How does a cash advance, or payday loan, work?
Once approved, your money will be either wired into your checking account that same day or electronically deposited the next business day. Your due date is based on your payday. When you come due, you can either pay the full amount of your advance, or any amount equal to or greater than your minimum payment. All payments are made online and are automatically withdrawn from your account on your due date. There is no need for you to ever leave the privacy of your home or office.
How much can I borrow?
You can get $100, $200, $300, or $400 for your first cash advance with higher amounts available for returning customers. Returning customers in good standing may borrow as much as $1,000.
How much does it cost?
The fee for a check advance is 25% of the amount borrowed, so for a $100 loan, the fee is $25. That means your total amount due will be $125.
Do you offer any special deals?
Yes! We do offer special deals from time to time for reduced fees and free advances. Check your email for updated offers.
How long does it take for me to get the money?
Most of our payday loans are approved within 24 hours, but it will depend on how you would like to receive your money. If you’ve opted for an ACH, or direct bank deposit, it will take one business day for the money to appear in your checking account. So, if you apply prior to the 2:00 PM EST processing deadline, funds could be available to you tomorrow!
If you’ve decided on same day cash and have completed the application process before 12:00 PM EST, you could have the money wired today! Remember, we do not operate on the weekends or national holidays.
What time will I see the money in my account?
That really depends on your bank. Some banks will post the incoming deposit right away, while others have until 8:00 PM their local time to show the transaction. You may want to check with your bank on their schedule and policy regarding incoming ACH and wire deposits.
Can you tell me more about same day cash?
As long as you apply before the 12:00 PM EST, indicate that you’d like a wire, and are approved we can wire your money that same day! If you submit your application after that time, don’t worry. You can still get your funds the following day via ACH.
Is there a charge for the wire?
Although National Payday does not charge new customers when we send a wire, your bank might. The fee is determined by the bank and could be as high as $25. Please check with your bank as to what they might charge for an incoming wire.
What are your business hours?
Our hours of operation are Monday through Friday, 9:00 AM EST to 5:00 PM EST and we are closed on Federal holidays. However, you may apply online at anytime during the day. We will notify you via a phone call or email as to your application status.
What do I need to get a payday loan?
All you need is a checking account open for at least three months with no bounced checks, a steady job making at least $1,000 a month, no more than one other payday loan outstanding, and be at least 18 years of age.
How long is the loan for?
This is a cash advance. That means your due date is based on your next payday (up to 16 days away). 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 next payday up to 16 days total.
How long should I have the loan for?
These are short term loans designed to help you with an urgent situation. All payday loans, cash advances, and check advances should be paid back rapidly, and not used for an extended amount of time. It’s always better to pay your balance in full when you can.
Do you have a cancellation policy?
We do 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?
You may change your banking information by faxing in a copy of a voided check from the new account, a copy of your bank statement from the new account, and the Change of Banking Information EFT form. This form may be downloaded on our site 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 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, we can discuss alternate methods should you need such assistance.
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 also try scanning and emailing the document as an attachment. If you don't have a scanner, you can visit a local FedEx Office Store 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. Remember, if you don't have a fax machine, you can always scan and email 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 for either the full, partial, or minimum amount due. If you do not submit a payment request, we will process only the minimum payment for you five times consecutively. On the sixth payment, 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.
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.
Remember, 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. Once you are approved you can use the money to pay your bills.
How will I know the loan is approved?
If your application is approved, we will give you a call to let you know. In order for us to send the funds your way, we must speak to you directly. So, make sure you provide accurate contact information when you apply!
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 payment options on our cash advances.
When can I make a payment?
You can submit a payment request anytime before the payment request deadline, which is 2:00 PM EST the business day before you are due. Rest assured that no matter how early you submit the request, the payment will never come out of your bank account until your due date. Remember, your due date is based on your pay period.
In the case of some 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. We have this deadline so that you can let us know exactly how much money should be deducted from your account on your due date.
How do I make a payment on my loan?
It's easy. Just visit our website and click on "Pay on Current Loan" at the top of the page to log into your account. Once you log in, you will see your payment request deadline reminder as well as your current due date. Just follow the 3 easy steps.
* Remember, if you are paid monthly you will only see a reminder that your full amount due will be withdrawn on your due date.
Step 1 - Select a Payment: We provide several payment options to you including full payment, minimum payment, and partial. You can pay any amount you like as long as it is above the minimum up to the full amount due.
In this same section, you will see your current loan information including your principal amount, total amount due, your minimum payment required, and your fee rate (which will be 25% for any remaining balance).
Step 2 - Enter Check Number: If you choose to make a 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. Your next payday may not be less than 14 days or more than 16 days away. The calendar will assist you in selecting the correct date, based on the payday schedule we have on file.
Once you have filled out the payment request form, click the red "Submit Payment Request" button at the bottom and your payment request will be processed.
You will then generate a payment contract. You are not required to fax this contract in, but you may want to print it and save a copy for your records. Your new amount due, due date, and principal amount will be shown on this contract. The "maturity date" is your new due date. The "effective date" is your current due date (which you just refinanced for).
The following table provides examples of the cost to obtain a payday loan or online cash advance. The APRs are based on example 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, every time you make a minimum payment, you are just covering your 25% cash advance fee. The fee is added to the remaining balance each time you do not pay in full. It is always a good idea to pay your balance in full or as much over the minimum payment as you can.
What do your other customers think about your services?
Our customers have a lot to say! Check out what others have said about their experiences with National Payday in our Customer Testimonials section.
Do you have a referral program?
Yes, we do! It’s called the National Payday Refer-a-Friend Program and you can make $100 for every friend you send our way that’s approved for a payday loan. There’s no limit to how many friends you can refer to us or how much money you can make.
Just remember, your friends must apply through the special code and link we’ve given you. To learn more about this program, visit our Refer-a-Friend page. Currently, our referral program is open to existing customers only.
Does National Payday have an affiliate program?
We sure do! If you’ve got a website or your own business, we want you to sign up! Make over $75 for every approved lead you send us. Currently, we belong to two affiliate networks that you can choose from when you join. Choose among the existing marketing materials or design your own and start earning cash today. Check our Affiliate Program page for more details.