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Frequently Asked Questions

What is a payday loan?

A payday loan is a cash loan you receive based on your ability to repay because you receive a scheduled paycheck from your employer.

These are meant to be short-term loans to handle an emergency cash need, however, many people use them routinely to avoid the excess cost of bank NSF fees. If you run out of cash 5 days before your paycheck, but you still have to make a car payment, BestPaydayLoan lends you $300 for 5 days at 1.75% per $100 per day for a cost of $21. Your bank would charge up to $35 for an NSF when that car payment check doesn't clear, and your car loan company might charge you an additional $30 late payment when the check bounces. You do the math! Do you want a $65 charge with a hit to your credit rating or a $21 charge with the ability to borrow an increased amount of money on your next loan?

Payday loans can be useful or harmful depending on the company you choose.

BestPaydayLoan attempts to educate customers in the how these loans can be helpful. However, it is never a good idea to have more than one payday loan outstanding at any time.

Payday loans can be expensive forms of credit because of the risk the company takes in providing cash to unseen customers. However, BestPaydayLoan makes sure that the person receiving the money is who they say they are, so our risk is reduced and therefore, your cost is reduced. Learn more about our procedures that protect you from identity theft.

BestPaydayLoan reduces your risk and reduces your cost by providing loyal customers with Payday Cash Rewards.

It makes sense to us that if you take out loans and repay them, you have earned our trust, and you also earn cash rewards, which reduce the cost of future loans. Every $100 you borrow gives you payday cash rewards.

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What is a cash advance?

There are all kinds of cash advances. You could ask a relative or friend. Or if it isn't maxed out, you could use your credit card. You could ask your employer for an advance, or take a loan from your 401 K plan. However, if you want convenience, privacy, online security and no hassle, a BestPaydayLoan cash advance is a low-cost, easy option.

A BestPaydayLoan cash advance is there when you need short-term cash that you intend to repay from your paycheck. And you can spread the payments out, so that you don't have to survive on bananas all week. The big difference with a payday loan is that your loan principal doesn't get bigger because unlike a credit card, you have to pay off the first loan before you can borrow more. It gets smaller as you pay it down. It's a cash advance with Payday Cash Rewards for every $100 you borrow that reduce the cost of future loans. Can't beat that.

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What is a paycheck advance?

This one is easy. You work. You get paid. You trust we will get your paycheck advance to you when you need it. We turst you will repay your loan and your fee on a timely basis on your pay date.

Having a paycheck allows you to borrow against future earnings. Face it. Having a paycheck allows you to live the life you want to live. Even if it is not a perfect life, at least it's consistent. You work, you get paid. You need cash, we provide it because you have a paycheck, which will allow you to repay us.

BestPaydayLoan allows you to repay your loan whenever you want with no penalty. Many paycheck advances with other companies are for a two to six week period. Not us!

You can repay in three days or in three months. Whatever works for you. If you only need the cash advance for three days then you can pay it back in three days, and save big bucks. You only pay for the days you need. We'll be here if you need us again.

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How much cash can I borrow?

Not enough to buy that car, but we could help with the insurance or a down payment.

Most people can borrow between $250 and $350 for their first loan. It's based on the amount of your net take-home pay, and the number of other payday loans or cash advances you have outstanding with other companies.

Each time you pay off a loan with BestPaydayLoan the amount of money you can borrow on your next loan increases. You get an increased credit line. It's like borrowing from your Mom. First she'll loan you $10, and if you repay it, next time she's good for $20 because she trusts you will repay it again. BestPaydayLoan will loan you up to $750 because our business is to keep you in business.

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When can I get the money?

You can get the money the morning of the next business day. You can also schedule a loan for next week or next month. We have a smart system that can handle unexpected emergencies, and people who plan ahead.

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What does it cost?

That is our favorite question. It is just one more way we differ from other payday loan companies. We believe that people should be able to repay their loan whenever they want, and we believe that, as needs change, your loan company must be flexible enough to meet your needs.

It costs 1.75% per hundred dollars per day. See our simple fees chart to find your daily cost and the total cost of your loan. As an example, let's suppose your gym has a limited time special of $300 for a one-year membership. If you receive your cash advance on Monday, and you get paid on Friday, you will pay 1.75% X $300= $5.25 per day for 4 days (no charge for the day the money is deposited) = $21 total fee. If you pay back $321 you have paid in full. It's that easy.

