Help: Below are answers to some Frequently Asked Questions (FAQ's)

What are your cash advance loan costs? What are your $500 payday loan qualifications? Is your online quick loan application easy to fill out? Do you offer a full range of bad credit cash advance services? You’ve got a lot of questions-and we’ve got a lot of answers! Below are some answers to our Frequently Asked Questions regarding our bad credit cash advance services.

How much does a PaydayLoanToday.com payday loan cost?

The fee for our cash advance service is based on the amount borrowed and the length of time you have the loan out (i.e. the loan period). The formula is:

• $15 per $100 for 1-10 day loan periods
  • For example, a 7-day $100 loan has a total payback of $115 (780% APR)
• $17.50 per $100 for 11-20 day loan periods
  • For example, a 14-day $100 loan has a total payback of $117.50 (455% APR)
• $25 per $100 for 21-30 day loan periods
  • For example, a 30-day $100 loan has a total payback of $125 (304% APR)

Payday loans are short-term financial solutions and they are not intended to be taken out for long periods of time. We encourage responsible borrowing and advise those who have more serious long term financial problems to seek credit counseling.

How long does it take to get approved for a cash advance?

Most applications are approved within a few hours. If you meet all of our $500 payday loan qualifications, your payday loan application is complete, and all of the required documents are faxed promptly, the approval process usually takes 1-4 hours (during loan processing hours of Monday-Friday 8:30am-3:00pm PST). If your application is incomplete or if the required documents are not received, the approval process can take up to 24 to 48 hours. All required documents must be submitted promptly for faster service and verification. Our fax number at 800-349-0561 is available 24 hours a day/7 days per week.

How do I get the money if I am approved?

If your application is approved by 3:00pm PST Monday-Thursday, your loan money will be processed through the EFT (Electronic Funds Transfer) system and post to your checking account as an ACH credit (direct deposit) the next morning.  If you are approved on a Friday, the funds post on Monday morning.  The actual time it takes for the money to post to your account once we have processed the credit depends upon your banks processing time.

Can I still qualify for a loan if I already have a payday loan with another company?

Yes, but only if you don’t have more than two (2) payday loans out with other companies. We use Tele-Track to verify whether you have any loans out with other companies.

Do I need Direct Deposit to qualify for a loan with PayDayLoanToday.com?

Yes. You must have Direct Deposit into your checking account from your employer.  The amount you will be qualified to borrow is based upon the net amount of your paycheck that is directly deposited into your checking account.

How will I know if I am approved or not?

We will contact you by e-mail or phone with the status of your application within 24 hours of the receipt of your application. Approved loan applications submitted before 3:00 pm PST Monday - Thursday will be electronically credited the following morning. Friday approved loan applications will be credited on Monday morning. Applications received on the weekend will be verified on Monday. Applications submitted on Federal holidays will verified be the following business day. Applications submitted after 4:30 pm PST will be verified the following business day. Business hours are Monday-Friday 8:30am – 4:30pm PST.

Once my first loan has been paid back, when can I get another loan?

You are eligible for another loan once we receive verification that we have successfully received your last loan payment. It usually takes us four (4) business days to receive verification that the debit has cleared your account. You can fax a copy of your online bank statement, or a mini-statement from your bank or ATM showing proof of the loan payment deduction from your account to have your new loan request processed within this 4 day period. If you are unable to provide verification that your debit has cleared, you will need to wait the 4 days for us to receive verification before a new loan can be processed.

How do I repay my loan?

By E-Signing your loan agreement, you authorize us to electronically debit your checking account on your pay date of choice within the next thirty (30) days. The total loan balance (which includes the loan fee) will be debited unless a loan extension is submitted online by 3:00pm PST THE BUSINESS DAY BEFORE YOUR DUE DATE (this does not include weekends & holidays).

What will happen if the debit for repayment of my loan with PayDayLoanToday.com is returned?

It is always best to call us and inform us of your situation if you become aware that our debit is being returned. If your debit is returned, you will be charged a $15 return fee. If your debit is returned more than once, you may be charged $15 for every return we receive up to $45 ($15 x 3 NSF). The first time your debit is returned, you will either receive an email or a phone call informing you of the status. Your account will be automatically scheduled for re-debit on your next payday unless funds are available sooner. You may contact us during our regular business hours to discuss alternative arrangements, if needed. If your debit is returned a second time, you will be contacted again to make arrangements to resolve your delinquent loan. If we do not receive a response from you or we are unable to collect your payment after the 3rd electronic debit, your file will be sent to our Collections Department. You will then be reported to the credit reporting agencies and legal actions may be taken against you to retrieve payment.

What if I get paid "once a month"?

Your payment due date must not exceed 30 days. If your next payday is more than 30 days and funds will not be available, please submit a "Request for Extension" online ASAP. If you have difficulty because of your pay dates, please call 1-800-360-8884 for assistance.

