Paycheck Loan Facts

Get the facts about paycheck loans. We'll tell you everything you should know as a borrower.

1. You can get larger loans. The average paycheck loans website offers maximum loans of $300-$500. If you have an emergency car repair that is going to cost $1200, such a little amount will barely make a difference. For this reason, many of our lenders offer larger paycheck loans to help you with larger expenses (varies by lender). Some of our lenders offer paycheck loans as large as $1500 upon qualification (varies by lender).
2. No-fax loans are a possibility. Many of our visitors are thrilled to hear that some of our lenders offer no-fax paycheck loans (varies by lender). If your lender offers this option, it means that you will not have to fax in your bank account information, tax forms, and other documents to supplement your application. In other words, you can get paycheck loans with an entirely paperless process.
3. Enjoy flexible repayment terms. Our lenders usually offer paycheck loans with flexible repayment terms (varies by lender). This means that, if you cannot repay the loan in full on the due date, you can extend the loan for more time. To do this, you usually have to pay at least the finance charge of the loan on the due date (varies by lender). Rolling the loan over for more time will usually cost you an additional finance charge that will vary from lender to lender.
4. Don't worry about past financial mistakes. Not everyone can have a perfect financial track record, but some traditional lenders seem to expect this of their borrowers. With paycheck loans, this is not the case. Our lenders welcome applicants from all financial backgrounds. Usually, as long as you meet the minimum criteria, you have a good chance of qualifying for paycheck loans (varies by lender).
5. You don't have to wait around for an approval decision. Banks and credit unions are notorious for making borrowers wait for days on end for a loan approval decision. Not only is this nerve-wracking, it is also a colossal waste of precious time. Most lenders of paycheck loans provide approval decisions within seconds after receiving your application (varies by lender). That way, you can know right away if you're approved and, if so, for how much.
6. Most of the process is handled electronically. Paycheck loans are surprisingly easy to get because they offer a streamlined process that can be completed electronically for the most part. Many lenders offer online applications and electronic deposit of your loan into your account (varies by lender). That means you don't have to wait for a check to clear before you can access your funds. Likewise, repayment is also handled electronically, so the funds are automatically withdrawn from your account on the due date.