Do you have questions about AltitudeCash’s short-term, payday loans? Read through this quick list of our client’s most commonly asked questions. If you have additional questions after reading, feel free to reach out to us directly. Our staff is always prepared to help you understand the lending process and make the best decision for your personal situation.  

What is a Payday Loan?

Payday loans are a short-term lending option where applicants can request relatively small amounts of money ($400-$1000). These loans have a short repayment period, which is usually 2-4 weeks. The loan and interest will be repaid in a single payment, which is often directly withdrawn from the borrower’s bank account. These loans rely heavily on the borrower’s current employment and pay periods instead of credit history, which can be helpful for many people. 

What Do I Need to Apply for a Payday Loan?

There are fewer requirements to apply for a Payday Loan than other, longer-term loan forms. Here is a basic list of requirements (though some lenders may require more):

  • You must be a legal US resident and resident of the state in which you are applying.
  • You must be a minimum of 18 years of age. 
  • You need to provide verifiable, current contact information. 
  • You must be currently employed and capable of proving your rate of pay. 
  • You must have a current bank account. 
  • You need to be able to provide other personal information as requested (address, social, etc.).

Is it Safe to Apply for a Payday Loan Through AltitudeCash?

Applying for a loan with AltitudeCash is not only fast and easy, but it is safe and secure. All information provided to us is issued securely to lenders to get your payday loan application quickly approved. We use the latest technology to keep our data encrypted and safe from prying eyes. We also consider your privacy to be our top priority and don’t sell your data to third-party vendors. Check out more about our privacy policy here: https://altitudecash.com/privacy-policy/.

How Quickly Will I Get my Money After Approval?

Applying for a payday loan is a surprisingly fast process. You can utilize our application form to search for a loan any time of day. The approval process is fast, sometimes being completed in only minutes.

Once you have received your loan offer, you can complete your loan contract through the lender’s site. This should only take a few minutes. The finalization of these documents can take a different amount of time depending on the lender you end up working with.

After signing your contract, your funds will be deposited into your bank account directly. Depending on the lender and time of day, you may receive your funds on the same day you apply. Most borrowers get their funds on the following business day. The important thing to remember is that weekends, bank closures, and holidays can affect these times.

Do I Need Good Credit for a Payday Loan? 

Having good credit does speed up the approval process of many loan types, but it isn’t the most important factor when it comes to payday lending. Payday lenders are more focused on your current employment and stability. If you can prove you are capable of repaying your loan within the requested time frame, that is often enough for approval. 

However, your credit may still affect the results of your application as well as the limit on how much funds you can request on your loan. 

Why Does AltitudeCash Forward me to Direct Lenders?

AltitudeCash works as a middleman between you and a large pool of trusted payday lenders. When you apply on our site, we reach out to dozens of lenders to quickly find you an approval for your lending needs. If you secure a loan through our matching service, future questions regarding your loan will go directly to your lender. 

Can I Renew my Loan?

If you are struggling to repay your loan by the due date, you may consider renewing your loan. Not all lenders allow renewals because some states do not allow them to. However, many lenders do offer this as a solution to repayment issues. In these scenarios, the loan amount is covered under a new loan, restarting the repayment window. This increases interest and results in a larger repayment. To avoid this, it is important to repay short-term loans as quickly as possible. For more information regarding renewals and regulations, check out our page on (rates and fees). 

What if I Can’t Repay My Loan on Time?

If you can’t repay your loan on time, your loan may fall into default. This is bad for your financial security, credit score, and more. To avoid suffering the penalties of a defaulted loan it is important to make your payment on time or ensure the money is available to be withdrawn from your account. If you know you need more time to repay your loan, immediately call your lender. They may be able to work with you to adjust your repayment date or offer other solutions to your issue. It is better to call early than to wait for them to call you after the payment is missed. 

What if I Can’t Repay My Loan at All?

If you fall into a situation where you cannot repay your loan at all (lost job, going to jail, major financial emergency, etc.) it is important to call your lender immediately to discuss options. Depending on the laws in your area, there may be steps you can take to lessen this financial burden. Your lender will be able to explain your options and possibly provide solutions that will prevent you from defaulting on your loan. 

Can I Take out Multiple Loans at Once?

Each state has laws and regulations regarding concurrent loans and cooling periods between loans. These laws may prevent you from taking out more than one loan. Lenders may also disprove you from holding multiple loans at once. The number of loans you have outstanding is one thing lenders look at when checking your credit. If you appear to be spreading yourself too thin, lenders are more likely to deny your loan application.