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Payday Loan FAQs
(Each question underlined
links directly to the response below.)
How do I apply for a NextDayCheck cash advance? It only takes Three Easy Steps! 1. Complete and submit the NextDayCheck online application. – it’s fast, easy and secure.
2. Receive the funds in your account – usually by the next business day!
3. Repay your loan.
What is a NextDayCheck “cash advance”? A cash advance, sometimes referred to as a “payday loan” or “deferred deposit loan,” is a small, unsecured, short-term cash advance that allows a person to meet their financial needs until their next payday. NextDayCheck helps you find a suitable payday lender for your needs, and who can help you cash advance to cover unplanned expenses that come up from time to time. Using your cash advance to avoid bounced-check fees or late payment charges can actually put money in your pocket. Or a cash advance can be used to take advantage of a limited-time special purchase that you would miss out on by waiting until payday. Cash advances can be a quicker and easier alternative to other less desirable short-term credit options. Payday loans are, however, for short-term cash management and not intended for larger financial problems that consumer credit counseling would resolve. A cash advance through our network of lenders is simple and requires no faxing. If your application is approved, your loan will be deposited directly into your personal bank account – usually by the next business day! When your loan payment is due – typically your next scheduled payday – the amount you owe, including finance charge, well be automatically debited from your bank account unless other payment arrangements have been made. What is required to apply and be approved for a cash advance? TO APPLY FOR A LOAN: You need a job or proven source of income, email address, listed home phone, checking or savings account in good standing, and you must be at least 18 years of age. Also, many lenders in our network do not extend loans to residents of New York, Massachusetts, Georgia or Kansas. All signed Loan Agreements are subject to verification of prior loan history and application data. Many of our lenders define an account as in good standing if it reflects at least 30 days of transaction history without any of the following:
Many of our lenders do not deposit funds into accounts with negative balances. LOAN APPROVAL: Your application will be either approved or declined based whether a lender in our network accepts your application and then on their evaluation of the information you provide. Occasionally lenders may ask customers to fax additional information. Most of our lenders do NOT conduct credit checks. It is okay if you have bad credit or no credit. As long as you are employed or have a regular source of income, have your paychecks directly deposited, and don't have a negative check-writing history, you should be able to qualify for a loan with one of the lenders in our network. Most of the lenders in our network verify data with several national databases. How much of a cash advance can I qualify for? The amount of cash available to you is based on your direct deposit amount that occurs on your payday. Most of our lenders do not have a minimum loan amount, however, some lenders may only lend you up to $700.00. Some lenders will only advance $300.00 to first time customers. How much does a cash advance loan cost? The fee
for a loan is based on the term length of the loan, the amount
borrowed, and the lender who accepts your application for
processing.
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Back to topHow do the costs of a NextDayCheck cash advance compare with other short term cash sources? The terms of your loan will depend on which lender has accepted your application. Our lenders provide very competitive rates, and most of the them charge amounts less than shown below -- these rates are examples only. NextDayCheck cash advances may not be the right choice for everyone. But, when the need arises, a NextDayCheck cash advance compares very favorably with the other choices you may have:
How long does it take to get approved? Typically, once your loan application is completed online and all of the requested information is provided, our lenders can provide approval within one (1) hour. If your application is incomplete or a lender requires additional information, the approval process can take longer. In that case, you will be contacted by the lender. How will I know if I am approved or not? Our lenders will usually contact you by e-mail or phone with the status of your application within one (1) hour of receiving your online application during loan processing hours. If your loan application is denied, you will receive an email from the lender. * You generally do not need to fax any information. Most of our lenders communicate via email or the Internet. Do I need Direct Deposit to qualify for a loan? Yes. Most of our lenders require that you have Direct Deposit into your checking or savings account from your employer. The amount you will be qualified to borrow is based upon the net amount of your paycheck that is directly deposited into your account. I have bounced checks in the past; can I still be approved for a loan? Many of our lenders use sophisticated computerized tracking services, such as Teletrack™, and DPBureau™ to verify that you do not have any outstanding bad checks or have a problematic check writing history. Once my first loan has been paid back, how soon can I get another loan? It depends on your lender, but you can generally apply for another loan once your lender verifys that your previous loan has been paid off. It depends on your lender. What will happen if the debit for repayment of my loan with with a lender is returned? If a debit is returned for any reason, you may be charged an insufficient funds fee (usually between $20 and $30) What if I get paid only once a month? No problem! Many of our lenders accept customers who get paid monthly. How can I qualify for a larger loan? It depends on the lender that accepts your application. Do I have any options for repayment? Again, this depends on the lender who accepts your applicaton for processing. Check with the lender who approves your loan. Yes, your loan is confidential and your personal data is secure using the latest technologies. Please see our privacy policy for more detail. What if my personal information or bank information changes? Please make sure to notify your lender! If you have any other questions, please contact us at customercare@nextdaycheck.com,
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