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FAQ

A short-term or payday loan is a small-dollar loan, often used to cover unexpected expenses or to bridge a gap between paychecks. A payday loan is a financial solution that provides an alternative to bouncing checks or paying late fees. Payday loan is not a long-term financial solution and only can be used to cover short-term financial issues. A short term loan is a way for consumers to get the money they need in emergencies without the same hassle that is associated with other forms of consumer credit. Short term loans are relatively easy for most people to obtain - even if they have been denied other forms of credit due to their credit histories. Short term loans help avoid bouncing checks, credit card and checking account overdraft fees.

Will I Qualify for a Payday Loan?

If you can meet the minimum requirements you may qualify:

18 years of age or older
have a job in the United States and make $1000 per month or more
employed with the same employer for a period of at least 90 days
be a legal resident of the United States
have a bank account that is not currently overdrawn

There are lenders that do not require employment, however, a proof of steady income from a sources such as SSI or unemployment should be provided.

How much can I borrow?

You can borrow up to $1,000. The maximum available loan amount is determined by the law in each state. Your specific loan amount will be based on your state, income and whether you work full or part time.

Is there any cost to apply for the loan?

No. You will not be charged to apply for the payday loan, whether or not you are approved.

How much does a payday loan cost?

The costs vary from lender to lender. Carefully review lender's fees, APR, terms and conditions before you accept your loan.

Will I need a fax machine to apply for a payday loan?

Most lenders in our network require no faxing as a part of the loan application. In certain cases, however, lender may require to fax a copy of your driver’s license, paycheck stubs and bank statements to your lender before you can be approved. If you do not have a fax machine, you can use fax machine in your local public library, FEDEX, UPS or USPS store.

How and when will I know my loan has been approved?

Shortly after you fill your online application, the matchin lender will provide you with all of the terms and conditions associated with your loan. If you do not agree with anything in these terms or if something is unclear to you, we urge you to not accept the loan until you have contacted the lender for clarification. Once you review the terms, fees and terms for your payday loan, and accept the loan offer, you’ll be notified by lender. Your cash advance will be deposited into your checking or savings account. This is why a bank account is required.

How do I repay my loan?

Typically your loan will be repaid in installments from your next several paychecks. Lender will initiate a transfer of funds from your bank account on the day the loan is due. This is something you will be able to review if you’re approved.

When do I repay the loan?

Short term loan typical due date is your payday. You will be informed of the due date when your loan is approved. You may also have the option to pay off the loan early or renew the loan until your next payday (if applicable in your state). The only thing you must do is ensure that the required funds are in the account on that day. If you are unable to do this, you should contact your lender directly for more information about late payment fees as well as rollovers and any charges associated with them.

If I already have another payday loan, can I still qualify?

State regulations and individual lenders may allow for two or sometimes even three loans. Please keep in mind that having more than one loan out at the same time could make it more difficult to repay your loans.

What if I am unable to repay my loan?

PaydayDigger.com strongly suggests that you do not take out a short term loan if you are unsure of your ability to repay. Whil most lenders will work with you to establish payment arrangements, the fees associated with inability to pay your loan on time may be high. While most payday lenders do not report to credit agencies and cannot press criminal charges against you for failure to repay your loan, you will still be subjected to collection efforts including but not limited to legal action. An inability to repay your loan will result in collection calls. Keep in mind that interest may continue to accrue on your loan for the entire time that it remains unpaid.

What if I have questions about my loan?

If you should have any questions or concerns about your loan, these should be directly addressed with your chosen lender. PaydayDigger.com is not a lender and therefore has absolutely no access to your loan information, the amounts you are being charged or your repayment history. You should receive communications from your lender that include the telephone number and website at which your lender may be contacted. If for any reason you are dissatisfied with your lender or believe that you have been treated unfairly in any way, PaydayDigger.com provides links to various government agencies on our website. You are encouraged to speak with these agencies for advice on how to obtain issue resolution.

What if my application for a short term loan denied?

There are certain situations in which you may be denied for a loan. Typically, lenders would lend you money if you are currently in bankruptcy or if you do not meet the criteria for obtaining a short term loan. If you already have outstanding payday loans, lenders may refuse to provide new loans.

Can I complete the whole loan application process on PaydayDigger.com?

No. However, PaydayDigger .com allows you to jumpstart your payday loan application — apply online . It's easy, secure, and private. If you have used a lender you found through PaydayDigger.com in the past and would like to use that same lender again, you can do so by visiting that lender’s website via the email communications you were provided. PaydayDigger.com does not store any information about lenders you have worked with in the past. You are welcome to re-apply each time you would like a short term loan.

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LEGAL DISCLAIMER: The operator of this website is not responsible for making any decisions regarding loans and credits. The information on our website is nothing more than an advertising. Every application is introduced to many lenders in order to increase the chance of success. In some cases faxing can be necessary. Filling in this application must not insure you in any approval of services.

This service is absolutely free and you are under no obligation to accept any of the quotes or services provided by participating lenders and agents. Thank you for visiting our web site and we look forward to providing you with the best service possible. To contact us via mail: Global Data Mining LLC, DBA Loan Savings Solutions 16192 Coastal Highway Lewes, DE 19958

*APR: Annual Percentage Rate is expressed as the periodic interest rate times the number of compounding periods in a year. APR includes non-interest charges and fees. Short-term loans normally incur such a fees so APR requires detailed calculation.

APR EXAMPLE: A person borrows $500 until the next payday. The lender provides a two-week loan and charges a $75 fee. The lender will require the borrower to provide a postdated check for $575 to be held until the borrower's next payday. When the loan comes due, the borrower may repay the loan by allowing the lender to process the check or by bringing in the full payment of $575 in cash. The borrower may also have the option to “roll over” the loan by taking out another loan and paying an additional $75 for another two weeks. In this example, the annual percentage rate (APR) calculates to 391% for the original two-week loan of $500 with a $75 fee.

FINANCIAL IMPLICATONS: fees for short term loans that amount up to $500 may vary from $15 to $40 for $100 borrowed. Lenders may charge higher fees for loan amounts of more than $500. Lenders may charge additional fees for non-payment or non-sufficient funds. For example, lenders may charge $20 for non-sufficient funds and 10% of principle if the debt is 15 days late.

RENEWAL: depending on the lender, renewal may be automatic if the loan has not been repaid on the due date. Some lenders give debtors several options to choose from when taking out a loan: auto renew a loan, pay it in full or pay down the principle. The minimum renewal term is 15 days. Please note that you may be required to pay additional fees associated with loan renewal and loan interest rates may be reset as well.

FCU STS LOANS: The Federal Credit Union Act sets the maximum allowable Annual Percentage Rate (APR) 18% for most loans and 28% for loans made under NCUA's Short-Term Small Loan (STS) program. To charge up to 28% APR, federal credit unions can offer loans under the conditions including:

- Principal Amount: $200-$1,000

- Application Fee: $0-$20

- Term: 1-6 Months

- Rollovers: prohibited

Members who successfully pay off STS loans at FCUs will likely be able to improve their credit scores and qualify for future loans at lower costs.