How does a cash advance, or payday loan, work?
Once your application approved, your money will be either wired into your checking account that same day or electronically deposited the following business day. Your due date for repayment is based on your payday. When you come due, you can either pay off the balance of the loan in full or any amount equal to or greater than your minimum payment. All payments are submitted online and are automatically withdrawn from your bank account on your due date; all you need to do is choose the amount you would like to pay. There is never a need for you to ever leave the privacy of your home or office.
How much can I borrow?
For your first cash advance, you can receive from $100 up to a maximum of $400. Loans in larger amounts are available for returning customers - those in good standing with National Payday may borrow as much as $1,000.
How much does it cost?
The fee for a cash advance is a percentage of the amount borrowed. The fee is equal to 25% of the borrowed sum; so for a payday loan of $100, the fee is $25 making the total amount due $125. For a $200 loan, the fee is $50, and so on.
Do you offer any special deals?
Yes! We regularly offer deals for reduced fees and free advances, both to our returning and new customers. Check your email, because when we offer a special deal, we will let you know!
How long does it take for me to get the money?
Most of our payday loans are approved within 24 business hours, but how long it takes to get your cash advance depends on how you would like to receive the money. If you’ve opted for direct bank deposit, also known as ACH, it will take one business day for the money to appear in your checking account. If you apply prior to the 2:00 PM EST processing deadline, funds could be available to you tomorrow!
If our Same Day Cash program is running and you've selected same day cash (wire transfer of funds) and have completed the application process before 12:00 PM EST, you could have the money same day!
A reminder - we do not operate on the weekends or national holidays.
What time will I see the money in my account?
The time of day that you'll see your money has more to do with your bank than with our bank transfer. Some banks will post deposit immediately, while wait until 8:00 PM (their local time) to show the transaction in your account. You should check with your bank about their policy for such transfers, and their posting schedule for incoming ACH and wire transfer deposits.
Can you tell me more about same day cash?
If you apply before the 12:00 PM EST, indicate that you'd like a wire transfer, and are approved; we can wire your money that same day as long as our Same Day Cash program is running! If you submit your application after that time, don’t worry; you can still get your funds the following business day via ACH.
For more information, please visit our Same Day Cash page.
Is there a charge for the wire?
National Payday does not charge any fees for new customers when we send a wire, but your bank might. The wire fee is determined by your bank and could be as high as $25. Please check your bank's policy on wire transfer fees.
What are your business hours?
Our hours of operation are Monday through Friday, 9:00 AM to 5:00 PM Eastern Standard Time (EST). We are closed for all Federal holidays. Our website is open and accepting applications 24-hours a day, every day of the year. We will notify you via email or phone call with your application status.
What do I need to get a payday loan?
In order to get a payday loan with National Payday, all you need are the following:
- Be at least 18 years of age or older.
- Have no more than one other outstanding payday loan.
- Have a checking account open for at least three months, with no bounced checks or overdrafts.
- A job making at least $1,000 per month.
How long is the loan for?
This is a cash advance on your next paycheck, which means that your due date is based on your next payday (up to 16 days away). So, if you get paid twice a month, you will be due on your very next payday. If that date is less than 5 days away, we will use your following payday, for up to 16 days total for your loan maturity.
How long should I have the loan for?
A payday loan is a short-term loan designed to help you in times of financial emergency. All payday loans, cash advances, and paycheck advances should be paid back quickly, and not extended for any longer than absolutely necessary. The best practice is to repay the loan in full as quickly as possible.
Do you have a cancellation policy?
Yes, we have a cancellation policy. If we have approved your payday loan application, you must let us know in writing that you wish you cancel within 24 business hours (one business day). Upon receipt of your cancellation request, we will immediately process a debit to retrieve the loan amount that we deposited into your account. If you do not let us know of your wishes to cancel within this time frame, you will be financially responsible for the cash advance.
How do I change my banking information before my next payment or advance?
If you need to change the bank account information we have on file before your next payment or loan, you just need to send in a copy of a voided check and bank statement from the new account along with the Change of Banking Information EFT form, which you may download here, or we can email or fax it to you, at your request.
Remember, if you need the information to be updated before your next payment, please make sure this information is sent in to us before your payment request deadline.
Am I only able to pay through ACH?
Paying your cash advance via an electronic funds transfer (EFT) or ACH is certainly the easiest, most efficient, and least expensive method. However, should the need for an alternate payment method arises, we will be happy to discuss that with you.
What if I need to fax you something and don’t have my own fax machine?
If you do not have access to a fax machine, you may scan and email any required document as an attachment. In some cases, you can also just take a picture of the document with your smartphone and send it that way! If you don’t have a smartphone or a scanner, you can visit a local Kinkos or UPS Store in order to send your fax. Follow these links to find the store nearest you:
FedEx Office Store Finder UPS Store Finder
What’s your fax number?