But let's suppose that you need the money until a week from Friday, which is 11 days. Then you would pay 1.75% X $300= $5.25 per day X 11 days=$57.75, and you earn 6 Cash Reward points, so the real cost of that $300 loan for 11 days is $57.75 - 6 cash reward dollars = $51.75.

The same loan will cost you $60 from companies that charge $20 per hundred, $75 from companies that charge $25 per hundred and $90 from companies that charge $30 per hundred. Are you crazy? Why would you want to pay that? See a comparison of our fees to those of other companies. You'll be happy you did. You can borrow for less right here, every day, and earn cash rewards at the same time.

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What are Payday Cash Rewards?

Cash Rewards are cash credits that you earn whenever you repay a BestPaydayLoan that is outstanding for ten days or longer. For every $100 that you borrow, you receive two Cash Reward points. Each point is worth $1 in credits toward the fees charged on a future loan. Once you repay four loans, you can use the accumulated points to reduce the cost of fees you incur on your next loan. For example, if you borrowed $250, then $350, $450 and $500 for your first four loans, you would accumulate 31 points, which could be applied as a credit to any fees charged on your next loan. If your next loan was $500 and you kept the money for 10 days, your fee would be $78.75 minus the $31.00 cash reward, and then your cost would be only $47.50 for that $500 loan. At the same time you would earn an additional 10 points, which could be used on the next loan. So each loan produces decreasing fees on your next loan. Nice!

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Can I earn an unlimited amount of Payday Cash Rewards?

Every time you repay a loan of at least 10 days duration you also receive Cash Reward points: two points for every hundred dollars borrowed. For the first four loans you accumulate those points to be used on loan number five. (See above.) If for example, you have accumulated 31 points on your first four loans, and the fee for you next loan is less than $31, then those points would be carried over along with the points for the money borrowed on loan five.

The system will automatically apply reward cash to the fees for your next loan, and it will automatically credit your account for the fees earned on a new loan. No hassle, it's easy, and reduces the cost of every loan.

Fees that are accumulated but are not used because you didn't need a new loan will expire one year from the paid date of your last loan. We'll send you an email reminder to ensure that you haven't overlooked the available cash in your account.

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Can I use my Cash Rewards for any fee?

Cash Rewards can be used only for the daily fees charged on your loan. Wire transfer fees, return fees and any other special fees cannot be paid with Cash Reward points.

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What if my payment bounces?

The Cash Rewards system is designed for customers who manage their money well, and have a decreased credit risk because they have successfully repaid four loans. Any payment that returns from your bank for any reason will eliminate any Cash Reward points that you have accumulated. You will, however, begin to accumulate points on the loan following your default. Once you have received and paid an additional four loans you will be able to redeem your accumulated points once again.

We take NSF returns seriously. We will work with you to determine how we can help you to prevent future payment problems.

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Special Fees

We do not have any "membership" or similar fees. Occasionally, clients require special services, and there is a separate fee for the following: the wire transfer fee is $20 (your bank may also charge a fee for a wire in), NSF return, frozen account, and closed account charge fee is $30. Any payment not made on the agreed upon payment date is charged as if a return occurred.

In addition, our service was created for people who have access to the Internet, and are capable of handling their own online account. Payment arrangements, Payday Cash Reward balance, and information on new loans can all be viewed online by logging in to your account. Even if you forget your password, you can get it immediately via email.

We are always available to answer your questions from 8AM to 5PM EST. If, however, you have forgotten to make a payment arrangement in a timely manner, and you want to pay more than the minimum amount (the fee due), you can phone a staff member who will perform this service up to noon on the day before your payment is due. There will be a $4 administrative fee added to your account for this service. We have a very user-friendly system, and hope you will take advantage of it.

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What if I refer a friend?

We've designed a special Email-A-Friend to make it easy for you to show your friends the BestPaydayLoan website. If your friend is approved for a loan, then we will add 15 Cash Rewards points to your account.

In addition, your friend will receive 15 Cash Reward points as a signing bonus. This offer will end on March 31, 2006.

