Payday loans are considered short-term loans. This means they are due to be repaid in a very short amount of time (usually two weeks). They generally range in amounts from $100 to $1000 with the majority of loans provided averaging $300. Borrowers are not required to offer collateral for a payday loan.
Bigskycash.org is not a lender. This website does not extend credit or offer loans of any type. We simply offer a free referral service to consumers who are looking for online payday loan options. Our only goal is to successfully match an applicant with one of our trusted payday loan lenders who can then provide quick access to cash funds easily and safely online.
If you are now dealing with an unexpected financial emergency, you may be considering an online payday loan. Here we offer answers to many of the most frequently asked questions about payday loans. These should prove helpful to you when making this important borrowing decision and also clear up any confusion you may have regarding the entire payday loan process.
A payday loan is classified as a short-term loan and usually ranges in amounts of $100 to $1000. There is a minimum of paperwork required and the entire application process can be done quickly and safely online. Not every lender can provide the maximum amount of funds and there is no guarantee of the amount of funds a borrower will be approved for, if any.
Payday loans are normally due to be repaid in full at the end of two weeks or the next payday. This quick repayment period is an important reason why these loans should only be used for true financial emergencies and when all other borrowing options have been exhausted.
With a payday loan, you are basically writing a check to yourself for the loan amount plus all interest and fees. The lender holds this check until the repayment date. The full amount is due and payable as stated in the terms of your loan contract.
Payday loans have grown in popularity over the past few years mainly due to economic conditions. Banks and other traditional lending institutions have tightened their credit and lending standards thereby effectively shutting out a large portion of American consumers who need to borrow money but cannot meet the new, tougher lending requirements.
For those consumers with low credit scores and/or bad credit histories, payday loans were conceived and designed to let so-called “high-risk” borrowers have quick access to cash funds with little paperwork and no credit check. Payday loans are generally available in amounts of $100-$1000 but most loans that are processed are for less than $500. They are short-term loans meaning that they have a very short repayment time (usually 2 weeks or until the next payday). Payday loans are also unsecured so the borrower does not have to provide any collateral such as a car title.
Percentage rates can vary among payday loans. Because they mature in such a short amount of time (14 days is a typical repayment period), the annual percentage rate can range from 300% to more than 1000%. A payday loan, which is basically a cash advance secured by a personal check, is a very expensive form of credit.
Here is a simple explanation of how a payday loan works:
To start, you decide how much money you want to borrow and then write a personal check payable to the lender for this amount. The check must also include all fees. For example, if you want to borrower $100 and the fee for this amount of cash funds is $15, you will write the check for $115. This is the total amount of money you will need to repay in just two weeks.
The lending company will then give you the amount of the check, minus the fees, in cash. Using the above example, you would receive $100. The lender agrees to hold your check until the loan is due, normally the next payday. If you choose to receive your funds electronically, the lender will transfer the cash funds ($100) directly into your checking account.
When your loan is due, the lender either deposits your check or you can redeem it by paying the total amount due in cash ($115). If you have authorized the lender to debit your checking account for the full amount due, that amount will be taken from your bank account on your next payday.
If you find that you cannot repay your payday loan when it is due, you will be charged an additional fee to extend or “roll-over” you original loan. The loan (plus the added fee or fees) will be due in 14 days. The lender may demand that you pay the original fee and then write a new check for the loan amount, including the new fee.
Every lender independently determines the requirements for an applicant to be approved for a payday loan. However, there are some basic minimum requirements which all applicants should meet:
Residents of Arkansas, Georgia, New York, Oregon, Washington, West Virginia and Vermont are not eligible to apply.
It is important to note that not everyone will qualify for an online payday loan. Bigskycash.org cannot guarantee that you will be matched with a lender or be approved for a loan. Every lender makes the approval decision according to their own standards and this website has no influence or role in the decision.
You can find the loan application on our secure website. It is simple and easy to understand and generally only takes a few minutes to complete. You should fill out the application honestly and completely which will help prevent delays in processing your loan request. Lenders normally will not consider an application that contains unverifiable personal information. Please note that knowingly submitting false information on a loan application is a crime.
Most lenders will run routine credit checks on applicants. However, a poor credit history or low credit score does not automatically disqualify an applicant from being approved. Lenders also look at the applicant's current financial situation, including level of income, when determining whether to approve a loan request.
