Frequently Asked Questions

What is a Paycheck Loan, Payday Loan or Cash Advance?
A paycheck loan is a non-secured, temporary cash advance until your paycheck arrives or is deposited into your bank account. Customers avail of payday loans to take care of various small expenses, regular or unexpected, and to avoid late payment fees and bounced check penalties. miniPaydayLoan is one such company where you can apply for a payday loan online. You need to check into our website and fill a form to sign up and apply for an advance. If you are found eligible, the advance will be electronically transferred to your savings or checking account.

How long does the process take?
Normally it takes a few hours to receive your approval from the time of applying. After you have talked with the customer service executive designated by the loan provider, you can have access to the money the next day since the fund is transferred electronically and the process is quick.

Is the financial information I provide secure?
Yes, it is. We give utmost importance to the protection of our customers’ personal financial information. We take a number of security measures to see the information you provide us is safe and secure. Normally the safety of the data you pass on to us is ensured through the 128 bit-Secure-Socket-Layer (SSL) encryption technology.

Am I eligible to get an approval if I have NSF’s, charge-offs, bad credit or bankruptcy?
Yes, those would not be a problem. Having sub-prime credit is a common occurrence for customers applying for payday advance.

What is the collateral for receiving the loan?
Your paycheck and your job are the collateral.

Is a direct deposit necessary for a loan approval?
Currently you will have your loan application approved if your paycheck is deposited directly into your account since this is a secure and fast way to offer cash advance loan.

Am I charged an application fee for signing up?
No, miniPaydayLoan does not charge any fee for applying for a payday loan.

How frequently can I avail of this service?
You can apply for payday loan in case of an emergency or an immediate need. But keep it in mind that it is not intended for regular use in the sense that you keep applying for the loans from one payday to the next as this reliance can land you into serious financial hardships.

How my pay day loan amount would be determined?
You will be qualified for a certain cash advance amount based on the strength of your current paycheck amount and the answers you provide to the loan questionnaire.

How soon the loan needs to be repaid?
Generally you need to repay the loan within seven days of receiving your very next pay check. Once you are approved for a loan, the lender will intimate the information to you.