Below are answers to some Frequently Asked Questions (FAQ’s)
What are your cash advance loan costs? What are your $500 payday loan qualifications? Is your online quick loan application easy to fill out? Do you offer a full range of bad credit cash advance services? You’ve got a lot of questions-and we’ve got a lot of answers! Below are some answers to our Frequently Asked Questions regarding our bad credit cash advance services.
How much does a PaydayLoanToday.com payday loan cost?
The finance charge for our cash advance service is $17.50 per hundred dollars borrowed.
- Here is an example of our loan fees:
- A $100 loan would incur a $17.50 fee for a total payback of $117.50 (455% APR)
Payday loans are short-term financial solutions and they are not intended to be taken out for long periods of time. We encourage responsible borrowing and advise those who have more serious long term financial problems to seek credit counseling.
How long does it take to get approved for a cash advance?
Most applications are approved within a few hours. If you meet all of our $500 payday loan qualifications, your payday loan application is complete, and all of the required documents are faxed promptly, the approval process usually takes 1-4 hours (during loan processing hours of Monday-Friday 8:30am-3:00pm PST). If your application is incomplete or if the required documents are not received, the approval process can take up to 24 to 48 hours. All required documents must be submitted promptly for faster service and verification. Our fax number at 800-349-0561 is available 24 hours a day/7 days per week.
How do I get the money if I am approved?
If your application is approved by 3:00pm PST Monday-Thursday, your
loan money will be processed through the EFT (Electronic Funds Transfer)
system and post to your checking account as an ACH credit (direct deposit)
the next morning. If you are approved on a Friday, the funds post on
Monday morning. The actual time it takes for the money to post to
your account once we have processed the credit depends upon your banks
Can I still qualify for a loan if I already have a payday loan with another company?
Yes, but only if you don’t have more than two (2) payday loans out with other companies. We use Tele-Track to verify whether you have any loans out with other companies.
Do I need Direct Deposit to qualify for a loan with PayDayLoanToday.com?
Yes. You must have Direct Deposit into your checking 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 checking account.
How will I know if I am approved or not?
We will contact you by e-mail or phone with the status of your application within 24 hours of the receipt of your application. Approved loan applications submitted before 3:00 pm PST Monday – Thursday will be electronically credited the following morning. Friday approved loan applications will be credited on Monday morning. Applications received on the weekend will be verified on Monday. Applications submitted on Federal holidays will verified be the following business day. Applications submitted after 4:30 pm PST will be verified the following business day. Business hours are Monday-Friday 8:30am – 4:30pm PST.
Once my first loan has been paid back, when can I get another loan?
You are eligible for another loan once we receive verification that we have successfully received your last loan payment. It usually takes us four (4) business days to receive verification that the debit has cleared your account. You can fax a copy of your online bank statement, or a mini-statement from your bank or ATM showing proof of the loan payment deduction from your account to have your new loan request processed within this 4 day period. If you are unable to provide verification that your debit has cleared, you will need to wait the 4 days for us to receive verification before a new loan can be processed.
How do I repay my loan?
By E-Signing your loan agreement, you authorize us to electronically debit your checking account on your pay date of choice within the next thirty (30) days. The total loan balance (which includes the loan fee) will be debited unless a loan extension is submitted online by 3:00pm PST THE BUSINESS DAY BEFORE YOUR DUE DATE (this does not include weekends & holidays).
What will happen if the debit for repayment of my loan with PayDayLoanToday.com is returned?
It is always best to call us and inform us of your situation if you become aware that our debit is being returned. If your debit is returned, you will be charged a $15 return fee. If your debit is returned more than once, you may be charged $15 for every return we receive up to $45 ($15 x 3 NSF). The first time your debit is returned, you will either receive an email or a phone call informing you of the status. Your account will be automatically scheduled for re-debit on your next payday unless funds are available sooner. You may contact us during our regular business hours to discuss alternative arrangements, if needed. If your debit is returned a second time, you will be contacted again to make arrangements to resolve your delinquent loan. If we do not receive a response from you or we are unable to collect your payment after the 3rd electronic debit, your file will be sent to our Collections Department. You will then be reported to the credit reporting agencies and legal actions may be taken against you to retrieve payment.
What will happen if the repayment of my loan with PayDayLoanToday.com is late?