The actual approval process only takes about two minutes. Most lenders are able to transfer funds to your checking account within one business day. To avoid delays, try to submit your loan application during regular banking hours, Monday through Friday. Not every lender offers a one hour cash transfer option. For those that do, this expedited service carries an additional fee.
Bigskycash.org is not a financial lender of any type. This website acts strictly as a referral service to consumers who are searching for online payday loan options. Since our only goal is to match applicants with appropriate payday loan lenders, Bigskycash.org does not charge any fees for our services. There is no charge to complete and submit the secure online loan application which is located on our website.
Once your completed loan application is submitted, this website shares your information with one or more suitable lenders from our large database of trusted payday loan lenders. While we make every attempt to match you with a lender, approval is not guaranteed. Not everyone will qualify for an online payday loan.
Bigskycash.org does not extend credit of any type. There is no charge to use our lender referral service. Every tribal loans direct lender determines the specific terms and conditions of any payday loan they approve. The fees associated with a short-term loan are generally higher than with a conventional loan due to the convenience factors.
Rates and fees are determined by your specific lender. Bigskycash.org has no control whatsoever over loan fees or interest rates. Lenders carefully consider the information which you provide on your application to determine the rates and fees you will be charged, also according to state regulations.
Customers who choose payday loans will be subject to higher interest rates and fees for the convenience of getting cash funds quickly (generally within one business day). Applicants also can have lower credit scores and less-than-perfect credit.
The Truth in Lending Act states that lenders are legally required to disclose to you all interest rates and loan fees in writing before asking you to sign a loan agreement. It is your responsibility to read and understand these terms and conditions before committing to your loan. If you are not satisfied with the terms and conditions of your loan agreement, you may simply refuse to accept the loan. You are not under any obligation to sign a loan agreement if offered and there are no fees attached to declining a loan.
Residents of Arkansas, Georgia, New York, Oregon, Washington, West Virginia and Vermont are not eligible to apply.
Bigskycash.org strongly suggests that all payday loan applicants review and fully understand all the terms and conditions of their payday loan agreement before committing to the loan. Lenders are legally obligated to list all information regarding loan extensions and payments in the terms and conditions section of your agreement.
Not all lenders offer loan extensions and some states strictly forbid them. It is your responsibility to know this information upfront. Online payday loans can be a fast and easy source of much needed emergency cash but consumers should be aware that the repayment period allowed is generally two weeks.
If your lender does allow extensions, it is in your best interest to notify your specific lender as soon as you know you will not be able to fully repay the loan on the original due date. In most instances, you will be required to pay the interest due and in two weeks’ time you will owe the remaining principal amount plus additional fees and interest.
If you think you will be unable to fully repay the loan when it is due, you should carefully consider if this type of loan will be a benefit to you. Payday loans are designed to be used for emergency financial needs and should not be considered a solution to long-term debt problems.
Bigskycash.org tries to match every applicant with a suitable payday loan lender. We do not make loans of any type and have no role in the approval process. All questions regarding your loan, including all terms and conditions, should be directed to your specific loan provider and not to this website.
More about Loan Extensions
If you have any doubts about being able to fully repay your loan when it is due (normally in just two weeks) we strongly urge you to consider other options for borrowing. If you have already committed to the loan and find that you will not have the money to repay it when due, you should notify your specific lender immediately.
Information about loan extensions will be contained in the terms and conditions section of your loan agreement. Many times, lenders will require you to pay the interest by the original due date. You will then owe the principal amount plus additional fees and interest in another two weeks. This is a very dangerous cycle of debt to begin and is one of the reasons Bigskycash.org urges you to consider carefully before signing a payday loan agreement.
Not all lenders offer payday loan extensions and many states strictly forbid them. It is extremely important that you review and understand your specific loan terms before signing any loan contract.
As long as you have not signed your loan agreement (electronically or otherwise), you are under no obligation to accept a payday loan. If you are not pleased with the terms and conditions of your loan, you may simply refuse the loan offer. There are no fees associated with declining a payday loan offer.
We encourage all consumers to be responsible borrowers. Even though payday loans differ from conventional loans in many ways, they are alike in one important aspect. If you default on a payday loan, the lender has every right to begin collection proceedings against you. Borrowing money is a serious matter and should be considered with great care. Please investigate all your options before committing to an online payday loan.
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