Payday Loan Terminology
Default
Failure to meet the requirements to pay back a loan or financial obligation.
Direct Deposit
When your paycheck is put directly into your bank account by your employer. You do not receive a physical check.
Faxless Payday Loan - also know as a "no fax payday loan"
These are payday loans that require no documentation. Unlike an instant payday loan these loans sometimes require that the borrower be contacted via phone for approval of their loan. Approval is usually completed with in one hour of the application.
Instant Payday Loan
A payday loan where the borrower receives the money they need either the same day as they apply for the loan or the next day. The approval for these loans is sometimes instantly, but some companies have their own procedures.
Payday Loan - a.k.a. "cash advance"
A short term loan provided to someone regardless of their credit history. These are small loans that provide cash between pay cheques. The loan charge a fee based on the amount borrowed.
Principal
Amount borrowed for a loan
If you have any questions about a term you are not familiar with, please contact us.
