Payday Loan Frequently Asked Questions
What is a payday loan?
A payday loan is a small loan, usually $500.00 or less, that is paid back on your next "payday" including interest and fees.
What can a payday loan be used for?
You can use you money for whatever purpose you like. Whether you want to pay off some bills, buy something, or just have some fun … it's all up to you!
How long will it take me to get approved?
Once you sign and fax the required documents we will evaluate your application and have an answer for you as soon as possible, most of the time, that same day.
Do I need collateral to get a payday loan?
No, a job and checking account are typically the first and most significant requirements.
Is the personal information I enter on my application secure?
Yes. MyCashTime.com uses several electronic and software security measures to keep your personal information safe. Our website is secure and strict confidentiality is always maintained.
Can I still get a payday loan even if I've declared bankruptcy
or have bad credit?
Yes. Your employment is your collateral but your bankruptcy must have a discharge date.
Once Approved How Quickly Can I Get My Money?
Your money will be credited to your account overnight by ACH. Same day wires are available also for a small bank fee.
What are your minimum requirements to apply?
To obtain a payday loan or cash advance from us, all you need a job or proven source of income, an email address, home phone, checking account in good standing, and you must be at least 18 years of age. All signed Loan Agreements are subject to verification of prior loan history and application data.
How does your company work?
We provide short-term cash advances that are electronically deposited into your checking account. Everything from receiving your application, funding of your loan to repayment is done electronically via our web site. When your loan is due, the amount borrowed plus a service fee will debited from your checking account automatically.
How much money can I borrow, and what are your fees?
Our loans range from $100.00 - $1500.00. Details vary state-by- state. Fees are based upon the amount you borrow and the state in which you reside. Please see our fees page for a complete breakdown of amounts and charges for various length loans applicable to your location.
If I have a payday loan from another company, can I still get
one by applying through your web-site?
Yes. We will accept applications from consumers who have other loans outstanding. Approval is determined individually by calculating debt to income ratios.
Does MyCashTime.com perform a credit check on me while
processing my application?
No. We evaluate your employment, non-sufficient funds penalty and residence history. We also frequently use two industry resources that help us evaluate your application - Telecheck and Teletrac.
Can I apply over the phone?
Yes! Our Customer Service team is available Monday-Friday 8am-6pm, Central Standard Time.
What is the maximum amount I can be approved for?
First time customers most often are approved for $200-$300. Typically, once a solid and consistent payment history is established, customers can receive loans up to $1,500.
How will I know if I've been approved?
Once you're approved an e-mail confirmation is sent to you, or you may be contacted via telephone.
When will the money be in my bank account?
If your application is approved before 4PM PST or 7PM EST on a banking day, once approved and the proper paperwork is received, we will transfer the money to your bank overnight, and the funds should be posted to your account the next banking day.
Note: The exact availability of the funds is subject to your bank's processing schedules and policies. This assumes that none of the days are bank holidays. If you have any questions, please contact your bank's ACH department. Use the table below to determine when your money should be available. Find the day of the loan approval in the left column. The day funds should be available in your account is indicated in that row.
Note: The exact availability of the funds is subject to your bank's processing schedules and policies. This assumes that none of the days are bank holidays. If you have any questions, please contact your bank's ACH department. Use the table below to determine when your money should be available. Find the day of the loan approval in the left column. The day funds should be available in your account is indicated in that row.
When do I have to pay my loan back?
Loans are typically due on your next pay date, and most loans are due in no more than 14 days. Alternative pay-down options are available upon request, coordinated with your pay dates.
Can I do an extension or partial “pay-down” on my loan?
Yes. If you wish, you may "extend" your loan, or request a "pay-down." In either case, additional fees will be assessed. Many customers find these options convenient. But remember, you must request an extension no less than 2 business days prior to your loan's due date.
Can I pay my loan back early?
Yes. There are no penalties for paying your loan off early.
