How Our Process Works:
How much can I borrow with a cash advance?
As a first-time applicant you can borrow between $200 and $600. After you pay off your first loan, you can borrow up to $700. With each successful payoff your renewal amount increases by $100, allowing you to potentially borrow up to $1000.
If your application is approved by 5 pm EST, you will receive the payday loan funds the following business day. Please verify that you have submitted the correct bank routing number and checking account number. This will enable us to get the payday loan funds to you as quickly as possible.
If you have poor credit, it will not affect the approval of your loan. However, if you have filed for bankruptcy within the past year or if you have filed multiple times, we will not be able to extend an advance to you.
The fee for advancing a payday loan is $30 per every $100 borrowed. For example, if you borrowed $300 the fees would total $90.
Payday loans are intended to be used for quick cash in the case of a financial emergency. The loan period is most often 14 days long, but may be shorter depending on when your next payday is.
Depending on what time of day you apply and how quickly you complete the application process, you can be approved within minutes. However, keep in mind that we are open from 9 am to 6 pm EST Monday through Friday. Please take these hours into consideration when awaiting a response.
You will be required to submit a payment request online no later than 5:00 PM EST on the business day prior to your due date. Please see the "Payments" section of our FAQ page for more information regarding payment requests.
Applicants will begin the process by filling out and digitally signing our online application. Once submitted, we review your application and notify you either by phone or email regarding your status. If your payday loan is approved, you will receive the funds the next business day (as long as you are approved by 5 pm EST, Monday through Friday). All applicants will receive their status via email. Please pay close attention to all emails that you receive from us.
We do not perform credit checks, however, we do verify your check writing/loan history with national databases.
A payday loan is a cash advance extended to you in between paydays, to help you with unexpected expenses. It is designed to be used for emergency financial situations. Mypaydayloan.com strives to be the #1 source for our customers' short-term financial needs. We encourage you to use our services the way for which they are intended, not as a permanent source for your financial funding.
Most people who meet our basic requirements are approved for a payday loan. Please see our Requirements page for more information.
Since this is a payday loan, your due date is determined by your pay date. Payments are due every 10 to 14 days, depending on your next payday and regardless of how often you are paid. If you are paid once a month your payments will be due every two weeks because we do not give monthly advances.
In order to change your due date you will need to contact us either by phone or email.
Every customer is required to submit a payment request online. You must agree to this before you can be approved. All requests must be submitted no later than 5:00 PM EST on the business day prior to your due date. A payment request is simply an electronically submitted form which notifies us how much you wish to pay when your due date arrives.
If you submit a payment request to pay your loan in full, then the contract generated will have $0.00 for the amounts. Basically, this means that on your next due date your amount due will be $0.00 because you are paying the loan off on the current due date.
The minimum amount is simply the fees associated with your current principal balance. For example, if you have borrowed $300, your amount due is $390. Assuming you submit a payment request on time, the minimum amount you would be required to pay on your due date would be $90.
You are allowed to extend your payday loan as many times as necessary, however, keep in mind these are short term loans and should be paid back quickly.
The request to withdraw your payment from your account will arrive at your bank at 12:00 AM on the morning of your due date. If you do not have direct deposit, please keep this in mind when scheduling your due date.
You have 3 payment options to choose from:
1) Elect to pay the total amount due (Fees will be waived if you are a Free Loan customer)
2) Elect to pay the minimum amount and extend the loan with a NEW CONTRACT*
3) Elect to pay more then the minimum amount and extend the loan with a NEW CONTRACT* (Payment will initially be applied to the fees and the remainder of the payment will be applied to the principal)
*A NEW CONTRACT MEANS: You are entering into a new loan period, which obligates you to pay the finance charge associated with your new principal balance at the end of the next pay period.
The amount you have selected to pay will be deducted from your checking account on your due date, and your account will remain in good standing with Mypaydayloan.com.
If you fail to submit a payment request by the deadline, as a courtesy, we may debit the minimum due only. However, please be aware that this is a courtesy we extend at our discretion, and per the Check Advance Agreement you are required to submit a payment request prior to each due date to ensure that the payment amount you desire will be debited from your account.
If your payment is returned due to NSF (or Account Frozen or Account Closed), then our collections department will contact you to arrange a second attempt to debit the payment. A return item fee of $100 and a late fee of $50 will also be collected with the next debit.
We will verify all references before approving your loan; however, we will not disclose the name of our company. Please provide us with valid phone numbers and know that your personal information will be kept confidential.
We do suggest that you print a copy of the Check Advance Agreement for your records; however, there is usually no faxing required in order to get approved.
All applicants will receive their status via email. In some cases, if more information is needed, we will contact you by phone to request the materials. Please pay close attention to all emails that we send you.
If you recently paid off your payday loan, please be aware that there is a waiting period of 5-6 business days before you can apply for a renewal. We must verify that we have successfully received your payment.
In order to get a renewal, simply submit an application under the renewal section and provide us with your electronic signature. The process is quick and easy.