How can I qualify for a $500 payday loan?

Our website pre-qualifies you online in the beginning of the application process. Some customers qualify for a $500 loan when they first apply with us. Others work their way up to $500 over time after having successful transactions with us.  The amount you are qualified to borrow is based upon the monthly net amount of your payroll direct deposit. We usually review a customer’s file for a requested increase after three successful transactions for their qualifying amount. Increases are usually approved in $50 increments at a time. Immediate credit increases may be granted to those customers who fax two (2) pay stubs showing that they have had an increase in pay.

Once approved, will I have to fax all of the required documents each time I want another loan?

No. As an existing customer, future loans can be submitted online electronically, so there will be no need to fax! If your last loan with has been debited within 4 days, we do require you fax us proof that the debit cleared because it takes us 4 days from when your debit is processed for us to get confirmation that it has cleared your account. This can be an online statement or a mini statement from your bank or ATM.  The only other time you should have to fax us anything is if you change your bank account.  We will then need a filled out check from your new account with your signature on file.

What if I have a dispute?

All disputes, claims or controversies between the parties to this Agreement, including all disputes, claims or controversies arising from or relating to this Agreement, no matter by whom asserted or against whom asserted, including the validity of this Agreement and the obligations and scope of this arbitration clause, shall be resolved by binding arbitration by and under the Code of Procedure of the National Arbitration Forum ("NAF") in effect at the time the claim (s) is filed. This arbitration agreement is made pursuant to a transaction in interstate commerce, and shall be governed by the Federal Arbitration Act, 9 U.S.C. Section 1 et seq. The parties agree and understand that they choose arbitration instead of litigation to resolve all disputes involving them, their agents, [servicers,] directors, officers and employees. This Agreement's arbitration clause applies to this Agreement and any other documents executed to further the loan being made under this Agreement. This Agreement to arbitrate applies to any preexisting claims between or among the parties and any subsequent claims that may arise between or among them.

Rules and forms of the NAF may be obtained and all claims shall be filed at any NAF office, on the World Wide Web at www.arb-forum.com, or at "National Arbitration Forum, P.O. Box 50191, Minneapolis, Minnesota 55405-0191." If you are unable to pay the costs of arbitration, your arbitration fees may be waived by the NAF. You may select the person to conduct the arbitration from a list of arbitrators provided by the NAF. The complainant's and respondent's filing fees and the participatory hearing fee, whether the claim is brought by you or by us, will be paid or reimbursed by us if the amount of the claim is $5,000 or less. If the claim is for more than $5,000 the fees for filing and responding to the claim and for a participatory hearing, if one is held at your or our request, shall be paid in accordance with the Code of Procedure of the NAF, unless otherwise provided by the law or order of the arbitrator. In all instances, each party shall pay its own attorneys' fees except as provided by law or award of the arbitrator. Any participatory hearing will take place at a location near your residence.

THE PARTIES UNDERSTAND THEY WOULD HAVE HAD A RIGHT OR OPPORTUNITY TO LITIGATE DISPUTES THROUGH A COURT BUT HAVE AGREED TO RESOLVE DISPUTES THROUGH BINDING ARBITRATION, EXCEPT THAT THE LENDER MAY CHOOSE AT LENDER'S SOLE OPTION TO SEEK COLLECTION OF PAYMENT(S) DUE IN COURT RATHER THAN THROUGH ARBITRATION.  THE PARTIES VOLUNTARILY AND KNOWINGLY WAIVE ANY RIGHT THEY HAVE TO A JURY TRIAL EITHER PURSUANT TO ARBITRATION UNDER THIS CLAUSE OR PURSUANT TO A COURT ACTION BY LENDER. The parties agree and understand that all disputes arising under case law, statutory law, and all other laws, regulations and otherwise, including, but not limited to, all contract, tort, and property disputes will be subject to binding arbitration in accordance with this contract.

IT IS YOUR AND OUR INTENTION IN CONNECTION WITH YOUR APPLYING FOR A LOAN NOT TO BRING OR PARTICIPATE IN ANY CLASS OR CONSOLIDATED ACTION OR ARBITRATION (WHETHER OR NOT SUCH ACTION OR ARBITRATION IS PART OF OR RELATED TO A REPRESENTATIVE ACTION) AS TO ANY CLAIM, DISPUTE OR CONTROVERSY EITHER OF US MAY HAVE AGAINST THE OTHER OR THE AGENTS, [SERVICERS,] DIRECTORS, OFFICERS AND EMPLOYEEES OF THE OTHER.

Servicers: The term "servicers" should be included only where the loan is being made by a bank in conjunction with a bank/servicer relationship, most generally under "rate exportation" arrangements.