How "PayCheck Today" Works
About Paycheck Today
Paycheck Today is one of the leaders in the payday loan industry, who provides their customers with quick short term loans to make it to the next paycheck. It provides lighting fast responses, huge approval rates and an excellent customer support.
Credit history checks
Paycheck Today openly states that your credit rating is irrelevant. They have their own means of assessing your ability to manage finances and pay back the loan on time by consulting with third party consumer reporting agencies that have no impact on your scoring with the credit bureaus. In other words, you can get a loan even if you have a bad credit history.
Maximum amount offered
Paycheck Today offers new customers in the range of $100 to $1,000, provided there are no restrictive state regulations enforced. (Californian laws, for example, limit the maximum amount a customer can get with a payday loan to $255). Unlike some of their competitors, the company doesn’t offer larger maximum amounts to returning customers.
Speed of service
The signup process is extremely simple and straightforward. Filling in the application form takes less than five minutes. Afterwards, as long as Paycheck Today can verify all information provided in the application form, you will not have to fax in any documents, so the process won’t be delayed. Otherwise, you will have to provide some proof of income, like a bank statement, voided check or recent paystub.
Once Paycheck Today gets all the information they need, the whole evaluation process takes about one hour. If the loan is approved, you should get the funds on the next business day.
Costs involved
Paycheck Today typically charges a flat $30 per hundred dollars borrowed, which yields an APR on a typical 14 day loan of 782.14%. The rate is slightly higher than the average in the industry. Returning customers are usually charged better rates.
Ability to refinance or extend loans
Loans with Paycheck Today can be renewed. You do not have to pay the loan down from the very beginning, but you may only extend it four times. Afterwards, you have to start paying down the debt in increments of at least $50 (plus the financing fees). Once you have paid your loan in full, you will have to wait three business days before contracting a new one. You will need to contact the company if you want to pay the loan down or in full. Further details on payment plans and rolling over your loan to the next period are available on the company’s website.
Overall look and feel
Featuring a lightning-fast responses and huge approval rates, Paycheck Today stands out in the paycheck loan industry by offering customers the money they urgently need at the right time. The rates charged are slightly above average, but they offer very flexible repayment plans. The customer support department is well trained and answers all requests promptly. We recommend them as a solid company and one of the leaders in the field.
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