| Frequently Asked Questions About Our Low Interest Payday Loans & Cash Advances |
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What are the requirements to get approved? |
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The only things you will need to qualify are the following items: |
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Valid checking account |
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Direct deposit from employer |
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REQUIRED DOCUMENTS |
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A copy of your most current bank statement |
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Monthly net direct deposit income of at least $1,500.00 |
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How long does it take to be approve? |
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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? |
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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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What if I don’t have enough money to pay back my payday loan? |
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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. |
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What is the cost of credit for your service? |
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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 if I have no or bad credit? |
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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? |
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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? |
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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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How do I cancel my deferred deposit loan? |
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After you have been approved for a cash advance, you have one business day to decide if you should keep your loan or not. To cancel your cash advance, please contact us either by phone or email by 7:00 P.M. Eastern Standard Time the next business day. There will be no fees or penalties for canceling your loan as this is a no obligation cash advance. |
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