PAYDAY LOAN

What are payday loans all about?

Payday loans are all about security and convenience. When you have an unexpected bill or expense that you need to pay quickly, waiting until your next payday may just not be a good option. Other short-term loans may be inaccessible, or the application process may just take too long. When you need to pay an expense now, a payday advance loan can be a simple, responsible, hassle-free answer.

In a stressful situation where time is everything, a payday loan might be a good solution. When considering a payday cash loan, convenience is one important factor to keep in mind. The application process is designed to be quick and easy, and most payday loans providers make their applications available either online or in-store. Both ways of applying should be simple, fast and secure and are designed to get you back on track as soon as you're approved. You'll have the cash you need for your unexpected expense almost instantly.

When the time comes, repayment is done automatically. If you applied online, the payday lender simply withdraws the allotted amount from your account on the due date. If you applied in-store, you have the option of repaying with a post-dated check you provided at the time you received your loan, or you can return to the store to repay the amount borrowed in person.

A payday loan can be a quick and easy financial solution to an unexpected expense. With a convenient application process and hassle-free repayment plan, a payday loan can be a responsible choice for short-term cash flow difficulties. To learn more about how a payday advance loan works and when one is appropriate, read more from our Payday Loan FAQs topics.

What is a payday loan?

A payday loan is a safe and convenient short-term loan, created to allow borrowers to stretch their monthly budgets when the unexpected happens. Payday loans are unsecured, don't require a credit check, are usually for small amounts of cash, and typically require only a few easy steps for fast results. Most payday lenders provide their payday loan services online or in a neighborhood brick-and-mortar store. In either case, a payday advance loan can be a simple, responsible solution for a temporary budget shortfall.

The payday loan application process, whether online or in-store, is typically uncomplicated. The requirements to qualify, when compared to other types of loans, are relatively basic: proof of income, approved proof of identity, and an active checking account. Qualifications for a payday loan are similar for online and in-store transactions.

Payday lenders provide payday loans quickly to qualified borrowers, all for a clearly stated, up front fee. Payday cash loan borrowers are never hit with hidden charges or interest rates; all rates and fees are clearly stated in the amount the borrower agrees to repay.

How can you determine if a payday advance loan is the right choice? First, clearly assess the financial situation. Payday loans are intended as an occasional, short-term solution and not as a source of ongoing help. If you need more help than a payday loan can provide, consider talking to a professional credit counselor.

If your cash flow problem is a short-term result of unexpected expenses, fill out an application with your chosen payday lender to find out how much you qualify to borrow, plus the fees. Only borrow the amount that you're certain you can repay on time. If you're able to budget the prompt repayment of your loan into your next pay period, you're taking the responsible approach to payday loans.

When used responsibly and as intended, a payday loan works as a good alternative to late fees, credit card debt, and damaged credit scores. For short-term cash crunches, payday advance loans can be a smart solution.

How does a faxless payday loan work?

Applying for a payday loan or faxless payday loan with Check 'n Go Online is convenient, easy and quick! Simply fill out our secure online application with the most up-to-date information you have about yourself, your current work situation or source of income, and your bank account. We will take care of the rest.

After you complete the application and submit it to us, a loan representative will attempt to contact you at the numbers you supplied on the application. Our loan processor will confirm the details and finish the rest of the application process. Rest assured that this will NOT slow down the loan approval process. In fact, it will speed it up!

If we are able to verify your current residence, employment situation and bank information, your loan application may qualify for our faxless approval process. In the event that we are unable to verify your application information, it may be necessary for you to fax in documents in order to complete the approval process.

The documents that may be requested are:

• Most recent paystub
• Most recent bank statement
• Proof of last loan clearing your account

In some instances, you may also be asked to provide proof of your identity. Our customer service representatives will gladly answer any questions you have about the application process. Once you're approved, your funds will be deposited directly into your checking account by the next business day.

Why do people choose a payday loan?

People are choosing payday loans more often as emergency boosts to their otherwise stable household budgets. This is because they are a fast, safe and readily available source of help. When unexpected expenses or a surprise cash crunch leaves you in danger of falling behind on bills, you can rely on a payday loan. When used properly, payday loans are a great choice for a short-term need, and can help you avoid the cost of bounced checks, overdrafts, late payments and defaults.

