For millions of people, payday loans are a fast and convenient way to cover unexpected
expenses such as car repair and medical bills. A payday loan can even save you money
by helping you avoid bounced checks and late fees on bills. But payday loans aren’t
always the best solution for your financial needs.
To help you determine whether a payday loan is right for you, we recommend that
you consider how you’re planning to use it, how urgent your need is, and what your
other options are. Payday loans can be expensive, so you should only use them after
you’ve considered the facts and decided that it’s your best option.
Here are some guidelines that may help you decide if a payday loan is right for
you. Click on a topic to learn more.
We recently surveyed our customers to find out why they use payday loans. We learned
that 75% of our customers use payday loans to cover unexpected expenses or pay bills.
The most popular reasons were to get a car fixed, pay for medical care, or to cover
a monthly bill. If you're a little short on cash, a payday loan is a great way
to save money by avoiding bounced check fees and late payment fees.
If you’re running a little behind on your bills, a payday loan from
may be a better option than paying late fees. Late fees on credit cards and other
monthly bills can cost $30 or more. And if your utility or phone service is disconnected,
there are more fees to reconnect your service. We recommend that you start by finding
out what the late fees are for each of your bills. Then you can compare the cost
to determine if a payday loan from
is a better option.
If you’re running late on bills a payday loan from PayDay One may be a better option, depending on the amount of your late fees and the time you’ll
need to repay the loan. We recommend that you look at the cost of all of your options
before deciding to get a loan from PayDay One.
A loan from
is usually a better option than bouncing a check or using your bank's overdraft
protection service. Each time you bounce a check, both your bank and the merchant
will charge a fee. The total cost is typically $40 to $70 for each bounced check!
Check with your bank to find out what fees they charge for bounced checks (and don't
forget to add in the merchant fees). A payday loan from
may be a better option. And if you're like a lot of folks and sometimes bounce
two or more checks, then you can save lots of money by using PayDay One.
Let's face it – some things just can't wait until your next payday. If you
have an urgent need, a loan from PayDay One may be a great option. For example, if your car breaks down and you might miss work
then a quick loan might prevent lost income. Also, if you have an urgent medical
need but are short on cash, a payday loan may be the right solution. Millions of
people use payday loans to cover these expenses because they are fast and convenient.
However, we always recommend that you look at all of your options before taking
a loan from PayDay One.
PayDay loans are not right for all situations. Before getting a loan from PayDay
One we recommend that you look into all of your options. Here are some options to
consider before getting a payday loan:
Depending on your personal situation, these may be less costly options than a payday
loan. However, if these options aren't available then make sure you find the
lowest cost payday loan possible. Don't get fooled by low "introductory rates"
that double or triple a few days later. Only
offers the Great Rate Guarantee – if
you find a lower price, we’ll match it.
See our Financial Tips page for more information
on managing your money.
To Get Cash By Tomorrow
and its affiliates offer payday advances, installment loans and credit services
only to residents in those states where permitted by law. To obtain a loan, you
must have a valid checking account and email address. In most cases loans will be
funded the next business day without requiring any faxing of information unless
we are unable to verify your application information. Great Rates refers to rates
as compared to other similarly licensed online lenders.
This is an expensive form of credit. PayDay One loans are designed to help you meet
your short-term borrowing needs. Appropriate emergencies might be a car repair,
medical care for you or your family, or travel expenses in connection with your
job. This service is not intended to provide a solution for longer-term credit or
other financial needs. Alternative forms of credit, such as a credit card cash advance,
personal loan, home equity line of credit, existing savings or borrowing from a
friend or relative, may be less expensive and more suitable for your financial needs.
Refinancing may be available and is not automatic. Refinancing your loan will extend
the term of the loan and result in additional interest charges. Late fees and non-sufficient
funds/returned item fees may apply as described in your Loan Agreement. We will
never charge you any "hidden fees" that are not fully disclosed in the Loan Agreement
or the Loan Cost & Terms. If you don’t make
a payment on time we will attempt to contact you via one or more authorized methods.
We adhere to the Federal Debt Collections Protection Act (FDCPA).
Because we may report your payment history to one or more credit bureaus, late or
non-payment of your loan may negatively impact your credit rating. If you fail to repay your loan in accordance with its terms, we may place your loan with or sell your loan to a third-party collection agency or other company that acquires and/or collects delinquent consumer debt. Customers with
credit difficulties should seek credit counseling.
First time PayDay One customers typically qualify for loans from $100 to $1,000.
The foregoing are examples only — loan amounts, loan repayment terms and applicable
finance charges vary by state and are governed by your loan agreement and relevant
state law. Please see Loan Cost & Terms
for more details.
CONSUMER NOTICE: Payday advances should
be used for short-term financial needs only, not as a long-term financial solution.
Customers with credit difficulties should seek credit counseling.