Frequently Asked Questions
Payday and cash advance loans - what are they?
A payday loan, or cash advance, is a small loan given over the short-term. They are typically between $40 and $1,600. Payday loans are typically given to help people needing money in the short-term for essentials such as household bills or medical expenses and who cannot wait for their next payday, they are often a good alternative to otherwise being given fees for a check not cashing or for not paying a bill. If you are in need of a short-term cash injection you can contact My-Vasectomy now and avoid excess interest on payments with an immediate payday loan which could be in your account later today. They are easy to get and suitable for most people because they are unsecured and do not require a credit check.
The loan costs vary depending upon how able you are to pay back the loan within the agreed time. When you apply you will need to provide some details about yourself and your employment, these will be used to help calculate your fees and what APR you are given. The terms will be set out and you will be linked to the website of the lender - at this point your application is NOT complete and should you choose to regret the terms and not agreed with them you can stop the process then. A typical fee is between $25 and $30 for each $100 you borrow. For example if you were to take a payday loan of $400 you might pay between $100 and $120 in fees. All our loan costs are compliant with State and Federal Law.
Your payday loan is your money and can be used without restrictions by yourself, you can use it to cover just one bill or spread it around over several. Other popular ways to use them are for medical expenses and for emergency repairs to your home however it is entirely up to you and you will not need to provide a reason when applying.
It is up to the lender to decide if you are eligible for a loan renewal and all costs and terms are decided by them. Before requesting a renewal make sure you examine their terms carefully so that you are aware of all the ramifications. In some cases a loan renewal can result in extra interest being applied to your loan because the lenders do not debit your total loan on the agreed repayment date.
Who is eligible for a payday or cash advance loan? Do I need a credit check?
Unlike for many types of loan you do not need to have a credit check in order to get a payday loan. The eligibility criteria are as follows:
- Be a citizen of the U.S. and at least 18 years old.
- Have a regular income through employment or other means.
- Your regular income is $1,000 a month or more.
- Capable of direct deposit payments through a savings or checking account.
What if I can't repay the loan when agreed?
If you find yourself in a position where you cannot repay your loan on the date agreed you should contact us immediately. We may be able to extent your loan slightly or rearrange the date.
We offer three standard repayment options:
- The loan is repaid in full on the date your agreement matures.
- Repayment of an agreed part of the loan plus loan fee can be arranged before your agreement matures.
- The finance fee only repaid with anything else including fees being payable one month layer.
Once you have met all the criteria you will need to fill in an online form which gives us information about yourself and your income. Next an agent will look at your application and your details and contact you.
You must provide us with your name and current address as well as employment and details of your bank. We will also require photographic I.D. to confirm your identity.
Is there an application fee?
We do not charge customers for using our service - there is no application fee.
Our website is secure and we use proven security methods to keep your data and personal information safe. Any information you send us from your browser is encrypted with 128-bit SSL technology. We are committed to your online security and regularly check our online security so that we can keep your data safe.
After applying do I have to accept the loan offered?
Applying for a loan does not put you under any obligation to accept the terms that are offered to you. By applying you are showing interest in getting a loan and giving consent for us to send you further information on loan products however until you sign you are under no obligation. Once you have applied you can request to cancel, if you decide to go ahead we will ask for further details and confirmation of your information and ask you to agree to the terms and conditions for that loan.
My credit score isn't great - can I still apply?
At no point during the application process will we take a credit check so if you have poor credit this may be an excellent way for you to get a loan. While you may have been turned down by other lenders we will do our best to support you and help you find a suitable loan.
I rent rather than owning my own home - does this matter?
It does not matter whether you rent from a landlord or own your home because our payday loans are short-term and unsecured.
Can I get more than one cash advance loan?
You must repay the cash advance you have before you can have another one. We enforce this to encourage sensible and responsible lending.
Do I need to fax any information through?
Typically checks are carried out by the lender in-house and you will not need to fax through any documents.
Will you need to contact my employer or past employer?
Lenders have to keep your application confidential and no third parties will be contacted without your express permission. Occasionally a third party will need to be contacted to confirm some personal information but if this happens you will be contacted by the lender prior to this going ahead.
Do I need a bank account capable of direct deposit?
Yes your bank account must be able to handle direct deposits as this is needed for the electronic transferal of funds.
How long does the application process take?
Once you have filled in your application it can be processed in as little as 30 minutes in most cases. Normally this will result (once approved) of the money becoming available to you by the next working day. Once this has happened you will be contacted by one of our agents to confirm when you are repaying the loan.
How often can I apply for a payday loan?
We do not encourage people to rely on payday loans as a regular solution to financial problems however there is nothing to stop you taking out a payday loan each month. The idea behind payday loans however is that they are a solution to the occasional urgent problem rather than a regular fix to a long-term financial problem.
How do I know that my loan has been approved?
We will send you an email with confirmation once we have made all necessary checks to your application. We do reserve the right to make changes to the repayment date and loan amount before giving you the funds but should this happen we will contact you by phone or email.
The loan repayment period depends upon the laws in your geographic area. Typically the repayment period is between 9 and 30 days after you have got the loan and will be arranged to coincide with your next payday.
To arrange an early repayment please contact us. Depending on how early you are repaying you may be refunded some of the fee you paid for the loan.