Question 1: What is a Payday Loan?

Ans 1: A payday loan is a quick loan typically up to $1,500 against a paycheck repayable on the next payday. A payday loan is also known as a payday advance, paycheck advance or cash advance loan.

Question 2: Why use a Payday Loan?

Ans 2: An unplanned expense may leave your budget cash-strapped before the end of a month. Therefore, you would need a little cash "boost" to get you through to the next payday.

Question 3: What can a Payday Loan or Cash Advance be Used for?

Ans 3: Basically a payday loan can be used for any purpose. It is the borrower's money until next payday.

Question 4: What Requirements are Needed to Apply for a Payday Loan?

Ans 4: Typically, you must be over 18 years old and satisfy the minimum requirements of the payday loan lender/provider. Different lenders/providers may have different minimum requirements.

Question 5: Do I need to Faxing any Document when Applying for a Payday Loan?

Ans 5: Faxing of documents is usually not required by most of the payday loan lenders/providers. Please confirm it with the loan lenders/providers before making your loan application with them.

Question 6: Do the Direct Payday Loan Lenders Check for the Credit History/Rating/Records of a Payday Loan Applicant?

Ans 6: Many direct payday loan companies do not check the credit history or credit rating of their potential customers, but they they may check with Teletrack to find out if the loan applications have another ongoing loans.

Question 7: I still have Questions about Payday Loan and Cash Advance Loan. How can I Contact a Qualified Loan Representative, Operator, Agent or Lender?

Ans 7: Please contact your loan lender/provider directly, as we are not a loan lender/provider and do not qualify to give you any formal professional, legal, financial and/or accounting advice.


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Last updated: January 31, 2013