Payday loans are popular for several reasons. Small lines of credit and short-term loans are becoming scarce at local banks. If they are offered, the approval process is lengthy and complex. If you're in a bind, and you need money now, you don't have time to spare. Payday advance loans are available at financial service centers around your community. Larger cities may have dozens of different lenders to choose from, and if you choose an online payday lender, you can apply from the comfort of your own home. It takes only minutes of your time.

Unlike banks, payday lenders are clear and direct about how much your transaction will cost. Most stores display their prices openly, so you can see them even before you get to the counter. These prices should also be easy to find on the payday loan provider's website. For most payday loan companies, there's no fine print and no hidden fees in your agreement. You know exactly what you're going to owe before you even apply.

Anyone can apply, and nearly anyone can be accepted. Payday loans are unsecured, which means that there's no risk of losing your house or car. There's no credit check, so you can get help even if your credit is less than perfect. And, payback is a simple, automated withdraw from your checking account. With so many benefits and no hassle, it's not a surprise that so many people are choosing payday loans.

How do I obtain a payday loan?

The process of applying for and then getting an online payday loan should be simple, secure and fast. If you're considering a payday advance loan as a responsible way to get fast cash, take just a few minutes to prepare before you get started.

• Know your need
  Before applying make sure that your need is short-term, and that you'll be able to repay your loan on time. If an unexpected extra expense has caused you to come up short this month, an online payday loan can help. Problems that come up month after month are concerns that a professional credit counselor should handle.
• Know if you qualify
  Have a steady source of income, a form of identification, an active address and phone number, and a valid check for an in-store loan. Online loans vary, depending on the provider that you choose, and most will have what you need listed on their website. Check 'n Go has specific payday loan qualifications.
• Choose a lender
  Payday lenders differ in more than qualifications. We provide information on how to choose the right payday lender.
• Choose a method
  Which method is the most convenient for your lifestyle: A trip to a local financial service center or a fast, private online payday loan? The application process will vary only slightly between the two.
• Fill out an application
  This only takes a few minutes, whether you apply online or in-store. You'll know promptly if you're approved.
• Sign the contract
  After approval, you're almost done. The contract between borrower and lender details all the rates, terms, fees and the repayment date.
• Repayment
  Shortly after signing the contract, the funds are yours. Then, on the agreed upon date, repayment funds will be automatically withdrawn from your account or your post-dated check will be deposited. You can also choose to return the cash to the store to reclaim your personal check.

How do I choose a payday loan provider?

The most important part of the payday loan transaction is you. A payday loan provider should be up front with all their rates, freely volunteer their lending practices, and comply with all state laws. You should feel confident that information you provide is secure, and that the business is looking out for the best interests of its customers. Here's what to look for in a payday advance loan provider.

Membership in the CFSA
The Community Financial Services Association of America (CFSA) is the nation's only promoter of responsibility and integrity in the payday loan industry. A reputable payday lender will prominently display the CFSA seal in their stores and on their website. This means that lender has committed to upholding a strict set of best practices for the most beneficial, responsible payday loan experience possible. Look for the CFSA seal while considering a lender.

Full Disclosure
CFSA payday loan providers agree to full disclosure, meaning that all rates, terms and fees will be explicitly outlined in the contract between you and that lender. There should be no unexpected charges and no hidden costs when borrowing from a CFSA loan provider. As with any contracted agreement, however, always take the time to review the terms prior to signing.

Compliance with All State Laws
Payday loan providers with the CFSA seal have committed to abide by the laws of each and every state where they do business, whether in-store or online. This is especially important for online payday lenders whose home office may not be in your state. Some less reputable lenders may claim the most convenient, lucrative "home" for their business, leaving you to deal with fees and charges that exceed what is allowed by your home state.

When dealing with an online payday lender, always check for a physical address. Always verify that the lender has additional contact information, like a phone number and mailing address, and not just an email address. Never sign a payday loan agreement until you have confirmed that you are dealing with a reputable payday lender. Of course, one of the easiest ways to establish this is to confirm that the lender is a member of the CFSA, like Check 'n Go.

What are payday loans all about?

Payday loans are all about security and convenience. When you have an unexpected bill or expense that you need to pay quickly, waiting until your next payday may just not be a good option. Other short-term loans may be inaccessible, or the application process may just take too long. When you need to pay an expense now, a payday advance loan can be a simple, responsible, hassle-free answer.

