Frequently Asked Questions About Bad Credit Personal Loans
Q: Do most people use a payday advance service for the same reason I do?
A: Probably so. Surveys show that while Americans do a pretty good job of managing household budgets, most of us need occasional help. An increasing number of consumers choose a payday loan to cover unexpected expenses without incurring revolving debt. A payday advance is a short term financial management tool that provides an alternative to costly bounced checks, late payment charges and tarnished credit ratings.
Q: How often do most people use this service?
A: Since a payday advance is a short-term solution to an immediate need, it is not intended for repeated use in carrying an individual from payday to payday. When an immediate need arises, we are here to help. But a bad credit personal loan is not a long-term solution for ongoing budget management.
Q: How do you determine the amount of money to advance me?
A: State law generally regulates the maximum advance amount available to customers. Within the allowed range, you qualify for a particular advance amount based on your current income. Sometimes you can't receive as much as you would like, but Bad Credit Personal Loans wants to be a part of your financial solution. We would not really be helping if we advanced more than you have the ability to repay.
Q: How are the fee amounts established?
A: In the interest of consumer protection the fee charged is never higher than the law allows. It is our goal to offer you the best service at the most competitive fee possible.
Q: Do you check my credit rating before advancing me money?
A: No, we do not obtain a complete credit report. Unlike many other financial institutions, we do not require that you have good credit or, for that matter, any credit history at all. We do, however, subscribe to a risk assessment service. It tells us if customers are current in their payments to other businesses like ours and whether our customers have payday advances outstanding with other companies that subscribe to the same service.
Q: What happens if I don't have the funds necessary to repay my loan on my due date?
A: Just like you, we hope this doesn't happen. But if it does, the various lenders that we refer you to are committed to collecting past due accounts in a professional, fair and lawful manner. If you receive a deposit of your check and it is returned by your local bank due to insufficient funds, you will be charged a return check charge if permitted by your state's law. You will be responsible for payment in full of your account, including the returned check charge. The lender will contact you to collect the amount due. If necessary and appropriate, your account may be turned over to a collection agency.Q: If my account becomes past due, will I face criminal prosecution?
A: No. Our lenders do not pursue criminal actions against our customers. If it becomes necessary, however, the lenders may seek civil remedies to collect past due accounts.
Q: How soon can I receive my payday loan?
A: After sending the completed New Customer application, we will quickly process your application so you can receive a cash advance. It typically takes one day to approve applications, so if your loan is requested before 3:00 P.M. (MST), the payday loan will be in your account the very next day (some banks may take two days to recognize the funds).
Q: Can I pay my loan back early?
A: Yes. There are no penalties for paying your loan off early.
Q: Can I request another loan when I already have one loan outstanding?
A: You can only have one loan outstanding us at any one time. As soon as your previous balance has been collected in full, you can request additional payday loans.