What are payday loans?
Payday loans are a fast and easy way to borrow money, allowing you to obtain short-term cash to help meet emergency expenses. Such loans can be very useful in avoiding overdraft fees, missed bills, and late payments which can seriously harm your credit. It is important to know that other types of loans may be more appropriate for your circumstances. For example, it is generally cheaper to use a credit card for emergencies instead of payday loans (unless the credit card is over its limit).
What ‘s the benefit?
The benefit is money FAST – right when you need it. The fees and interest of payday loans may also be preferable to that of high late fees from credit cards, or mortgage payments.
Is my application secure and confidential?
Security is very important whenever you’re dealing with financial and personal information. This site uses 128-bit encryption for all online forms and applications. At the bottom of your browser page, you should see a small lock icon – this means the page is encrypted. Data you submit with us is extremely safe, and cannot be accessed or viewed by third parties. All material is confidential and your personal information will not be given or sold to anyone (however, it is provided to the lenders who process your application).
Am I eligible?
You are eligible for a payday loan if you meet the following qualifications:
- Are a US citizen or legal resident
- Are 18 years old or more
- Have at least 3 months of history with your current job
- Have a checking account in which to put the money
- Receive an income of at least $800 per month after taxes
How big of a loan can I get?
Your loan limit is usually determined by state law. Beyond state law, the lender will base your loan on your salary and ability to pay the loan back. You will not receive more than can be reasonably expected to be paid back. The maximum amount for payday loans tends to be $1,000.
How long does the approval process take?
After you submit your application, a lender will review it immediately and, if approved, you can receive your money as fast as the same day.
How does the money get to me?
After you are approved, you will receive an email which confirms the approval. Your money will be deposited into the account you specified on your application. You then simply go to your bank and make a withdrawal just like normal.
What collateral is required? Is my credit rating important?
Collateral is not required for payday loans and your credit rating is not examined for a basic payday loan. The lender uses your record of work and expected future paychecks as the assurance that you will pay back the money.
Can I get a payday loan even though I have bad credit?
Definitely! XtraCashApply.com will never examine your credit score on any application. Even if you’ve been turned down by other lenders for bad credit, you can still qualify for a payday loan from XtraCashApply.com as long as you earn a steady monthly income.
How do I know my application is secure?
The application on our site is secured with 128-bit SSL encryption for the security of data transferred to and from our site.
Will you tell me when my loan is approved? How will I know?
When your lender approves your payday loan, your lender will send you an email alert verifying your approval.
Is there a fee to apply online?
XtraCashApply.com’s no fax online application is completely free. We will never charge you an application fee.
What if I change my mind? I submitted my application, but does that obligate me to take out a loan?
Absolutely not. Your application is not a loan contract, it simply indicates your interest for more information. A lender representative will contact you to discuss any questions or concerns you might have, and you are free to withdraw your application at any time.
How long is my loan good for?
Lending periods are subject to state payday loan laws, but typically last between 8 to 25 days depending on the timing of your next scheduled paycheck.
How many times can I borrow a payday loan?
The number of payday loans an individual can have active throughout the year varies depending on your state’s small loan regulations. Some states limit consumers to 4 payday loans in one year, while other states place no restrictions on the number of loans a person can take out. XtraCashApply.com reminds our customers to always borrow responsibly. If you find yourself in serious financial need, you may need more help than our payday loans can offer. Always assess your financial health and choose the service that best addresses your situation.
How do I pay back my loan?
Most customers repay their loans in full when they come due at the end of the lending period. Your lender may also give you the option to pay the financing fee on the due date and renew the payday loan for another term, additional fees may apply. The ability to rollover may be limited by state law.
Why do online applications require personal information?
We ask for your social security number and driver’s license identification to verify that you’re the actual person applying for the loan, and not someone trying to use your name and information fraudulently. We require banking information so your lender can deposit your cash directly into your account and to make sure your money is sent to the right account.
What if I am late with a payment or can’t repay my loan?
Since repayment information varies by lender, and we do not provide payday loans directly, you will need to contact your lender directly to find out what you should do in the event you are unable to repay your loan on time. In some cases your lender may give you the option to pay the financing fee on the due date and renew the payday loan for another term, additional fees may apply. The ability to rollover may be limited by state law.
What is your code of responsible lending?
We support responsible online lending practices and we do not allow military personnel, military dependents or anyone who is under the age of 18 to submit applications on our website. Also, applicants must receive an income of at least $800 per month after taxes to have their application processed on our site. We encourage all of our visitors to do due diligence before accepting the terms of any loans they are presented.