In a stressful situation where time is everything, a payday loan might be a good solution. When considering a payday cash loan, convenience is one important factor to keep in mind. The application process is designed to be quick and easy, and most payday loans providers make their applications available either online or in-store. Both ways of applying should be simple, fast and secure and are designed to get you back on track as soon as you're approved. You'll have the cash you need for your unexpected expense almost instantly.

When the time comes, repayment is done automatically. If you applied online, the payday lender simply withdraws the allotted amount from your account on the due date. If you applied in-store, you have the option of repaying with a post-dated check you provided at the time you received your loan, or you can return to the store to repay the amount borrowed in person.

A payday loan can be a quick and easy financial solution to an unexpected expense. With a convenient application process and hassle-free repayment plan, a payday loan can be a responsible choice for short-term cash flow difficulties. To learn more about how a payday advance loan works and when one is appropriate, read more from our Payday Loan FAQs topics.

What happens if I change my mind after taking out a payday loan advance?

A payday loan provider who follows the CFSA best practices will give all customers the right to rescind, or return, a payday loan within a clearly stated, limited time frame. The best way to avoid this situation, however, is to take a careful look at your financial situation before borrowing. If you're unsure if you really need short-term financial help, or if you're unsure if you'll be able to repay the loan, it might be time to reconsider your options.

If you do decide to apply for a payday loan, make sure you choose a CFSA member. We provide information on how to best choose a payday loan lender. If you do decide to rescind your payday loan, a CFSA payday advance loan provider will allow you to do so at no cost. Typically, you only need to return the full amount of the cash loan to the payday loan provider before the end of the following business day.

How often can I use a payday loan?

Online payday loans are quick, hassle-free solutions designed to cover an unexpected monthly expense or emergency situation that falls between paychecks. Payday loans can be used whenever you need them. That said, payday advance loans should only be used occasionally, and not as an ongoing financial resource.

Before you borrow, answer the following questions:

• Do you find yourself in this situation from month to month, or many months out of the year?
• Are you going to be able to afford the loan plus the fee in two weeks, and stay within your budget?
• Are you borrowing just enough to help your situation, or the full amount you are qualified for?
• Are you looking at a payday loan as a long-term solution?
• Will you have to use another payday loan to cover next month's expenses?
• Have you ever rolled over a payday loan?
• Have you ever considered multiple payday loans in one month to make ends meet?

Depending on your answers, you may need professional credit counseling. Do not depend on a payday loan for multi-month help. Visit Check 'n Go's financial planning page, or seek out more serious financial aid.

How much can I borrow with a payday loan?

When it comes to payday loans, the amount you can qualify to receive depends on a number of different factors, including income level and state of residence. Online payday loans may offer a higher maximum amount than in-store payday loans. Depending on whether or not a payday lender is a member of the CFSA, the maximum amount may be subject to other terms. When visiting a payday lender's store or website, it should be easy to determine the maximum loan amount available to you prior to submitting your information.

Income Level
Payday loans are income-based loans, which is why lenders will request proof of steady employment. How much you earn will determine the initial amount you are able to receive. This keeps your payday advance loan from exceeding the amount you can afford to repay in one payday, not including other expenses.

State of Residence
This could affect the amount of a payday loan in one of two ways:

• The borrower's state of residence
  A CFSA payday loan provider will abide by the laws in each state in which they do business. The laws regulating payday loan amounts in the state where you live will be what adds to or detracts from your maximum amount. A CFSA lender will offer you the maximum amount your state allows, or less depending on your income.

• The lender's state of residence
  Non-CFSA payday lenders may practice what is called "choice of law." This allows them to apply to your payday loan the rules and regulations of the state in which they originate, instead of the laws of the state in which you live. This is especially true of online lenders. Choice of law can potentially lead to maximum loan amounts that are not within your means.

How is the payday loan industry regulated?

The payday loan industry is regulated by state and federal law. Members of the Community Financial Services Association of America (CFSA) encourage further self-regulation for the benefit of payday loan borrowers. Each payday loan provider has its own set of terms and conditions in addition to state, federal and CFSA rules. It's important to know the basics about a payday loan provider so that you know exactly what policies it upholds. For example, if you choose an online payday loan provider that is not based in your state of residence and is not a CFSA member, it will have a significantly different set of regulations than a lender like Check 'n Go, who abides by each state's laws and the CFSA's Best Practices. We even provide a list of what to look for when choosing a payday loan provider.

