The Basic Overview
- Bad Credit Okay
- No collateral required
- No faxing of documentation
- Online form takes 2 – 5 minutes
- Decisions in as little as 3 minutes
- Installment payments are available
- Bankruptcy and bad credit is okay
- Fixed income may be accepted
How does the process work?
All you do is fill out a short online form. Once you hit submit it takes up to 3 minutes to get a decision. If approved you will be redirected to the approving lender’s website where you will be presented with the interest rate, payment terms, etc. At that point you are not bound to accept the payday loan even though you have been approved.
How does Personal Money Store secure my data?
We use 256-bit SSL encryption which is an industry standard to encrypt your secure information (such as your bank routing number or social security number). As expanded upon the following paragraph, your information is safe with us.
Is the information I submit secure?
What are the qualifications?
Your income needs to be over $1,000 per month. You must have a job or a steady source of income from retirement, benefits, etc. Some lenders prefer you to be employed. You must be at least 18 years old and a U.S. citizen. If you a member of the military far fewer lenders can approve you and all such lenders must comply with the Military Lending Act. As such, chances of getting connected with a lender are lower. Each lender will have additional or more specific requirements, but these are the bare minimum.
How long does the process take?
Filling out the form online should take only 2-5 minutes and processing should not take longer than another 3 minutes after that.
How long do I have to wait for the money?
It is possible to have funds deposited into your account quickly, sometimes as soon as the next business day. Ultimately, it depends on the lender.
Will a loan request affect my credit?
Short term, payday loan lenders may rely on a credit reporting agency, and are not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.
Do I need direct deposit?
Direct deposit of your paycheck is preferred by lenders. Most of the lenders do require you to have an active checking or savings account in order for you to be able to receive direct deposit of your loan proceeds.
Is there any fee?
Personal Money Store never charges a fee for you to fill out an online form. Typically, none of the lenders will charge a loan request fee either.
How many lenders see my information?
Information is submitted to multiple lenders in order to provide the best chance for approval. The amount of lenders depends on your qualifications. If you have lower income or have other factors against you then it could be shown to many lenders as we attempt to find one that will approve your request.
Does bankruptcy disqualify me?
Some of the lenders and third party connecting servicers in Personal Money Store’s network use information in addition to a borrower’s credit history to decide whether to approve the loan. This means that a bankruptcy might not prevent you from being approved. The factors a lender considers when approving or denying a loan are solely in the lender’s discretion.
What if I have to make a late payment?
If you should find yourself unable to make a payment timely, we encourage you to contact the lender and inform them of your inability to pay on time. The lender may be able to work with you. Some state laws will dictate what a lender may or must do.
- The equivalent annualized percentage rate for payday loans and other short-term installment loans can have a very wide range and can vary based on the amount of the money borrowed and length of the loan. Make sure you understand all your terms and rates fully before every accepting any loans. If you were to annualize other fees in the same manner such as a returned check fee or a credit card late fee, your annual percentage could be astronomical.
- Financial Implications
- Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $35* for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees can sometimes be less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
* While these are typical fees, some lenders may charge more, and fees may be in addition to APR.
- Collection Practices
- Collection practices will vary from State to State and Lender to Lender. Some common methods if a loan becomes delinquent include, attempts at collections internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower, and other internal attempts. Often, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith, or may take other action within their legal rights. Check with your lender and your State regulations to be informed of the collection practices used by your lender.
- Credit Score Impacts
- Short term, payday loan lenders may rely on a credit reporting agency, and is not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, lenders will undertake some form of a credit check on a potential borrower, which may impact the borrower’s credit score. It may also impact the lender’s decision to extend credit. However, some lenders rely on information in addition to what is found in credit reports. The factors a lender considers when approving or denying a loan are solely in the lenders’ discretion. Moreover, the lenders decide what, if anything, to report to the credit reporting agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.