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What are the requirements for a loan?

  • You must be 18 years of age or older.
  • Your pay stub must show net monthly income (take-home pay) of at least $1200.
  • You must have an active email account. You can get free email. Just ask us.
  • You must have an active checking or savings account.
  • You must be employed in the same job for 2 months or longer if you are paid with direct deposit, or three months or longer without direct deposit.
  • You must have a working home phone or cell phone where you can be reached.
  • You must not have more than 2 other payday loans outstanding.
  • You can not have a cash advance loan default with another company.

Repeat loans are no-fax loans. Just click the amount you want and you are done. See our no-fax payday loans page.

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Where do I send my documents?

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Do you have No-Fax loans?

Yes. In fact, most of our loans do not require faxed documents. Your first loan does require documentation, so that we can protect all our customers from identity theft. After the first loan, you will not need to send any documentation for 3 months. We require only a bank statement every 3 months. Once you are approved, you have low-cost, no-fax loans available for 3 months without any hassle. Visit our no-faxing loans page.

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How can I reduce the cost of my loans?

We have several methods to do this including Payday Cash Rewards that you accumulate and use to reduce the cost of your loan. These rewards add up very quickly. See our Payday Cash Rewards page.

BestPaydayLoan also allows customers to take a loan for as little as 4 days. Since we don't charge for the first day, you pay only for 3 days at 1.75% per $100 per day or $1.75 per hundred. For a $300 loan for a week, that's a total of $300 X .0175 X 6days = $31.50, and you earn 6 Cash Reward points, which effectively reduce the cost to $25.50 for $300 for a whole week.

We offer the most flexible repayments anywhere. Many companies do not allow a partial repayment of the principal — they require you repay all or nothing. If you can't repay it all, you are locked into continuing to pay high fees for yet another pay period. At BestPaydayLoan, we allow customers to repay as much or as little of the principal as they want — at any time they want. We even allow customers to make a partial principal payment earlier than their scheduled payment date, which will further reduce the cost of the loan.

Other companies insist that you pay the full amount of the money for your entire pay period even if you've only had the money for a short time. At BestPaydayLoan, we encourage customers to borrow only what they need for the limited time that they need it. This method greatly reduces your cost. See our Weekly Savings page if you are paid weekly. You won't believe the difference in cost.

In addition, if you pay back some of the principal each pay date, your overall loan cost can be significantly reduced because we charge only for the principal amount outstanding.

And don't forget the 15 pointes equal to $15 that you can earn for referring a friend who is approved for a loan. Refer a few, and you've earned enough to pay for your loans for free.

Talk to our staff about other ways to save. See our contact page. We are eager to show you the best way to get fast, efficient, low-cost payday loans at BestPaydayLoan.

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What if I have a bad credit history?

Running up credit card bills, and not paying your car loan on time can lower your credit score, and prevent you from getting bank loans. At BestPaydayLoan we don't care about credit scores. We do care if you have defaulted with another cash company and are listed on Teletrack or one of the other services. See our No-Credit Check Loans page.

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How do I get the cash?

We process loan requests Monday to Friday, but not on weekends. If you apply for a loan and send the documents we require by 4PM EST, we will call you with our approval and answer any questions you may have. If you wish to proceed with the loan, the cash will be in your account by 8 AM the next business day. Occasionally, we encounter some credit unions which don't post the payments until later in the day, but this is rare in the electronic age of funds transfer.

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How do I pay you back?

Payments are made via electronic debits to your account on the date and in the amount that you have authorized. At a minimum, the fees must be paid every due date. If you wish to pay more than the minimum due, you may login to your account as late as two business days before the due date and enter the amount you would like to pay.

If you do not tell us otherwise, we will collect the fee only, and extend the principal amount of the loan as a courtesy to you. We encourage clients to repay as much of the principal each pay date as possible because this reduces the overall cost of your loan.

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How long can I keep the money?

As long as you need it. But remember, the earlier you repay the principal amount the easier it is to add up Cash Rewards points, and reduce the cost of future loans. Once you repay the first four loans, you begin to see significant savings.

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Can I pay early without penalty?

