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FAQ

Payday loans are gaining more and more popularity. They are popular with middle class families because they are fast and convenient. Let us examine the most frequently asked questions about payday loans.

FAQ: What is a payday loan?
Short-term payday loans are to cover urgent needs and unexpected expenses until your next payday. At Payday Loans Store you can apply online and the necessary amount of cash will be deposited to your bank account within the same business day.

Why are payday loans so popular?
People usually want their cash fast and without any red tape. Payday loans are given away within 24 hours and there is no paper work.

Where can I apply for a payday loan?

There are plenty of payday lending agencies. You can get them online through your local payday lender.

What is the application process like?

It is easy and usually takes just a few minutes. All you have to do is to fill out an online application form with some basic details concerning your personal and employment details. As soon as you submitted the information, the approval process immediately gets under way and our staff will inform you about your status.

What information do I have to submit?


One of the advantages of payday loans is that you can opt for a faxless payday loan. In this case there is no need to fax any documents. The lending company will instantly get all necessary information online. We will need your name, address, employment information, banking details, and picture identification in order to complete your payday loan request.

What requirements do I have to meet if I apply for a payday loan?
The requirements are simple and easy to meet. You have to be currently employed. If you are unemployed, make sure you have another source of regular income. Your income has to be at least $1000 per month. It is necessary to be at least 18 years old and have a US citizenship. And finally, you have to have a checking account.

Can I apply for a payday loan if I have a bad credit score?
As a rule, lenders do not take into account applicants' credit score. The main requirements are as follows: you have to be permanently employed and have a checking account. Our friendly agents are always ready to help you even if you were turned down by other payday loan lenders.

What is the mechanism of repayment?
You have to pay the loan back when you get your paycheck.

Can I repay my loan before the arranged date?

If you want to pay off your loan before the agreed date, you should contact your lender; you may get a partial refund of your loan fee.

Can I extend my loan if I am not able to repay it on the due date?
Yes, there are some options if you are unable to do it. You can either pay the loan on the due date or pay a certain portion of the principal and the fee, or pay only the fee on the due date.

How many loans can I apply for?

You have to repay your previous loan before being granted another one.

Can I apply for a loan in case of bankruptcy?

Yes, you can. Payday loan lenders lend out money despite bankruptcy.

Can I apply for a payday loan if I am currently unemployed?

Unfortunately, you can't. But if you have another source of steady income, you can count on a payday loan.

Do I have to have a checking account?

Yes, it is must. There are some payday loan lenders, though, who can approve the payday loan even if you have a savings account.

Are there any restrictions as to what payday loan money can be used for?

No, the money is yours and there are no strings attached. You can use it either to cover urgent costs or paying off your bills, whatever.

How much money can I count on?

It depends on the information you give in your application form. The amount of up to $1500 is available, though. If you prove to be a reliable borrower, the payday loan company can raise your rating.

How high are the fees?

Fees are rather flexible and they depend on the payday loan company. The can range from $25 to $30 per the borrowed amount.

Do I receive an email notification if I my loan is approved?

Yes, we usually notify our clients by email.

How fast is the money transferred into my account?

An application form is processed within 30 minutes on being received. If it is approved, the money can be collected within 24 hours. Our staff will also help you to schedule a repayment date so that you won't miss a deadline.

How do you maintain the safety of your clients' information?
We do use a range of security measures to make sure that our clients' information is protected. To protect it we use SSL encryption technology.

What if a potential borrower changes his mind and decides against taking a payday loan?
In fact, submitting an application is a no-obligation process. You may well withdraw your application form .But if you are ready to proceed, you have to confirm your information and discuss all the details with our staff.

How often can clients apply for a payday loan?
We are ready to help our clients any time. The only thing you have to bear in mind is that in order to be granted a new loan you have to repay the previous one.

Great! The staff of Payday Loans Store really meets their responsibilities. The money was put into my account on the same day and the terms are quite affordable.
-- Olena, CA
Their terms are fair, even better than I expected. What I like most is that you can extend your loan if you are not able to repay it on the due date.
-- Nick, DE