Since your loan with us is automatically processed on the agreed upon due date (per your loan agreement), you do not have to worry about missed or late payments. If you find that your loan payment has been returned to us unpaid, you will be charged a $15 return fee but no additional charges (i.e. late fees) will be applied. Customers with returned payments are strongly encouraged to contact us as soon they become aware of that our debit is being returned. If you find that you are unable to pay your loan on the upcoming due date, please contact us to determine what options may be available to you.
What if I get paid “once a month”?
Your payment due date must not exceed 30 days. If your next payday is more
than 30 days and funds will not be available, please submit a “Request
for Extension” online ASAP. If you have difficulty because of your pay
dates, please call 1-877-210-2274 for assistance.
How can I qualify for a $500 payday loan?
Our website pre-qualifies you online in the beginning of the application
process. Some customers qualify for a $500 loan when they first apply with
us. Others work their way up to $500 over time after having successful
transactions with us. The amount you are qualified to borrow is based
upon the monthly net amount of your payroll direct deposit. We usually review
a customer’s file for a requested increase after three successful transactions
for their qualifying amount. Increases are usually approved in $50 increments at a
time. Immediate credit increases may be granted to those customers who fax
two (2) pay stubs showing that they have had an increase in pay.
Once approved, will I have to fax all of the required documents each time I want another loan?
No. As an existing customer, future loans can be submitted online electronically,
so there will be no need to fax! If your last loan with has been debited
within 4 days, we do require you fax us proof that the debit
cleared because it takes us 4 days from when your debit is processed for us to
get confirmation that it has cleared your account. This can be an online
statement or a mini statement from your bank or ATM. The only other time you
should have to fax us anything is if you change your bank account. We will
then need a filled out check from your new account with your signature
What if I have a dispute?
Before electronically signing your loan agreement, you should carefully review the Arbitration Agreement portion. The Arbitration Agreement provides that all Claims arising from or relating to your loan Agreement or any other agreement that you and we have ever entered into must be resolved by binding arbitration if the person or entity against whom a Claim is asserted elects to arbitrate the Claim. Thus, if the person or entity against whom you assert a Claim elects to arbitrate the Claim, then you will not have the following rights:
- You may not file or maintain a lawsuit in any court except a small claims court.
- You may not join or participate in a class action, act as a class representative or a private attorney general, or consolidate your Claim with the claims of others.
- You will have to pay the arbitration firm certain fees in order to commence an arbitration proceeding, unless you ask us to pay those fees to the arbitration firm for you.
- You give up your right to have a jury decide your Claim.
- You will not be afforded the procedural, pre-trial discovery, and appellate rights in an arbitration proceeding that you would enjoy in a court or judicial proceeding.
If you do not want to arbitrate all Claims as provided in the Arbitration Agreement, then you have the right to reject the Arbitration Agreement. To reject arbitration, you must deliver written notice to us at the following address within 30 days following the date of this Agreement: CheckExpress.com, Inc., 2905 Lake East Dr. Ste 150, Las Vegas NV 89117. Nobody else can reject arbitration for you; this method is the only way you can reject the Arbitration Agreement. Your rejection of the Arbitration Agreement will not affect your right to credit, how much credit you receive, or any contract term other than the Arbitration Agreement.
The American Arbitration Association (“AAA”) (1-800-778-7879, www.adr.org) will administer the arbitration of Claims. The AAA will normally apply its Consumer Arbitration Rules then in effect to a Claim but may apply other types of procedural rules – such as the AAA’s Commercial Arbitration Rules then in effect – if a party to the arbitration proceeding demonstrates that the application of such other procedural rules is appropriate. No matter what the arbitration firm’s procedural rules provide, you and we agree that the arbitrator must issue a written decision and may award any type of remedy – including punitive damages and equitable relief – that a court or jury could award if the Claim were litigated. You and we also agree that an arbitration firm may not arbitrate a Claim as a class action or otherwise consolidate the Claims of multiple persons. You may request a copy of the AAA’s Consumer Arbitration Rules and other procedural rules at the toll-free phone number or URL (universal resource locator) ideniove. If you object to the AAA as the arbitration firm, then the parties may agree to select a local arbitrator who is a retired judge or a registered arbitrator in good standing with an arbitration firm, provided that such local arbitrator must enforce all the terms of this arbitration agreement, including the class-action waiver. The parties may not select a local arbitrator who refuses to enforce this arbitration agreement, including the class action waiver, because you and we waive any right to arbitrate a Claim on a class-action, representative-action, or consolidated basis. When attempting to contact AAA or another arbitration firm, please recognize that phone numbers and URLs change frequently; you may need to update the contact information provided above with your own research.