WHAT IS A PAYDAY LOAN?
Payday Loans are short- term, small loans usually lasting 5-17 days. The amount of the Payday Loan can range from a small amount to get you by to larger amounts for unexpected emergencies intended to cover your financial needs until your next payday. Payday Loans are generally due on the date of your next paycheck and do not require traditional credit checks.
CAN ANYONE GET A PAYDAY LOAN?
Emergencies can happen and time to time we can all use some financial help. It’s quick and easy to get a loan through E EZ PayDay Loans, simply fill out the form online and connect with a payday lender and review the offer presented to you.
HOW MANY PAYDAY LOANS CAN I GET?
A Payday Loan is mostly utilized as a short term plan as it will need to be paid back on schedule, normally your next payday. Once your payment is processed and the loan is repaid, you are welcome to take out another loan to help with other potential needs.
HOW AND WHEN WILL I KNOW MY LOAN HAS BEEN FUNDED?
Once the required documents are verified and signed, a representative of a payday lender, will cover your payment options, and the loan expectations.
HOW LONG DOES IT TAKE TO GET FUNDED AND FROM WHERE DO I RECEIVE IT?
Typically the process will be quick and have your available to you. It is E EZ PayDay Loans goal to connect you with a lender, this means you could receive an offer and have an opportunity to review the rates and terms which suits your particular needs.
HOW MUCH DO I HAVE TO REPAY?
You have to pay the principal loan amount plus the interest noted in your contract.
IF I PAY MY LOAN EARLY, HOW DOES THAT AFFECT MY FINANCE CHARGES?
With a Payday Loan, you pay the entire finance charge listed in your contract even if you pay it off early.
DO YOU CHECK THE MAJOR CREDIT BUREAUS DURING THE INITIAL PROCESS?
Accessing or making inquiries into your credit bureau, or maxing out available credit channels can be a sure way to damage your credit score. A credit check may be performed and you should be aware that it is being accessed. Again, be aware that the Lender will conduct a credit check. A credit check can be offered by any entity that is a credit reporting bureau as defined under the Fair Credit Reporting Act, which definition is not limited to the “big three” credit bureaus (TransUnion, Experian and Equifax).
IS THERE A COST TO INQUIRE?
The form provided at eezpaydayloans.com only takes a few minutes to complete, uses SSL encryption to protect your information, and is free for you to fill out. The form only requests for the information needed to place you with a lender in the network, and after you submit this information, it is forwarded to a large network of lenders who can provide your payday loan in as little as one business day. In many cases, you will not be asked to fax a single document.
IMPLICATIONS OF LATE OR NON PAYMENTS
When loans go unpaid, this can influence you in several different ways. You should always be sure to negotiate payment arrangements with your lender if you are unable to repay your loan as stated in the original agreement in order to avoid or reduce the following:
Financial Implications – While the fees for short term loans already amount to 15-40% for $100 borrowed, unpaid loans can have even higher charges. Also, the interest charged on loans of more than $500 can be higher. Additional charges for non-sufficient funds can be $20 or more and loans that are more than 15 days past due can be assessed additional charges of up to 10%.
Collections Practices – Lenders reserve the right to contact you via telephone, text message and email in an attempt to collect the money they are owed. Generally, the lender will not sell your debt to collection agencies or sue you for the unpaid balance; they will instead offer debt settlement options. All lenders must adhere to the guidelines of the FDCPA, or Fair Debt Collection Practices Act, that was put into effect by the FTC. Additional information can be found at http://www.ftc.gov/os/statutes/fdcpa/fdcpact.shtm or through the lender directly.
Impact on Credit Score – Failure to repay short term loans can have a negative impact on your credit rating if your lender reports to any of the major consumer credit bureaus. This will remain reflected in your credit history until the amount of the loan is repaid in full. This may also hinder your ability to take out short term loans in the future.
Renewal Policy – Some lenders will require you to agree to automatic loan renewals if you cannot pay your loan on the initially scheduled date. This is in addition to other options you may have, including paying your loan in full or making arrangements to pay down the principle balance over time. Please review your documentation carefully for automatic loan renewal information.
You should also understand that additional interest and finance fees will be charged if your loan is automatically renewed.
Consumers should be aware that Lenders may renew or extend existing credit; and that every Lender has its own renewal policy, which may differ from Lender to Lender. Please review your Lender’s renewal policy.
RESPONSIBLE LENDING POLICY
We adhere to the OLA Responsible Lending Policy.
COMPLIANCE WITH APPLICABLE LAW
All applicable federal laws to qualify for Membership in OLA are fully complied to.