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What is a Payday Loan or Cash Advance?

A short-term cash advance, also known as a payday loan, is a loan that is typically backed by a future source of income, which is usually your next paycheck or benefits you anticipate you’ll receive. Payday loans are specifically designed to meet your short-term cash emergencies and are not a solution to longer term debt problems. Typical expenses that payday loans can assist with are auto repairs, household bills, sudden medical bills, or other similar unexpected expenses

How much does the loan cost?

247 Loans is not a lender and does not charge for their services. The APR you pay will vary depending on your lender and the amount of the loan. After you’ve been approved your lender will send a loan offer/agreement where the terms and expenses of the loan will be disclosed. Since your APR will depend on the lender and the terms of your individual loan, it is difficult to state a specific APR. However, to give you the best information to determine if a short-term loan is right for you, and to comply with Google’s advertising policies, a range of typical APR’s you might receive in a loan offer from lenders in our network is between: 200% and 2281%. The APR on a small dollar, short-term loan represents the amount of your loan, cost of the loan, the term of the loan, and both your repayment amounts and frequency. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.

When can I get the Payday Loan?

The time it takes for your loan to be funded and for you to get the cash you need varies by lender, but typically is one business day from after you have been approved for a loan.

Do the Payday Loan Companies perform credit checks?

Most payday lenders do not perform a traditional credit check using the ‘Big 3” credit reporting bureaus, Experian, TransUnion and Equifax. These three credit bureaus are the main source of credit information and are the source of your credit score. However, many lenders do verify customer information through alternative data providers. These services help the lenders to verify that the information you provide is accurate.

What amount can be borrowed with a payday loan?

Most short-term loans range from $100 to $1,000. Please note keep in mind that not all lenders offer up to $1,000, and the amount offered by a lender may be higher or lower than the amount you ask for. The amount of money you qualify for will depend on numerous factors including your lender, your income, your employment, and other factors as determined by your lender.

When does the Payday Loan or Cash Advance have to be repaid?

It is extremely important that you pay your loan back on the due date that is presented in the loan offer letter. A typical loan term is 14 days, but the term of your individual loan will vary depending on the lender, the state in which you live, and other factors. If you believe that repayment of your loan in full, including fees, on the due date is may be problematic, then the borrower should contact the lender immediately. Late fees vary by lender. You should fully aware of the implications of late payment prior to agreeing to the loan.

What happens in the event of a partial payment or non-payment?

The consequences of partial payment or non-payment of your loan vary by lender, but typically include:

• Charging late fees

• Send your account to a collection agency

• Report your information to a consumer reporting agency, which may negatively affect your credit score

• A lender may offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest

Partial payments are handled in the same manner as late payments, and are subject to the lender’s fees and penalties for late payments. 247 Loans is not a lender or loan originator and cannot provide or act on your behalf in negotiating a payment modification or loan extension. If your lender offers an extension for your loan they will very likely charge additional fees and finance charges, which will be added to your total loan amount. These charges will vary by lender and in some cases can be substantial. It is extremely important that you review all of the lender’s policies regarding late or missed payments prior to agreeing to the loan and ask your lender about any questions you may have prior to accepting any loan offer. If do not anticipate being able to repay the loan in full and on time according to the loan terms you should not accept the loan. Please note that if you do not pay on your loan on the due date and have not made alternative arrangements with the lender, you may face legal action by the lender, additional fees will be applied to the loan, and the lack of payment may be reported to credit agencies which will damage your credit. If credit issues and cash problems are an ongoing issue you may want to contact a credit-counseling representative to discuss how to improve your financial health.

How does 247 Loans loan matching service work?

247 Loans is not a lender and does not make credit decisions. We have worked hard to develop one of the largest networks in the country of independent, licensed third party lenders. When you use our services we take the information you provide and match you with a lender in our network who can assist you in obtaining the cash you need. All you have to do is complete our simple form and click “submit”. Once submitted, 247 Loans will try to connect you with an interested third party lender. Every third party lender has their own terms and conditions for payday loans (i.e., fees, repayment terms, renewal policies, APRs, etc.), and each lender makes approval decisions separately. If we are successful in matching you with a third party lender, be sure to fully review and understand the lender’s terms and conditions before agreeing to them. If you do not understand or agree to the lender’s terms and conditions, you may refuse the loan offer with no further obligation. If you have any questions or concerns about your payday loan, you should contact your lender directly. The best part of using 247 Loans is that our services are completely free to you.

What are the minimum requirements for a payday loan?

247 Loans is not a lender and does not make credit decisions. Each independent lender has their own minimum requirements that must be met in order for your loan request to be approved. Such minimum requirements typically include, but may not be limited to:

• Regular income of at least $1000/month

• Be 18 years of age or older and a U.S. citizen

• Not a regular or reserve member of the Army, Navy, Marine Corps, Air Force, or Coast Guard (or a dependent thereof), serving on active duty under a call or order that does not specify a period of 30 days or fewer

• Have a valid bank account with direct deposit.