What is a Payday Loan or Cash Advance?
A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With Payday Quote Advisor you can apply for a payday loan online and have your advance electronically deposited to your checking or savings account.
What can a Payday Loan be used for?
The money can be used for any purpose - to pay bills, buy something, have a great weekend, it's up to you! You won't be asked!
How much can I receive?
Your first Payday Quote Advisor loan is based upon the information you provide in your membership application. You can borrow an amount up to $1000. After successful repayment of your payday loan, we may raise your loan amount on any future Payday Quote Advisor loans.
How are fees established?
The APR associated with your loan is the annual percentage rate, or the amount of interest that you would pay on your total loan amount over the course of a year. The APRs for short term cash loans range from 260.71% to 1825.00% which is higher than other forms of consumer credit, but since these loans are designed to be repaid in a short period of time, consumers typically pay interest rates that are comparable with the fees for overdrafts and bounced checks. The table below is a comparison of charges on a $100 loan that is extended for a period of two weeks.
|Product Type (single repayment)
|NSF + Bounced Check
|Short Term Loan
All of the lenders in our network agree to adhere to federal laws and state regulations that apply to the short term loan industry. Some of the things that states typically regulate include whether or not short term loans are allowed, the maximum amounts of these loans, the number of loans that may be outstanding at any given time, the fees and interest that lenders can charge and even how many rollovers are available to consumers. We have compiled a list of states, the maximum loan amounts in those states and the regulations they have in place for your convenience.
Alabama - $500 Finance charges may not exceed more than 17.5% of the total loan amount.
Alaska - $500 Finance charges may not exceed more than 15% of the total loan amount, and lenders can charge a discretionary $5 origination fee.
Arkansas - $400 Finance charges may not exceed 10% of the total loan amount and additional charges, such as those for origination fees, may not exceed $10.
California - $300 Finance charges may not exceed 15% of the total loan amount.
Colorado - $500 Lenders are permitted to charge a $30 maintenance fee for each month that the loan is unpaid. The APR associated with loans may not exceed 45%. Finance charges may not exceed 20% on the first $300 of the loan and 7.5% on amounts between $301 and $500.
Delaware - $500 There are no further regulations in Delaware.
Florida - $500 Lenders may charge a reasonable verification fee at their discretion. Finance charges may not exceed 10% of the total loan amount.
Hawaii - $600 Finance charges may not exceed more than 15% of the total loan amount.
Idaho - $1000 There are no further regulations in Idaho.
Illinois - $1000 or 25% of Gross Monthly Income Finance charges may not exceed 15.5% of the total loan amount.
Indiana - $50 Minimum or $500 Maximum Finance charges may not exceed 15% of the first $200, 13% on amounts between $251 and $400, and 10% on amounts between $401 and $500.
Iowa - $500 Finance charges may not exceed 15% for the first $100 of the loan and 10% on the remaining amount of the loan.
Kansas - $500 An administrative fee may be charged at the lenders discretion. Finance charges may not exceed 15% of the total loan amount.
Kentucky - $500 No more than two loans are permitted at any given time and these loans may not exceed the state maximum. Finance charges may not exceed more than 15% of the total loan amount.
Louisiana - $350 Finance charges may not exceed 16.75% of the total loan amount.
Maine There are no loan limits or state regulations in Maine.
Michigan - $600 Finance charges may not exceed 15% of the first $100, 14% for the next $100, 13% for the third $100, 12% for the fourth $100 and 11% for the fifth and sixth $100. Administrative fees are also allowable.
Minnesota - $350 Finance charges may not exceed 5.5% on the first $100, 7% for amounts between $101 and $250, and 6% on amounts between $251 and $350. Administrative fees are also allowable.
Mississippi - $400 Finance charges may not exceed 18% of the total loan amount.
Missouri - $500 Any finance charges or interest is allowable as long as the total charges do not exceed 75% of the total amount of the loan.
Montana - $50 Minimum and $500 Maximum Finance charges cannot exceed 36% of the total loan amount.
Nebraska - $500 Finance charges cannot exceed 15% of the total loan amount.
Nevada No More than 25% of Gross Monthly Income There are no additional regulations in Nevada.
New Hampshire - $500 Finance charges may not exceed 6% of the total loan amount.
