Payday Loan FAQs

What is a USA Payday Loan?

Also known as payday loans, pay day loans or cash advances, these are very short-term personal loans collateralized against your next paycheck(s). For many of our visitors it’s the easiest and fastest way to quick cash between paydays. Simply submit our online form and we will match you with a lender who will determine if you qualify. If approved, your loan amount can be electronically deposited into your checking or savings account the next possible business day. This may vary depending on the lender.

How do I qualify for a payday loan?

These are the requirements: • Be currently employed or receive a regularly recurring income. • Your take home pay is at least $1000 per month if employed or $800 per month on a fixed income. • Your savings or checking account uses direct deposit. • Other requirements may apply depending on your designated lender. Requirements may vary depending on your lender How long does it take to get approved for a payday loan? That will depend on your lender, but it is pretty common to be approved in a timely manner.

What about collateral?

Most lenders only require your job and your paycheck to be used as collateral.

Do I need direct deposit?

Yes. Most of our lenders can only process your payday loan if your paycheck is direct deposited.

How often can I get a payday loan?

USA Payday Loans is here to help you find a lender anytime you need extra cash between paychecks. We encourage all our visitors to keep in mind that a paycheck cash advance loan is only a short-term answer to an urgent cash need, and to use these loans responsibly. Paycheck cash advance loans should not be used repeatedly to deal with continuing budgeting issues. If you need additional help with credit, budgeting or debt management, please call the National Foundation for Credit Counseling at 1-800-388-2227.

When is the loan amount due?

Different lenders may have different requirements. Please speak to your designated lender for any repayment options they may have.

What is a payday loan?

A payday loan is a short-term, high-interest loan designed to be used as a quick source of cash between paychecks.

How does a payday loan work?

A payday loan is typically repaid on the borrower’s next payday. The borrower writes a check for the loan amount plus fees, and the lender holds the check until the borrower’s next payday, at which time the loan and fees are due in full.

Who is eligible for a payday loan?

Typically, payday loan lenders require the borrower to be at least 18 years old, have a steady source of income, and have a valid checking account.

How much can I borrow with a payday loan?

The amount that can be borrowed with a payday loan varies by state, but is typically between $100 and $1,000.

What are the fees associated with a payday loan?

Payday loan fees can be steep, with some lenders charging up to 400% in annual percentage rate (APR). It is important to carefully review the fees associated with a payday loan before applying.

How do I repay a payday loan?

The loan and fees are typically due in full on the borrower’s next payday. The lender will cash the check written by the borrower at the time of the loan, or the borrower can choose to repay the loan in full, or extend the loan for another fee.

What happens if I can’t repay a payday loan on time?

If a borrower is unable to repay a payday loan on time, they may be charged additional fees or interest, or their check may be deposited, leading to overdraft fees and a negative impact on the borrower’s credit score.

Is a payday loan a good option for me?

Payday loans can provide quick access to cash, but they come with high fees and interest rates. It is important to carefully consider all options, including borrowing from friends or family, using a credit card, or seeking help from a non-profit organization, before taking out a payday loan.