While some online loan networks generate big profits by charging you to submit an application, you will never pay a fee to apply for cheap payday loans with our service. Unlike other payday loan sites, CheapPayDayLoans.com does not provide direct loans to consumers. Instead, we match you to possible lenders by searching our database of credible vendors based on your submitted application.
Disclosure Information
Thanks to the Truth in Lending Act, cheap payday loan lenders — whether they are a brick and mortar operation inside the corner convenience store, or an online service — are required to disclose their rates and fees at the time of approval. Obviously, unscrupulous lenders will try and avoid that at all costs, but not the lenders who are part of the CheapPayDayLoans.com network.
After you have filled out our online application and received approval, you will be re-directed to an e-signature page where all fees and rates will be disclosed based on the lender you were matched with. Electronic signatures, or “e-signatures,” are regulated by a June 30, 2000 act of Congress (the “Electronic Signatures in Global and National Commerce Act”), but here is a key point to remember: You should always review rates and fees before agreeing to the terms of any loan, and you are not obligated to accept any offer before giving your e-signature. Once satisfied with the terms, append your e-signature to the page and wait while the funds are transferred to your specified account. The lender, based on the information you provided during the application process – not CheapPayDayLoans.com, sets the rates and fees charged as part of the loan.
Interest Rates
The Truth in Lending Act, designed to protect consumers from fraudulent loan practices, requires that all lenders disclose loan fees and interest rates that a borrower can expect to incur over the life of the loan. Keep in mind these facts are critical to making an informed decision, and you do not have to continue with any application for cheap payday loans if the rates and fees are not acceptable. A final piece of advice is to remember to read the e-signature page carefully, as you would with any legal document that you are getting ready to sign.
Completing your application and accepting a loan is only a few clicks away, and receiving your money is almost as fast. Some banks and credit unions may offer lower rates for a comparable loan, but our lenders have less strict approval requirements. With the CheapPayDayLoans.com network, your loan funds can be deposited into your bank account within minutes of approval — and no later than 24 hours from signing the loan agreement.
With our network, CheapPayDayLoans.com lenders do not base loan approval and interest rates on your credit history. In fact, no credit check is required and therefore plays no role in determining your interest rate and fees. Typically, loan rates and fees are determined by applicable state laws and regulations. For more information, see the Federal Deposit Insurance Corporation (FDIC) website.