Frequently Asked Questions
The following is a list of the most common questions
we get about payday loans, the lending process,
or our services in general. If you can't find
your answer here and still need help, please contact
us!
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What is a Cash Advance, Payday Loan,
or Paycheck Loan?
Though the name varies from person to person,
all of these terms mean the same thing. They all
provide you with an unsecured, short-term loan
until your payday. Many people choose payday advances
to cover small, unexpected expenses while avoiding
costly bounced-check fees and late payment penalties.
With Platinum Payday Loans, we can help match you with a lender where you can sign up for
payday loans online.
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What about Qualifying?
Qualifying for a payday advance is easier than
qualifying for traditional credit. Most of our lenders only require your paycheck to act as your collateral.
You also must meet the following requirements:
• Currently have a job (or receive regular
income)
• Make at least $1000 per month
• Are 18 years of age or older and a U.S.
citizen
• Have an active bank account
Please note that your designated lender may have additional requirements.
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Does the process take long?
Customers typically receive approval within hours
of applying. Since the money is wired directly
into your checking or savings account, you can
usually have access to your funds the very next
day. This may vary from lender to lender.
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What if I have bad credit, NSF’s,
charge-offs or a bankruptcy?
Our lenders have exceptional customer service, and are willing to work with clients of any background or financial history.
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What about collateral to receive a loan?
No. Most of our lenders only require your job and your paycheck as your collateral.
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Is there an application fee?
Platinum Payday Loans never charges visitors
a fee for our online payday loan matching service.
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Is the form and financial information
secure?
Absolutely. We respect our customer’s privacy
needs in managing their personal finances. Our
site uses a variety of security measures to maintain
the safety of your personal information. All sensitive
information transmitted between your browser and
our website uses 128 bit Secure Socket Layer (SSL)
encryption technology.
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How often should I use this service?
Whenever an immediate or urgent need arises. It is important
to remember that a payday cash advance loan is
a short-term answer to an immediate cash need.
Payday loans are not intended for repeated use
in supporting an on-going budget situation from
payday to payday. Repeated use or reliance on
payday loans can create serious financial difficulties.
If you need help with credit, budgeting or debt
management, please contact the National Foundation
for Credit Counseling at 1-800-388-2227.
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How is the payday cash advance loan amount
determined?
State law regulates and limits the maximum advance
amount to between $100 and $500. Within that range,
you may qualify for a payday advance amount based
on your current income. Please speak to your designated lender for any additional information or questions regarding the loan amount.
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How soon do I have to pay back the loan?
As this may vary from lender to lender, please speak to your designated lender for any repayment options.
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*Some additional terms and conditions may apply.
Please ask your loan consultant about all of the
repayment options. |
