Before borrowing, it's essential to know how payday loans work. Take a look through some of the most frequently asked questions about short-term lending and our website. If the answer to your question is not on this page, kindly visit our contact page to send us your inquiry, and we will respond immediately. If your question relates to a specific loan or offers for credit, you must inquire directly with your lender.

What is a Short Term Loan?

A short term loan or payday loan is a small loan, usually between $100 and $1000 that gives you the cash you need to cover expenses until your next payday. It’s a financial instrument which helps consumers to get cash fast whenever they need financial assistance. Subsequently, these loans are accessible to consumers irrespective of their credit scores; they don’t have to deal with the difficulty of credit to get funds. The procedure is quick and less frustrating than trying to get credit from traditional lenders. Our lenders can assist you to get as much as $1,000 based on your state, the lender and your financial condition.

How Can I Qualify for a Short Term Loan?

It’s easy to be approved for a payday loan than other types of credit. gotmoneys.com can connect great percentages for the users that request a loan from us. You need to have an active bank account in your name, be at least 18years of age, be a permanent resident and legally employed in the United States, have a current home/cell and work phone number, have a valid email address, have a working phone number and meet income requirements as stipulated by your lender. You do not have to be employed, but you must have a steady source of recurring income payments to ensure you will be able to repay your loan. You must review all lenders terms and conditions prudently since we cannot offer you any assurance.

When is a Short Term Loan a Good Option?

Short term loans are designed to be used only in financial emergencies as a short-term solution to help you make ends meet between paychecks. The same cautions must be used when obtaining any form of credit should be used when deciding whether or not to take out a short-term loan. You should never request a loan for any other reason but financial emergency, and if you are experiencing serious financial troubles, you should consult a guidance counselor before taking out a loan.

What if I Have Multiple Jobs or I am Self-Employed?

If you’ve many jobs, you must reveal the details about your major job on your request form and then provide extra information about other jobs during your communication with your lender. Also, if your lender requests you to show them paycheck stubs, you must send stubs from all of your employers. If you’re an independent worker, all you have to do is show that you have substantial earnings to meet the lender’s conditions and that your business is reputable and your revenue is regular for 90 days or more. .

Are Short Term Loans Expensive?

The beauty of short term loan is that they are more convenient because they can be accessed instantly. When short-term loans are used responsibly, they cost less. Many lenders offer high-interest rates for short-term loans than other types of credit since lender undertake a great risk when they lend money to consumers without doing credit checks. However, you can still get low-interest rate by your lender since they want to get the fund back quickly. You must make sure to repay your loan at the appropriate time to avoid any unessential charges related to your loan.

How Much Does it Cost?

The fees will vary depending on several factors such as the amount of your loan, your state of residency, financial institution, your lender, ability to pay on time. Some of the charges which can be applied to your loan comprise of interest, finance charges, rollover charges, late fees and much more. Kindly evaluate your offers to know the particular charges involved.

Will I Have to Fax Documents?

There is need for lenders to get additional information such as a bank statement, pay stub, legal status, proof of employment or other form of payment to verify your status in order to decrease lenders’ risks, you may need access to a printer to print the supporting documents as well as a fax machine to send the documents back in some cases. Documents can be emailed through your local UPS store or public library for a small charge.

Will I Have to Fax Documents?

There is need for lenders to get additional information such as a bank statement, pay stub, legal status, proof of employment or other form of payment to verify your status in order to decrease lenders’ risks, you may need access to a printer to print the supporting documents as well as a fax machine to send the documents back in some cases. Documents can be emailed through your local UPS store or public library for a small charge.

What if I Have Questions about the Lending Terms?

The Lending Act requires a loan agreement you read and sign before receiving your loan which is a contract between you and the lender. The loan agreement fully outlines the terms and conditions of the loan. It is important that you read and understand the terms and conditions of the agreement. If you have any questions concerning the agreement, or if you do not agree with these terms, this must be directed to the lender who made the offer, and there should be adequate clarification before accepting an offer. Remember that we’re not a lender; therefore we cannot provide such clarification. But, once you have provided an electronic signature, you’re contractually obligated to follow its requirements. Consequently, ensure you read your offers and ask your lender about what you don’t know.

How Do I Get Connected?

If you need cash and you need it now, you can get an offer and get connected with lenders for a short-term loan. Use our fast and easy online application. It only takes 3 minutes, and we only request for essential information that’s needed for processing your credit request. After all, this has been completed the information will be sent all over our network of lenders. Your lender will communicate with you via email if you’re connected with a lender and approved for a loan. You can also be redirected to the lender’s website home page. You must evaluate the offer wisely before you agree with the conditions, and sign an electronic loan agreement. After providing your signature, your funds will be deposited into your bank account as quickly as possible.

How Do I Repay My Loan?

The terms and conditions with repayment are stipulated in the terms you get from your lender. The loan amount and fee are withdrawn from your bank account automatically on the due date. You must make sure that the funds are accessible on the due date. You may be qualified for substitutes such as extensions or rollovers which in the long run can save you money.

What if I Have Questions about My Loan?

If you require any inquiries concerning a specific loan, you must communicate them with your lender immediately. To guard your confidentiality, this service does not have access to any details concerning your loan. Your loan agreement must cover all contact information this will enable you to reach the lender if you have any problem. But if your lender did not reply or the answer you’ve provided is unacceptable, you can contact numerous government agencies through our website. These agencies will assist you in getting the problem resolve.

How Many Loans Can I Have at One Time?

Though we do not encourage user taking more than one loan at a time, due to provincial regulation and lending guidelines, you may only have three outstanding at any one time. Whenever you apply for a new loan, it’s necessary to reveal any information concerning your current loans in your request form. Although some states permit numerous loans, there can be restrictions on the overall sum of credit that can be given to you, this means that you may not be given the loan. Our lenders have the right to reject credit to anybody that previously has an unresolved loan irrespective of the rules in that state.

What if I Cannot Repay My Loan on Time?

Please be aware that unless payment is received, we will consider all options permitted by applicable law to pursue collection of the debt. You must review your loan offer and savings prudently before filling the form and you must not demand for a loan if there is any uncertainty that you won’t be able to repay the loan at the appropriate time. We understand that people's circumstances can change. However, if you’re not able to pay your loan, you must let the lender know as soon as possible. You can also be subject to debt collection attempts; nevertheless, there is no circumstance that our lenders can intimidate criminal act against you. You must also remember that your debt will continue to accumulate interest at high rate till it is due.

Why was My Request Denied?

Each payday loan company has different underwriting rules that decide whether or not a customer will be denied or approved. But, there are usually common denominators for why your application might be denied. Since online payday loans and retail front payday loans have different lending criteria, there could be numerous reasons for denial. It can be that you did not meet the fundamental conditions related to getting a short term loan. If you’re presently in insolvency, you’ll also be denied a loan. If you have an unsettled loan with another lender that is still in good standing. So also, if you think that you’ve been victimized in any way, you’re advised to contact the Consumer Financial Protection Bureau.

Can I Get a Loan From the Same Lender?

If you had a good experience with a certain lender and you want to use that lender again, you can surely do so. This is even supported since it will assist you to form a business relationship with that lender this can lead to bigger loans, small interest rates and permission to other credit-associated products provided by that lender. Ensure to evaluate the loan agreement or any message or mail you get from that lender to get their contact information and ask for a loan directly.