| What are
payday loans?
Payday loans are short-term cash advances you receive from a general financing or specialized payday loan company. The cash loan is due on your next pay date. To utilize the benefits of cheap payday loans, it is in your best interest to only borrow what you will be able to pay back.
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How
soon will I receive
the quick cash?
Once you've been approved for a low interest payday loan, the amount you've been approved for will be deposited in your account electronically. You can start spending your cash as early as the next business day.
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What are
the requirements to get
approved?
The
only things you will
need to qualify are
the following items:
- A copy of
your most
current bank
statement
- Voided
Check
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How long
does it take to be approve?
After you have
completed our online
cash advance
application and
submitted all the
required documents
during our normal
business hours, our
fast friendly
service agents will
contact you within
an hour either by
phone or email to
notify you of
status. For
applicants who
submitted their
information after
our normal business
hours, your online
cash advance
application will be
processed the very
next business day.
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How do I pay
back my online cash advance?
On
your next payday,
your contract agreement
with us for the
cash advance has
authorized us to
automatically
withdraw the amount
due from your bank
account. It’s that
simple and
confidential. You
don’t even have to
lift a finger.
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Will I be notified
prior to the
withdrawal of the
funds from my account?
Definitely,
we will notify you
either by phone or
email a few days
before your loan is
due. This is a
confirmation to let
you know we will be
withdrawing the
amount due from your
bank account.
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What if I
don’t have enough money to
pay back my payday loan?
In
this case, please
contact us as soon
as possible so that
we could arrange
other
payment method with
you to avoid a N.S.F.
charge of $20. One example of a
payment method can
be a partial
payment to your
loan. For instance,
if you decided to
make a partial
payment of $65 from
your $115 loan, then
your left over amount
of $50 plus our fee
of $7.50 ($15 per $100
borrowed) will be
carried on till your
next pay date.
It will be in your
best interest to pay
off your payday loan as
much as possible so
that you will
decrease the future
interest of your
loan. Please note,
Utah State Laws will
not extend any
payday loans beyond
(12) weeks.
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What
is
the cost of credit for your
service?
Hot Payday charges a
fixed finance charge
of $15 per $100
borrowed with a
varying APR from
180.00% to 782.14%. For
instance, if you
took out a $100 cash
advance for 25 days,
then your pay
back on your next
pay date is only $115
with an APR of
219.00%.
For a complete
schedule of fees,
please click here. There are no other
hidden fees you
would have to worry
about.
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What does
A.P.R. mean and how does it
work?
APR
(Annual Percentage
Rate), interest
rate: The yearly
rate charged to a
consumer to borrow
the finance
company's money. APR
is usually expressed
as a percentage.
Hot Payday charges a
varying APR of
180.00%
to 782.14% for
short-term cash
advances in which
depends on the
length (term days)
of your loan. For a
completed schedule
of fees, term days
and its appropriate
APR, please click here. Below is a chart
which emphasis the
variance between a
one year loan and a
one month payday
loan.
| Loan type |
Payments
type |
Amount
borrowed |
Rate (APR) |
Finance
charge |
| 1 yr. loan |
One payment |
$1000.00 |
7.5% |
$75 |
| 1 month loan |
One payment |
$1000.00 |
219% |
$150 |
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What if I
have no or bad credit?
Hot
Payday does not
perform credit
checks to anyone. We
only based your
approval upon the
documents you have
submitted to us and
your agreement to the
terms and
conditions.
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Would I
have to reapply again to get
another payday loan?
No, once you have
established a solid
commitment with us,
then getting another
cash advance would
not be a problem.
You could log on to
the members homepage to
request another
payday loan or
simply give us a
call using our toll
free number and our
service agents will gladly
work with you to get
another payday loan.
Please note, in
order to request
another loan,
you must pay off
your current payday loan.
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Is my
personal information
confidential?
Your
personal information
is protected under
our Terms
and Conditions.
Please refer to it
for additional
information. In
addition, Hot Payday utilizes
an encrypted SSL
(Secure Sockets
Layer) server
whenever your
personal data is
sent to us for
online payday loans
applications.
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