Questions

Frequently Asked Questions

You might have a lot of questions regarding payday loans and how they may affect you. To help you understand the service better, we want to be transparent with all the particulars you will most likely need to make an informed decision.

We have prepared a list of the most common questions that have been asked here at Fine Day Loans to assist you with any queries, problems, and concerns to help you with our service. If in case you are unable to find answers to your specific query, we have an all-star customer service team that responds instantly to ensure that you are in safe hands.

What are Short-Term Loans?

Short-term loans are exactly what the word implies. It is an amount that is borrowed for personal emergency cases or for immediate capital that is needed for a business and should be paid within a short period of time, along with interest.

Funds that are obtained are usually small, ranging around $1000, as it is typically used to cover up a temporary situation. The time limit an individual has to pay back is usually within 1 – 4 weeks but can also vary depending on numerous factors and is subject to what the lender is willing to offer, such as a lender that will allow an applicant to pay in installments.

What is a Payday Loans?

It’s a small (usually under $1,000), short-term, no-collateral, cash advance. It is backed by future income. This may be your next paycheck, a dividend or other type of regular income. The term of the loan is usually 30 days or less.

Payday loans are meant for emergencies. If you find yourself using them to pay regular bills, you should consider credit counseling, debt-management aid or other type of assistance. There are nonprofit agencies that help consumers who have ongoing, excessive debt.

Use payday loans responsibly.

What is an Installment Loans?

This is a small (usually under $5,000), short-term, no-collateral, cash advance. It is backed by future income. This may be your next paycheck, a dividend or other type of regular income. It is paid back in a set number of scheduled payments. Use installment loans responsibly.

What is a Personal Loans?

This is a no-collateral loan for up to $35,000, similar to a line of credit. It is backed by future income. This may be your next paycheck, a dividend or other type of regular income. The term of the loan is typically longer than an installment or payday loan. These loans can be used to consolidate debt or pay off high interest credit cards. Use personal loans responsibly.

How do I apply for a Payday Loan?

Fine Day Loans is one of the top services in the industry that provides quick and easy cash. Since our applications and the entire process is readily available and done online 24/7, you can apply with us at any time. You can do this by filling up our application, where you have to state the purpose of taking the desired loan and provide the necessary documents.

What are the qualifications to get approved?

Approval is quick and easy and only needs a few general requirements. After filling out the online form with your basic personal information, all you have to do is attach the following documents:

  • Valid Residence ID. This is a standard legal and informational procedure meant for verification
  • Proof of Legal Age. The applicant must be at least 18 years old, as is the requirement based on the law.
  • Stable Source of Income. An example would be a salary certificate. However, any proof of a regular and steady flow of income, such as pensions, can be accepted.
  • Active Personal Bank Account. Money is usually paid directly into your bank account and is usually used to draft repayments when they are due.
  • Although these are the necessary basic requirements based on the government’s Consumer Financial Protection Bureau (CFPB), there may be a few cases where a lender will request other personal details and documents to be presented.

    How does FineDayLoans.com work?

    FineDayLoans.com is not a lender and does not make credit decisions. Fine Day Loans is a loan connecting service. We connect consumers who are looking for financial assistance with independent, third party lenders who may be able to provide a loan.

    You begin by filling out the simple form. Your information is then shared with third party lenders who may make you a loan offer. You are under no obligation to accept the offer, but if you do, the lender will provide the instructions to do so. Every third party lender has their own terms and conditions. Please consult these before accepting the loan offer. In particular, check for information on the APR, fees, renewal terms and consequences of non-payment.

    If you have any questions about your loan, please contact your lender.

    Does FineDayLoans.com charge a fee to connect consumers with independent, third party lenders?

    Registering with FineDayLoans.com is free to you, the consumer. We are paid by independent, third party lenders for potential customer referrals.

    Each third party lender will have its own fees, APR and terms. These charges come directly from the lender and not from FineDayLoans.com.

    These fees and charges will be provided to you at the time of the loan offer, if one is made. You are under no obligation to accept them. Your loan is accepted by you when you electronically “sign” the offer and send back to the lender.

    Read all documents for the terms and conditions of the loan.

    How much can I borrow?

    Payday loans are usually between $100 and $1,000. Installment loans range between $100 and $5,000 and Personal loans are usually between $500 and $35,000. You will make a request for a loan amount. If you receive a loan offer, it may not match the amount you requested. Loan offers may vary for several reasons including the individual lender, employment, income and other factors.

    If approved for a payday loan by an independent third party lender, how quickly could I receive it?

    The transfer to your bank account could happen as early as today or next business day. Times will vary depending upon your lender and your financial institution. If you have additional questions regarding the transfer time, please contact your third party lender.

    What are the minimum requirements to register for a loan?

    Individual, third party lenders have different minimum requirements, but the following constitute typical minimum requirements:

  • Be at least 18 years of age or older
  • Have a checking or savings account with direct deposit
  • Have regular income of at least $1,000 per month
  • Have a fair credit rating (for personal loans only)
  • Must Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or a dependent thereof), serving on active duty under a call or order that does not specify a period of 30 days or less
  • Is it possible to get a Payday Loan without a Job?

    We understand that not everyone who applies for a loan is someone that is currently employed. If you do not have a place of work, you will be assessed based on your affordability, as lenders would need to determine if you are able to pay back the applied borrowed money. You will need to provide some proof of income, such as self-employed income, government assistance, retirement funds, pensions, regular finances covered by a partner, etc. Payday lenders are all different, but if you frequently receive a source of income, you will still most likely get approved.

    What information do I have to share in order to register with FineDayLoans.com?

