FAQ

A payday loan is typically an emergency, short-term loan with high fees that provides small cash amounts to be repaid when the borrower receives their next paycheck. Simply fill out our fast, easy, and secure application form online. Once approved, your funds will be sent directly to your bank account as fast as one to two business days.
You can use payday loans to cover ONLY emergency expenses, such as unexpected medical bills, unplanned home maintenance, or emergency auto repairs.
Payday loan statutes vary significantly across states. Do some research on your state payday loan regulations to see if they are available in your state.
Payday loans can go as low as $100 and as high as $1,500, depending on your state's payday loan statutes.
Once your application for an online payday loan gets approved, your funds will be sent via direct deposit to your active checking or saving bank account.
Interest rates and fees vary from state to state and lender to lender. As a general rule, a fee of between $10 and $30 is charged per $100 borrowed. That said, a payday loan of, for instance, a $25 fee for every $100 will amount to an annual percentage rate of 300%.
At MoneyZap, we work with only legit, proven, and certified direct payday lenders who provide the friendliest terms and rates and receive applications from borrowers with any credit score. Quickly complete and submit an application form. If approved, you should get your funds within one business day.
The requirements for a payday loan are easy. First, you must be 18 years or above, be a US citizen or permanent resident, have a consistent source of income, have a valid government-issued ID, have an active checking account, and an active phone number and email address.
There is no fee for applying for a payday loan with MoneyZap, regardless of how many times you submit an application.
No! Payday and installment loans are unsecured, meaning they require no collateral, unlike car title loans, which require your car title as collateral.
You can follow these 3 steps to apply for an online payday loan;
- Complete the application form. It's very simple and takes, say, 5 minutes. You will need to enter your basic details and your loan amount.
- Get approved and receive a decision.
- Get your funds. You may receive your funds that same day or on the next working day.
No. You must not be employed to get a payday loan. You only need proof of steady monthly income.
It's not easy to manage multiple loans, so most lenders give out one loan at a time.
Yes, you can still qualify for a loan even if you're retired. You will only need proof of consistent income to assure the lender that you can repay.
You can get a payday loan with MoneyZap even if you have a bad credit score. Payday lenders are more interested in your ability to repay the loan than in your credit score, so you have nothing to worry about if you have bad credit.
Payday loans don't affect borrowers' FICO credit scores. This is because lenders do not report them to the major credit bureaus in the country.
Repayment is very simple. The amount to be repaid on the repayment date is automatically withdrawn from your checking account.
Not being able to pay your loan may result in several consequences, such as;
- Extra charges and interest
- You may get reported to a debt collection agency
- It can negatively impact your credit score
- You may find it very hard to borrow another loan
Yes, your loan term can be extended, but that's highly dependent on the lender. Some lenders may offer you a rollover or loan renewal if you're struggling to repay the loan when it is due. If that is the case, you'd be required to pay a fee to extend the repayment date for your payday loan. Therefore, it's highly advisable to use rollovers only as a last option.
A title loan is a kind of secured, short-term loan that lets you put up a valuable asset (e.g., car, house) as collateral to borrow a certain amount of money, usually a percentage of the asset's worth. Car title loans are the most common type of title loan and are usually a favorite option for people without good credit. This is because title lenders don't check credit history. With title loans, you can borrow fast cash, up to 25% or more of your car's value.
An installment loan is a type of personal loan where you take out a round sum of money to repay over several months in scheduled installments. It is an unsecured loan, which doesn't require you to present collateral. Installment loans usually have a longer term than payday loans and are often preferred over payday loans by people who consider the flexibility of repayment. They are often repaid in fixed payments that comprise the principal and the interest.