What Is a Payday Loan?
A payday loan is sometimes referred to as a cash advance or a payday advance. It is a short-term unsecured loan, typically for a small sum of money. The loan is due when you receive your next paycheck, usually around thirties days from the date the loan was issued. Payday loans are suitable for borrowers of all types with varying different financial needs. They can help you cover emergency costs or simply hold you over until your next payday. A payday loan isn’t practical for long-term needs but can help with immediate bills and expenses.
How Much Money Can a Payday Loan Provide?
Generally, payday loans have a maximum of $1000 and a minimum of $50 to $100. These amounts can vary based on your lender and your state of residence. Many online payday loans do not exceed $500.
Your lender will reach out to you to discuss how much you are approved for when your loan request is granted. Before applying it can be beneficial to look up the payday rules and regulations for your state on your state government webpage.
How Long Does It Take To Be Approved?
With online payday loans, the process is very quick. Most borrowers receive a request approval within just a few minutes, sometimes even sooner. If you are experiencing a longer wait time, do not disconnect the phone or refresh the page as you could lose your opportunity. If your request isn’t approved, you will still receive a notification.
What Will My Loan Contract Include?
PhenomCash is a matching service that works with direct lenders. As we do not lend funds, we do not have knowledge of your specific loan agreement. When you are paired with a lender they will be the one to provide you with the details of your loan contract. This generally includes APR, obligations and responsibilities, the interest rate, and the repayment date. You should review this offer carefully before deciding whether or not to accept it. If you have questions, you should reach out to your lender directly. You can always decline the loan offer if you do not agree with the terms of the contract.
What Are the Benefits of Using PhenomCash?
Applying for a loan using our online system is completely free. We work with hundreds of quality lenders and you will only be required to fill out one application. Once you are matched with a lender, they will reach out to you directly. As a matching service, we don’t have access to information or details from which we could compare potential loan offers. It is your responsibility to thoroughly read through any offer extended to you to ensure that you understand your obligations and that the amount to be lent meets your financial needs.
Are There Penalties if I Am Late Repaying the Loan or Default?
Before taking a loan, consider how likely it is that you can repay the loan on the specified date. Should you not be able to repay the loan or have to make a late payment, there are options available to you. Contact your lender as soon as you believe you will be unable to make the payment. In some cases, the lender can provide you with a rollover in which you will receive a new payment date. Oftentimes, loan rollovers include additional fees. Try to avoid finding yourself in this costly situation. It is usually more beneficial to take a second loan after repaying your first on time rather than asking for a rollover.
What If I Have Bad Credit, Can I Still Get a Loan?
Even if you have poor credit, you are still likely to be approved for a loan. Our partnership with hundreds of lenders increases your chances of securing a loan. Additionally, payday lenders generally base their decision on other factors like your employment, bank account, and income stability rather than just your credit score.
When Can I Expect My Money to Arrive In My Account?
After you receive approval of your loan request and sign the agreement, the lender will authorize the transaction. Most borrowers see their money deposited into their account the next business day. Sometimes this can occur sooner, other times it may take longer; such as if you apply on a holiday, non-banking day, or weekend.
Can I Take More Than One Payday Loan?
How many loans you can take depends on your lender and where you live. Not all states allow more than one payday loan to be taken. Additionally, lenders have found that approving a second loan can be quite risky for them. As a borrower, it benefits you to take one loan, repay it on time, and then submit another loan request if necessary.
Are There Rules About What a Loan Can Be Used For?
Our lenders don’t need to know your financial reasons for taking a loan. You can use the money as you see fit once it is deposed in your account. Most borrowers request a payday loan for unforeseen costs like medical bills or car repairs. Occasionally, one-time special occasions like weddings or months where you are short on rent are reasons for taking a loan. A payday loan isn’t usually suitable for long-term obligations or everyday expenses factored into your monthly budget.
Why Should I Use You and Not Find a Lender Myself?
We are a free service that works hard to match you, the borrower, with the best lender for your financial needs. We do this while saving you time and effort. We only require one fast and easy online application. This provides you access to quality, direct lenders that have been carefully vetted. You don’t need to wait in a line, spend hours researching, or worry about filling out lots of paperwork. We make the process simple and quick; all you need to do is submit your loan request through our PhenomCash loan marketplace.