Online Payday Loans: Frequently Asked Questions
What is an online payday loan?
Payday loans are for people with urgent short-term cash flow needs. This is a
personal loan that is intended to be used on an emergency basis and is not intended to
be used for long-term budgeting purposes.
How long is the term of the online payday loan?
Typically, payday loans are issued for a term of 14 days, though the term can
vary slightly depending on your personal circumstances.
What information will I need in order to apply for an online payday loan?
You only need a steady income and a valid bank account in order to prove your
ability to repay. We work with a variety of customers and do not disqualify
anyone based on credit history alone.
Online Payday Loan Approval Process
How much money can I borrow?
MyLoansUSA will base your first cash advance on the information that you supply
us with in your application. Once you have successfully repaid your first cash
advance and established a good payment history with us, we may consider
increasing the amount you are eligible to receive.
How long do I have to wait before receiving my cash advance?
We will process your application within thirty minutes of receiving it. Once you
have been approved, we will transfer your funds directly into your bank
account, giving you access to them the very next day.
Will I still be approved for an online payday loan if I have bad credit?
We pride ourselves on working with people to help them get through difficult
financial situations. We will consider your application, regardless of your
credit history.
How will I find out if my payday loan has been approved?
MyLoansUSA will either call you or send you an email notifying you when you have
been approved. However, we do reserve the right to adjust the terms of your
loan up until the time you receive your cash advance if we find out new
information regarding your account during that time.
After I pay off my payday loan, how long do I have to wait before receiving
approval for another loan?
We can issue you another cash advance once we have received payment in full from
your last cash advance. Most payments take several days to clear through the
banks, so on average, the waiting period is two to three days.
Will you keep all of my personal and financial information private?
Yes. MyLoansUSA will not share any of your personal or financial information
with any other person or institution. We are also committed to using the most
secure SSL technology to ensure that your information is safe when you submit
it over the Internet.
Repayment Process
When will I have to pay off my payday loan in full?
Your loan will be due on your next pay date. Loan terms are regulated by state,
so please click here to see States We Serve as a Payday Lender.
If you foresee any problems making your payment, please contact us immediately.
Am I able to apply for a payment extension?
Certain states allow payday loan recipients to apply for extensions on payday
loan repayments. If you qualify, you will be required to pay the interest on
the loan as a minimum payment. You may also elect to pay off a portion of your
principal as well. You may apply for up to three extensions on your original
loan. You must request an extension at least two business days in advance of
your due date in order to qualify.
Can I make arrangements to pay off my payday loan early?
Yes. In fact, if you pay off your payday loan early you may even be entitled to a
refund of a portion of your advance fee.
What is the fee for taking out an online payday loan?
Cash advance fees vary per state. Click here for more details regarding
payday
lending terms that apply to you.
What options do I have available for repaying my online payday?
You have three options that you can select when repaying your loan. First, you
may choose to repay your loan in full (recommended). If you anticipate needing
additional time for repayment, you may also apply for a loan extension. If you
are approved for an extension, you may pay the fee and the interest on the loan
or you may pay the fee, interest and a portion of the principal. Loan extension
requests must be made at least two business days prior to your loan repayment
date.
What should I do if I can't repay my payday loan on the due date?
You may qualify for a payday loan extension, so please contact us immediately so that
we can help you make payment arrangements.
What should I do if I do not have the funds in my account to cover the repayment
or extension?
Please contact us immediately so that we can negotiate a repayment schedule. If
you do not contact us, then we will begin collection proceedings and decline
any future loan applications from you.
Online Payday Loan Account
How do I change my password or reset my password?
Contact Customer Service at 877.444.0555.
How do I update my customer profile?
Contact Customer Service at 877.444.0555.
How do I update my bank information?
To update your bank information, Contact Customer Service at 877.444.0555.
Why don't I receive emails from MyLoansUSA?
The intensity of SPAM and the new e-mail filters implemented by ISP’s and
other technology service providers may stop you from receiving important
emails from MyLoansUSA.com.
To ensure your receive important emails from MyLoansUSA, please take a moment to add our e-mail address
support@myloansusa.com to your address book.
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