Frequently Asked Questions About Payday Loans Nofax
If you are taking out a no fax credit loan then understanding some of the most frequently asked questions in the process can definitely help you decide if it’s the type of loan for you. Although these short-term loans are great, any time you make a financial decision you should be as well-informed as possible.
What is a short-term loan?
This is a quick, small, loan designed to meet needs that might arise before your next payday. They can help you get some extra money to cover some unexpected expenses, or to cover daily expenses, until your next payday. The repayment time is usually shorter than traditional loans and repayment is typically done on your next payday.
How much can I borrow?
The amount that you borrow is usually small and depends on your monthly income and other criteria. Most loans are less than $1,000.
What are the requirements for this type of loan?
The minimum requirements to qualify are:
• A checking or savings bank account with direct deposit • Current employment or a regular monthly income • Working e-mail address and telephone number • Be 18 years of age or older • Be a U.S. citizen
What if I have bad credit?
Your bad credit will not have any effect on your approval because we offer loans with no credit checks. Instead, it is based on your monthly income and employment.
Is there an application fee?
No, there is no application fee. However, you will pay the finance charge for your payday loan on the due date.
How do I obtain my loan?
Your loan is directly deposited into your bank account, usually by the next business day although it can be sooner.
When will the loan be due?
Your loan will be due on your next payday. Typically, the repayment is due within 14 days of getting the loan.
How do I repay the loan?
The loan amount and loan fees will be automatically withdrawn from your bank account on the due date. You don’t need to make any payments.
What if I can’t pay off the payday loan on the due date?
There is the option to pay the finance charge and extend the loan for additional fees. |