Frequently Asked Questions

1. Do most people use a payday loan service for the same reason I do?
2. What happens if I change my mind after taking out a payday cash advance?
3. How often do most people use a payday loan service?
4. Is my online cash advance confidential?
5. How is my online cash advance loan amount determined?
6. How are payday loan fees established?
7. Is my credit rating checked before I receive a payday cash advance?
8. Getting a payday advance is such a simple and easy process, why is there so much information in the Customer Agreement?
9. Can I renew, or roll over, my cash advance by just paying the fee again on my due date?
10. What happens if I don't have the funds necessary to repay my payday cash advance on my due date?
11. If my payday loan becomes past due, will I face criminal prosecution?
12. What can I do if I'm ever dissatisfied with the service received from Loanbyphone.com?
13. Does Loan By Phone offer an extended payment plan?
14. Utah Specific FAQs: Can I prepay my loan?
15. Utah Specific FAQs: What is the cost of credit for this service?

1. Do most people use a payday loan service for the same reason I do?

Probably so. 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 to 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
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2. What happens if I change my mind after taking out a payday cash advance?

As a member of CFSA, your provider abides by a set of Best Practices that enable you to rescind your Payday Loan transaction at no cost before the end of the following business day, by returning the full amount of the cash advance to the provider.
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3. How often do most people use a payday loan service?

Since a payday loan is a short-term solution to an immediate need, it is not intended for repeated use in carrying an individual from payday to payday. When an immediate need arises, Loanbyphone.com is here to help. But a payday advance is not a long-term solution (like a Home Loan or Auto Loan) for ongoing money management. 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 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. With one toll-free call, you will be connected to the Center nearest you.
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4. Is my online cash advance confidential?

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.
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5. How is my online cash advance loan amount determined?

State law generally regulates the maximum advance amount available. Within the allowed range, you qualify for a particular advance amount based on your current income. Sometimes you may not be able to get as much as you'd like; but a payday loan should be part of your financial solution. However, you would not really be helped if you received more than you have the ability to repay.
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6. How are payday loan fees established?

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.
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7. Is my credit rating checked before I receive a payday cash advance?

No, your payday advance provider does not obtain a complete credit report. Unlike many other financial institutions, we do not require that you have good credit or, for that matter, any credit history at all. (We do, however, subscribe to a risk assessment service. It tells us if customers are current in their payments to other businesses like ours and whether our customers have payday advances outstanding with other companies that subscribe to the same service.)
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8. Getting a payday advance is such a simple and easy process, why is there so much information in the Customer Agreement?

The payday loan Agreement you read and sign prior to receiving a payday cash advance is a contract that complies with all applicable state or federal disclosure requirements. It fully outlines the terms of the payday loan transaction, including the cost of the service fee both as a dollar amount and as an annual percentage rate (APR). Although a payday loan is a short-term financial solution 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 the interest of full disclosure. Loanbyphone.com wants to provide you with all the information you need to make an informed financial decision.
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9. Can I renew, or roll over, my cash advance by just paying the fee again on my due date?

Some state laws allow rollovers, while most do not. Even in states that permit rollovers, CFSA member companies limit rollovers to four or the state limit, whichever is less. (The limiting of rollovers is a consumer protection designed to ensure responsible, short-term use of our payday loan service. Consider, for example, the cost of a two-week cash advance loan that is renewed or rolled over. Assume a $200 advance has a $15 fee and the payday cash advance is made in a state that allows unlimited rollovers. In this case, the cost of the $200 Cash advance would be $15 plus $15 for each subsequent rollover. Since CFSA members will not roll over a payday loan more than four times, the maximum cost in this example would be $75 for the $200 advance. It is important that you fully evaluate the cost versus the benefit of rolling over a payday loan.)
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10. What happens if I don't have the funds necessary to repay my payday cash advance on my due date?

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. (You should be aware that 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.
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11. If my payday loan becomes past due, will I face criminal prosecution?

No. In accordance with CFSA's Best Practices, Loanbyphone.com does not pursue criminal actions against a customer as a result of the customer's payday loan being returned unpaid. However, if you become delinquent, you will be unable to receive another loan through Loanbyphone.com, your account may be reported to a credit reporting agency, your account may be referred to a collection agency and/or your wages may be garnished as a result of a civil judgment against you.
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12. What can I do if I'm ever dissatisfied with the service received from Loanbyphone.com?

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.
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13. Does Loan By Phone offer an extended payment plan?

The answer is Yes.  In accordance with CFSA's Best Practices, Loanbyphone.com does offer an extended payment plan in the event you are not able to pay your loan off by your next payday.
To request an extend payment plan you must:

1. 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),
2. Have access to a fax machine so we can fax you the loan addendum,
3. Fax back the signed addendum to us by 7:00 PM ET the same day.  Our fax number is 877-577-7978.

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Utah Specific FAQs

14. Can I prepay my loan?

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.
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15. What is the cost of credit for this service?

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.
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