What is a Payday Loan?
A payday loan is a small loan generally approved in just minutes. Due to the low loan amount and fast approval time, payday loans are ideal for financial emergencies. Countless online lenders offer these loans.
What Do I Need To Get A Payday Loan?
To be eligible for this type of credit scheme, a person has to have evidence of employment and previous payroll records. Please remember that the person can decide whether to pay the full amount on their next payday or in smaller weekly or monthly payments.
It is also important to consider your current credit score, as most payday loan companies check your rating before approving or denying your request.
Does It Hurt More Than It Helps?
Since this is a short-term and unsecured loan, instant payday loan companies charge a steeper APR (annual percentage rate) than the usual bank loan. Please note that some states or cities limit payday lenders’ APR. This is done to prevent usury, wherein excessive and unreasonably high rates are charged.
However, regardless of the action of these jurisdictions, the APR of the short-term loan is far higher than the long-term variants. Then again, it provides an instant solution to your monetary woes, as approval takes a few minutes of your time.
Why Choose Gadcapital.com?
Instant payday loans may seem like a good use of money to most who are used to long-term finance schemes. However, it may be your most practical recourse in emergencies, especially when money is tight. While this is not intended to be a long-term solution to your financial needs, you are assured of a secure way to fix cash-flow problems.
Consider this type of loan for unforeseen medical emergencies, emergency car repairs, or if you are short on cash and have utility bills to pay. Please remember that this lending scheme should only be considered for small amounts. Therefore, using this method to finance your car loan would not be practical.
How Does The Process Work?
A cash advance does exactly what it says: it grants advance cash to individuals who need money before their next payday. The process we use at idvcash.com is simple and extremely fast, so you can request and be approved for your cash advance loans online. That’s right; you can complete the entire cash advance process from your home. The first step is for you to fill out the online request with simple information such as your name, address, place of employment, and banking information. Once your request is approved, you will be connected with a cash advance lender who will provide you with loan documents to sign and review. At this point, you will be able to see the amount of loan you are eligible for, any interest rates, and when the lender will expect you to pay back your cash advance. Once you have signed and returned the loan documents to the cash advance lender, they will process the paperwork and send your funds. In the quickest cases, you could see your cash advance hit your account within one business day!
What is the Payday Loan Process?
Complete and submit your request via our secure online form, and our network of payday lenders will review it. Once approved, a lender will typically contact the borrower in less than 90 seconds.
Next, the lender will draft and electronically send you loan documents for your review and signature so that you do not need to fax or mail anything.
Once the lender has your signed paperwork, your payday loan funds could be directly deposited into your bank account as soon as the next business day.
It is not uncommon for a borrower to see the funds hit their bank account within 24 hours of the lender receiving the signed loan documents.
However, please keep in mind that most lenders usually deposit the next business day.
Will GADCapital Issue My Payday Loan?
No. A payday loan lender will issue your loan. GADCapital isn’t a lender but aims to find suitable lenders for potential borrowers. The GADCapital request form screens borrowers to ensure they fit the requirements set forth by our network lenders.
The terms of the payday loan, such as interest rate, loan amount, late fee, and repayment schedule, are all decided upon by the lender and the borrower. GADCapital is not a part of setting those terms.
How Can I Qualify for a Payday Loan?
The qualifications to be approved for a payday loan will differ from lender to lender. They all have their criteria. There is a set of standard qualifications that you are likely to see from all payday loan lenders.
Typically a borrower must be 18 years old, a permanent citizen of the US, hold a bank account capable of receiving direct deposits, and be able to prove a monthly income of at least $800 to qualify for a payday loan.
Will My Poor Credit Score Hurt My Chances?
In most cases having a poor credit score does not disqualify someone from being eligible for a payday loan. The payday loan lenders who partner with GADCapital aim to provide loans to individuals who need better credit.
If you meet the qualifications listed above, you are on the right track to being approved for a payday loan.
How Do I Receive the Payday Loan Funds?
Your payday loan funds will be sent to you via direct deposit. It is common for a borrower to see the funds hit their bank account as soon as the next business day after the lender receives the signed loan documents.
When Will My Payday Loan Need to be Paid Back?
Your lender will design the exact repayment schedule of your payday loan, but in most cases, payday loans are expected to be paid back the next time you receive a paycheck.
How Does Payday Loan Repayment Work?
You and your payday loan lender will agree upon the repayment terms, but it is common for the lender to debit your account via ACH on your due date. You will not need to address and mail in a payday loan payment.
What If I Am Unable To Repay My Payday Loan?
GADCapital will not be your payday loan lender, so we do not enforce payment on your loan. The payday loan lender you are paired with will have the right to extend your payment due date, impose additional fees and interest, and even take legal action if you do not repay your loan on the agreed-upon due date.
Before signing your loan documents, look closely at the lender’s terms you agree to concerning a late payment.
Why Should I Use GADCapital?
Choosing GADCapital will save you time and allow you to receive your payday loan funds faster. We make finding a payday loan lender simple by connecting you to our vast network of lenders. You won’t have to search a phone book or stand in line anywhere.
GADCapital allows you to handle the entire payday loan process online. Start today by requesting your payday loan at GADCapital – you could be approved and see funds in your account in as little as one business day!
