Cashback Loans: Your Payday Loan FAQs Answered

There are multiple pros of getting a payday loan with Cashback Loans.

• One pro is that they are easy to apply for, access is easy because we don’t have as many requirements as other types of loans or lenders.
• No collateral is needed and we don’t check your credit with Transunion, Experian, or Equifax.

The con’s of getting a payday loans are mostly related to the use of the product, it is not a solution for long term financial problems and it is important to understand the fees. When used as a short term solution most of the cons are eliminated.

Online or in-store! Cashback Loans offers payday loans online. There is no need to go into a payday loan store anymore, the whole transaction can be done from your computer or phone. Apply now!

APR means Annual Percentage Rate. It works like an interest rate, but instead of showing only the interest, it reflects the entire cost of borrowing over one year, including fees and charges. The APR tends to look lower when the repayment period is longer and higher when the term is shorter. However, in real life, what truly matters is the actual dollar amount you repay, not just the percentage. Short-term or single-payment loans are usually repaid within a few days or weeks rather than across a full year, so APR can sometimes give a misleading impression. A clearer way to understand the real cost is to look at how much fee you pay for every $100 borrowed, since that shows the expense more directly.

For a payday loan you will need the following:

• To apply in-Store or online you will need:
  • A valid and open and active checking account
  • A steady source of income
  • And a government issued photo ID
  • An active phone number
  • A valid email address

In order to get approved for a payday advance you will need to meet the following requirements:

• Meet minimum age requirements
• A valid and open and active checking account
• A steady source of income
• An active phone number
• A valid email address
• And a Valid Government Issued ID

Yes! If your check bounces, a payday lender may charge only one bounced check fee of up to $15. Additional fees cannot be charged if you request an extension of time or payment plan. However, the payday company is not legally required to grant your request.

No security interest is given or taken in connection with a payday loan. A borrower will write a check for the full amount of the loan and repay it or have the funds deducted from their account on their next payday, up to 31 days later.

Payday loans have a fixed rate. Under California law, the maximum fee a payday lender can charge is 15% of the amount of the check up to a maximum of $45.