The payday loan industry supports balanced regulations that are in customers' best interests. It strives for regulation to provide customers with privacy protection, to support customers' right to alternative financial options and to give customers the freedom of choosing a payday loan provider that best suits their individual financial needs. The CFSA works closely with state lawmakers to ensure that consumers are both protected and empowered, while also giving payday lenders every opportunity to provide responsible financial solutions.

What determines payday loan interest rates?

Payday loan fees are regulated by state and federal law. Payday loan interest rates are expressed by using Annual Percentage Rate (APR).

Payday Loan Service Fees
The amount charged for a payday loan is the total amount borrowed, plus a service fee. This fee is a one-time, flat payment that varies only slightly depending upon how much is being borrowed. Payday loan service fees are regulated and dictated according to state laws where the borrower resides. Payday lenders who practice choice of law are exempt from this regulation. When a lender practices choice of law, the fees are regulated by the laws of the state in which the lender originates, and not by the state where the borrower resides. Reputable payday lenders typically avoid the practice of choice of law.

Payday Loan Interest Rates
United States federal law requires that the fees for any financial transaction be expressed to the customer in terms of annual percentage rate, or APR. The formula for APR assumes that that the loan will last a year or more. A payday loan is a two-week loan, so commonly seen APRs for payday advance loans are very high. This is because the APR is expressing the one-time loan fee in terms of an annual charge. Even though payday loans are not intended to be held for a year or longer, payday lenders express their fees in terms of APR to comply with federal law.

How are payday loan fees established?

Check 'n Go's fees are regulated and mandated by the state in which you reside. For a complete view of your fee-to-loan calculation, select the Finance Charge Schedule document according to your state. Click here to go to the State Disclosures link. The fee we charge is very competitive within the industry and in compliance with applicable state laws. It is our goal to offer you the best service at the most competitive fee possible.

Is my payday loan transaction confidential?

The confidentiality of a payday loan transaction depends on the reputation of the payday lender. In the case of online payday lending, security is even more crucial and depends not only on the policies of the provider, but on the structure of the company's website as well.

For the safest possible payday loan transaction, make sure of the following before borrowing:

Privacy Policy
Every payday lender should freely provide you with a privacy policy, whether you borrow in-store or online. This policy should be clear and concise and should outline all the circumstances in which your information is or is not shared with other companies. Online payday loan providers should make their privacy policies easy to locate and free to download.

Secure Site
Online payday loan lenders should encrypt their sites to ensure your security. Check in the bottom right corner of your Internet browser for the lock icon, which means that the site is encrypted and safe. You should also make sure your online transaction is secured through other reputable means as well, like with an Internet security and infrastructure specialist such as VeriSign. These additional security measures will be displayed on the site where you enter your sensitive information.

Direct Lenders
Dealing with a direct lender means your personal information goes directly to the payday loan provider and does not pass through an aggregator or a middleman. A direct lender is the safest possible provider for your payday loan transaction.

All payday loan companies affiliated with the CFSA will guarantee the confidentiality of your personal information. We provide a list of services to look for when choosing a payday loan provider.

Is my payday loan history reported to a credit bureau?

Reporting payday loan histories to credit bureaus varies between payday loan lenders. In most cases, a payday loan transaction history is not reported unless the borrower has missed many repayment dates and the account is in collections. The best way to find out how your payday cash loan provider interacts with credit bureaus would be to ask that company directly, or go to the payday loan provider's website and see if the topic is covered in their archives or frequently asked questions.

Some payday lenders now give their borrowers the option of having their payday loan histories reported to Pay Rent, Build Credit, Inc. (PRBC). PRBC tracks nontraditional credit sources and gives the consumer a score based on regular, on-time payments of scheduled bills, such as rent, utilities, and payday loans. This can be a useful way for payday advance loan customers to build their credit and to work toward other major credit-dependent purchases with lower rates. Payday loan providers who partner with the Community Financial Services Association of America (CFSA) often give their customers the option to report their payday loan histories in this way. Ask whatever payday cash loan provider you choose if they offer reporting to PRBC.

What happens if I don't have the necessary funds to repay the payday loan advance on my due date?

Payday loan providers vary in their procedures and policies regarding past due fees and collections. Depending on the company, these lenders may or may not have a fair collection policy. Be sure to review a payday loan provider's procedures and policies regarding this and any other possible situation before you begin the payday loan application process. All reputable payday loan providers should be committed to collecting past due accounts in a fair and reasonable manner.

