Frequently Asked Questions
iPaydayLoan.com is a matching service which submits your inquiry to its network of lenders. There is no cost for submitting an inquiry. The fees and rates are quoted directly by the lender which is matched to your profile. iPaydayLoan.com is not a lender and will not provide you or anyone else with lending services.
It is understandable for new customers to have questions about iPaydayLoan.com which is why we have compiled the most common questions into this FAQ. If you have any question not answered in this FAQ we'll be glad to answer them. All you've got to do is to contact us and allow some time to receive an email response.
Any questions pertaining to loan payments, application status and extensions etc need to be directed to the lender to whom you submitted your application to. Once your application has been submitted on the lender's website you'll receive the lender's contact info.
- What is a payday loan, cash advance, Installment Loan or Personal Loan?
- Who can qualify for a payday loan, cash advance, installment loan or personal loan?
- What amount can I get?
- How is the money given?
- If I have bankruptcy or bad credit can I still get the loan?
- How long will it take?
- Will I need a printer or fax machine?
- What is the cost?
- If I have an outstanding payday or cash advance loan is it possible to get a new one?
- When and how do I repay this loan?
- What happens if I'm late with repayment?
- How is my private information to be protected?
- When can I get another loan?
- Is an extension possible on repaying my loan? And how many extensions can I get?
- What happens if I'm not able to repay my loan?
What is a payday loan, cash advance, Installment Loan or Personal Loan?
Installment Loans are loans that have payment plans and are paid back over multiple payments and therefore the loan amounts are larger. The loan amount here is often between $300 and $5,000.
Personal Loans are loans designed for bigger needs, get paid back over many multiple payments and are for much larger amounts. Being that these loans are for such large amounts, the loan process procedure takes longer and is more involved. The amount here is often between $1000 and $35,000.
Who can qualify for a payday loan, cash advance, installment loan or personal loan?
- Be employed in your current position for at least 90 days
- Be older than 18 years of age, be a US citizen or a permanent resident
- You should have a salary of $1000 each month after tax deductions to qualify for the smaller loans
- Have a valid email address, work phone number and home phone.
What amount can I get?
You can get anywhere from $100 to $35,000, depending on the type of loan you choose. The approved amount will be determined by your income and type of loan selected. Some loan amounts will be predetermined by the lender or other loan amounts may be offered to you if you don't qualify for the amount you requested.
How is the money given?
Once your choosen loan has been approved the money is wired electronically to a checking account of choice.
If I have bankruptcy or bad credit can I still get the loan?
Yes you can still get it despite bounced checks, charge offs, bankruptcy and also credit related issues.
How long will it take?
It can take as few as just 2 minutes to fill out the inquiry form. you'll get your loan within 1 business day.
Will I need a printer or fax machine?
You should have printer in order to print out the loan documents. Also the lender who receives your inquiry will also need for you to fax over the information to them. Information such as your bank statement and a pay stub will need to be faxed over. If you do not have a fax machine you can always use ones available at Office Max, Kinkos, Mail Boxes, Stables etc.
What is the cost?
There is no cost to use iPaydayLoan.com's private network of lenders. The fees of the loan will vary depending on the amount and the lender. The lender will notify you of the exact fees for the loan once on their website. However, please bear in mind that payday and cash advance loans have been designed with emergency needs in mind and will be lower in terms of expense as compared to late charges, check fees etc. which you may incur if you are late with payments. Installment loans and Personal loans are designed for longer terms and offer larger loan amounts but still at affordable rates.
If I have an outstanding loan is it possible to get a new one?
Yes you may qualify, even if you have another outstanding loan you can still qualify. But you'll need to be sure to disclose this outstanding loan to the lender. Some larger loans can and are often used by borrowers to pay off smaller existing loans.
When and how do I repay this loan?
Both the loan fees and the amount is withdrawn directly from your checking account once the due date has been reached. You will not have to think twice about it! This saves you from having to visit any store. An extension can be requested by contacting your lender prior to the due date. But there will be additional fees which apply to the extension.
What happens if I'm late with repayment?
There are different policies followed by different lenders in our network. It is advised that you review the policies pertaining to late payment often found in the lender's documentation prior to inserting your e-signature on that document. However, many states have laws that dictate how much lenders are allowed to charge for late payment.
How is my private information to be protected?
When can I get another loan?
Usually after 2 hours you can apply again. However, if you have already previously been approved for a loan then ensure that this info has been disclosed to the lender.
Is an extension possible on repaying my loan? And how many extensions can I get?
The state laws on this differ and dictate if a lender can grant you an extension often referred to as a 'rollover'. While some states allow for multiple rollovers, others do not allow it at all. You should ask your lender about anything concerning rollovers / extensions. Also make sure to contact your lender with an extension request prior to the due date of your payment. If you do not do it in time the lender will charge you additional fee and ask for immediate payment of the remaining balance. Also additional fees and other charges may be levied on you if you default.
What happens if I'm not able to repay my loan?
Lenders are always determined to pursue collections after the due date of their accounts to the fullest legal extent. You may have to face criminal charges and additional fees if you do not repay on time.