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Frequently Asked Questions (FAQs) About Payday Loans Online

CashOne is an online payday loan service that helps provide you with access to fast and convenient loans. Following are some of the common Frequently Asked Questions about our convenient online payday loan service.

What is a payday loan?

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 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:

  • 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

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What can I use my payday loan for?

It is essential for you to realize that a short-term payday loan should only be used in case of a genuine financial crisis to help you with an emergency expense, until your next payday. It should never be used for something like a vacation! You are free to use the loan for any purpose, subject to any loan restrictions as agreed upon with your lender.

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Online Payday Loans Should Only Be Used for Emergencies

What is the cost for a payday loan?

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.

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How much can I borrow?

Each lender sets their own limits on the amount you can borrow. Most payday loans range from $100 to $1,000. Usually, the more you earn, the more you are able to borrow. As a general rule, only request an amount of money that you are certain you can repay from your next pay check.

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What if I have poor credit?

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.

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How do I request a payday loan online?

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.

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How long does it take to be approved?

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.

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How will I know if my loan has been approved?

If your loan request is approved, you will be connected to your lender in 1-3 minutes and you will see a screen asking you to wait for the connections. If you accept and agree to the terms of your loan, it takes one business day before you receive the cash in your bank account. You will be informed via your direct phone call from your lender. Not all request are approved by a lender. Sometimes your loan request may be rejected, but it could be due to a wide variety of reasons. We are not informed by prospective lenders why your request was rejected.

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What are requirements for payday loan approval?

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.

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Requirements for Online Payday Loans

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What documents may I need to supply?

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.

How do I repay the loan?

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

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How soon can I receive the cash?

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).

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Can I pay off my loan early?

Yes, you can, most lenders recommend paying any payday loan off as quickly as possible in order to minimize the finance fees and overall cost. Loans paid off early is usually only charged the principal loan balance, plus the pro-rated earned interest to the scheduled pay off date. For example, if you borrow $300, due on your next payday in 14 days, the interest fee may be $60 for a total balance due of $360. If you decide to pay off the loan in 7 days, instead of 14 days, then your total balance due would be $330, saving you $30 in interest. Not all lenders offer this option. Ask your lender about all your terms and conditions for your loan.

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Can I make partial payments anytime?

This is a question you must ask of your lender. Every lender has different policies and some are governed by state laws that are also different. Many states and lenders to accept partial payments, particularly in advance of the due date of the loan. If you plan to make a partial payment when your full loan balance is due, contact your lender in advance to discuss your options as well as any additional costs/fees you may incur.

How many payday loans can I have outstanding?

Generally, you can only have 1 payday loan outstanding. Most lenders will not loan to someone with an unpaid loan pending. The risks to the lender are just too high. If you need an additional loan, contact your current lender and discuss what option, if any, you might have.

What if I can't pay the loan on the due date?

If for any reason you can't pay off your 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.

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What is a payday loan extension?

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.

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What if I change my mind and want to rescind my loan?

After you have received your loan you can not rescind it. You can either pay it back less the fees you originally agreed to or contact your lender to discuss any other possible options.

Is my loan confidential and information secure?

At CashOne, we never disclose information about you or your loan to anyone, except in accordance with our Privacy Policy and Terms of Use. Remember that the CashOne loan request process is secure, and all information you submit to us is encrypted in order to protect your privacy. We maintain physical, electronic, and procedural safeguards to protect any information we have about you. For more on the security of your CashOne loan, please refer to our Privacy Policy and Terms of Use.

What about late payments?

Late payments of loans may result in additional fees or collection activities, or both. If your payday loan payment is due and lenders are unable to withdraw funds from your checking account on the due date, your account may be sent to collections. Each Lender has its own terms and conditions, please review their policies for further information. Contact your lender directly with any questions. CashOne does not have any information about your loan, only your lender can help with these issues.

What happens if I don't repay my loan?

If you do not repay your loan on the agreed upon terms you may be able to roll over the loan or make a partial payment. Ask your lender what options you may have. If you do not notify your lender and simply do not pay the loan you can expect it to be referred to a collection agency.

Can lenders renew or extend existing credit?

Each lender has different policies and potentially different options for you to consider. Ask your lender what they may be able to do for you. Most lenders can rollover the loan or provide other options for your consideration. However, the best policy is to only accept a loan with payment terms you are comfortable you can meet and on the repayment date, you agreed to. Rollovers and other options come with additional fees which can add up quickly. We do not recommend you do this.

Are there standards you comply with?

CashOne complies with the Online Lenders Association, which ensures best and fair practices throughout. Also, full disclosure is a part of this process. We ensure that complete transparency is followed in our day-to-day business processes. However, we do not have the ability to monitor all lenders. Ask your lender any questions you may have BEFORE you agree to a loan including payment dates, fees, etc.

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