The best, most responsible way to prevent a difficult financial situation when it comes to payday loans is to only borrow what you know you'll be able to repay. Here are a few examples of what can happen if you are unable to repay your payday loan on time:

• If the loan provider is unable to process an automatic withdraw or successfully deposit your post-dated check, your bank will most likely charge a non-sufficient funds (NSF) fee. You will also, in most cases, be charged a returned check fee. Not only will you still be responsible for the full amount of your payday loan payment, but you will also incur expenses that can put you even further behind in the long run. If you are still unable to repay, your account may be turned over to a collection agency.
• Signing a contract with a payday loan provider means that you understand the repayment procedures, and that you agree to have all the funds necessary to repay the advance loan on the day it is due. Make sure you take every step possible to fulfill your responsibility, starting with only borrowing what you can afford to repay later.

If my account becomes past due, will I face criminal prosecution?

If the payday loan provider that is responsible for your transaction is a member of the Community Financial Services Association of America (CFSA), then you will face no criminal charges in the event of a pass due account. Non-CFSA payday loan lenders may have their own policies regarding past-due accounts, and it is possible that criminal charges may be applied.

CFSA members abide by a set of rigid Best Practices, which encourage the self-regulation and responsible management of the payday loan industry. This responsibility extends to the fair treatment of loan borrowers who have fallen behind on their repayment. If your account becomes past due, you will still be responsible for all incurred fees, including any returned check fees, in addition to your balance and any late fees that your provider or bank have within their policies to charge you. If your payday lender thinks the situation is appropriate, your account may be given to an outside collection agency. That collection agency will then take over the resolution of any past due accounts.

Can I renew, or roll over, my payday loan by just paying the fee again on my due date?

Refinancing, or rolling over, a payday loan means that the payday loan borrower uses proceeds from a new payday loan to pay off the balance of an existing payday loan. Whether or not a payday loan can be rolled over depends on the borrower's state of residence. Since each state has specific laws regarding payday loans, the number of times a borrower can roll over a payday advance loan is first determined by the borrower's state of residence. The number of cash payday loan "rollovers" also depends on the policy of the specific payday lender. Here's how it works:

State of Residence
Since a payday loan is designed to be short-term, it should only be used to cover limited, unexpected cash shortfalls. Allowing for an unlimited number of rollovers may ultimately hinder rather than help a loan borrower's use of a payday loan. However, some states will permit rollovers, with a strict limit on how many times it can be done. Searching a payday lender's website for payday loan regulations in your home state will help you determine if you can rollover a payday loan in your state.

Payday Lender's Policy
In states that permit payday loan rollovers, the payday lender decides whether or not they will issue rollovers to borrowers. These lenders also determine how many payday rollovers to allow each borrower. Although Check ‘n Go does not require a customer to paydown on the principal with a rollover, we recommend that a customer apply at least $25 down on the principal when they rollover their loan. By paying down on the principal, this will reduce the amount owed on the subsequent loan. This policy is in place to help borrowers use payday loans as the smart, occasional financial solution that they’re intended to be.

For more information regarding Check 'n Go's payday loan refinance options, please visit our State Center to review the rates and terms for your state.

Why is there so much information in the payday loan customer agreement?

The payday loan customer agreement is a comprehensive document that fully outlines all terms, conditions and applicable laws of the payday loan transaction. This document is designed to provide the borrower with detailed descriptions of everything expected of both the payday loan provider and the borrower. This document also explains all state and federal laws that apply to the loan. Whether a payday loan transaction occurs online or in-store, it's important that the borrower is provided with all the information required to make the best, most informed decision possible.

The payday loan customer agreement will contain the following:

State and Federal Disclosures
Depending on where the payday loan provider is located, state laws will vary. Some states have specific laws pertaining to the amount borrowed, and can range from a flat amount to a percentage. For example, through Check 'n Go, Illinois payday loan borrowers can receive 25% of their gross monthly income or $1,000, whichever is less. Alabama customers can receive a maximum of $500. There are also laws in place that define the minimum and maximum borrowing period for a payday advance loan.

Regardless of the state of the payday loan provider, federal laws will apply everywhere and are outlined so the borrower can take them into consideration.

