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Frequently Asked Questions About Payday Loans



Why should I use Pay1Day.com Payday Loans?

Pay1Day.com is a direct online payday lender committed to helping customers receive a payday loan quickly with the most ease and convenience as possible. With a secure and confidential 3-minute application, instant approvals, cash deposits wired into your account by the next business day, and friendly customer service, we are here to help your immediate financial needs between paydays from the privacy and convenience of your own home. For more information about Pay1Day.com, click here.

What is a Payday Loan?

Payday loans provide borrowers with a short-term cash loans intended to cover expenses in between paydays with repayment usually due during the next pay period, falling between 4 - 30 days. To find out more about what a payday loan is, Click here.

What are the main advantages of using a payday cash advance loan?

Payday loans help people receive cash more easily and quickly than other types of traditional loans. At Pay1Day.com, the application takes about 3 minutes to complete and we work with customers even if they do not have the best credit. Once approved, customers can get cash as soon as within the next business day with Pay1Day.com.

Does Pay1Day.com run credit score checks during the application process?

No, we do not run a credit score check during the application process.

How much cash can I get?

With Pay1Day.com, you can get up to $800 deposited directly into your account as fast as by the next business day.


What are the fees and rates for a payday loan?

For more information about our fees and rates, please visit this page: Payday Fees and Rates

What is the process of getting a payday loan?

Just fill out or easy 3-minute application and get an instant approval. Upon approval, you will be contacted by phone or email by a friendly customer service representative to follow up and confirm your application. If you have any questions or need to expedite the process, you can call our customer service support number at 1-888-729-1329.


What time does Pay1Day.com Deposit Funds?

Loans are typically funded within the next business day at Pay1Day.com, however, the exact time that you receive the money depends on what time your bank deposits it into your bank account. If your loan is approved on Monday - Thursday, then Pay1Day.com will initiate the money wire to your bank at midnight, however, it is then up to your bank to deposit it into your bank account. Therefore, the exact time that you receive your money depends on your bank's activity.


What are the requirements for approval?

   Have employment and be paid with direct deposit on a biweekly or semimonthly basis.
   Make a minimum of $1400 net(after taxes) per month.
   Have an active checking account in good standing.
   Be a minimum of 18 years of age.

When is my loan due?

Loan due dates typically fall in between 4 - 30 days away. However, with Pay1Day.com, you have the option of extending your due date (with extended fees). However, if you wish not to extend your due date, then if your payday is less than 4 days away, then your due date will be your next payday. For example, if you get a loan on December 9 and your payday falls on December 11 and 25, then your loan's due date will be on December 25.


What if I have little credit history or a bad credit bureau file?

At Pay1Day.com, we work with you even if you have little or not-so-perfect credit.

Do I need to fax anything?

Our application process is streamlined online so we do not usually require any faxing.

How do I get my cash?

Upon approval, your cash will be deposited into your account as fast as within the next business day.

What about electronic records?

Access to electronic records is provided by industry standard web browser software and the Internet. By your use of our web site, you affirmatively demonstrate your ability to receive records and present your signature electronically. Your records may be printed or saved to your computer at any time.

Can I revoke my ACH payment?

No. The ACH Authorization can only be revoked AFTER we have received payment in full of the amount owed. Because our advances are single payment advances (that is, we advance a sum of money that is to be repaid in a lump sum), we are permitted to require ACH repayment in accordance with the federal Electronic Funds Transfer Act (EFTA.)

Under The EFTA, a lender cannot require a consumer to repay a loan by means of preauthorized electronic funds transfers as a condition to approving the consumer's loan. The term "preauthorized electronic funds transfer" is narrowly defined by the EFTA to mean "an electronic funds transfer authorized to recur at substantially regular intervals." As explained by the Federal Reserve Staff in its official commentary to the EFTA, "Creditors may not require repayment of loans by electronic means on a preauthorized, recurring basis." 12 C.F.R. 205, Supplement I - Official Staff Commentary, at 10(e) (1) (Loan Payments). As a one-time payment, the repayment of a cash loan is not encompassed by the EFTA's definition of "preauthorized electronic funds transfer," and is therefore permitted under the EFTA.

A short-term advance provides the cash needed to meet an immediate short-term cash flow problem. It is not a solution for longer-term financial problems for which longer term financing may be more appropriate. You may want to discuss your financial situation with a nonprofit counseling service in your community. You will be charged additional fees if you renew/extend the advance.


What is CFSA and what is it's importance?

CFSA is short for The Community Financial Services Association of America (CFSA) was established in 1999 to ensure consumer confidence and long-term success of the payday cash advance industry. CFSA promotes legislations and regulations that provides payday loan customers with consumer protections.

What if I am employed by a branch of the U.S Military?

Due to state and verification requirements, Pay1day.com does not service loans for military personnel.