Paycheck Today is an online payday loan company that provides fast loans to individuals who need financial help to make it to their next payday. These types of loans are fast, loaned for only a couple weeks, and usually only for relatively small amounts. Paycheck Today offers up to $1,000 in loans, which are approved in as little as thirty seconds. No background checks are required, and customers can have bad credit or even be bankrupt and still be approved for loans. No faxing is necessary except in cases where Paycheck Today needs to verify customer information such as pay stubs. In some cases, Paycheck Today may request a bank statement, a voided check, or an official pay stub.
In order to apply, applicants must provide some information regarding their financial status. Customers need to provide their social security number, their employment status, and their bank account information for depositing the requested cash. On Paycheck Today's website (www.paychecktoday.com) customers need only fill out the provided application. They will automatically be checked and approved or denied based on the information received. Successful applicants will receive the requested loan amount in 24 hours, as long as the request was made during business hours. Applications received after business hours or on weekends will be processed the next business day.
Paycheck Today does not post the information about applicant requirements on their website. Customers simply fill out the information on the application screen and the information is processed automatically. Denied applicants will receive an email informing them of their loan denial. In most cases, however, customers will need to be currently employed and be earning a monthly paycheck that meets or exceeds a minimum amount. They must also have a bank account (usually one that has been open for at least three months). State laws regarding loans may also be applicable. Customers will need to check and comply with all pertaining laws. Paycheck Today does not offer services to citizens of Georgia, West Virginia, or Kansas.
3.5 of 5
Cost of Loan
3.3 of 5
Funded in Time
3.3 of 5
Would Use Again
3.5 of 5
Paycheck Today's loan rates are comparable to those of other payday loan companies, at about $30 per $100 loaned (about 782% annual percentage rate). Paycheck Today's loans can be renewed, and the company offers several options for paying back the loan when it is due. In most cases, the simplest method for the customer to repay the loan is to have it automatically withdrawn from his bank account. Paycheck Today offers the standard option of repaying the loan back in smaller parts. Customers can opt for repaying the finance charge only, starting on the first due date and the following three consecutive dates. Then, on the fifth pay date and on each following pay date, Paycheck Today will debit a maximum amount of $50 towards the loan as well as the finance charge until the debt is paid off. Customers can also choose to pay off the finance charge as well as paying off part of the principal loan amount as well. Customers choosing this option will have to contact Paycheck Today at least three business days prior to this choice. This also applies to the third option available to customers, which is to simply pay off the loan in full on the due date. To contact Paycheck Today to make these decisions, customers may call (1-866-756-0600) or fax (1-800-671-0131) the company on business days to make the necessary arrangements. Finally, customers may contact Paycheck Today via email at [email protected]. When contacting Paycheck Today, customers should have their personal information available, including their social security numbers (necessary for email communication).
Paycheck Today is accommodating to customers who need repeat loans, and to those who only receive paychecks once a month. After paying off a loan in full, customers may apply again for a loan after three business days. The loan will have to be paid off usually the next business day after the payday in monthly salary schedules. Paycheck Today will also accommodate those receiving Social Security payments as their primary income, as long as the applicant is making at least $1,500 in gross monthly amounts. Paycheck Today does not approve loans to self-employed applicants.
Paycheck Today works to ensure its customer relationships remains secure. Secure Socket Layer (SSL) technology is used for electronic protection on the website during applications. This encrypts personal information such as social security numbers, protecting against theft and fraud. Paycheck Today does not share customer information with third parties except as necessary (such as contacting the customer's bank) to acquire and confirm the validity of loan applications.