Frequently Asked Questions

A payday loan is a small, short-term loan that can help you with some immediate cash needs until your next paycheck, which is typically when your loan is due.

Payday loans are also know as cash advances, short-term loans, payday advances, bad credit loans, deferred deposit transations, and paycheck advances.

There are multiple pros of getting a payday loan with Cashback Loans.

One pro is that they are easy to apply for, access is easy because we don’t have as many requirements as other types of loans or lenders.
No collateral is needed and we don’t check your credit with Transunion, Experian, or Equifax.

The con’s of getting a payday loans are mostly related to the use of the product, it is not a solution for long term financial problems and it is important to understand the fees. When used as a short term solution most of the cons are eliminated.

Online or in-store! Cashback Loans offers payday loans online. There is no need to go into a payday loan store anymore, the whole transaction can be done from your computer or phone. Apply now!

Since a Payday Loan is a short term cash advance loan the process is simple and easy.

  1. Apply for your payday loan
  2. Get Approved
  3. Once approved for your payday loan, you can receive cash at a store front location or have your money instantly deposited in your checking account with a participating bank. If your bank does not accept instant funding you can receive your money the next business day
  4. Once your loan is due, typically by your next payday you will need to pay back the loan in full plus the finance charge

There is no charge for applying for a payday advance loan. For the actual payday advance, Cashback Loans charges a percentage or dollar amount based on the loan amount. Depending on your state law and the maximum amount your state permits you to borrow the fee may vary

For a payday loan you will need the following:

a.To apply in-Store or online you will need:

  • A valid and open and active checking account
  • A steady source of income
  • And a government issued photo ID
  • An active phone number
  • A valid email address

In order to get approved for a payday advance you will need to meet the following requirements:

  1. Meet minimum age requirements
  2. A valid and open and active checking account
  3. A steady source of income
  4. An active phone number
  5. A valid email address
  6. And a Valid Government Issued ID

The amount you can borrow is determined by your state’s law and the amount you qualify for. Select your state.

Yes. To do business in California, all payday lenders- whether a storefront or online- must be licensed by the Department of Financial Protection and Innovation (DFPI). Cashbak, LLC dba Cashback Loans is a licensed payday lender.

Payday loans are usually not reported to the three major credit reporting companies (Experian, Equifax, Transunion), so they are unlikely to impact your credit scores. However, if you don’t pay your loan back and your lender sends or sells your payday loan debt to a debt collector, it is possible the debt collector might report this debt to one of the major national credit reporting companies which may affect your credit.

Yes! If your check bounces, a payday lender may charge only one bounced check fee of up to $15. Additional fees cannot be charged if you request an extension of time or payment plan. However, the payday company is not legally required to grant your request.

No security interest is given or taken in connection with a payday loan. A borrower will write a check for the full amount of the loan and repay it or have the funds deducted from their account on their next payday, up to 31 days later.

Payday loans have a fixed rate. Under California law, the maximum fee a payday lender can charge is 15% of the amount of the check up to a maximum of $45.