Frequently Asked Questions (Mouse over the question to see the answer)

Surveys show that while Americans do a pretty good job of managing their money, most of us need occasional help. An increasing number of consumers choose a payday loan to cover unexpected expenses or bridge a short-term cash crunch between paydays, without incurring revolving debt. A Cash advance is a short-term financial management tool (unlike a Home Loan or Auto Loan) that can provide a sensible alternative to costly bounced checks, late payment charges and bad credit ratings.

However, you should evaluate the costs and benefits of all alternatives before taking out a Payday advance. Other forms of short-term credit that may be less expensive include a Personal loan from another institution or from family or friends, a credit card cash advance, an account with overdraft protection, or a salary advance.

Being a member of The Community Financial Services Association of America (CFSA), we abide by a set of Best Practices. As our customer, you have the right to rescind a payday advance transaction before the close of the following business day at no cost to you. Simply return the full amount of the cash advance.

A payday loan can be a short-term solution to an immediate need between paydays and when that immediate need arise Loanbyphone.com is here to help. However a payday advance is not a long-term solution for ongoing money management, it is not intended for repeated use or to carry an individual from payday to payday. Repeated or frequent use can create serious financial hardships. Should you need help with budgeting or debt management, call the National Foundation for Credit Counseling at 1-800-388-2227. NFCC is part of a national network of non-profit Financial Care CentersTM, dedicated to helping people learn how to budget their money better and to use credit wisely.

We respect our customers' desire for privacy in managing their personal financial matters. The online cash advance transaction is a confidential one, and we will treat your personal information accordingly. Please see our Privacy Policy for more information.

We do NOT tell your references you are applying for a loan. We only call your references to verify that the numbers are valid. We respect our customers' desire for privacy in managing their personal financial matters. The online cash advance transaction is a confidential one, and we will treat your personal information accordingly.

State law generally regulates the maximum advance amount available. Within the allowed range, you will qualify for a particular advance amount based on your current income. Sometimes you may not be able to get as much as you would like; but it would not really be helpful if you received more than you have the abiliy to repay. A payday loan can be used to help cover unexpected expenses or to help you through a short-term cash curnch betwwn paydays. A payday advance can be used responsibly as part of a short-time financial plan.

Our Payday advance fee is competitive and in compliance with applicable state or federal law. It is our goal to offer you the best online loan service at competitive fees.

Unlike many other financial institutions, we do not require that you have a good credit history, or for that matter any credit history at all. LoanByPhone.com subscribes to CL Verify and Teletrack risk assessment services. This is a non-traditional consumer reporting agency that gathers and combines non-traditional consumer information form various sources. It tells us that payments to other businesses are current and if additional payday advances are outstanding with other companies that subscribe to the same service. This system also helps us to reduce your risk of identity theft and fraud.

The payday loan agreement that you read and sign prior to receiving a cash advance is a contract that complies with all applicable state and federal disclosure requirements. It fully outlines the terms of the payday loan transaction, including the service fee both as a dollar amount and as an annual percentage rate (APR). Although a payday advance is a short-term loan and is not intended as a long-term source of credit (like a home loan or auto loan), we provide you with the APR in accordance with the federal Truth-in-Lending Act. Loanbyphone.com wants to provide you with all the information you need to make an informed financial decision.

Though some state laws allow rollovers, most do not. Even in states that permit rollovers, CFSA member companies, like Check Into Cash, limit rollovers to either four, or the state limit, whichever is less. In some states that allow rollovers, you must reduce your principal amount with each rollover as specified by state “buy down” guidelines and applicable rollover limitations. Buy downs allow you to make minimum payments for up to 4-6 paydays as specified by your state minimums and limits. You may also buy down in greater amounts.

The limiting of rollovers and the implementation of buy downs is a consumer protection designed to encourage responsible, short-term use of the service. It is important that you fully evaluate the costs when choosing to rollover a cash advance or payday loan.

Just like you, we hope this doesn't happen. But if it does, Loanbyphone.com is committed to collecting past due payday cash advances in a professional, fair and lawful manner. If we try to debit your account and it is returned by your bank due to insufficient funds, you may be charged a returned item charge if permitted by applicable law. Most financial institutions will also charge a NSF fee for a returned check and in some circumstances might revoke your checking account privileges. You will be responsible for payment in full of your account, including the returned item charge. We will contact you to collect the amount due.

In accordance with CFSA Best Practices, Loanbyphone.com does not pursue criminal actions against a customer as a result an unpaid payday loan. However if you become delinquent, you will be unable to receive another loan through us, information about your account may be reported to credit bureaus, your account may be referred to a collection agency and we may choose to use other lawful means to collect the amount due.

Loanbyphone.com strives to provide friendly and professional customer service and receives very few customer complaints. But occasionally a problem will arise with your payday loan. If you have a concern that is not resolved to your satisfaction, we invite you to call 1-877-577-7977 or email us at customersupport@loanbyphone.com . We welcome the opportunity to address your concerns.

In the unlikely event you have a dispute we can't work out together, our agreement provides that you can take your issue to small claims court or request arbitration, where a neutral third party hears both sides of the issue and makes a binding decision.

Loanbyphone.com offers customers who are unable to repay their advance an Extended Payment Plan option in accordance with CFSA Best Practice Guidelines in states that permit implementation of CFSA's Extended Payment Plan. This extended payment plan is offered in compliance with any requirement in State Law and/or with CFSA Best Practice Guidelines.

To request an extend payment plan you must:

• Call us at 877-577-7977 before 6:00 PM ET on a banking business day prior to your payment date,  So, if your loan payoff date is a Monday, you must call us before 6:00 PM ET on Friday (which is the prior banking business day).
• Have access to a fax machine so we can fax you the loan addendum.
• Fax back the signed addendum to us by 7:00 PM ET the same day.  Our fax number is 877-577-7978.

You may prepay in increments of at least $5.00 or in full the amount due under this Loan Agreement at any time and will not incur an additional charge, fee or penalty. You will not incur any additional charge, fee or penalty if you cancel your obligations hereunder or prepay your obligations. You have the right to cancel your obligations without having to pay any finance charge. You also have the right to prepay your obligations without having to pay any finance charge or by paying a reduced finance charge, depending upon the date of prepayment. To cancel this Loan Agreement, you must fax or email to us written notice of your intent to cancel prior to our initiating an automatic credit to Your Account. To prepay your obligations without having to pay any finance charge, you must email or fax to us, prior to 5:00 PM M.T. on the Disbursement Date, written authorization to effect a debit entry to Your Account for the principal amount of the loan. If we receive payment of the principal amount of the loan via such authorization, we agree to rebate and refund the finance charge we have earned. At any time after 5:00 PM M.T. on the Disbursement Date and before 5:00 PM M.T. on the business day prior to the Payment Date, you can prepay your obligations in full by sending us an email or fax giving us written authorization to effect a debit entry to Your Account for the prepayment. The payoff amount will be calculated as of the date you send us such written authorization.

You pay $22.00 per $100.00 borrowed. The Annual Percentage Rate (APR) ranges from 501.88% to 1147.14% depending on the term of the loan (7 to 16 days). See the Loan By Phone fee schedule by clicking here.