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Frequently Asked Questions

1. What is a payday loan?
Payday Loan is a small, short-term loan that must be paid back along with the interest (loan fee) on your next payday.

2. For what purpose can I use a payday loan?
You can use it for paying any kind of bills such as car bills, electricity bills, water bills, phone bills, cable bills, house renovation, medical bills, etc. In simple, you can use it for any purpose you wish.

3. How can I apply for a payday loan?
You can apply for a payday loan online from the comfort of your home. Click on Get a Loan page and fill out the application form. Lender funds are deposited electronically via ACH for delivery next business day.

4. What are the loan approval requirements?
We have very few and simple requirements.

• Employed for the past three months.
• Active checking account for the past three months.
• Earning a monthly income of at least $1,000.
• You must not currently be a debtor in a bankruptcy case or presently intend to voluntarily file for bankruptcy relief

5. Do I need to fax any documents?
No. We are utilizing proprietary underwriting to approve your loan without any faxing! Our 24/7 online application is completely paperless and faxless. You will get an instant answer whether you have been approved!

6. How do you determine my loan amount?
We determine your loan amount based on your current monthly income. If you are a first-time borrower, you can receive up to a maximum of $500.

7. How can I become eligible for a $1000 loan?
Once you repay your first loan successfully and exhibit trustworthy financial behavior, we will reward you by increasing your loan limit by $100 on each successful repayment. However, we do not supply loans exceeding $1,000.

8. How soon can I hear my loan approval status?
After you have been approved by our online application, we will contact you by either email or phone within one hour about the status of your loan during normal business hours, Monday to Friday, 8:00AM to 8:00 PM (EST). For applications submitted after-hours, we will contact you first thing the next business morning. Due to state and verification requirements, not all applicants for online loans may be eligible for instant approval by lender.

9. What if I have a bad credit?
No problem! Since we supply only small cash loans, we do not run a credit report. This is what distinguishes us from the conventional banking system.

10. What do you mean by APR?
Annual Percentage Rate (APR) describes the annual interest rate on the loan. For more details, refer our Fees page.

11. How much does a payday loan cost?
Our fee for a payday loan is $30 for every $100 borrowed, with an APR generally ranging from 365.00% to 1564.28%. We carefully abide by national and state regulations in determining our loan fee.

12. How soon can I receive my cash advance?
We can approve your loan application instantly once you have completed our online application. If you request your loan before 8:00 PM (EST), we will deposit funds into your checking account electronically via ACH by the very next business day. For example, if you request a loan on Tuesday, you will receive it before the end of next business day, that is, on Wednesday.

13. Are there any restrictions on the way I use my Payday loan?
No. Once the money is in your account, it is yours to use. You can use them the way you want but in a responsible way.

14. Can I request a loan over weekends?
Yes. You can request a loan over weekends but you just will not receive it as quickly. Any loans requested on Fridays before 8:00 p.m. (EST) will be deposited on the following Monday. For any application received over the weekend, you will receive your funds on the next business day on Monday.

15. What if I request a loan, and then realize I do not need it?
If you accidentally apply for a loan you did not intend, simply give it back to us before the end of the business day following the day you received the loan. For example, if you receive your loan on Wednesday, you have time until 5:00 p.m. on Thursday to return it, without any penalty.

16. How do I repay my online loan?
Just as with receiving the loan proceeds, the process is automatic and convenient. An electronic withdrawal will be made from the account you provided to us on your loan application on the loan's due date via an ACH transaction. If there is any change in your banking information, please email your new bank account to support@ezpaydaycash.com at least 2 business days before 1 PM Pacific time on the date the loan is due in order for the change to be processed for the current payment. This way, you need not have to write a check or pay for postage.

17. When should I repay my online loan?
Generally, you should repay your payday loan by/on your next payday. Our payment system is set up in the same way as any online bill pay system; with the automatic withdrawal date via an ACH transaction, falling on the same date your paycheck reaches your checking account. This way, you can ensure to have the funds necessary for the repayment. If you aren't sure about your loan due date or the amount you owe, please email our Customer Service Team at support@ezpaydaycash.com. They are available to help 24 hours a day, seven days a week.

18. What is an ACH transaction?
ACH stands for Automatic Clearing House Transaction. An ACH transaction is a method of electronically depositing or withdrawing funds from an account. When you provide a check as payment on your loan application, you authorize us to process the payment as a check transaction.

19. Collection and Use of Bank Account Information:
If we extend credit to a consumer, we will consider the bank account information provided by the consumer as eligible for us to process payments against. If you have any questions, please contact us.

20. How can I trust you to withdraw the correct amount from my checking account?
Lender follows all NACHA regulations. We are authorized to utilize the Federal Reserve Wire System. We always abide by the state and federal laws, and will never withdraw more money than you have authorized in our process.

21. What if I fail to repay on the agreed due date?
Please contact us as soon as possible. If you contact us at least two business days before the payment due date, we can extend the payment date for you. You may obtain an extension by paying at least enough to cover interest earned up to that point (usually the finance charge previously disclosed of $30 per $100 borrowed and APR (Annual Percentage Rate) ranges from 365% to 1,564%, depending on the terms of the extension). We also recommend that you pay as much extra as you can to reduce the principal balance.

22. What is your NSF (non-sufficient funds) Fee?
Our NSF Fee is $20.00

23. Can I pay back my payday loan before the agreed due date?
Yes, you can definitely payback your loan before the due date. It's best to contact us through email at support@ezpaydaycash.com, or call us at 1-866-735-3420, and we will start the prepayment process. In fact, you may even qualify for a refund of a portion of the loan's finance charge.

24. Request an extension or partial payment
If you do not want us to withdraw the full amount on the loan due date, you have the option to extend your loan until your next payday. You may make partial payments at any time prior to maturity in increments of at least $5 on the principle balance without incurring additional charges.

25. Is my information safe with you?
We respect your privacy and we will never market your information to third parties. Your transactions are protected, with a secure SSL server that uses the highest encryption standards.

26. I am from the military. Can I get a loan from you?
We appreciate your service to the country and thank you for your interest in us. However, we do not provide loans to the military personnel at present.

27. How do you establish the loan fee amount?
We never charge the loan fee higher than what the law allows. We strive to provide you with the honest service.

28. How often do people typically borrow money?
A payday loan is a short-term loan to cover an occasional, unexpected cash shortage between paydays. A payday loan does not provide the kind of help intended if used repeatedly to the point of incurring additional debt. We recommend that you investigate other financing options if you are planning on borrowing money beyond your next payday.

29. Why do people choose a payday loan?
Many people choose a payday loan when they need to pay for unexpected expenses, avoid late fees or cover temporary reductions in income.

Didn’t find your answer here? E-mail us at support@ezpaydaycash.com



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