Quick Answers to Frequently Asked Online Payday Loan Questions

Most state laws require payday lenders to loan only to people once they’ve turned 18. Per U.S. laws minors cannot be held liable for any contract they sign before the age of 18, with the exception of Federal loans for college. Some payday loan companies have been known to slip through payday loans for people under 18, but those companies are ignoring laws to do so.

In order to qualify for a payday loan, you will be asked for a government-issued ID, a paycheck stub, and proof of residence. You will also need a valid checking or debit account with a check drafted or debit charge authorized for the payday loan’s due date.

The answer to this depends on the state where you reside. Some states allow more than one payday loan at a time, while others do not. For example, in Kentucky you can have two payday loans of no more than $500. There are usually restrictions on the maximum total amount of payday loans you can have out. For example, California laws restrict people to borrowing a maximum of $300.

Online payday lenders are always open, but money will not make it into your bank account until the next business day. If it is urgent for you to have cash in hand on Sunday, you're not going to have much luck with an online payday loan. However, there are payday loan companies that have physical offices throughout the U.S. If you’re near a payday loan company, check to see if they are open on Sunday.

Some people find themselves in a tight spot with payday loans and although they had every intention of paying it back, something else happened that depleted their account on the day the money was due. If this happens, immediately contact your lender. Ask about setting up an extended payment plan. If they will not agree to this, look up legal aid attorneys or a credit counseling firm in your area for help.