Payday Loan Questions: Amounts, Funding and Repayment
What is a short-term advance used for?
You may use your short-term advance for any reason that you need. We cannot tell you how to use short-term loans. It is entirely up to you to use it wisely.
How much money can I borrow?
For first-time applicants, most loans are $400. Based on your income and pay schedule you may receive a different amount. Once you have paid off your short-term advance you are eligible for a gradual increase up to $1500 based on your repayment history as long as your account remains in good standing.
I thought I could receive $1000 or $1500. Is it possible to receive more than $400 for a first-time advance?
If you came to this site via a different site, or applied on a different site, but are funded by Bottom Dollar Payday it is possible that another site advertised a loan up to a certain amount that is higher than what we actually lend to first time borrowers. The advertising you saw may have been from someone who is not a lender, but is just referring applicants to lenders. All lenders have their own lending limits and policies.
It is possible in some cases to receive more money initially, but you may be required to provide us with additional information including, but not limited to a bank statement.
How will I receive my money?
The process is automatic and convenient. Once your loan is approved, the funds are electronically deposited into your account via an ACH/EFT transaction.
When can I expect to receive my money?
Your loan application will be processed quickly once it has been received. Once the loan is approved you will generally receive your money the next business day (excluding bank holidays and weekends).
But how do I know you're a legitimate lender?
We are a member of OLA (Online Lender's Alliance) and we adhere to the OLA List of Best Practices and Code of Conduct. We also fully disclose our Rates & Terms and our Privacy Policy | Wireless Privacy Policy
What about collateral to receive a loan?
Your job and your paycheck qualify as your collateral.
Do you check the major credit bureaus during the application process?
No, the three major traditional credit bureaus are not used in the application process.
How will I know if I have been approved?
You will be contacted by phone or email by one of our representatives.
Do you have to contact my employer?
Yes. We need to verify your employment. To protect your privacy, our representatives are very discreet and will not disclose any information to your employer regarding the nature of our business.
Why do I have to verify my bank account information?
We need to ensure that the information you provided with your application is correct. This allows us to deposit the money to your account without any further complications.
Why do you need to know my account balance and last two deposits?
To ensure that your payment due dates will coincide with your pay schedule or direct deposit schedule.
How long is the payday loan for?
This is a short-term loan; therefore your due date is based on your next payday (up to 16 days away). If you get paid twice a month, you will be due on your very next payday. If that date is less than 5 days away, we will use your next payday up to 16 days total.
When do I repay? How do I repay? Do I have to repay it all at once?
Your repayment is the best part. The minimum required payment is the finance fee which is due on your next pay date. You have the option to pay only the finance fee or to pay the fee plus any increment of $10 or the principal in full. A finance fee will be due each due date that you carry a balance with us. You must phone us no less than three business days prior to your due date to set up a payment arrangement if you would like to pay off or pay down your loan. If we do not hear from you we will simply deduct the finance fee from your bank account. We also accept smaller principal payments on your due dates if your current budget does not allow for a full payoff. You get cash when you need it most and repay when you have it!
How much do I have to pay on my first due date?
The actual dollar amount depends on the amount of your short-term advance and when your pay date from your job falls. Generally, you are only required to pay the finance fee on your due date, but it is a good idea to pay down the principal of the loan if you have the funds to do so.
How can I recognize the payment descriptor on my bank records?
Depending on the network and processor used to draw funds from your account, the payment description from your bank may vary but, it will always provide a phone number within the payment description
for your reference. Please feel free to use that number or contact us at 877-712-3729 during normal business hours if you have any questions or concerns related to charges on your account. We are happy to assist.
What if my pay date is soon?
In some cases, if the first due date occurs within ten days of the day you receive your funds; you may receive half off your first finance fee.
How much is the first finance fee? How is it calculated?
The first finance fee is typically 30% of your principle loan amount.
That seems high. Why do you charge so much?
Our rates are highly competitive with other short-term lenders. This type of loan is intended for use for short periods when you need cash in a hurry and have no other means of obtaining credit or a loan. The fees are likely less than you would incur from bounced checks or overdrawing your bank account. Our advances are also a safer alternative to loans that require collateral like car title loans or mortgage loans.
I have another question that hasn't been answered here.
You may always contact us using one of the options below.
Customer Service
You may call our Toll-Free Phone Number and speak to our friendly and helpful customer service representatives with any questions.
1-(877)712-3729 - wait for prompt 3.
Live Chat
You may chat with a Customer Service Rep right now directly from your computer. Just visit our contact page and login to chat. If the Representative is offline, simply leave a message and someone will respond a.s.a.p.
Email
Contact us by email with your question. If you have questions about the application process or are a new customer, email [email protected]. If you are a returning customer who has already had a loan with us in the past and would like to renew or ask questions about reactivating your short-term loan, you may contact us at [email protected].
