Florida Payday Loans - FAQ
Questions And Answers
1) What is a payday loan?
They are short term loans that are secured against your salary. Hence, they have to be paid back the very next time you get paid. Payday loans are regulated differently in each state, which also means they have varying interest rates depending on where you live. Some states have laws prohibiting payday loans, which is something to be aware of. In the state of Florida they are 100% legal.
2) Will I qualify?
Eligibility for a cash advance loan depends on your personal situation. As a rule of thumb, you must be over 18 and in steady employment, having held your current job for at least one month. You are generally also required to earn at least $800 in net pay per month. Finally, you must provide all contact details, including a home, work and email address.
Your credit rating is of lesser importance when applying for a loan. Hence, even those with bad credit, including bankruptcy, can be accepted. You do have to be a US resident and you must also have an active bank account for the money to be deposited into and taken out of on your repayment date.
3) How much will I be able to borrow?
The maximum amount varies depending on state laws. Additionally, those who apply for a payday loan for the first time will generally receive a smaller amount, which is based on the information that they provide during application. Our loan amounts range from $100 to $1,000.
4) What is the interest rate?
Just as the maximum amount, the interest rate comes under state law regulation. Hence, the rates vary. However, payday loans tend to have a high APR, due to the fact that they are short term loans. When you apply for your loan and are accepted, you will be told exactly what the interest rate on your loan is, and how much you will have to pay back.
5) How quickly will I get my money?
The process is very quick and easy to complete. As long as all the required information has been provided, it should take no more than 15 minutes for the loan to be approved, and 24 hours to receive your funds. If you are a returning borrower, the procedure is even quicker, and you could have cash in your account within a few hours.
6) What are the main advantages?
Payday loans have a number of distinct advantages. Firstly, they are available to people regardless of their credit history. Secondly, they are very easy to apply for and the application can be done completely online. Furthermore, since they are short term loans, repayment is usually quite easy. Although the annual interest rate is very high, the loan is repaid within just a few weeks, meaning that the actual payment is manageable.
7) How do I repay my loan?
Payday loans are short term loans that should be paid off the next time you get paid. Usually, therefore, the loans only last for about two weeks. However, there are situations where the borrower and the lender may agree to different terms.
Additionally, it is often possible to extend the loan by rolling it over. However, again, state laws do regulate whether or not extensions are possible. When you apply for your loan, you will have to provide bank details and the loan will be automatically withdrawn from your account on the agreed repayment date.
If you do want to pay your loan back early, you should contact someone in the customer service team. In some cases, you may be able to receive a refund on the interest you have paid.
8) What if I can't pay back my loan?
Some states, as mentioned, allow the loan to be rolled over, but this is not always the case. If you are in a state where this is possible, you will need to login to your online account and request for your loan to be extended. If agreed, you will usually only have to pay the interest on your loan, and the loan will effectively start again, meaning that you will have to pay the loan principle and interest at your following payday.
If you default on your loan, however, your lender will be able to use any legal means at their disposal to recover their money. Additionally, this can lead to your interest rate rising, and you will be charged other fees as well.
9) Can I apply for a loan if I already have one running?
If you already have a running payday loan, it is generally not recommended to apply for another one. However, if you are in need of another loan, you can certainly discuss this issue with your lender. It may be better to speak to the lender of your current payday loan and see whether it would be possible to increase the loan principle, rather than going to a different lender and applying for another loan.
10) Will my information be kept private?
We are a Florida-based company and we value our customers and ensure that all your data is kept private. It will not be shared with any third parties and will keep your information fully confidential. Additionally, our site is fully encrypted and powered by the latest security software.