Payday Loans Defined
Payday loans are typically given in small amounts to individuals who are facing financial emergencies and are in between paychecks. Usually a payday loan is short-term and is expected to be paid back on or around the borrower’s next payday. Because of this, the interest rates for payday loans are higher than traditional, secured bank loans.
The high interest rates and quick repayment schedule are two of the main reasons that payday loans are recommended only for sudden, onetime expenses like an emergency medical bill, a home repair, or purchasing a major appliance. GAD Capital can prequalify borrowers for payday loans up to $500.
What is the Payday Loan Process?
Complete and submit your request via our secure online form and it will be reviewed by our network of payday lenders. 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 direct 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 GAD Capital Issue My Payday Loan?
No. A payday loan lender will issue your loan. GAD Capital isn’t a lender, but aims to find suitable lenders for potential borrowers. The GAD Capital request form screens borrowers to make sure that 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. GAD Capital 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 own criteria. The good news is that 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 in order 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 GAD Capital aim to provide loans to individuals who do not have perfect 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?
The exact repayment schedule of your payday loan will be designed by your lender, 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?
The repayment terms will be agreed upon by you and your payday loan lender, but it is common for the lender to debit your account via ACH on your due date. There will be no need for you to address and mail in a payday loan payment.
What If I Am Unable To Repay My Payday Loan?
GAD Capital will not be your payday loan lender so we do not enforce payment on your loan. The payday loan lender who you are paired with will have the right to extend your payment due date and impose additional fees and interest, and even take legal action if you do not pay back your loan on the agreed upon due date.
Before signing your loan documents be sure to look closely at the lender’s terms you are agreeing to with regard to a late payment.
Why Should I Use GAD Capital?
Choosing GAD Capital will save you time and allow you to receive your payday loan funds faster. We make the process of finding a payday loan lender simple by connecting you to our vast network of lenders. You won’t have to search through a phone book or go stand in line anywhere.
GAD Capital allows you to handle the entire payday loan process online. Start the process today by requesting for your payday loan at GAD Capital – you could be approved and see funds in your account in as little as one business day!