How Do Payday Loans Work?
1. Complete the Application
The first step in the payday loan process is the completion of our quick online application.
This form will allow you to select the loan amount you desire (up to
$1000!), select your paydates, and provide us with the bank account
where you want the money to be deposited.
2. You are Approved Within Minutes
It only takes a few minutes for us to approve or deny a payday loan
application. If you are denied, you will receive an email notification.
Once your payday loan application is approved, the loan amount will be
deposited into your bank account by ACH. Provided that your loan is
approved by 6:00 P.M. EST, you will have your money the next business
day.
3. The Money is Deposited Into Your Account
Once your payday loan application is approved, the loan amount will be
deposited into your bank account by ACH. Provided that your loan is
approved by 6:00 P.M. EST, you will have your money the next business
day.
4. You Decide What Payment You Want to Make, Based on the Three Examples Below
OPTION 1: AUTOMATIC RENEWAL
Your minimum payment on your first FOUR due dates is your finance fee.
This payment is AUTOMATICALLY debited on your due date unless you
request to pay more than this amount. Beginning on your FIFTH due date,
you will be required to pay a minimum of $50.00 toward your principal
balance ($100.00 on loans greater than $500.00) on every due date until
your loan is paid in full. Finance fees paid will not be applied to
your principal balance. *IMPORTANT: A NEW FINANCE FEE WILL BE ASSESSED (based on your remaining principal balance) WHEN YOU SELECT THIS PAYMENT OPTION*
| Example |
(Your Current Balance) |
(Your Payment) |
(Your Balance After Payment Is
Made) |
PRINCIPAL BAL |
+ |
FINANCE
FEE |
= |
TOTAL
DUE |
- |
PRINCIPAL
PAID |
- |
FINANCE
FEE
PAID |
= |
REMAINING
PRINCIPAL BAL |
+ |
NEW
FINANCE
FEE |
= |
REMAINING
BALANCE |
$ 100.00 |
+ |
$ 30.00 |
= |
$ 130.00 |
- |
$ - |
- |
$ 30.00 |
= |
$ 100.00 |
+ |
$ 30.00 |
= |
$ 130.00 |
$ 200.00 |
+ |
$ 60.00 |
= |
$ 260.00 |
- |
$ - |
- |
$ 60.00 |
= |
$ 200.00 |
+ |
$ 60.00 |
= |
$ 260.00 |
$ 300.00 |
+ |
$ 90.00 |
= |
$ 390.00 |
- |
$ - |
- |
$ 90.00 |
= |
$ 300.00 |
+ |
$ 90.00 |
= |
$ 390.00 |
$ 400.00 |
+ |
$ 120.00 |
= |
$ 520.00 |
- |
$ - |
- |
$ 120.00 |
= |
$ 400.00 |
+ |
$ 120.00 |
= |
$ 520.00 |
$ 500.00 |
+ |
$ 150.00 |
= |
$650.00 |
- |
$ - |
- |
$ 150.00 |
= |
$ 500.00 |
+ |
$ 150.00 |
= |
$ 650.00 |
OPTION 2: PAYDOWN (PARTIAL PAYMENT TOWARD YOUR PRINCIPAL BALANCE
THIS PAYMENT SELECTION MUST BE MADE AT LEAST 3 FULL BUSINESS DAYS BEFORE YOUR DUE DATE.
You can make a payment toward the principal balance of your loan on ANY
of your due dates. You can pay any amount in $50.00 increments ($50.00,
$100.00, $150.00, etc.) toward your principal balance. Whichever amount
you choose to pay will be IN ADDITION to your finance charge. This
selection can be made by either calling our automated system at (866)
213-0345, logging in to your account at this website, or by faxing your
Account Summary to us with your selection marked. Finance fees paid
will not be applied to your principal balance. *IMPORTANT: A NEW FINANCE FEE WILL BE ASSESSED (based on your remaining principal balance) WHEN YOU SELECT THIS PAYMENT OPTION*
| Example |
(Your Current Balance) |
(Your Payment) |
(Your Balance After Payment Is Made) |
PRINCIPAL BAL |
+ |
FINANCE
FEE |
= |
TOTAL
DUE |
- |
PRINCIPAL PAID |
- |
FINANCE
FEE PAID |
= |
REMAINING PRINCIPAL BAL |
+ |
NEW
FINANCE
FEE |
= |
REMAINING
BALANCE |
$ 100.00 |
+ |
$ 30.00 |
= |
$ 130.00 |
- |
$ 50.00
| - |
$ 30.00 |
= |
$ 50.00 |
+ |
$ 15.00 |
= |
$ 65.00 |
$ 200.00 |
+ |
$ 60.00 |
= |
$ 260.00 |
- |
$ 50.00
| - |
$ 60.00 |
= |
$ 150.00 |
+ |
$ 45.00 |
= |
$ 195.00 |
$ 300.00 |
+ |
$ 90.00 |
= |
$ 390.00 |
- |
$ 50.00
| - |
$ 90.00 |
= |
$ 250.00 |
+ |
$ 75.00 |
= |
$ 325.00 |
$ 400.00 |
+ |
$ 120.00 |
= |
$ 520.00 |
- |
$ 50.00
| - |
$ 120.00 |
= |
$ 350.00 |
+ |
$ 105.00 |
= |
$ 455.00 |
$ 500.00 |
+ |
$ 150.00 |
= |
$650.00 |
- |
$ 50.00
| - |
$ 150.00 |
= |
$ 450.00 |
+ |
$ 135.00 |
= |
$ 585.00 |
OPTION 3: PAY YOUR LOAN OFF
THIS PAYMENT SELECTION MUST BE MADE AT LEAST THREE FULL BUSINESS DAYS BEFORE YOUR DUE DATE.
You may pay your loan off on any due date. Your payoff amount will
consist of your principal balance and finance charge. This selection
can be made by either calling our automated system at (866) 213-0345,
logging in to your account at this website, or by faxing your Account
Summary to us with your selection marked.
| Example |
(Your Current Balance) |
(Your Payment) |
(Your Balance After Payment Is
Made) |
PRINCIPAL BAL |
+ |
FINANCE
FEE |
= |
TOTAL
DUE |
- |
PRINCIPAL
PAID |
- |
FINANCE
FEE
PAID |
= |
REMAINING
PRINCIPAL BAL |
+ |
NEW
FINANCE
FEE |
= |
REMAINING
BALANCE |
$ 100.00 |
+ |
$ 30.00 |
= |
$ 130.00 |
- |
$ 100.00 |
- |
$ 30.00 |
= |
$ - |
+ |
$ - |
= |
$ - |
$ 200.00 |
+ |
$ 60.00 |
= |
$ 260.00 |
- |
$ 200.00 |
- |
$ 60.00 |
= |
$ - |
+ |
$ - |
= |
$ - |
$ 300.00 |
+ |
$ 90.00 |
= |
$ 390.00 |
- |
$ 300.00 |
- |
$ 90.00 |
= |
$ - |
+ |
$ - |
= |
$ - |
$ 400.00 |
+ |
$ 120.00 |
= |
$ 520.00 |
- |
$ 400.00 |
- |
$ 120.00 |
= |
$ - |
+ |
$ - |
= |
$ - |
$ 500.00 |
+ |
$ 150.00 |
= |
$650.00 |
- |
$ 500.00 |
- |
$ 150.00 |
= |
$ - |
+ |
$ - |
= |
$ - |
What are you waiting for?
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