Frequently Asked Questions About Payday Loans
Some additional terms and conditions may apply. Please ask your loan consultant about all of the repayment options.
What is a Cash Advance, Payday Loan, or Paycheck Loan?
A payday advance provides you with an unsecured, short-term cash advance until your payday. Customers choose these services to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. With Large Cash Loans you can sign up via our form for service and have your advance electronically deposited to your checking or savings account by a lender.
What about Qualifying?
Qualifying for a payday advance is easier than qualifying for traditional credit. Your job and your paycheck act as your collateral. You need to meet the following minimum 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
- Not active in the military
Does the process take long?
Customers typically receive approval within hours of applying, depending on the lender with whom they are matched. Since the money is wired directly into your checking or savings account, you can usually have access to your funds the very next day after talking to a customer service provider designated by your service provider.
Is my application and financial information secure?
Absolutely. 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. See our terms of service page for additional information.
What about collateral to receive a loan?
Your job and your paycheck are your collateral.
Do I need direct deposit?
At this time your loan questionnaire can be accepted if your paycheck is direct deposited; it is the most secure way to offer loans as quickly as our lenders do.
Is there an application fee for filling out our form?
Large Cash Loans never charges applicants for using its services to get matched with lenders who offer service.
How often should I use this service?
Whenever an immediate or urgent need arises, we are here to help. It is important to remember that a payday cash advance loan is a short-term answer to an immediate cash need. These are not intended for repeated use in supporting an on-going budget situation from payday to payday. Repeated use or reliance can create serious financial difficulties. If you need help with credit, budgeting or debt management, please contact the National Foundation for Credit Counseling at 1-800-388-2227.
How is the loan amount determined?
Our lenders qualify you for an amount based on your current income and other questions that you answer truthfully on our sign up form.
How soon do I have to pay back the loan?
They are generally repaid back when you receive your next paycheck. The standard time for repayment is usually no less than seven days and no longer than eighteen days. Your lender should disclose this information when you agree to their terms.
Can you get a loan without a checking account?
While each lender's eligibility criteria are different, having an active checking account is a fairly universal prerequisite to obtaining an advance. Payday loans without a checking account, sometimes also known as savings account payday loans, essentially do not exist. Checking accounts have marked differences from savings accounts, such as direct deposit capability, that make them suited to the logistics of disbursement and repayment. For this reason, your lender will likely require you to have a valid checking account in your name with the direct-deposit feature enabled.
Although payday loans with a savings account may not be a possibility, prospective borrowers without checking accounts do have alternatives. For one, you might consider setting up a free checking account with a local bank or credit union. These accounts can usually be established very quickly with minimal to no expense, and doing so will open up more possibilities than just payday loans with no checking account. Alternatively, you may be able to obtain a savings account advance at a brick-and-mortar proprietor, but even most in-person providers require an active checking account to qualify.
Are your loans guaranteed?
Some lenders use the term "guaranteed payday loans" to describe loans for which there are higher rates of approval than others. Because all borrowers are subject to the rigors of a qualification process, no personal loan, payday loan, or any other type of loan is ever guaranteed. Lenders have to establish borrowing standards in order to minimize default rates, so it is inevitable that some borrowers will not make the cut. However, lenders that advertise guaranteed service typically have exceptionally high approval rates for that particular type of loan. While funds are by no means guaranteed in the literal sense, most borrowers with a steady income and a bank account will have a strong chance of getting approved.
How fast can I get my loan?
The speed with which you receive your funds will depend on your lender's approval protocols, when you apply, your financial institution, and the accuracy of the information you provide on your application. The processing time for your payday loan can vary considerably, but an average of one to three business days is fairly common. Click here for more information on loan speed and how the electronic funds transfer process works.
What if I have bad credit? Does LCL perform a credit check during the form process?
Bad credit payday loans are available from almost all of our lending partners. Provided you meet the minimum eligibility criteria of your lender, you should be able to qualify for a cash advance without having to undergo a credit check. Remember that Large Cash Loans is merely a liaison between borrowers and lenders; we do not actually issue payday loans ourselves, nor do we perform credit checks of any kind. For additional information on how credit does and does not impact the payday borrowing process, visit our Credit and Loans page.
Can I get a payday loan if I am currently receiving disability or Social Security payments?
In some cases, lenders accept disability or Social Security payments as a source of income, although individual lenders employ unique qualification standards. When applying, specify disability or Social Security payments as your source of income. You may be required to show proof of income by faxing your award letter to the respective lender, depending on your state of residence.
What qualifies as disability income?
The Social Security Administration Disability Insurance will pay benefits to you and eligible family members if you are "insured" (you have worked long enough and paid social security taxes). Certain lenders consider this type of payment as income.
Additionally, Supplemental Security Income (SSI) provides supplemental benefits and is separate from Social Security funded benefits.