Understanding Payday Loans
What is a payday loan?
Payday loans are short-term loans designed to help you pay for immediate expenses. Payday loan is designed to be paid back when you receive your next paycheck. You can always apply for a reloan as long as you paid off your previous loan. Please visit our Loan Terms page to see rules specific to your state.
How much money can I receive?
The amount you receive on your payday loan is based upon the information you provide in your original application and the rules and regulation of your state. You may not qualified for the maximum loan amount your state allows at first but, you can always get to the maximum loan amount after a few payday loan transactions with us. Please visit our Loan Terms page to see rules specific to your state about loan terms and the maximum loan amount allowed.
What is the loan fee?
The loan fee is the fee we charge you for borrowing funds and is specific to your state of residence. Please visit our Loan Terms page to see rules specific to your state.
When is the due date for the loan?
Your payday loan will be due on your next payday. The loan duration is state-specific and please visit our Loan Terms page to see rules specific to your state. You will be informed of the due date if your loan is approved.
What is Reloan or Refinance?
Payday is designed to be paid back when you receive your next paycheck. Reapplying for another payday loan after your previous loan payment is called reloan or refinance. Procedure would be much simpler and faster since you already have previous transactions with us.
Can I refinance or re-loan my payday loan?
In most of cases, you are qualified to obtain another payday loan (re-loan) once you make the payment of your previous payday loan in full. The loan process is much quicker and simpler since we have all of your account information in our file. To refinance, you simply return to our website and log in as a retuning customer.
What if I want to repay my loan before due date?
Contact our Customer Service Team if you want to repay your loan early. There is no penalty for repaying your loan before your due date.
What if I can’t repay my loan on the due date?
If your debit is returned unpaid from the bank for any reason, we will initiate collection procedures immediately. In order to avoid collection procedure, please contact our Customer Service Team for possible loan extension or a payment arrangement
How do I extend my loan payment?
Loan extensions are available in a number of states. To see if extensions are allowed in your state, visit our Loan Terms page or contact our Customer Service Team. You will pay your initial loan fee on the original due date in order to extend your loan. We will arrange a later date for you to pay your loan principal and an additional extension fee. You must request an extension at least two business days before your original due date.
Can I take out more than one payday loan at a time?
We only allowed to issue one payday loan per customer at a time. We will be happy to issue another payday loan at the moment we receive the payment of your previous loan. If you are interested in applying for a larger loan amount, visit our Loan Terms page to determine whether you reside in a state where our Installment or Line of Credit product is available.
Payday loan Qualification
Can I apply if I have less-than-perfect credit?
Yes. Less-than-perfect credit will not necessarily prevent you from qualifying for a payday loan from OnlinePaydaynow.com. We may be able to assist you in obtaining a loan even if you have been turned down by other lenders in the past.
What do I need to apply for a payday loan?
- A checking account
- Have a direct deposit from your employer to your checking account
- Reside in the state you choose for your loan application
- Valid Social Security Number or Individual Taxpayer Identification Number.
- An valid email address
- You must be able to be contacted via phone if verification of application information is necessary
Do I need to fax or email any documents?
- It is not required in most cases but, there are some instances where proof-of-income is required prior to your application being approved, including:
- If you receive alimony
- If you receive disability benefits
- If you receive social security benefits
- If you are self-employed
- Proof-of-income may include a government benefits award letter or a recent bank statement displaying regular deposits. Please review our Loan Terms page for more information about regulations in your state.
How do I apply for a payday loan?
To apply, all you need to do is fill out our simple application at OnlinePaydayLoanNow.com. Our online simplified application consists of your basic information of personal, employment and bank. Our simplified application process allows you to fill out and sign your loan documents on your computer without the need to fax unnecessary documentation. The subsequent loans following the first payday loans are simple and easy since you already filed your application with us.
How do I know that I have been approved?
You will receive an email notification along with a loan contract once your application has been approved. Please note that we reserve the right to make adjustments to your approval until the time you receive the funds in your bank account based on new information regarding your application.
If approved, when will I get my funds?
You will receive a decision immediately following the completion of your application. For verification purposes, we may need to contact you by telephone before your loan is approved. Applications received on a weekend or holiday may be verified the next business day due to bank closures.
Monday through Friday: If your application is approved by and before 9:30 a.m. PST, you will generally receive your funds by the end of that day. If your application is approved after 9:30 a.m. PST, you will generally receive your funds by the next business day.
Friday 9:30 a.m. PST to Monday 9:30 a.m. PST: If your application is approved between 9:30 a.m. PST Friday and 9:30 a.m. PST Monday, you will receive your funds on Monday, unless it is a bank holiday.
About making loan payments and Reloan
When I make a payment, how soon can I receive another loan from the lender?
The timing of when you will be able to reapply and receive funds after you have paid off your loan depends on your state of residence. In most of cases, you are qualified to obtain another payday loan (re-loan) immediately once you make the payment of your previous payday loan in full. The loan process is much quicker and simpler since we have all of your account information in our file. To refinance, you simply return to our website and log in as a retuning customer. Please note that you may be required to wait a few additional days if you reside in a state that mandates a cooling off period between your loans. Please refer to the Loan Terms page of your state for more information.
What is an ACH payment and how does it work?
ACH stands for Automated Clearing House and is a form of electronic debit. When the lender presents an ACH request to your bank, it will send the specified amount of loan fees and/or principal to the lender that were outlined in your loan agreement. If the payment is returned for reason of insufficient funds, the lender may re-present the debit to your bank.
How can I pay back?
The amount you owe will be debited from your bank account via ACH on the day your loan is due automatically. Please ensure your checking account balance is sufficient to allow this transaction.
What if I don’t have the money in my bank account to satisfy my upcoming payment?
If your debit is returned unpaid from the bank for any reason, we will initiate collection procedures immediately. In order to avoid collection procedure, please contact our Customer Service Team 2days prior to your due date for possible loan extension or a payment arrangement.
Can I make a payment with my debit card instead of ACH?
You need to contact our Customer Support Team to set up another payment method.
What if my bank information changed during the duration of loan?
Your debt will be returned unpaid from your previous bank account. This will initiate collection procedures immediately. In order to avoid collection procedure, please contact our Customer Service Team 2days prior to your due date.
Creating and Managing Online Account
How do I update my profile?
It is important we have your up-to-date information in order to continue with your reloans. Please Sign on the My Account and click “Edit Information” to update your information regarding your Employment, Bank, home address and phone number.
How do I change my email address (username)?
Your email address is your user name to sign into your account. Therefore, you cannot change your email address. Please call us if you have email address no longer working in order to change your email address or user name.
How do I change my password?
Sign on to “My Account” and click the “Reset Password”.
What if I forget my password?
Click the “Forgot Password?” link on the My Account page, or try clicking here.
How do I request a loan?
Sign on to “My Account” and click “Request New Loan”. Then enter the amount and submit.
How do I review and sign the contract?
You must sign the loan agreement to initiate the funding process. Sign on to “My Account” and click the “My Loans”. Please click the Contract green button to review the contract. Please enter your first name and last name along with the last 4 digits of your social security number at the bottom of the contract and click the submit. This will complete the signing of contract and initiating funding process.