Questions & Answers

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What is a Payday Loan?

  • A short-term (normally a 14 day) loan typically paid off on your next payday.
  • It ranges anywhere from $50 to $500 and is meant to help during a financial shortage between payday.

How can I apply for a payday loan?

  • You can conveniently come visit us at one of our stores.
  • Call (318) 651-6111 and one of our friendly customer service representatives will be happy to provide information over the phone.

What are the basic requirements to apply for a loan?

  • You have steady income to qualify for a payday loan.
  • You should to show a verifiable source of reoccurring income payments to make sure you will be able to repay your loan.
  • You have a valid checking account.
  • You are at least 18 years old.
  • You are a local Louisiana resident.

What do I need to bring with me to get a payday loan?

If you're visiting us in one of our many locations, bringing the following 6 documents will make the loan process fast and easy:

  1. Valid government issued photo ID
  2. Most recent pay stubs from your employer
  3. Most recent bank statement with 30 days of transaction from a teller
  4. Most recent utility or phone bill (home phone)
  5. Personal checks from your chequing account

How much money can I receive? And when can I receive it?

  • Each loan depends on the individual's income.
  • Loans typically range anywhere from $50 to $500 in Louisiana.
  • You can immediately receive it upon approval!

Do I always have to provide All the documents each time?

No, once you are approved on your first loan, all you would need to bring the next time are:

  1. Personal blank check
  2. Most recent paystub
  3. Updated bank statement

Will my bad credit affect my chances of getting a loan?

No, Money Mayday Loans is here for you regardless of your credit score. Unlike traditional loans from financial institutions or credit unions, your credit score is not a factor in your eligibility for a payday loan.

When is my loan due?

Repayment for a loan is due on your next payday, anywhere from 14 days up to 30 days depending on each person's pay period.

How much does Money Mayday Loans charge me for a loan?

Fees for payday loans are provincially regulated. Money Mayday's competitive rates are sanctioned based on the Louisiana regulations for payday loans.

How is Money Mayday Loans different from the other payday loan stores?

At Money Mayday Loans, we promote responsible borrowing and lending. Other payday loan stores or financial services may offer pawn or auto-loans lending that require you to give them collateral for the loan that is borrowed. Please think and plan carefully before securing other debts against your collateral and/or assets (For example, some places may want you to give them your car title or other assets as collateral to be used against your loan. This is called security to a loan).

Your hard earned assets may be at the risk of being repossessed if you do not keep up with the repayment schedule on a pawn or auto loan or any other debt secured to it.

What will happen if I am unable to repay my loan on the due date?

We at Money Mayday Loans encourage responsible borrowing and lending practices. We will make reasonable arrangements with you for repaying your loan. However, if your cheque is returned from your bank unpaid, you will be responsible for the amount of the cheque plus any fees allowable by provincial law. If payment is not made, your account may be turned over to a collection agency immediately. Money Mayday Loans does not pursue criminal charges, but in certain cases we may take civil action to collect overdue accounts. Again, our goal is to promote responsible lending to prevent issues from arising.

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