What are your approval requirements?
In order to qualify for a short-term loan, you must meet the following requirements:
» Receive current employment or benefits, with at least a three-month history.
» Own a checking or savings account, with at a least a three-month history.
» Maintain a monthly income of $1000.
Do I need to send documentation?
We do not require any documentation prior to loan approval. You need only fill out the online application, and we will contact you regarding your status.
Can I still be approved if my credit is poor?
Yes - we will not run a credit report.
Applications
How do I apply?
Simply click the link on our Home page titled, "Make Today Payday," and you will be guided through the application process. You can also access an application through the "Apply Now" link on any other page.
When will I find out if I'm approved?
Once you are approved, we will contact you either by phone or E-mail, within one hour, to discuss the status of your loan, provided you call Monday through Friday, 8:00 a.m. to 5:00 p.m. If you contact us after normal business hours, we'll get in touch with you on the next business day.
Loans
What kind of loan is a Payday Loan?
This is a small, confidential, short-term cash loan that must be paid back on your next payday. These loans are intended for use in immediate or emergency situations. They are not to be used for long-term situations.
What are your fees and interest rates, and how are these determined?
We charge $30 for every $100 you borrow. Generally, our APR ranges from 365.00% to 1564.28%. Our fees are regulated, and we never charge more than the law allows - please visit our Fees Page to learn more.
Are there restrictions on the way I use the loan?
There are no restrictions on the use of your loan. Once the money is in your account, you may use it any way you choose. However, we strongly caution you against frequent or regular borrowing. These loans are intended for short-term use or emergencies only, and are to be paid back within thirty days.
How much will I receive?
We determine your loan amount based on your current income. First-time borrowers can receive up to $400. Once you have paid back your loans in a reliable and timely manner, we will increase your limit by $100 with each consecutive loan approval. We do not lend more than $1,000 at a time.
When do I get the loan, and how do I receive it?
Once we have contacted you about the status of your loan, we will deposit the agreed-upon amount directly into your checking or savings account by the end of the next business day.
What if I request the loan on a weekend?
Loans requested before 8:00 p.m. (EST) on Friday will be deposited the following Monday. Any loans requested over the weekend will be treated as loans requested on Monday. For example, if you request a loan on Saturday or Sunday, we will contact you Monday, and you will receive your deposit on Tuesday.
What if I apply for a loan and then decide I don't need it?
We do allow the cancellation of loans. If you apply for a loan and then realize you may not need the deposit, you can return the loan to us before the end of the business day following the day the received your loan. So, if you receive a loan that you wish to cancel on a Wednesday, you can return it to us by 5:00 p.m. Thursday, without any penalties or further obligations to us.
Can military personnel apply for loans here?
Sorry - Instant Payday Cash does not provide military personnel loans.
How secure is this loan?
Your confidentiality is very important to us, and we will never use your information for sales or marketing purposes. Instant Payday Cash uses a secure SSL server for all transactions, for your safety and security.
Repayment
How do I repay the loan?
All funds are transferred online, through direct deposit. When your payment is due, we will withdraw the money from your account, making your payment easy and giving you one less check to send through mail. We only ask that you keep your due date in mind and be prepared for our withdrawal. If we withdraw the payment from your account, and you have insufficient funds, you not only risk further fees from us, but from your bank, as well.
How quickly do I have to pay it back?
Your loan payment is due on your next payday, unless your payday falls within seven days after receiving the loan. If so, then you have until the next payday to make your payment. For example, if you borrow money on Wednesday and your next payday is Friday, you will not have to pay back the loan until the next payday after Friday. We never lend funds past 30 days.
Can I pay back the loan before it's due?
Of course! We encourage the prepayment of our loans. There are no penalties, and you may even qualify for a refund of a portion of the loan's finance charges. Simply contact us by email at support@instantpaydaycash.com, or call us at 1-866-735-3420, and we will guide you through the prepayment process.
Can I pay back the loan in increments?
Yes, you may make partial payments to the loan, as long as they are received before the payment due date. We do not allow partial payments at the time of loan maturity - you must pay the loan in full when the due date arrives.
What if I can't pay the loan back?
It is imperative that you contact us right away. We allow for an extension if you contact us at least two days prior to the loan's due date. However, we will charge an extra $30 for every $100 you have borrowed. For this reason, you should not utilize our services if you cannot pay the loan back in full by the due date.
How can I trust Instant Payday Cash to withdraw the correct amount from my account?
Instant Payday Cash has been authorized to utilize the Federal Reserve Wire System, which means we are subject to NACHA regulations, as lenders. We must also follow state and federal laws, withdrawing only fund amounts that you have clearly authorized with us.
Have another question? Email us at support@instantpaydaycash.com.