Frequently Asked Questions about Cash Advances and Payday Loans
Here are some FAQ's about the Cash Advance and Payday Loan process.
Questions and Answers About Payday Loans
A payday loan, also called a payday cash advance, is a short-term, unsecured cash advance designed to help you pay your expenses until your next payday. AAA Cash and Loan offers cash advances to people who need to pay bills immediately without incurring bank penalties for non-sufficient funds and overdrafts.
What are the requirements to qualify for the loan?
There three basic requirements:
1. You must be at least 18 years of old
2. You must have a job (or another source of regular income)
3. You must have a checking account or savings account in your name
What kind of collateral do I need?
No collateral necessary. We don’t ask or care if you own a home, car, truck, or other assets. We only that that you receive a regular paycheck. Your next paycheck is the only collateral necessary to apply for a loan from AAA Cash and Loan
What is the fastest way to apply for a payday loan?
Click Here To Apply!
How soon can I get the cash I need?
At AAA Cash and Loan, we are dedicated to getting you the cash you need as quickly as possible. In most cases, we can deposit the money you need in your account the same day if you apply before Noon Pacific Standard Time. If you apply after Noon PST, we usually get your cash to you the next business day (as long as your bank or credit union is open and accepting electronic deposits).
How will I know when I am approved?
Within one hour after you submit your application during normal business hours, we contact you by phone or e-mail. If you submit your application after normal business hours, we will call or email you promptly by the morning of the next business day. Our normal business hours, except on major holidays, are:
Monday through Friday: 9 AM to 7 PM Pacific Standard Time
Saturday and Sunday: 10 AM to 2 PM Pacific Standard Time
What kind of documents do I have to mail to AAA Cash and Loan?
None. Via email or fax, just send your bank statement to us. No need for extra paperwork. You don’t have to go to the bank or notary public. AAA Cash and Loan performs all transactions, including deposits and withdrawals, online. Some people prefer not to send personal information by email or fax. No problem. One of our customer service representatives can help you by phone.
How will I know when the loan needs to be repaid?
Loan payments are due on your next payday. You don’t have to worry about remembering—we will withdraw the funds automatically from your account once you get your paycheck.
What is the fee for the payday loan application process?
Zero. Applying is free. AAA Cash and Loan charges nothing for the application process. No “processing fees.” No hidden fees. No fees at all.
What if my credit score is low? Will I still be able to qualify for a payday loan?
Yes. AAA Cash and Loan never checks your credit history. We check only that you receive a regular paycheck.
What if I filed for bankruptcy? Can I still qualify for a payday loan?
Yes. AAA Cash and Loan never checks your credit history. We are not interested in your past financial situation. We only want to make sure that you receive a regular paycheck.
What if my income is from Social Security? Can I get a payday loan?
No problem. At AAA Cash and Loan, we see firsthand the devastating impact that the economy is having on all Americans, and we know that seniors are certainly no exception. We are happy to provide retirees with loans against retirement incomes and pensions. Seniors are among the many people who rely on a payday loan from AAA Cash and Loan from time to time.
A Guide To Payday Loans
A payday loan is a cash advance on your paycheck for
usually up to 50% of what you will earn. There are many lending agencies
that offer this service and more are springing up online as well. Between
the Internet and the telephone system, you can have money directly deposited
into your account in no time at all without stepping foot in a loan office!
Whether you have good credit history, bad credit history, or no credit
history at all, there is a very good chance that you may qualify for a
payday loan. Part of the reason is because pay day loan companies are like
brokers who find lending agencies for their customers.
Occasionally,
but not always, the customer will be asked to fax some information to the
lending agency in order to allow them to make a decision on whether or not
they will lend money to you and how much they will be willing to lend.
However, there are lending agencies out there who do not require you to fax
any information in order for them to process a loan, since they can verify
some of your information online very quickly.
For this service,
lending agencies will charge a fee or may charge a higher interest rate than
other types of loans. Typically, you will be expected to repay the loan plus
the fee or interest on your next pay date. If however, you cannot pay at
that time, you may be able to get an extension.
Payday Loans are a
great way to get a little money upfront if you cannot wait until payday
comes. Perhaps you have an emergency or a great opportunity that you would
otherwise not be able to enjoy if you waited until you got paid.
You
need to be careful, though. Payday loans can be good, but they can be a
dangerous habit to get into if you find yourself strapped for cash in the
days leading up to every paycheck. Perhaps then you would be better off
analyzing your budget and determining whether or not your spending habits or
income is in line with your expectations.