Our fax number is 1-866-513-0374. If you don't have a fax machine, that's OK! At National Payday, we typically don't require any faxed documents, and if you do need to send us something, you also have the more convenient option of scanning and emailing whatever you need to send! For other methods of communication, please check our Contact Us page.
How much will be withdrawn from my bank account on my due date?
As shown on your contract, you are required to submit a payment request by your payment request deadline. We allow customers to make full, partial, and minimum payments. If you do not submit a payment request, we will process only the minimum payment on your behalf a maximum of five times consecutively. On the sixth time, if you still have not submitted a payment request, we will deduct your balance in full.
For example, if you borrow $100, your total amount due will be $125. If you submit a payment request, we will deduct only that amount. If you do not, we will deduct $25 and your resulting balance due will once again be $125. It is always in your best interest to pay as much as possible.
If you want to make a minimum or partial payment, the 25% fee will be added to whatever balance is left over. Your minimum payment will always be equal to the 25% cash advance fee.
If you are paid once a month, you are required to pay in full.
Will I be approved?
Most people are approved for our payday loans, unless you have bounced checks or are not currently employed.
Can bad credit keep me from getting a loan?
When you apply for a loan from a bank, one of the first things they do is check your credit history and score with the three major credit bureaus. National Payday is a direct lender, but we are not a bank. So, good credit, bad credit, or no credit - we can still process and approve your loan application in minutes!
How will I know the loan is approved?
We will give you a call as soon as your loan application is approved. But, in order for us to initiate the transfer of funds to your account, we must speak to you directly. So, please make sure that you provide the most accurate contact information as possible!
Can I make payments or do I have to pay in full?
If you are paid once a month, you will be required to pay your balance in full on your due date, which is your payday. However, if you are paid more than once a month, we do offer partial and minimum payment options on our cash advances.
When can I make a payment?
Your due date is based on your payday, and that is the date the funds will be withdrawn from your bank account. However, the deadline to submit a payment request is 2:00 PM EST the business day before you are due.
You are free to make your payment request anytime before the deadline – and remember, no matter how early you make the request, no money will be taken from your account until your due date.
In the case of certain holidays, our payment request deadline may be a little earlier – we will always let you know in advance.
What is the payment request deadline and why do you have it?
The payment request deadline is 2:00 PM EST the business day before you are due. Be sure to submit your payment request any time before this deadline and let us know exactly how much money should be deducted from your account on your upcoming due date.
How do I make a payment on my loan?
Making a payment on your loan is easy! Visit our website and click on the "Pay on Current Loan" tab at the top of the page to log into your account. Once logged in, you'll see your personal payment request deadline as well as your upcoming due date.
From there, just follow these three easy steps:
Step 1 - Select a Payment*: Take a look at your current loan information shown on the screen and decide how much you would like to pay. We provide several options: full payment, minimum, and partial payment. You may pay any amount you like as long as it is above the minimum amount due.
Step 2 - Enter Check Number: If you decide to make a minimum or partial payment, you will be asked to enter the next check number in your register.
Step 3 - Enter Your Next Payday: If you choose to make a minimum or partial payment, we will need to know your next payday. This date may not be less than 14- or more than 16 days away. A calendar is provided to assist you in this selection and is based on the payday schedule we have on file.
*Monthly customers will see a reminder of their due date, but are required to pay their balance in full.
Once the payment request form is complete, click the red "Submit Payment Request" button at the bottom and your payment request will be processed. You will receive a confirmation email.
At this point, you will generate a payment contract. You are not required to fax this contract back to us, but you should print it and save a copy for your records. Your next due date and amount due will be shown on the new contract. Remember, the "maturity date" is your new due date and the "effective date" is your current due date (for which you just refinanced).
The following table provides examples of the cost to obtain a payday loan or online cash advance. The APRs are based on sample loan terms of one payment ("Check Amount") due in 16, 14, and 7 days. The APR will increase if the actual loan term is shorter than these examples.
I've been making payments on my balance but it hasn't decreased. Why is this?
Remember, whenever you make only the minimum payment on your loan, you are just paying the 25% cash advance fee and extending the loan until your next payday. The fee is added to the remaining balance each time you do not pay in full. For this reason, it is always a good idea to pay as much over the minimum payment as you can, if you cannot repay the loan in full on that date.
What do your other customers think about your services?
Do you have a referral program?
We certainly do! With the National Payday Refer-a-Friend Program, you can make $100 for every person you send our way that's approved for a payday loan. This is an open and ongoing program, with no maximum payout and no limit to how many friends you can refer to us.
Just remember, your referred friends must apply through the special code and link that we will provide to you.
To learn more about this program, visit our Refer-a-Friend page. Currently, the referral program is open to existing customers only.
Does National Payday have an affiliate program?
You bet we do! If you own or run a website, or have your own business, we want you to sign up as an official National Payday Affiliate! You will make $75 for every approved lead you send us. Currently, we belong to two affiliate networks, both of which are free to join. Choose from the existing marketing materials or design your own and start earning cash today. Visit our Affiliate Program page for more details.