What is a Payday Loan?
A payday loan is a small loan, typically between $100-$1500, that is is used to help a borrower’s unexpected expenses such as bill payments, car repairs, household emergency repairs or other financial emergencies. Payday loans can be a great short-term source of emergency cash, but need to be repaid when the next paycheck arrives. Payday loans are therefore often referred to as Cash Advance Loans.
Is CertifiedSponsors.com a direct lender?
No. CertifiedSponsors.com is a lending network. After you have submitted your application, we present your application to our large network of lenders. If we successfully find a matching lender based on your information and the lender’s requirements, we will redirect you to loan terms on the lender’s website. On the lender’s website, carefully review the terms and conditions of the loan agreement. The contract should state the repayment schedule, fees and the APR of the loan. Read more on our how it works page.
How much can I borrow?
How much money you can borrow depends on a few factors such as the lender we match you with, your income and employment history. Lenders may provide up to $1500 and once approved, money is wired straight into your bank account.
How do I qualify for a loan?
Most lenders will qualify you for a loan if you:
> Have a job or receive regular income.
> Earn at least $800 per month.
> Are a U.S. resident at least 18 years old.
> Have a bank account in good standing.
Prior bankruptcy, a poor credit history or charge-offs do not automatically disqualify you – you may still apply for a loan.
How much will the loan cost?
The cost of the loan and APR depends on information in your application. Use our simple online application and the terms will be presented to you after we redirect you to the lender’s website. If the terms and fees are not what you are looking for, do not sign the loan agreement.
What happens if I’m late with my payment or don’t pay at all?
Additional fees will more than likely occur in the event of a late or partial payment. Failure to pay can result in legal action, as well as reporting of the non-payment to a consumer reporting agency.
What is your renewal policy?
Renewal policies are determined by the lender, not by us, so they will vary. Be aware some lenders may not debit your account for the full amount of the loan, which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.
Do I need to fax documents as part of the application?
In most cases no. However, if data provided is inconclusive or seems false, lenders may ask for additional documentation to be faxed.
Can I have multiple loans at a time?
We highly recommend you do not take out multiple payday loans at once. Due to their high interest rates, excessive usage of payday loans may accelerate debt problems.
How do you make money?
CertifiedSponsors.com receives a commission from lenders when a successful match between applicant and lender has been made. If we cannot match you with a lender, we don’t make money. This keeps us on our toes and we work hard to partner with many lenders so we can help you get a loan!