Frequently Asked Questions (FAQs) About Payday Loans Online

A payday loan is designed to help meet your financial needs with a temporary cash advance that is usually expected to be repaid on your next pay date. Some lenders ask for your bank account information and electronically debit your account when the payment is due. Others collect post-dated checks that return the cash on the due date. Payday loans online are an effective solution to handle short term money problems, provided that you’re a responsible adult with a steady job. These loans can be used for any type of emergency cash shortages for car repairs, roofing repairs, medical emergencies, utility bills, and so on.

These are some benefits of payday loans online:

• The money can be used for anything
• No credit check required
• Bad credit does not disqualify you from a payday loan
• The request process is fast, simple, and secure
• No one else needs to know about your loan
• It typically does not affect your credit report if paid back on time
• No hidden fees

Payday loans offer fast cash, but they also come with a price for the added convenience. When you take out a loan, you’ll come across the term APR, and you might not know exactly what it means. Payday loan APR helps you learn about your loan charges, but it can be misleading. The payday loan industry is governed by state regulations that impose limits on both the interest rate and the loan amount that can be borrowed by a consumer.

Online payday loan service fees vary from state to state and between lenders. Local lenders request state regulations to frame their payday loan fees that significantly influence the cost of these loans. Rates change frequently. Be sure to ask your loan representative about your loan fees as well as all other terms and conditions of your loan. CashOne is not a lender, we are a referral service to over 100 lenders. All questions about your loan should be directed to your lender. CashOne does not have any information about any individual loan.

Payday loans are available even to individuals with bad credit as long as you have steady income from your job. Normally this means you have been at your job a minimum of 6 months. Unlike conventional loans, online payday loans usually do not require a credit check. Most payday loan lenders often use databases in place of credit checks; they use their own risk assessment tools to determine if you qualify for the loan. Payday loans are designed to help people who find it difficult requesting for regular kinds of loans.

Our online payday loan referral service offers convenient loans to people who have had past credit problems. In order to find out if you are eligible for payday loans online from CashOne, fill out our online loan request form.

If you decide to request for a payday loan online, be sure you:

• have the ability to repay the loan on time
• have a steady job that you have been in for at least 6 months
• are a U.S. citizen, 18 years of age or above, and not in the military

The online request process is fast and easy; all you have to do is fill out the CashOne request form available on this website. All your information is secured using 256-bit encryption and fully protected. You will get your answer within 1-3 minutes. Best yet, your request will be seen by over 100 lenders which increases your chances of approval. Many online sites sell your data, CashOne does not.

That depends on several factors. Normally, once your loan request is successfully submitted, you will receive a response from a suitable CashOne lender within a couple minutes. It is common to get a decision in less than 3 minutes. It takes some time to process your approval and actually get your money into your bank account. Usually, it takes one (1) business day.

So, if you request in the morning and get approved, it is likely you will receive the money the next business day. Always ask your lender, once you are approved, when you will receive the money in your account. Plan on a 1 business day turnaround for your loan (excluding holidays and weekends). You may have to send additional supporting information to lenders via email or fax if they request it.

In order to get an online payday loan, you will need to meet some basic requirements:

• Steady Income: In order to pay back the loan, the lender will want to know that you have steady employment and a regular income. Stable, regular paychecks and long-term employment are much more important to most lenders who need to see you have a way to pay back the loan. Usually, this means at least 6 months in your current job.
• Active Bank Account: In addition to income, the lender will want you to have an active bank checking account.
• Age Factor: Most lenders require you to be at least 18 years of age – though you may need to be 21 in some states.
• Legal Resident: You must be a legal or permanent resident of the U.S.
• Lenders’ Requirements: Some lenders require you to make a certain amount of money to get an online payday loan, but most have relatively low requirements.

Keep in mind that every state has different regulations and some states do not allow payday loans. Check your state website for details about your state or ask your lender if you are approved.

You may be required** to supply a copy of some or all of the following:

• recent paycheck stub(s)
• recent bank statement(s)
• VOID personal check, if available
• current utility bill with your name and address
• a valid state issued driver's license or identification card
• valid social security card

** Requirements vary by lender and state of residence and are subject to change. Ask your lender about their requirements.

Most online payday loans are automatically set up for a Full Payment option on your scheduled due date unless you specifically request and are approved for other payment options. All payments will be automatically withdrawn from your bank account via electronic funds transfers (EFT) on your scheduled due date unless other arrangements have been requested and approved:

1. Full Payment Pay the loan in full on the due date
2. Extension Only Pay the fee for extension only (generally, once per loan only)
3. Extension Plus Pay the fee for extension plus at least 10% of the original loan amount
4. Early Payment Pay the loan in full early, ask your lender if they have this option and what the savings will be if you pay it early

All payment option change requests are determined by your lender so be sure to ask what options are available to you.

For more information please check Payment Options for Payday Loans

That depends on several factors. Normally, once your loan request is successfully submitted & approved, you will receive the cash in one business day – no holidays or weekends.

So, if you request in the morning and get approved, it is likely you will receive the money the next business day. Always ask your lender, if you are approved, when you will receive the money in your account. Plan on a 1 business day turnaround for your loan (excluding holidays and weekends).

If for any reason you can't pay off your online payday loan on your due date, here are some of the options to consider:

• Request for an extended payment plan prior to your due date. You should immediately contact your lender. Some, but not all lenders offer extended payment plans or rollovers for emergency situations.
• Take out a personal loan if you can qualify, which typically has a lower interest rate.
• Payday alternative loans are often available if you belong to a credit union.
• Contact the national federation for credit counseling.

Your main focus should be to get back to financial stability.

While it’s always best to repay your payday loan in full on your due date, sometimes you may not be able to. In that case, you can request the lender to extend the repayment period. This method of repayment extension is called a roll-over and it’s applicable only in some states, so ask your lender to verify this option is available to you. In general, there are two types of payday loan extensions:

1. Extension Only - The Extension Only payment option includes the fees only and may be used a maximum of one time on any one loan. Not all lenders offer this option. Ask your lender about all your terms and conditions.
2. Extension Plus - The Extension Plus payment option includes the fees plus an additional 10% or more of your original loan balance, paid towards loan principal. If you cannot pay off your loan in full, this option helps reduce your principal loan balance and reduces future fees and overall loan cost. Not all lenders offer this option. Ask your lender about all your terms and conditions.

However, be mindful of the fact that the rolling over service of a payday loan include extra charges/fees and possible penalties because it incurs high risk to your lending company. So, it is recommended to be on time with your repayment schedule.