The Application Process
The only thing you need to take care regarding this payday loan ...
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Quick Online Payday Loans
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What is a Payday Loan?
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The Application Process
Quick Online Payday Loans
What is a Payday Loan?
FAQs

Help Below are answers to some Frequently Asked Questions (FAQ's)


How long does it take to get approved for a cash advance?

Most applications are approved within a few hours. If you meet all of our $500 payday loan qualifications, your payday loan application is complete, and all of the required documents are faxed promptly, the approval process usually takes 1-4 hours (during loan processing hours of Monday-Friday 8:30am-3:00pm PST). If your application is incomplete or if the required documents are not received, the approval process can take up to 24 to 48 hours. All required documents must be submitted promptly for faster service and verification. Our fax number at is available 24 hours a day/7 days per week.

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Loan Term
When most small business entrepreneurs seek business loans, they tend to get a bit myopic about two items; the loan's interest rate and the loan's payment.

While these items are of extreme importance because if mismanaged they could be extremely costly to the business. But, these items are usually out of the control of the business owner. Most interest rates today are set based on the lender's costs of funds (not the risk of the borrower) and the payment is what the payment will be when all is said and done.
However, there is one factor that most borrowers overlook – a factor that they can control in part and use to their advantage: the LOAN TERM. How can a business owner use their loan's term to their advantage? Easily, as the loan term can provide your business flexibility – giving you the opportunity to reduce your overall interest as well as manage your payments during both slow and up periods.

Here's how:

Let's take a simple scenario. Your business borrows $50,000 for 3 years at 10% resulting in a monthly payment of $1,614. You have tried endlessly to get the lender to reduce your interest rate – even just 1 percentage point (you actually want a 3% reduction) to help with your monthly payment. A 1% reduction would lower your monthly payment to $1,590 – a bit more affordable. But, your lender will not budge.

Here is where your loan term can come into play. You then ask your lender to extend the term of the loan to 5 years. At five years, your monthly payment would be $1,063 – some $500 per month lower then it would have been should you convinced the lender to lower your interest rate (what you fought so hard for).

But, would this not mean that you would pay more interest over the life of the loan – two additional years of monthly payments means two additional years of interest payments at 10%?

The answer on the surface is yes – but, not when you bring in the flexibility of the longer loan term.

If your business took the deal at a term of three years, your payment would be $1,614 as stated. Thus, you have to meet that minimum amount each and every month. But, what happens when you have a slow month and struggle to make that payment? You go into default and lose your business. However, with the 5 year loan term, you can still make the larger $1,614 monthly payment. But, if you have a slow month, you can reduce that to the required minimum of $1,063 – still staying within the guidelines of the loan agreement. Then, the next month or during your next better sales period, make up the difference; bringing your past payments back to the higher level.

With the longest term possible, this gives you, the manager of your business, the opportunity to manage your business loan – making higher payments when feasible and meeting the minimum level when necessary.