Frequently asked questions

Here are some answers to our most frequently asked questions:

What is a cash advance?

A cash advance, or payday loan, is a small loan from $100 to $1,000 which you will be expected to repay on the day you receive your next paycheck. The lender is essentially advancing you money from your upcoming paycheck.

Do I need good credit to be approved?

Not necessarily. Though some online lenders may run a credit check through non-traditional agencies. For smaller, short-term loans, all you need to be is 18 or older with Identification, a steady income and a checking account. Poor credit or no credit history will not prevent you from being approved.

Does bankruptcy disqualify me?

Because most online lenders won’t even run a credit check when you’re submitting a request for a loan, a bankruptcy will rarely have any effect on your ability to get your loan request approved.

How long does it take to get approval?

The loan request form takes a few minutes to fill out. Then it takes a few more minutes to present your loan request to our large network of lenders. Once a lender accepts your loan request they may call you to complete the loan process.  Each lender has their own approval process so the time it takes may vary. Usually you can have money in your account by the next business day.

When will I receive the money?

Once you’ve been approved by a lender and you’ve agreed to their terms and conditions, the money will be transferred directly to your bank account. Most people receive the money within one to two business days of submitting your loan request.

How do I repay my loan?

For a payday loan, short term loan, and cash advance  most lenders prefer to withdraw the amount you owe from your bank account on the day you receive your paycheck.

For an installment loan you will set up a payment plan with your lender. Typically you will have a payment taken out of your account on each pay day for the term of the loan. The loan term usually  ranges between 6 and 36 months and does not carry a prepayment penalty.

For a personal Loan you will set up a payment plan according to the agreed upon amortization schedule with your lender. The Lender will give you a set monthly date to repay the loan. These loans usually have a term of 12 to 36 months and do not carry a prepayment penalty.

Is it safe to submit a loan request online?

Some people worry about putting their personal information on the internet but sensitive information such as your social security number and bank routing and account numbers will be encrypted so that no one who isn’t supposed to see this information will be able to get it.

Do I need to have direct deposit?

Most lenders will prefer that you have your income source be set up for direct deposit so that they can be sure you will have the money in your bank account of the day you receive your income so that they can be sure you will have the money from your job in your bank account on the day you’re paid. At the very least, you’ll need an active checking or savings account so that the lender can deposit your loan.

What if I can’t repay my loan on time?

If you aren’t going to have the funds to repay your loan on the due date, you will need to contact the lender directly, not North Star Advance.

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