Are you looking for a short-term loan? Here’s what ActionPayday has to offer.
If you’re in need of funds to cover you in the short term, you can consider ActionPayday. ActionPayday operates as a direct lender as well as a loan matching service. If it does not approve your application, it can forward it to other lenders that are part of its direct network.
FSST Financial Services, LLC, dba Action PDL Services owns and operates ActionPayday.com. The Flandreau Santee Sioux Tribe, a federally recognized Indian Tribe, wholly owns this company. It operates and provides short-term loans from within the tribe’s reservation.
This online short-term loan provider offers loans to residents of most American states. To find out more, go through the rest of this guide.
How does borrowing from Action Payday work?
You can apply with ActionPayday by submitting an online application. After you do this, a representative will contact you via email or phone to verify your details and complete the loan application process. You might have to fax some documents to support the information you provide in your application.
After your details are verified, ActionPayday will tell you if you are approved. If you accept the loan contract, the money will be transferred directly into your bank account.
As a first-time borrower you can apply for a loan of $100 to $500. As a repeat borrower, you can borrow up to $1,500. This depends on your repayment history and existing financial situation.
Why might you consider taking out an Action Payday loan?
Short-term loans from ActionPayday offer some features that are worth considering:
- The loans are available in most states. Residents of most states can apply for a loan through ActionPayday. However, it does not provide loans to residents of 14 states, which include Arkansas, Colorado, Georgia, Illinois, Kansas, Massachusetts, Maryland, Missouri, New Hampshire, Oregon, New York, Pennsylvania, Washington and West Virginia.
- Easy to apply. If you have access to all the required information, you can complete the online application in a matter of minutes. You can apply from your home, office or even when you’re on the move. All you need is access to a computer, tablet or smartphone.
- Apply with bad credit. ActionPayday understands that you may have trouble with credit in the past. If you have a regular source of income, you can apply with poor or bad credit, or with no credit history at all.
- Repayment options. You can make payments towards your loan via electronic transfers or remotely generated checks. You can also use a debit or credit card linked to the account in which you receive proceeds from the loan. You can make additional payments at any time and repay the loan early. There is no prepayment penalty.
How much will it cost you to borrow from Action Payday?
The annual percentage rate (APR) and the total number of payments vary according to the loan amount and the loan term. You can find the complete payment schedule in your loan contract, which includes the number of payments, the payment amounts and the due dates.
If you borrow $100 for 15 days, you’ll have to pay $30 as a finance charge, which amounts to an APR of 782.14%. Borrowing $300 for the same period attracts a finance charge of $90. For a $500 loan, this charge increases to $150.
If a scheduled payment does not go through because of insufficient funds in your account or because your bank dishonors it, you’ll have to pay a $25 fee.
Are Action Payday loans safe?
This lender ensures that its procedures, policies and internal controls remain in compliance with Bank Secrecy Act (BSA) rules and regulations.
You can get in touch with an ActionPayday representative via chat, email or over-the-phone during business hours.
Resolution of any dispute between you and ActionPayday comes through binding arbitration. The loan contract explicitly states that you give up your right to go to court for arbitration.
How can you apply for a loan from Action Payday?
If you’re ready to apply you can submit an application online. Before you begin, make sure you meet these eligibility criteria:
- You’re over 18 years old
- You’re an American citizen
- You have a steady source of verifiable income
- You have an operational checking account
Completing the application successfully requires that you provide some basic information:
- The loan amount you want
- Your name, email address, home address and phone number
- Your date of birth and social security number
- Details from your driver’s license
- Details about your employer and income
- Your bank account details
Frequently asked questions
How much time do I have to repay an ActionPayday loan?
The loan term is usually from 8 to 31 days, depending on when you receive your next paycheck.
What is the minimum amount I have to pay by the due date?
The minimum you have to repay by your due date is the finance fee. You can pay the principal amount in full at any time, or make payments in increments of $10.
What purpose can I use the money for?
What you do with proceeds from your ActionPayday loan is basically up to you, provided you use the money legitimately.
Can I borrow more than $500 through my first ActionPayday loan?
This is possible in some cases. However, to qualify you’ll have to provide your bank statement.