Payday Loans FAQ
General Questions
What is a payday loan, and how does it work at 1F Cash Advance?
A payday loan is a short-term loan designed to cover urgent expenses until your next payday. At 1F Cash Advance, you can apply for a payday loan online or at the nearest store, get an instant decision, and receive the funds in your bank account within one business day. The repayment is typically made automatically. Your loan amount plus fees will be electronically deducted from your account balance on the due date that usually matches your next payday.
How much can I borrow with a payday loan?
Typical loan amounts range from $100 to $1,000, depending on state law and income. Check out your state-specific loan limits.
What is the cost of a payday loan?
Payday loans usually come with flat fees of $10 to $30 for each $100 borrowed, which translates into APRs between 260% and over 700%. An origination fee of up to 10% may apply in some states. On top of that, late or missed payments may result in late and NSF fees. Check out the terms of your loan agreement for more details.
How are payday loan fees and rates determined?
The APR and fees you'll get depend on your credit score and your local rules and regulations. Some states may set specific interest rate caps or fully prohibit payday lending.
Why are payday loan interest rates higher than those on bank loans?
Payday lenders charge higher interest rates since they take on greater risk by serving borrowers with low or no credit scores. A high APR also results from short repayment terms. It projects the loan cost over the year by annualizing short-term fees.
What's the difference between an online payday loan and an in-store loan?
Online loans offer a fully digital process that you can complete anytime, from anywhere. In-store loans require you to visit a physical location during its operating hours to fill out an application form and receive the funds. Online loans are considered more convenient, while in-store products come with more personalized assistance.
Is a cash advance the same as a payday loan?
The terms 'cash advance' and 'payday loan' can sometimes be used as synonyms as they both describe short-term borrowing. However, they work differently. Cash advances usually refer to money you withdraw from your credit card within a certain limit or an income-based loan obtained via an app, often with no interest. Read more about the difference between a cash advance and a payday loan.
Applying for a Payday Loan
What do I need to apply for a payday loan?
To start your application process, you'll need to provide a valid ID, Social Security number, proof of income, proof of address, and your checking account details. This information is needed to verify your identity, assess your financial situation, and transfer the loan funds in case of approval.
Will applying for a payday loan affect my credit score?
Payday loans from 1F Cash Advance usually don't affect your credit score as long as you pay on time. We do not perform hard credit checks and do not report your payments to major credit bureaus.
Can I qualify if I'm not officially employed?
We accept alternative income sources, such as self-employment, if you can verify them. You're welcome to pre-qualify online to see how likely you are to get approved.
Do I need a checking account to get a payday loan?
A checking or a savings account is generally required to transfer the loan funds to you and collect payments. Alternatively, you can get a cash loan at a store if you provide a post-dated check covering the full amount due.
Can I apply online, or do I need to visit a store?
If you don't want to visit a physical location, you can complete the entire process online via the website. It will take you about 5 to 10 minutes to fill out our simple form and get an approval decision.
Can I get a payday loan on weekends or holidays?
Our application form is available 24/7, but funding typically occurs on business days. If approved over a weekend or holiday, the loan funds will be transferred to you on the next banking day.
How quickly can I get my payday loan funds?
Approved borrowers typically receive money within one business day. Online loans originated before 10:30 am on weekdays are usually funded on the same day. Otherwise, the money is transferred on the next banking day. Exact funding times also depend on your bank's cut-off time. In-store applicants can receive instant cash if they repay via a post-dated check.
Repayment and Renewals
When will my payday loan be due?
Most payday loans are due on your next payday, usually within 14 to 31 days. The exact due date will be outlined in your loan agreement before you sign.
How do I repay my payday loan?
At 1F Cash Advance, we offer several repayment options for your convenience: 1. Set up automatic payments to let us withdraw the money from your bank account; 2. Provide a post-dated check covering the full amount due when applying at a store; 3. Make cash payments at the nearest location.
What happens if I can't repay my payday loan on the due date?
Late payments often involve extra fees and may result in collection actions. If your account is sent to collectors, unpaid debt can appear on your credit report and hurt your FICO score. If you face any challenges during repayment, reach out to your lender immediately. You may be offered a payment plan or extension as allowed by your state law.
Can I pay off my payday loan early?
Early payday loan repayment is typically allowed without penalties. However, exceptions may apply in some states. Check out the terms of your loan agreement for more details.
How soon after paying off my payday loan can I reapply?
Once you clear your balance and meet eligibility requirements, you can apply again for a new loan. However, there may be a specific cooling-off period between two payday loans in some states. Check out your local rules first.
Can I extend or renew my payday loan repayment?
Extension availability depends on state regulations. Some states limit or prohibit payday loan renewals or rollovers. Contact the number outlined in your loan agreement before the due date to learn more about your options.
Responsible Borrowing & Security
Are payday loans regulated and safe to use?
Payday loans are regulated at both the state and federal levels. Some states fully prohibit them due to their high costs or set strict interest rate caps. 1F Cash Advance is a licensed company that operates under state law and complies with federal consumer-protection rules. We use encrypted systems to protect your data, making our payday loans a safe and transparent borrowing option.
How can I recognize and avoid fraudulent loan offers?
There are several common signs of fraudulent activity you need to be aware of. They include loan offers sent from phone numbers or emails that do not match those that belong to your financial institution, texts that contain suspicious links, attachments, or mistakes, and offers with terms that are too good to be true. Visit our Security Center for more details.
What should I look for in a trustworthy payday loan company?
Before you start dealing with a company, make sure it's licensed to operate in your state. Look for transparent loan terms and clear APRs, and avoid loan providers who charge upfront fees or guarantee approval no matter what.
When should I use a payday loan?
Payday loans are designed to cover urgent needs like medical bills, utilities, or car repairs. They should only be considered a temporary, short-term solution, not a long-term financial tool. Using payday loans over an extended period can be expensive.
What should I consider before obtaining a payday loan?
Before settling on the first offer, shop around and compare options from different loan providers. Most lenders now allow you to pre-qualify and check out your potential loan terms. Choose a loan with the lowest possible APR, pay attention to extra fees, and make sure the repayment date suits you. Only take out a payday loan if you have a clear repayment plan.
How does 1F Cash Advance promote responsible borrowing?
1F Cash Advance encourages borrowers to use payday loans only for emergencies, read all terms carefully, and borrow within their repayment capacity. Our educational resources help customers make informed financial decisions.
FAQ Related to Our Products and Services
Contact Us
Hours
Monday-Friday: 8 am – 10 pm (MT)
Saturday: 9 am – 6 pm (MT)
Sunday: Closed
Corporate Headquarters
1F Cash Advance, LLC
1942 Broadway St.
Ste. 314C
Boulder, CO 80302