Rates and Terms
Every payday loan provider has its own applicable charges that will affect the transaction. These are outlined in the payday loan customer agreement, including service fees and fees that will apply should the repayment become past due. The service fee is the flat amount added to the loan amount. This fee will be expressed in a dollar amount, as well as Annual Percentage Rate (APR) in accordance with federal law.

I'm on Social Security or disability. Can I still get a payday loan?

In most cases, borrowers who receive Social Security or disability payments will qualify for a payday loan since many payday loan providers accept Social Security and disability payments as sources of reliable monthly income. However, be sure to confirm this with the provider you choose prior to beginning the application process.

Check 'n Go accepts social security and disability payments as an income source for a fast payday loan. To apply online, you'll simply need to report that this is your source of income. You may need to fax a copy of your award letter during the application process, depending on the regulations of your state of residence. You can find out if your state requires faxing by going to Check 'n Go's state center. To apply in-store, you'll need to bring a copy of the award letter with you.

Do I need to fax any documents for an online payday loan?

If the payday loan provider you've chosen offers faxless online payday loans, and you live in a state that does not require faxing, then it is possible that you won't be reqired to fax the provider any documents. If faxless online payday loans are available, it should be displayed on the provider's website. Certain states require additional documents be faxed, regardless of whether or not the lender allows for no fax online payday loans.

While filling out the online application, the application should state whether or not you are eligible for a faxless payday advance loan. If so, then no additional information is required. Should you need to fax in documents, the most common ones include:

• Most recent paystub
• Most recent bank statement
• Proof of last loan clearing your account
• Proof of identity
• Proof of SSN for IN , OK and MI residents only

If any of these documents are needed, it should be clearly requested in the application, followed by the correct fax number so that the lender can promptly receive your documents and complete the application process.

How long does it take to get approved for a payday loan?

Payday loan applications vary in approval time depending upon the lender and the method of application. In-store payday loans will sometimes have a faster turnaround time than online loans if the borrower is ready with all the required documentation.

In-Store Payday Loans
For an in-store payday loan, the borrower needs to present:

• Proof of regular, verifiable income.
• A working phone number.
• An active checking account.

Income sources can be a full- or part-time job, Social Security or disability (with award letter), self-employment (1099 form), and in some cases alimony or child support. Each individual lender will have restrictions on what they will allow for proof of income, so be sure to check ahead. If all the documents are valid, the approval takes only a few moments, and then the cash is in your hand. It really can be as fast as a phone call to verify the phone number, and your payday loan is approved.

Online Payday Loans
The estimated time for online payday loan approval depends largely on whether or not the lender, in accordance with state law, allows for no fax payday loans. The requirements are the same as with an in-store payday loan. With all the correct documentation, a faxless online payday loan can be completed in just minutes — the combined time it takes for a representative to verify the customer's phone number and for the borrower to respond to verification emails sent to his or her email address. If the lender does not allow for faxless payday loans, then the application cannot be approved until the borrower faxes in the required documents.

How do I sign my online loan documents?

Online payday loans can be signed through the application, generally by checking a box. Keep in mind that online payday loans should only be borrowed from a secure website and through a trustworthy lender. Checking the box on the application serves as an electronic signature and is legally binding. Links should be available to review the loan agreement, as well as to provide the lender's privacy policy and any other terms or conditions that may apply. Always review these policies, terms and conditions prior to signing the application. If the lender does not readily provide this information, consider applying for a payday loan through another lender.

Online payday lenders with membership in the Community Financial Services Association of America (CFSA) will always provide easy access to these documents for review prior to signing the agreement. As a general rule, the CFSA seal should be a major factor in choosing a reputable payday lender. Learn more about how to choose a payday loan provider.

When will I receive my payday loan funds?

Receiving your payday loan funds is as quick as the time it takes for your application to be approved. How quickly will your loan be approved? Visit our FAQs section on payday loan approval to find out. The payout time of a payday loan varies between different providers and the different methods of applying.

Online Payday Loans
In the case of no fax payday loans, your application will be approved via phone and email to validate all contact information. Then, the payout time can be as soon as the next business day. The funds will be directly deposited into your approved checking account, and will be ready for use as soon as you need them.

Payday loans that require faxing will have a longer payout time. The approval process and state law will require one or more additional documents be sent in by fax to a number on the application. So, it’s up to the borrower to determine how fast they will be approved. Once the approval goes through, the funds are directly deposited and will be available the next business day.

