about whether to offer any specific customer a short-term loan or cash advance - instead, we connect customers who have filled out our secure online loan request form with our marketplace of lenders and aggregators that offer short-term loans, cash advances, or other financial options. Not all lenders can provide up to $1000.
After a user of this website submits his or her information into the secure online loan request form, the companies in our marketplace will review the user's information and decide whether or not to offer the user a short-term loan or cash advance. The secure online review process usually takes only a few seconds, and if one of the companies in our network decides that they want to offer the user a short-term loan or cash advance, then that company will either contact the customer directly to offer him or her a cash advance or short-term loan, or the customer will be immediately redirected to the website of the loan company. If that happens, the customer should make sure to carefully review all of the terms about the cash advance or short-term loan before deciding whether or not to enter into a loan or credit agreement, especially since loan terms and conditions (including fees, APRs, and repayment) can vary by company.
A user of this website is under NO obligation to enter into a short-term loan or cash advance agreement with any lender, and if a user of this website is contacted by a short-term loan company and offered a loan, the user is free to accept or decline any such offered loan at that time.
What Are The Codes of Practice And Policies on Responsible Lending?
It is important to review the codes of practice and policies on responsible lending of a specific short-term loan company, before entering into a short-term loan or cash advance agreement. These codes and policies might be different for each company that offers short-term loans or cash advances, but representative general requirements of short-term loan companies may include:
- Monthly income equal to or exceeding $750.00
- Current, valid home and work phone numbers
- Current employment for at least 4 weeks
- Current bank account in customer's name
What Are The Renewal Policies?
Renewal policies vary for each company that offers short-term loans and cash advances, and it is essential to review these policies and terms.