FAQ

In this section, you will find answers of the most commonly asked questions by our customers.

What is a payday loan?

Payday loans have grown in popularity over the years, mainly as a result of the economic downturn and tightening lending practices by banks and credit unions. Many individuals who previously could get approved for a personal loan or borrow against the equity in their homes have found that they no longer qualify for these types of loans.

Payday loans are short-term loans which require no collateral and generally range in amounts from $100 to $1000. They are meant to be fully repaid within a very short period of time (two weeks). Lenders provide these loans to consumers who are faced with an unexpected financial situation which can’t be put off until the next time they get paid.

SameDayPayday.com strongly urges you to seriously consider your personal financial situation before agreeing to a payday loan.

Can anyone apply?

Yes, as long as you are a U.S. citizen 18 years or older and not on active-duty with any branch of the U.S. Military.

Other representative general requirements of payday loan companies who practice responsible lending may include:

  • Verifiable income of at least $750 per month
  • Active checking account in applicant’s name
  • Current employment 4 weeks or more
  • Valid home and work phone numbers

Please be aware that applying for a payday loan in no way guarantees you will be matched with a lender or receive funds. Every lender in our network makes the loan approval decision independently and according to their own requirements.

Do lenders check my credit report?

Lenders may run credit checks to establish past credit history. Having poor credit or a low credit score does not automatically disqualify an applicant. Lenders also look to see if an applicant has repaid previous loans and if there are any defaults on loans.

What will the loan cost?

SameDayPayday.com is not a lender. Each lender in our network determines the terms and conditions of each loan they approve based on their own requirements and standards. You can expect to pay higher APRs and fees for a payday loan due to the convenience they provide to consumers - little paperwork, quick approval times, and fast transfer of cash funds.

Fees and APR vary by lender, where you live, and the information you provide in your application. The terms are disclosed in the loan documents on the lender’s website. Visit our Rates page for more details.

What exactly is the loan approval process?

On our website you will find a secure application form which you can submit. The application is simple and easy to understand and should only take a minute or two to complete. We simply forward your information to lenders and they make their own decisions on whether to approve the loan request. Again, this website does not lend money, has no role in any credit decisions and approval is not guaranteed.

You can avoid delays in processing your loan request by filling out the application completely and honestly. Most lenders will not consider an applicant whose personal information cannot be verified. Knowingly providing false information on a loan application is a crime.

If I’m approved, how soon can I receive the cash?

Approval usually takes about 90 seconds. Depending on the day and time of when you are approved, the lender can normally have the funds transferred to your bank account within one business day. Bank holidays and weekends can add delays. If possible, submit your application during regular banking hours, Monday-Friday.

What is the maximum amount of money I can receive?

Payday loans normally range from $100 to $1000. Not all lenders are able to provide the maximum amount. Additionally, there is no guarantee when you apply for a payday loan what amount you will actually be approved for. Factors such as current income, credit history, and level of outstanding debt can influence final loan amounts.

Is my personal information safe?

SameDayPayday.com uses the latest encryption technology to ensure that your information remains secure. Once you submit your application, we then forward your information with one or more lenders in our network.

To safeguard your personal information from hackers and unauthorized use, we use security measures that comply with federal law. Our website is scanned daily by McAfee for security vulnerabilities and their seal only shows after our website has passed intensive scans.

When do loans need to be repaid?

Payday loans are called short-term loans for a reason - they are meant to be repaid quickly (usually within two weeks). Lenders are required by law to inform you of all terms and conditions in writing before asking you to formally sign. It is very important that you consider these carefully before agreeing to a payday loan contract.

Not all lenders offer a renewal policy and many states strictly forbid them. You should be certain that you will be able to repay your loan in full when it is due. If you have any doubts, we urge you to investigate other borrowing options.

What if I can’t repay on time? (Implications of Non-Payment)

Late/Partial Payments: If you do not pay the full amount of principal and interest by the agreed upon due date, you will likely incur new finance changes. Review the payment policy detailed in the loan documents provided by your lender before e-signing, and thereby agreeing to the loan terms.

Non-Payment: If you do not pay, in addition to late fees and new finance charges, your matched lender may take legal action against you. Information regarding delinquency and defaults on the account, may be reported to third party credit bureaus which could negatively impact your credit. Consumers experiencing credit difficulties should seek counseling. Our US Government keeps a list of approved credit counseling agencies.

Extensions/Renewals: Review each lender’s renewal policies for participation and fees. With every extension or renewal, the penalties can be significant depending on the lender, along with new finance charges and repayment date.

Collection: Lenders and/or assignee(s) in accordance with the principles of applicable federal collection practices may attempt to contact borrowers to arrange for payment, via one or more authorized methods, including phone calls and emails.

What if I’m approved for a payday loan but change my mind?

Until you formally sign your loan agreement (electronically or otherwise) you are under no obligation to accept any loan offer from any lender. If you are dissatisfied with the terms and conditions of your loan, you may simply refuse the loan. You may then reapply from our website and be matched with a different lender.

Borrowing money is a serious matter. SameDayPayday.com encourages all consumers to consider carefully before committing to a payday loan. Short-term loans are designed for emergency financial situations. They are not a solution to on-going or long-term debt problems. Please borrow responsibly.

What services are provided by the operator of this website?

SameDayPayday.com does not make loans or extend credit to consumers. We simply provide a free-of-charge referral service which matches applicants with a payday lender. This website strives to match all individuals who apply with a suitable lender but we cannot guarantee that you will be matched successfully. Not everyone will qualify for a payday loan.

All questions and concerns regarding existing or new loans should be addressed to your lender, otherwise feel free to contact us.