General Information on Payday Loans

What is a payday loan?

A payday loan is an emergency, short-term loan intended for small amounts of money, whose repayment is typically due on the next payday of the borrower.

Are payday loans available in my state?

Regulations for payday loans vary greatly from state to state. You can check the status of payday loans in your state here.

For which purpose can I use a payday loan?

You can use payday loans for emergency purposes, e.g., to pay for unexpected expenses like unplanned medical bills or urgent auto repairs.

How much can I get with online payday loans?

Payday loans can range from $50 to $1,000, depending on your state's laws.

How do I get the money?

If your application for an online payday loan is approved, the money will be electronically deposited directly into your active checking account.

How are interest rates and fees calculated for payday loans?

It differs from state to state and from lender to lender. Generally, for every $100 borrowed, the payday loan fees range from $10 to $30. Thus, a payday loan with a $15 per $100 fee will equate to an annual percentage rate of almost 400%.

How is getting a payday loan through your service different than getting it from the direct lenders?

1F Cash Advance works with a network of reputable and reliable direct payday lenders who offers the most competitive rates and terms and who are accepting applicants with any credit score. Thus, filling out a single application form on our website in just a few minutes, you can get multiple loan offers and choose the one that covers your particular needs. With us, applying for an online payday loan is safe, easy, and straightforward.

Payday Loan Application Process

Is there any cost to apply for a payday loan?

There is no charge and no limit to the number of times you can submit the application forms if you're using the 1F Cash Advance website.

How do I qualify for an online payday loan?

The payday loans' requirements are simple. You must be 18 or older, be a US citizen or a US permanent resident, have a valid ID, have a regular source of income and an active checking account, as well as a current phone number and a valid email address.

How do I apply for a payday loan?

You can apply for an online payday loan in 3 steps: 1. Fill out the application form. The process is easy and quick, taking only a few minutes. You will need to provide basic details and the loan amount you need. 2. Get the approval decision. Most of the lenders provide a loan decision instantly. 3. Receive the funds. There are many loans available on the same day or the next business day.

What if I apply for a loan on a Friday?

All loan applications made on Fridays are approved on the same day if the application is submitted in the morning. The disbursement is, however, made on the next business day.

What if I request a loan on a weekend or holiday?

In most cases, loan applications submitted on weekends or holidays are forwarded to the next business day.

Do I need to be employed to qualify for a payday loan?

No, you don't have to be employed to get a payday loan; however, you must prove that you have a steady source of income.

Can I qualify for a payday loan if I am retired?

Yes, you may be retired, but you must prove that you can repay the loan, you must have a source of income.

Can a couple get approved for separate loans?

Yes. Each customer is treated individually.

Can I request more than one loan at a time?

Multiple loans are not easy to manage. For this reason, most lenders don't give multiple loans to one person at once.

How soon may I get a new loan?

You can apply for a new loan immediately after repaying the existing ones. Nothing should prevent you from getting another loan if you are in line with the requirements of the lender.

Payday Loan and Credit Score

Can I still get a payday loan if I have bad credit?

Even if you have bad credit, you still can qualify for a payday loan, given that the lenders offering payday loans are more concerned with borrowers' ability to repay the loan than with their credit history.

Will my credit score be impacted if I apply for a payday loan?

Payday loans are unlikely to impact your credit scores. Generally, they are not reported to the major national credit reporting companies.

Payday Loan Repayment

How can I pay back my online payday loan?

On the due date, the payday loan amount and fee will be automatically withdrawn from your checking account.

What happens if I can't pay back my payday loan?

If you're not able to pay back your loan, you'll face a lot of serious consequences, including: (a) Additional fees and interest; (b) Your case may be reported to a debt collection agency; (c) Damage to your credit score; (d) Difficulty to get another loan.

Can I get an extension on a payday loan?

It depends on your direct lender. If a borrower can't afford to pay off the loan when it's due, some lenders may offer the option to renew or rollover the loan. In this case, the borrower must pay a fee to extend the payday loan due date. However, this option should only be used as a last resort.