In-Store Payday Loans
Payout for an approved in-store payday loan is instant. The approval process should be the only wait time. This includes the verification of all documents, including proof of income, I.D., phone number and active checking account. Then, after reading through and signing the payday loan agreement, the borrower will have the cash in hand before leaving the store.

When will my payday loan be due?

A payday loan gets its name from its typical due date. A payday loan is due on the borrower's payday following the approval of the loan. In general, this means two weeks from the date the contract is signed. Larger loan periods are negotiable between the borrower and lender, up to a maximum period that is regulated by state law. A payday advance loan is meant to be a short-term loan, so the loan periods, as well as the loan amounts, are regulated to protect the borrower.

Because the loan period is so short, take the time to get all the facts about a payday loan before applying. Be sure that the full repayment, including the service fee, can be worked into your budget when repayment is due. Some payday lenders will contact you with a reminder that your repayment date is coming up soon. Nevertheless, make sure you record the repayment date so you remember to make your payment on time.

When used as intended, payday cash advance loans can be a responsible option for occasional, unexpected expenses. Make sure to consider your budget and the loan repayment terms carefully to ensure that your payday loan works for you.

How do I pay back the payday loan?

A payday loan can be paid back by either automatic withdrawal or in-store cash exchange. There may be additional repayment options open depending on the lender.

Automatic Withdrawal
For online payday loans, an automatic withdrawal is the only means of repayment. It is also the most common means for in-store payday loans. In-store payday loans are completed by exchanging a post-dated check for the amount of the loan, plus the lender's service fee. On the agreed upon repayment date, the lender simply deposits the check, causing the funds to be taken automatically from the borrower's account. Online payday loans require that an active checking account be submitted securely to complete the online application. The funds are then withdrawn on the date repayment is due.

The lender may or may not notify you of an upcoming repayment date, or when the check is being deposited. That's why it's so important to plan ahead, and to make sure that the funds are available in your account on that day. If the account is short, borrowers may be responsible for returned check fees from the bank, as well as late repayment fees and penalties from the payday loan provider. Make sure that you've planned properly and that your account is ready on the date the lender goes to withdraw the funds.

In-store Cash Exchange
Some payday lenders will allow an in-store payday loan customer to bring the cash they borrowed back to the store before the due date, in exchange for the return of their post-dated check. Make sure that your lender allows for this type of repayment before planning for it.

After I pay off my payday loan, can I get another payday loan?

An additional payday loan can be applied for immediately as long as all the requirements are still met and there are no outstanding payday loans from other lenders. The only exception would be if state laws demand a borrower wait a certain period before applying for another payday loan. Lenders that abide by the laws of the state will enforce this waiting period. Afterward, you are free to apply for another payday loan.

If you need to wait before taking out another loan, take the time to consider why this restriction is in place. A payday loan is meant to be an occasional, short-term financial solution. While the option is available to have two consecutive payday loans, it's important to understand the purpose of payday loans and to use them responsibly. If you find yourself needing regular payday loans in order to make ends meet, it may be time to seek serious, long-term financial help. It's up to you as the borrower to determine when your situation is in need of professional assistance. Check 'n Go offers a cash management page to help along the way and additional financial resources that provide tips for smart budgeting.

Is a Payday Loan the Right Solution for Me?

When it comes down to it, even the most financially responsible people face tough financial situations from time to time. Sometimes unexpected cash emergencies occur and require immediate financial attention. When these situations arise, a payday loan may be the appropriate solution for you.

Payday loans are safe, short-term loans meant to cover small or unexpected costs until your next paycheck. They are a useful resource to consider when faced with overdue bills, important large purchases, or the possibility of bouncing a check and incurring overdraft fees, overdraft protection fees, returned check fees, etc., but they are NOT intended to be incorporated as part of a long-term debt management solution.

It could be said that a payday loan is similar to a spare tire:

A spare tire is a short-term solution that can get you from destination A to destination B until you are able to make it to the tire shop. However, spare tires are not designed to handle long-distance journeys. Similarly, the payday loan is a short-term solution meant to give you immediate cash-flow until your next paycheck, but it is not the economic solution for long-term debt management.

If you're facing financial hardship, there are plenty of other solutions available that may be more appropriate for your goals. But if you're searching for a short-term quick-cash solution, a payday loan may be exactly what you need.

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