Absolutely. Just go online, login to your BestPaydayLoan account, and select the date you prefer to pay your loan. Because you are only charged for the days you use, not the entire pay period, you will see a reduction in your fee based on the number of days you are paying early. We like smart consumers.

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What if I forget to schedule a payment?

We know that your time is precious, and sometimes life is just too busy to keep up. To help you remember we will send you emails with a link to the login page, so that you quickly accomplish what you want to do. If you forget to schedule a payment, we will assume that you want to pay the fee only, and we will deduct that from your account and extend your loan until your next pay period. If at any time you have a question do not hesitate to call.

If you are experiencing financial difficulties in paying back your loan, please contact us. We are here to help you understand the best way to use these loan monies at the least cost. Our collection process is outlined for you, but do give us a call.

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How long do I have to wait before I can get a second loan?

Once your loan is paid off, it takes three full days to confirm that your payment has not returned.

If you need a new loan immediately, just fax us a copy of your online bank statement showing your payroll coming into the account, and our payment coming out, and the ending balance for all transactions on that date. Then we can immediately process a new loan.

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Is a savings account OK to use?

Yes, we accept deposits to savings savings accounts as long as that is also where your paycheck is deposited. Our loan proceeds and collections alwyas to to and come from the account where your paycheck is deposited.

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Do I have to have direct deposit?

No. As long as you routinely deposit your paycheck to your account on your payday, then not having direct deposit is acceptable. The debits from your account are scheduled for the day after payday to allow your check time to clear.

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What if I change jobs?

The most important thing about our relationship with our customers is the faith we have in them. Many people lose jobs, change jobs, change addresses, etc. We believe in you, and we know that you will embrace the change and move forward. A job change does not mean that you lose borrowing privileges.

Just go online and when you login in click the Data Change button, and let us know what has changed. We'll help you celebrate your successes and back you up in your challenges. Or give us a call and we will make the data changes for you, no fuss, no bother.

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Will you sell my personal information?

No! See our privacy policy and relax. You are our customer. We value your privacy. We will not betray your trust, and we do not view you as a piece of data to be sold.

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Is my personal information safe?

BestPaydayLoan uses encryption technology — not just the standard, but much better to ensure that your data which travels on the Internet is secure. In addition, we have security firewalls that protect our database. Please see our Security Policy.

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What about identity theft?

The process we use to approve your first loan ensures that you are who you say you are without compromising your privacy. We must speak with you personally before your first loan is issued. Each and every loan thereafter, we provide email confirmations of every transaction. We encourage you to safeguard your login information. Identity theft is everyone's problem. We need to work together to stop these abuses, and BestPaydayLoan will cooperate with enforcement authorities.

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Who are you anyway?

We are a group of seasoned professionals — lenders with many years of experience in the lending and financial services business, and we look forward to speaking with you. Our company is registered in Anguilla, an island in the British West Indies that is a world financial center. (Think hot.) Anguilla has some of the strictest privacy rules for financial transactions anywhere in the world. That means that privacy is a BIG issue with us. There are significant penalties for financial institutions which disclose customer information to unauthorized persons. The regulations even provide for jail time if your information is not treated in a confidential manner. Believe us when we say that your privacy is in our best interest.

Our island is mostly flat, very sunny and has some of the best beaches in the world. All of our transactions are in U.S. currency, and we operate on EST.

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Why should I trust Best Payday Loan?

We provide all the information you need to make a decision about using our service before you give us any personal data. We disclose all costs. We speak with you personally and verify your identity.

We allow early payments and reduce your charges based on that early payment. You decide the number of days you need the loan, and you can pay it off without penalty at any time.

We allow you to pay small portions of your principal amount in order to reduce your loan principal more quickly and reduce your overall cost.

We value you as a customer and treat you with respect because we are experienced professionals.

We provide a toll-free number for you to contact us, and a live person actually answers the phone. We want to answer your questions, and we want to provide a fast, efficient service that will save you from the cost and hassle of NSFs.

We are registered in Anguilla, British West Indies, which is a world financial center. That means that privacy is a BIG issue with us. There are significant penalties (up to $50,000) for financial institutions which disclose customer information to unauthorized persons. The regulations even provide for jail time if your information is not treated in a confidential manner. Believe us when we say that your privacy is in our best interests.

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