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FAQ
Taking a loan, especially a short-term one is a serious decision. And it’s natural to be anxious to know all possible information. Borrowers have loads of questions, the most frequent of which are:
When you are making up your mind to take a cash advance:
What is a payday loan?
A payday loan is a short-term easily taken unsecure loan given in the amount of $100-$1000 and paid off with the next pay-check.
What is a personal loan?
A personal loan is a $1000-$15000 loan given for a longer than payday loan period and repaid in scheduled installments.
What is the difference between payday and personal loan?
The main difference is in the amount , terms and way of repayment. Payday loans are given in the amount of $100-$1000, personal loans - $1000-$15000. The first are repaid in 14-30 days with the next paycheck, while the later – within a longer period of time in scheduled installments.
Are payday loans legal?
The legal status of payday , personal or any other short-term loans varies according to the state. In the USA 18 states prohibit them completely, 3 states permit lower-cost payday loans and 32states consider even high-cost loans legal.
Are payday loans regulated?
There are certain laws and restrictions on payday loans carried out not only by the states’ authorities, but on the federal level as well (the Consumer Financial Protection Bureau). They mainly concern the rates, APR and lenders’ and borrowers’ rights. And these rules are getting stricter and stricter in order to protect the borrowers from financial breakdown. “A federal agency on Thursday imposed tough new restrictions on so-called payday lending, dealing a potentially crushing blow to an industry that churns out billions of dollars a year in high-interest loans to working-class and poor Americans.”
How much can I borrow?
Payday as well as personal loan amounts also vary according to the state and the lender. Usually they are $100-$1000 and $1000-$15000 respectively.
What are the terms of repayment?
Payday loans are called short-term as they must be paid off within a very short period of time, usually 2 weeks or a month as soon as a borrower gets the next pay-check. Personal loans are also called installment loans because they are repaid in scheduled installments within a longer period of time, from several months up to a year.
Does Credit Check influence your FICO Credit Score?
When lenders decide whether to approve your application for Payday Loan, Installment, Personal, Auto or any other kind of loan, they need to know what risks they take. To measure it they check your credit score. “A credit score is a numerical expression based on a level analysis of a person's credit files, to represent the creditworthiness of an individual. A credit score is primarily based on a credit report information typically sourced from credit bureaus”. It can influence the amount, the terms, interest rates and actually your eligibility for the credit.
90% of lenders rely on FICO (Fair Isaac Corporation) score. It’s based solely on your credit report and is determined by such factors as payment history, current level of indebtedness, types of credit used, length of credit history and new credit accounts. It ranges between 300 and 850 and divides all the borrowers into 5 groups... Learn more
When you prefer to compare loan offers:
When you apply for a loan:
Online or in-store?
If you prefer to have one-to-one or face-to-face communication, or you need to clarify some points, want to ask the lender some questions, maybe it can be easier for you to borrow money in-store. But there is no doubt it’s much easier and faster to do it online. No need to drive or walk, no waiting in queues, no additional paperwork, no embarrassment, and with instant-cash-advance.us you get a chance to compare more than 300 direct lenders and choose the best one.
What are approval requirements?
To apply for a payday or personal loan you need:
- To be over 18 years of age,
- To have a permanent job,
- To have a stable income,
- To have a valid bank account.
Can a borrower with a bad credit history be approved?
If you have a bad credit, you can still apply for a payday or personal loan. It’s up to the lender to decide, but they often approve such candidates. And applying doesn’t effect your credit either.
How do I apply?
There is nothing easier. Just fill out a simple application form online. It’ll take you a couple of minutes. And we’ll match you with the most suitable of 300+ direct lenders.
How long does the applying process take?
Since you’ve filled out an application form it takes about a minute to process it and match you with the lender. If he approves you, money can be in your account within one working day.
Is it safe to apply online?
First of all, we work only with reliable OLA certified lenders. Secondly, we make sure your personal information is protected and the service you get is satisfying.
How many loans can I take?
It depends on the state and the lender rules. Usually if you have a good credit history the lender can let you have several loans simultaneously.
When you repay your loan:
When shall I pay off the loan?
If it’s a payday loan, it must be repaid with your next paycheck or if you can – earlier. Personal loans are due in several months. The terms are always stated in the agreement you sign before taking money.
How do I repay the loan?
It’s a very easy procedure. When you take a payday loan you just give the lender a check or access to your bank account. And when you get the next pay-check he just withdraws the necessary amount from your account.
Can I pay off the loan earlier?
Absolutely! Whether it’s a payday or an installment loan both can be paid as soon as you have money to do it.
What if I default my loan?
The case of defaulted loan must be states in your agreement together with additional fees or other penalties. You should check it out before signing it. More precise information is given on instant-cash-advance,us in the article “Why not stop being afraid of debt collectors?”
When something goes wrong:
What if I can’t repay the loan on time?
Before taking a loan you must read the agreement attentively as all the consequences will be stated there. Usually if you can’t pay off on time you may be given a roll-over or other extension which can involve additional fees.
What if I’ve been cheated by a lender?
The states and the federal laws do their best to protect their residents from irresponsible lenders. They restrict payday lending making lenders check whether a borrower will be able to give back the money or nor, they cap the rates and do other regulations. You can read more about them on the official site https://www.consumerfinance.gov/ask-cfpb/category-payday-loans/
Who do I complain to?
If you’ve been treated unfairly, or some unauthorized charges, any additional fees or interest, haven’t received your money at all or anything else is wrong with your loan you can apply to the Consumer Protection Federal Bureue (CPFB)or by calling (855) 411-2372.