New Mexico No More than 15% of Gross Monthly Income No additional regulations in New Mexico.
North Dakota - $500 Finance charges cannot exceed 20% of the loan amount.
Ohio - $500 Finance charges may not exceed 28% of the total loan amount.
Oklahoma - $500 Finance charges cannot exceed 15% on the first $300 and no more than 10% on any remaining loan amount.
Oregon No More than 25% of Gross Monthly Income Origination fees of up to $30 are allowable. Finance charges may not exceed 36% of the total loan amount.
Rhode Island - $500 Finance charges cannot exceed 15% of the face value shown on the provided check.
South Carolina - $550 Finance charges cannot exceed 15% of the total loan amount.
South Dakota - $500 No additional regulations in South Dakota.
Tennessee - $500 Finance charges may not exceed 15% of the total loan amount.
Utah No minimum loan amounts or regulations in Utah.
Virginia - $500 Verification and origination fees are allowable. Finance charges may not exceed 15% of the total loan amount.
Washington - $700 or 30% of Gross Monthly Income Verification fees are allowable. Finance charges may not exceed 15% of the total loan amount.
Wisconsin No loan limits or regulations in Wisconsin.
Wyoming No Maximum Finance charges may not exceed $30 or 20% of the principle balance, whichever is less.
The states in which short term cash loans are prohibited are: Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia.
What about qualifying?
Qualifying for a payday advance is easier than qualifying for traditional credit. Payday Quote Advisor does not perform credit checks. You only need to 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 checking account or savings account with direct deposit.
What’s the procedure to apply for payday loans online?
The procedure is extremely simple, all you need to do is just fill up the application form at our website and submit it online. The approval takes place immediately after you submit the application on any of the business days.
What do I have to fill in application form?
You have to provide your name and address, employment information, bank account details, and picture identification in the payday loan application form.
Is my application and financial information secure?
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.
Is there an application fee?
Payday Quote Advisor never charges applicants a fee to qualify for a payday loan.
Does the online form obligate me to taking out a loan?
No. When you fill out our online application, you are only stating that you wish to have our agents approve you and contact you to discuss your options. You may still ask us any questions, and withdraw your request at this time. If you are ready to proceed, you may confirm your information and officially agree to terms with one of our representatives.
What if I have bad credit?
Bad credit will not prevent you from receiving a payday loan at Payday Quote Advisor . Our friendly managers will work with you, even if you have already been turned down by other lenders.
I'm a tenant - is this a problem?
No problem - it makes no difference to the lenders whether you are a tenant or a homeowner.
Do I need to fax my details?
You don't need to have a fax machine to be able to apply for a loan. Lending company gets all necessary information instantly.
Can I have more than one payday loan at the same time?
No. All other payday loans have to be repaid before another can be granted.
Do you contact current or former employers?
No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.
Do I need direct deposit?
At this time we can only process your loan if your paycheck is direct deposited; it is the most secure way to offer loans as quickly as we do.
When I will receive my payday loan?
Your application will be processed within 30 minutes, once it has been received. When approved, you will receive your loan on the next business day. Once you receive the loan, we will help you to schedule you repayment dates so that you won’t have to worry about bounced checks or missed deadlines.
How do I know that my loan has been approved?
You will receive an email notification once your loan has been approved. Payday Quote Advisor reserves the right to make adjustments to your loan approval until the time you receive the funds in your bank account based on new information regarding your loan application.
When will my loan be due?
Your due date will normally be due on your next payday that is between 8 and 25 days away. Each state has different rules and regulations.
What if I want to pay early
Contact us if you want to pay your loan off early. If you pay off early, you may be entitled to a refund of part of your loan fee.
What if I can’t repay my loan on the due data?
If you can’t repay the full amount of your loan on the due date, you may be able to request a loan extension.
We have different payment options available for our customers:
1. Paying the loan in full on the maturity date listed on your loan agreement.
2. Paying the finance fee and a portion of the principle on or before the maturity date.
3. Paying only the finance fee on the maturity date.
How often can I get a payday loan?
We are here to help anytime you need extra cash between paychecks. We encourage all our clients to keep in mind that a payday loan is only a short-term solution to an urgent cash need, and to use these loans responsibly. Payday loans should not be used repeatedly to deal with continuing budgeting issues.