Payday Loans Wichita KS - How do they Work?
Payday loans offer a fast solution designed to satisfy borrowers' short term financial needs. They give a consumer peace of mind as payday services like Payday Loans Wichita give people a source to turn to, in case of emergency, when cash is the only solution.
Payday lenders are often able to lend funds within 24 hours after an application being submitted and it is the speed of the service that provides the lifeline people need.
Below we will give detailed information on our loans and will answer some of the questions we are most frequently asked.
I would like to borrow a loan - how do I apply?
Taking a loan is rather a simple process. We accept applications online and can normally give you a decision instantly without any need for faxes or paperwork as we do everything electronically.
The application process is as follows:
- You fill out a short online application form – this should take a minute or so as we only ask for details we need to approve your application.
- You wait for the application to be processed – it will take you about a minute.
- If your loan is approved (we approve over 70% of applications), we will display your Kansas loan agreement online for you to digitally sign it. The whole process is carried out online.
- Once we receive your loan instruction, we will authorise the payment – the money is in your bank same day or within one business day.
Is a payday loan suitable for me?
Payday loans are designed to be a short term funding option – normally for periods of up to thirty days. Please do not consider them for long term borrowing; if they are taken for long periods, they can become very expensive. They are very useful for emergency funding, in such cases, as:
- If you need to pay an unexpected car repair bill.
- If you need to urgently organise childcare.
- If you have an unexpected bill or a final demand letter you need to settle.
How much can I borrow?
Our payday loans in Wichita KS vary in size from $100 to $1,000. The average amount we lend to our customers is $500. As payday loans are designed as a short term fix, $500.00 is normally enough to cover most needs until our clients' next payday.
How do you collect payment for my cash advance?
The repayment scheme is really simple. When you apply, you authorise lenders to collect your loan max repayment via direct debit. In your application you let us know when the funds will be ready to be collected (normally it is on your next payday); on the pre-arranged date lenders debit the funds from your account.
Can I roll over my loan for another month?
Lenders are normally able to offer our customers the opportunity to extend their loan. However, they allow a maximum of three extensions. Lenders do this to protect our customers as we do not believe that our loans should reasonably be used for periods longer than this. When you extend a loan, we will still collect the interest due on your next payday. Lenders do this to prevent your debt from growing.
I have a poor credit rating – will I be rejected?
We can help most people find a loan, even if they have poor credit. Our lenders are looking for clients who are employed and can afford to pay back the loan after a short period of time. Because of this, credit ratings are less important to them than your ability to repay.
Can I use my cash advance for any purpose?
Yes, the loan totally at your disposal. Many of our customers use loans to pay when emergency situations or unexpected bills occur or to simply carry them over until their next payday.
Will you call my employer?
We take your employer’s details as it is important that you have a source of income so that you could repay your loan. There is no need to inform anyone at your workplace unless you are unable to repay the loan.
Can I get a loan if I am self-employed?
Yes - as long as you are able to prove your current earnings and have been paying an income into your bank on a regular basis, we can help.
Why is APR so high?
An APR (annual percentage rate) is normally used to compare loans which have a term of 12 months or more. They are not an ideal solution for comparing short term loans; however, we have to show them for legal reasons.
What if I have problems with repayment?
If you are having any problems with your repayment or you believe you may be late with your payment, please do get in touch with your lender as soon as possible and we will do our best to help you.