Frequently Asked Questions
Many consumers are curious about payday loans but they don't know what they are
or how handy they could be. For this reason, we offer this collection of frequently
questions asked:
What is a payday loan or cash advance?
A payday loan or cash advance is an unsecured, short-term cash loan to help you
until your next payday. Customers choose payday advances to cover small, unexpected
expenses while avoiding costly bounced-check fees and late payment penalties. At
Flexible Payday Loans, apply online for a payday loan and your
advance will be electronically deposited to your checking or savings account.
What can a payday loan be used for?
Whether you are paying off bills, celebrating a special occasion, or covering an
unexpected cost your payday loan is there to be used at your own discretion.
How much can I receive?
Your first Flexible Payday Loans loan is based upon the information
you provide in your application. You may borrow up to $1500 and after a successful
repayment of your loan, we may raise the amount on any future Flexible Payday
Loans loans.
How are fees established?
Our fees are competitive and in compliance with all applicable state and federal
laws. Depending on the lender, fees can range from $25 to $30 per $100 borrowed.
For example, if you borrow $300 then the fee will be between $75 and $90.
How do I qualify for a payday loan?
Flexible Payday Loans does not perform credit checks, which makes
qualifying for a payday advance easier than for traditional credit. You should meet
all of the following requirements:
* Currently employed (or receive regular income)
* Be 18 years of age or older and a U.S. citizen
* Have a checking or savings account with direct deposit.
What is the procedure to apply for a payday loan online?
To apply for a payday loan, complete and submit the application found on our website.
At that point, the approval process will immediately get under way and an agent
will notify you of your status.
What information do I need to complete the application?
We need your name, address, employment information, and banking details in order
to complete your payday loan request.
Is my personal and financial information secure?
We respect our customer's right to privacy in managing their personal finances.
Our site uses a variety of security measures to maintain the safety of your personal
information. All sensitive data transmitted between your browser and our website
uses 128 bit Secure Socket Layer (SSL) encryption technology.
Is there an application fee?
Flexible Payday Loans never charges applicants a fee to qualify
for a payday loan.
Does submitting an application obligate me to take out a loan?
No; submitting an application simply states that you wish for one of our agents
to approve and contact you to discuss your payday loan options. You may ask us any
questions, and withdraw your request if you so choose. If you are ready to proceed,
you may confirm your information and officially agree to terms with one of our representatives.
What if I have bad credit?
As we do not perform credit checks, bad credit will not prevent you from receiving
a payday loan at Flexible Payday Loans. Our friendly managers will
work with you, even if you have been turned down by other lenders.
Does being a tenant influence my eligibility?
Whether you rent or own your home, it does not affect your eligibility for a payday
loan.
Do I need to fax my information?
There is no need to fax any personal details. The lending company will instantly
get all necessary information online.
Can I have more than one payday loan at a time?
No, all other payday loans must be repaid before another may be granted.
Do you contact current or former employers?
No, the lenders operate a strict confidentiality policy. None of your personal information
will be passed onto any third party without your prior agreement or unless required
by law.
Do I need direct deposit?
Your bank account must be set up with direct deposit to qualify for a cash advance.
It is the most secure way to offer loans as quickly as we do.
When will I receive my payday loan?
Your application will be processed within 30 minutes upon being received. Once approved,
you may collect your loan the next business day. At that time, we will help schedule
a repayment date so you will not have to worry about bouncing a check or missing
a deadline.
How will I know that my loan has been approved?
You will receive an email notification once your loan has been approved. Flexible
Payday Loans reserves the right to make adjustments to your loan approval
up until you receive the funds in your bank account based on new information received
regarding your application.
When will my loan be due?
Each state has different rules and regulations regarding loan due dates. Typically,
repayment is scheduled on your next payday (between 8 and 25 days away).
What if I want to pay back my loan early?
Contact us if you wish to pay off your loan before the scheduled due date. In doing
so, you may be entitled to a partial refund of your loan fee.
What if I am unable to repay my loan by the due date?
If you cannot repay the full amount of your loan by the due date, you may be able
to request a loan extension. The following payment options are available:
* Pay the loan in full on the maturity date listed per your loan agreement.
* Pay the finance fee and a portion of the principle on or before the maturity date.
* Pay only the finance fee on the maturity date.
What are the company policies with respect to loans.
- Implications of late payment
If a payment is made late by a consumer, the consumer may be subject to a late fee,
the loan being charged off, collection charges accruing, along with the loan being
sent to collections. However, the consumer will have the opportunity bring the loan
current as long as the consumer does so prior to the loan being charged off.
- Implications of non-payment
If a payment is not made by a consumer, the consumer may be subject to a late fee,
the loan being charged off, collection charges accruing, along with the loan being
sent to collections.
Note: We are NOT a direct lender. Please ask and check with your loan lender
when you are matched with one.
- Code of practice/policy on responsible lending
The company follows the Online Lenders Alliance Best Practices, a copy of which
are located at http://www.onlinelendersalliance.org/member.aspx.
- Disclosure of fees including the annual percentage rate (APR)
Please refer to the Rates & Fees page of this website.
- Disclosure of renewal policy
Consumer loans may be renewed at the consumer's option, but are not required to
be renewed. The loan may be renewed by the payment of a fee of between $10 and $30
per $100 loaned. The renewal of the loan will move the due date of the loan to the
consumer's next pay date. A consumer may also pay down the principal at any time.
- Legitimate contact information/physical address
The company address is located on the Contact us page
along with additional contact information.
- Compliance with other state or local regulations related to short-term loans
Our network of lenders complies with all applicable federal laws and regulations.
How often can I get a payday loan?
We are available any time you need financial assistance between pay periods. We
encourage all of our clients to use these loans responsibly and keep in mind that
a payday loan is a short-term solution to an urgent cash need; they should not be
used repeatedly to deal with continuous budgeting issues.
