Most frequent


What is the definition of a payday loan?
An online payday loan is just an unsecured loan that is obtained by applying for it online. Since the loan is unsecured, you are not required to provide collateral. That means that you won't need to place your home or car in jeopardy to get a payday loan. These loans are in place to help those that need money for an emergency or unforeseen situation. When these situations occur and you need money immediately, a payday loan can be a raft in a sea of financial despair. When you need money quickly, just apply for one of our payday loans. If you qualify and complete our application, you can be approved instantly and have the one in your checking account before the end of the day.


What is the limit that I can borrow via an online payday loan?

We are able to lend up to $1,000 ($1500 in some cases) per payday loan. The actual amount that you will be approved for will depend on your financial situation and the information that you provide to us.


How can I apply for an online payday loan?

It's simple. Just complete our online one-step application. As soon as you complete and submit your application, we will give you a decision. You will be told if you are approved or not. If approved, you will see what size loan (up to $1,000) you were approved for.

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Frequenlty Asked Questions

I have heard the term "online payday loan" before. What exactly is an online payday loan?

An online payday loan is just an unsecured loan that is obtained by applying for it online. Since the loan is unsecured, you are not required to provide collateral. That means that you won't need to place your home or car in jeopardy to get a payday loan. These loans are in place to help those that need money for an emergency or unforeseen situation. When these situations occur and you need money immediately, a payday loan can be a raft in a sea of financial despair. When you need money quickly, just apply for one of our payday loans. If you qualify and complete our application, you can be approved instantly and have the one in your checking account before the end of the day.


Can I use an online payday loan for any reason that I want to?

We don't place restrictions on what you can use the funds from a payday loan for. Most people require a payday loan when there is an unexpected expense that they just can't handle on their own. It could be an unexpected medical bill. Or a car repair bill. Or anything.


Is there a limit to the size of loan that I can receive?

We are able to lend up to $1,000 ($1500 in some cases) per payday loan. The actual amount that you will be approved for will depend on your financial situation and the information that you provide to us.


What are the fees and costs for an online payday loan?

Our fees are $25 to $30 per $100 that you borrow from us. The fees on payday loans are tightly regulated and we follow all State and Federal lending guidelines and laws.


How can I qualify for an online payday loan?

Since a payday loan is unsecured, we don't require collateral or even a credit check. We do have a few requirements and they are these. You must:
- Have an active checking or savings account
- Be a U.S. citizen and at least 18 years old
- Prove current employment with at least $1,000 in monthly income


What steps do I have to take for an online payday loan?

It's simple. Just complete our online one-step application. As soon as you complete and submit your application, we will give you a decision. You will be told if you are approved or not. If approved, you will see what size loan (up to $1,000) you were approved for.


What is the information that I will need before I apply for a payday loan?

The information that you will be asked for is very basic. You will need to provide your name, address and place of employment. You will also be required to provide information (account number/routing number) on an active checking/savings account. Finally, you will be asked to provide a valid photo ID.


How secure is your site when it comes to the security of my personal financial information?

At LoanShop247.com, we know that your financial information is important to you. That is why we have layers of security in place to keep your information away from prying eyes. Our website features the latest in 128-bit encryption so that your financial information is transmitted directly to us and no one else. We also routinely test and update our site to protect you and us from the latest methods of attack used by hackers and thieves around the world. We guarantee that your sensitive financial information is completely secure.


Are there any upfront fees for an online payday loan?

No. We never ask for an upfront or application fee. In fact, we encourage you to not deal with any company that does charge such a fee.


If I am approved for a loan, do I have to take it?

Yes. Our approval process is quick. Once you are approved, you will be able to review all of the terms and conditions of your loan. After you review the terms and conditions, just call one of our loan officers at the number listed and tell them your decision. You will never be under any pressure to accept a loan from us if you don't want to.


I have bad credit. Will it stop me from getting an online payday loan?

Your current credit status doesn't matter to us. We don't require a credit check to obtain a payday loan. Our decisions are based on the information that you provide to us, and not your credit history.


Do I need to own a home to receive an online payday loan?

Payday loans are unsecured loans and as such, there is no requirement to own a home.


Will I need to fax my application for an online payday loan to you?

No. Our application is online based. There is no paperwork at all. If you are connected to the internet, you can apply for one of our payday loans.


Will I be able to obtain more than one online payday loan at one time?

You are only allowed one loan at a time. After you repay your current loan, you are free to apply for an additional loan.


If I apply for an online payday loan, will my previous or current employers be contacted to verify my employment history?

No. We take into account the information that you provide to us in your application. We trust that you will provide accurate information to us.


Will I need to have a bank account to obtain an online payday loan?

Yes and No. An active bank account is not required but if you are approved, your loan will have to be deposited into an active bank account in your name only that accepts direct deposits.


How long will it take after I apply for an online payday loan to receive an online payday loan?

Our applications are processed within 1 hour. If we approve you for a payday loan, you will get a chance to review all of the terms and conditions concerning the repayment of your loan. If you agree, you will receive your funds by the next business day.


When will I know I have received the online payday loan?

If approved, you will receive notice via email. At that point, you will also be apprised of all of the terms of your loan. Until you receive your loan, we reserve the right to amend the terms of the agreement.


What is the term length of my repayment?

Your repayment schedule will begin 8 to 25 days after you receive your loan. At LoanShop247.com, we abide by all State and Federal laws and guidelines regarding repayment of loans. Since this is called a payday loan, your first payment will be on your next payday.


If I can repay the loan sooner than anticipated, will I be able to do so?

Yes. If you repay your loan early, you may be reimbursed some of your loan fees,. If you feel that you may be able to repay your loan early, just contact our customer service department and we will assist you and provide you with any information that you may need.