Q: What is a Micro Loan?
A: A cash advance loan is a quick and confidential way to get a Micro Loan until your next paycheck.
Q: What is a faxless Micro Loan?
A: A faxless Micro Loan is a loan that doesn't require you (the borrower) to fax any information to our call center for loan approval. While almost all applications are processed without any faxed documents, we occasionally cannot verify some of the information in your application. In this case, we may request that you fax in several documents.
Q: What do I need to qualify?
A: It's easy to qualify for a Ultra Micro Loan:
- You must have a checking account in your name.
- You must have direct deposit of your income into your checking account, no less frequently than twice a month.
- You must have full time employment.
- You must be able to be contacted at work.
- You must be 18 years or older.
- Your take home pay must be at least ,000.00 per month (,200.00 for our loan).
Q: What if I have bad credit or no credit?
A: No problem. You can still qualify for a loan with us, even if you have bad credit, slow credit or no credit. Simply complete the online application form and as soon as we are able to verify your personal information, you could be approved for one of our loans.
Q: What happens when I fill in the application?
- We will review your application. We will call to verify your employment and other application information.
- If approved, we will deposit the money into your checking account the next business day. If we are not able to fully verify all of your application information by by 5 PM eastern time, the money will not deposited until the second business day. We cannot make deposits on holidays or weekends.
Q: What do I need to fax to your processing center?
- NOTHING. This is the best part. If you filled out the application completely and our system was able to verify the information you submitted you will be considered for the loan without faxing in any documents.
- Should our system be unable to verify some of your information that you submitted we may ask you to fax in other documentation for consideration of your loan application.
Q: When will I hear back from you?
A: We will contact you be either email or phone within one hour about the status of your loan during normal business hours, Monday to Friday, 9AM to 6PM eastern. For applications submitted after-hours, we will contact you first thing the next business morning.
Q: How much will the loan cost?
A: Ultra Payday charges a fee of $25 per $100 borrowed per Loan Period, with the A.P.R. ranging from 438% to 1369%.
Q: How long until I get the money?
A: Normally, we will deposit the money into your checking account the next business day. If we are not able to verify all of your application information by 5 PM eastern the money will not deposited until the second business day. We cannot make deposits on holidays or weekends.
Q: How do I qualify for a $500 loan?
A: On your first loan with us, you can borrow up to $300. Once you are approved and in good standing, we can increase your loan amount by $100 for every subsequent loan up to $500 maximum.
Q: Can I pay my loan back early?
A: Yes, you can pay your loan back early. Contact us to let us know that you want us to debit your account earlier than the due date. You, however, will not be entitled to a refund or discount of the fees.
Q: When do I repay my loan?
A: Your repayment is the best part. The minimum required payment will be deducted from your bank account. You get cash when you need it most and repay when you have it! Still a little short on payday? No problem! Online customers are automatically refinanced for the first five pay periods. After that, we will debit your account the finance charge plus a $50 principle reduction per pay period until the loan is paid in full. If you would like to reduce your loan amount or pay in full, simply call us at (800) 934-4964 during our normal business hours of 9 AM to 6 PM eastern time and one of our representatives will assist you.
Q: I don't have a printer and I want to print a copy of my loan documents. Can I get my documents another way?
A: Yes! If you do not have a printer handy, there are several ways to get copies of your documents to you.
- We can fax them to any fax number you request
- We can email them to any email address you request
- To make these special arrangements, please call us at (800) 934-4964
Q: I'm a little low on funds. Can I get an extension?
A: Customers are automatically refinanced for the first five pay periods, so you do not need to request it. If your next payday comes around and you are not as caught up as you had planned, don't worry; we have it covered. We will automatically refinance your loan, and only deduct the finance charge from your checking account. Additional fees will apply, but you will be able to repay your Micro Loan from future paychecks. We will refinance you up to five additional pay periods after which time we will deduct the finance charge plus a $50 reduction in principal until the loan is paid in full.
Q: Is my loan secure and confidential?
Q: What web browser should I use with your website?
A: While we try to support all web browsers, our website is optimized for Microsoft Internet Explorer.