Frequently Asked Questions About Payday Loans answered by Spotya!
A payday loan is a short-term small loan that you normally pay back on your next payday. It is sometimes called a cash advance, and is a convenient way to get money if you need it right away. You can get approved in a short time with little fuss.
You can borrow up to $1000, depending on your salary. To ensure that you don’t borrow more than you can pay back, direct lenders use a standard formula to calculate the amount of your loan. The maximum amount allowed is regulated by state law.
The funds borrowed from a direct lender, plus fees, are automatically withdrawn from your bank account on your due date.
Most direct lenders market their prices competitively within the industry. If you borrow $300, you will pay a percentage of each $100 borrowed back to the direct loan lender on your next payday.
Direct lenders do not do a credit check. However, when you apply, responsible lenders don’t want you to borrow more than you can afford, so lenders limit your loan to a set percentage of your take-home salary. Bad credit doesn’t prevent you from getting a loan.
Responsible direct lenders require you to prove that you have a paycheck that is regularly direct-deposited to your account (weekly, bi-weekly, etc.).
Yes. Once you have repaid your loan, you can become eligible for another one.
It will depend on your lenders terms.
You can be pre-approved within minutes and your loan can be deposited into your account the following business day provided you are approved by 11 am Pacific time Monday through Friday. If the loan application is received after 11 am. and is approved, it will take an additional business day for the funds to be deposited into your account.
The only document you need as a first-time customer is a recent bank statement showing that your last 30 days of activity. You’ll need to fax this bank statement to us. The rest of the process is done online and we will verify your personal information, bank details and employment through a paperless process. There is no paperwork required for returning clients.
All you’ll need to do for Spotya! to find you a lender is to complete this simple online application. You’ll then receive an email confirming that your loan has been approved, and we’ll tell you when the funds will be available to you.
There are only a few reasons why your loan might be denied. These may include: not having a regular paycheck that is directly deposited into a bank account, a history of bad checks, outstanding payday loans with other companies, or incorrect personal information.
After your cash advance is approved and you have been notified by the direct lender, the money is electronically deposited into your bank account.
Contact customer service immediately if you don’t think you’ll have sufficient funds in your bank account to cover the repayment, and you can discuss your options with one of the professional loan officers.
If your contact numbers and information are correct, the process is quick and easy. When your details are confirmed and you are approved, a customer service representative will send you an email to tell you when your loan will be deposited. In that email, you’ll also get a username and password to enable you to access your account details. You’ll also be able to log in and get future loans that don’t require any further paperwork.
No, but you do need to have a business and home phone number.
We accept online applications 24 hours a day, 7 days a week, 365 days a year. The payday loan service representatives at Spotya.com work around the clock to process your loan application to our direct lending partner, Lending Leaves LLC, or other third party lender as needed.
Our website is secure enough to ensure that your application information is protected from the prying eyes of criminals and advertisers.
You can apply for a loan as often as you like though there may be some restrictions on accepting too many loans simultaneously. Apply now to get started!
No, no collateral is required for a payday loan but your electronic signature is necessary to process the loan.
