FAQ

You likely have many questions regarding payday loans and how they may affect you. To help you understand this service better, we aim to be transparent about all the particulars you will most likely need to make an informed decision.

We have prepared a list of the most common questions asked here at Payday Depot to assist you with any queries, problems, and concerns regarding our service. If you are unable to find answers to your specific query, our dedicated customer service team responds instantly to ensure you are in safe hands.

What Are Short-Term Loans?

Short-term loans are precisely what the name implies. It is an amount borrowed, typically for personal emergency cases or immediate business capital, that must be repaid within a short period, along with interest.

The funds obtained are usually small, often ranging around $1,000, as they are typically used to cover a temporary financial gap. The repayment time limit is usually between 1 and 4 weeks but can vary depending on numerous factors and the lender’s willingness to offer alternatives, such as allowing the applicant to pay in installments.

What Are The Qualifications to Get Approved?

Approval is quick and easy, requiring only a few general conditions. After filling out the online form with your basic personal information, all you have to do is provide the following documents:

 
• Valid Residence ID. This is a standard legal and informational procedure intended for verification.

 

• Proof of Legal Age. The applicant must be at least 18 years old, as required by law.

 

• Stable Source of Income. An example would be a salary certificate. However, any proof of a regular and steady flow of income, such as pensions, can be accepted.

 

• Active Personal Bank Account. Funds are usually paid directly into your bank account, which is also typically used to draft repayments when they are due.

Although these are the necessary basic requirements, largely based on guidelines from the government’s Consumer Financial Protection Bureau (CFPB), there may be cases where a lender requests other personal details and documents.

Is It Possible to Get a Payday Loan without a Job?

We understand that not everyone who applies for a loan is currently employed. If you do not have a place of work, you will be assessed based on your affordability, as lenders need to determine if you are able to repay the borrowed money. You will need to provide some proof of income, such as self-employed income, government assistance, retirement funds, pensions, regular financial support covered by a partner, etc. Payday lenders differ, but if you frequently receive a source of income, you will still most likely get approved.

How Do I Apply for a Payday Loan?

Payday Depot is one of the top services in the industry that provides quick and easy cash. Since our applications and the entire process are readily available and conducted online 24/7, you can apply with us at any time. You can do this by filling out our application, where you must state the purpose of the desired loan and provide the necessary documents.

How Long Does It Take To Receive the Funds?

Since Payday Depot is accessible around the clock, decisions usually only take a couple of minutes and are then processed as quickly as possible, often taking no longer than a few hours. Our team promptly assesses your request using analytical tools to search for the best lender with whom we can negotiate the best deal based on your current financial situation.

After this, you will need to make a decision based on the loan agreement presented to you after contact. This process will continue until you find an appropriate option with terms and conditions that you agree with. All you need to do after that is sign the document online through an e-signature and send it back to the lender. The funds will be allocated into your account as soon as the signature is received.

The procedure for getting a payday loan usually has a quick turnaround time; transfers can be completed within the same day during normal business hours. However, the actual time interval is dependent on you, the lender, and your bank, so processing delays may occur.

Can I Still Get a Loan Even With Bad Credit?

Customers may worry about not passing the verification process to acquire financial assistance through payday loans because they have a low credit rating or a dubious credit history. Others might not even have a credit history at all. Payday Depot recognizes that individuals may be borrowing this money due to a difficult circumstance.

Therefore, there is no need to fret, as part of our job is to negotiate with lenders to give everyone the opportunity to get the help they need. The best part is that since this is an unsecured loan, there is no need to prove you have any assets just to get an approval.

In any case, a FICO credit score is not something that lenders generally check. It is possible, though, that if a particular lender does look into it, the loan amount may be reduced, or fees may perhaps be increased if there have been negative spots in your credit history.

Can I Take Multiple Credits at the Same Time?

This is contingent upon the information regarding the number of credit products you can attain at any one particular time, as detailed in your loan agreement. There will also be details about a cooling-off period for the interval in which you can take on another credit, so make sure to check the terms carefully and discuss it with your lender before signing.

Lenders reserve the right to dictate and set the terms and limits in the loan agreement for every individual borrower. The number of credits you get can also be directly affected by state laws, which may not allow you to take more than one at a time.

Is There a Limit to the Amount I Can Borrow?

Normally, most people in the USA borrow an average of $375, and many of our clients do apply for an amount around that range. We do our utmost to provide the best ceiling price that can be presented to our customers as long as we are assured of being repaid.

The more successful transactions you have, the better your chances of being approved for a larger amount. We will also offer and consult installment plans with you if you need a higher amount upfront, so as not to risk the chances of not getting repaid in a timely manner.

Can My Payday Loan Be Renewed?

Although this is not recommended, it is possible, as every now and then we are put in a position where we cannot repay a loan and will have to renew it (often called a rollover).

Additional interest and fees may be imposed in this scenario in order to extend the repayment period. It is always best to discuss renewal terms with your lender, as this can incur expenses that may further impact your financial status. Verify the laws in your state as well, as renewals may be forbidden or heavily restricted.

What Happens If I Cannot Pay on Time or at All?

Check the terms and conditions on the loan agreement regarding any defaulted payments. We highly suggest that if you are facing financial instability, you contact our experts as soon as possible for viable options on adjusting payments or to speak with your lender directly.