How it Works | Learning about payday loans

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So you have decided that a payday loan could be the right solution to solve your temporary cash issues. You want to apply, but you are not quite sure how it works. You are in the right place. Applying for and accessing a payday loan does not have to be complicated. In fact, it usually only takes a few minutes of your time when you use Direct Payday Loans.

Requesting a payday loan is easy with Direct Payday Loans. Simply fill out the form at the top of the page, and you will be connected directly with our network of payday loan lenders. Payday loans usually range between $100 to $1000 (or occasionally more in special circumstances), and you can complete the application from your home or wherever you are.

The only thing you have to do is fill out the form on our website, and then wait and watch as we connect you to a vast network of lenders. Once your application has been complete and approved, you will be redirected directly to a lender page. On the lender page, you should be able to review the terms and conditions (including rates and fees) of the loan. If you accept these terms, you will then be able to have the funds deposited directly to your bank account.

Most lenders have the following requirements to be approved for a payday loan:

  • You should be employed at your present job for at least 90 days.
  • You should be a US citizen, or a permanent resident over the age of 18.
  • You should have an income of at least $1000 a month after tax deductions.
  • You should have a checking (or savings) account in your name.
  • You should have a working home and work phone number.
  • You should have a working email address.

Quick Inquiry Process

When you apply, one of the lenders in our network will be matched with you in as soon as a couple minutes. The lender will receive your inquiry right away and contact you directly. The lender may ask you to provide other information such as your pay stub or some information about your identity.

Send Cash Directly to You

After the lender approves your application and receives everything they need from you, the loan amount will be transferred directly into your checking or savings account.

Private and Secure

We make use of secure and advanced encryption technology in order to make best efforts towards protecting your private data. We do this so you can apply for and receive the loan you need without worrying about security.

Automated Repayment

After a couple of weeks, your loan will be due, which means you will have to pay back the principal amount as well as the loan fees. On the day the loan is due, this amount will be withdrawn automatically from your bank account so that you do not have to do anything. However, it is important to be sure you have enough money in your bank at the time so that you can pay back the full amount. We always encourage individuals to have a budget and spending plan so that there are no surprises on the day you pay back your loan.

Late Payments

There are numerous cash advance lenders who are a part of our network. Many of them will have different policies around late payment.The good thing about applying online is that you can easily compare terms between different lenders. That way, you can make sure you can find the policies and conditions that fit your situation. However, it is important to make a budget and spending plan so that you do not have to pay any late fees.

It is essential that you read through and understand the policies of each lender prior to digitally signing any documents that will require you to pay back the loan. In some states, there are specific laws on how much a payday lender can charge you in late fees, so check your local laws before applying as well.

Loan Extensions

The laws in the state where you live will determine if a lender can grant a rollover or an extension of your loan. There are some states that allow many rollovers, and there are some that forbid this practice completely. At Direct Payday Loans, we encourage every person to have a plan to pay back their loan in full, on time. This includes creating a budget that allows you to pay back your principal and interest on the payday loan but also pay for your normal household expenses like groceries, rent, and cell phone bills.

If you are late with your payment, the lender may be allowed to charge you late fees or even request that you immediately pay off the loan balance in full. This can lead to a difficult situation if you do not have your finances in order. It is important to make every effort to pay off your loan in full on time.

If a person defaults on their loan, he or she is subjected to more fees as described in the agreement they signed. This can create a very difficult financial situation. You should calculate your repayment costs before applying for and accepting a payday loan. Payday loans are very convenient and can help people in difficult situations, but it is essential that you pay off these loans in full on time. Otherwise, the costs will begin to increase rapidly as interest compounds and the principal amount increases with each rollover.

Lenders belonging to the Community Financial Services Association of America (“CFSA”) have been permitted to provide borrowers with an extended payment plan once every 12 months.

Loan Default

It is important to make every effort to avoid defaulting on a loan, as the consequences can be very serious. Again, be sure to calculate the costs of your loan ahead of time. Have a full budget plan that accounts for all of the costs of your loan as well as your normal household spending. Make every effort to pay off your loan in full on time.

Lenders that are a part of the Direct Payday Loans network will pursue collections after the due date has passed to the fullest extent of the law. There can be criminal charges in addition to fees which could apply if the loan is not repaid.

However, if the lender is a part of CFSA you’ll be saved from the criminal charges.

Now that you have all the information you need, hit the Apply Now button to apply for and access your payday loan!