    You will be asked to provide banking, employment and some personal information. This information includes, but is not limited to your name, address, telephone number, place of employment and/or source of regular income, driver’s license number, bank account information and social security number.

    The third party lenders may perform a credit check or use other methods to verify the information you provide.

    Is the information I provide secure?

    FineDayLoans.com employs a number of state of the art security measures are designed to keep your information secure. All sensitive data transmitted between your browser and FineDayLoans.com uses 128 bit Secure Socket Layer (SSL) encryption technology. Your use of our services is strictly voluntary and is governed by our Terms & Conditions of Use and Privacy Policy.

    How long does a loan transaction take?

    From the time you register with FineDayLoans.com (and are made an offer by an independent, third party lender) the process can be as fast as one business day. A number of factors impact this, including the time of day you register, the accuracy of your registration, the lender and your financial institution.

    How long does it take to receive?

    Since Fine Day Loans is accessible around the clock, decisions usually only take a couple of minutes and are then processed as soon as possible, taking no longer than a few hours. Our team promptly assesses your request using analytic tools to search for the best lender that we can negotiate the best deal with based on your current financial situation.

    After this, you will have to make a decision based on the loan agreement that has been written up after contacting you. This process will continue as follows until you find an appropriate option with terms and conditions that you agree with. All you need to do after that is sign the document online through an e-signature and send it back to the lender. The funds will be allocated into your account as soon as the signature is received.

    The procedure for getting a payday loan usually has a quick turnaround time; transfers can be done within the same day during normal business hours. However, the actual time interval is reliant on you, the lender, and your bank, so, therefore, processing delays may occur.

    Can I still get a Loan even with Bad Credit?

    Customers may worry about not passing the verification process to acquire financial assistance through payday loans as they have a low credit rating or have a dubious reputation. Others might not even have a credit history at all. Fine Day Loans recognizes that individuals may be borrowing this money because of a difficult circumstance.

    Therefore, there is no need to fret as part of our job is to negotiate with lenders to give everyone the opportunity to get the help that they need. The best part is since this is an unsecured loan, there is no need to prove you have any assets either just to get an approval.

    In any case, a FICO credit score is not something that lenders generally check. It is possible, though, that if it is something a particular lender looks into, the loan amount may be reduced, or fees will perhaps be increased if there have been spots in your credit history.

    Can I take multiple credits at the same time?

    This is contingent upon the information regarding the number of credit products you can attain at any one particular time based on your loan agreement. There will also be details about a cooling-off period for the interval in which you can take on another credit, so make sure to check out the terms carefully and discuss it with your lender before signing.

    Lenders procure the right to dictate and set the terms and limits in the loan agreement for every individual borrower. The number of credits you get can also be directly affected due to state laws, which may not allow you to take more than one at a time.

    Is there a limit to the amount I can borrow?

    Normally, most people in the USA borrow an average of $375, and a lot of our clients do apply for an amount around that range. We do our utmost to provide the best ceiling price that can be presented to our customers as long as we are assured of being paid back.

    The more successful transactions you have, the better your chances of getting a hold of a larger amount. We will also offer and consult installment plans with you if you need a higher amount on the get-go as to not risk the chances of not getting repaid in a timely manner.

    When must I repay my loan?

    FineDayLoans.com is not a lender. Each independent, third party lender has their own terms and conditions, including those concerning repayment. You should contact your lender for information about the date and time for repayment as specified in your loan agreement.

    Will independent, third party lenders perform a credit check and what are the credit implications?

    Many will do so. They may check to verify the accuracy of the information you have provided and/or to review your information to see how it compares to the records of national databases. Lenders may verify your social security number, driver’s license number, banking information or any other information you provided.

    Multiple inquiries to the “Big 3” credit bureaus (Experian, Equifax and Transunion) may result in a lowering of your credit score. Therefore you may want to register for a loan, one at a time.

    Will my loan be automatically renewed?

    The answer to this question depends upon the state you live in and the lender. Each lender has its own renewal policies, as well as each state having their own laws regarding automatic renewal of payday loans. Be sure to ask your lender if your loan will automatically renew or if they have to receive your permission first.

    Loan renewal will likely result in the addition of fees and interest to your loan balance. Make yourself aware of these fees before agreeing to any loan renewal.

    Can my Payday Loan be renewed?

    Although this is not recommended, it is possible as every now and then we are put in a position where we cannot repay a loan and will have to renew it.

    Additional interest may be imposed in this scenario in order to extend the repayment period. It is always best to discuss renewal terms with your lender as this can incur expenses that may impact your financial status further. Verify the laws in your state as well as it may be forbidden.

    What are the implications of late payments and non-payment?

    This varies by lender, so check with your lender before agreeing to the loan offer. Many consumers get in trouble by not being aware of the penalties of late or non-payments. Be fully aware of the consequences of not paying the loan in full on the date it is due.

    Is approval guaranteed?

    There is no guarantee that you will be approved by one of our participating lenders.

    What if I am unable to repay my loan according to its terms?

    Typical penalties for lack of repayment may include:

  • Addition of late fees
  • Your account being forwarded to a collection agency
  • Report your lack of payment to a consumer credit agency (thereby lowering your credit score)
  • An offer to renew your loan, which will result in additional fees and/or interest
  • FineDayLoans.com is not a lender. You should ask your lender what the implications of non-payment are.

    What happens if I cannot pay on time or at all?

    Check the terms and conditions on the loan agreement regarding any defaulted payments. We highly suggest that if you are facing an unstable to contact our experts as soon as possible for viable options on adjusting payments or to speak with your lender directly.