Frequently Asked Questions

Most common questions about loans, borrowing and our services answered by 24CashToday.

FAQs about loans & our services

General Information

A payday loan (also known as a cash advance or a payday advance) is a small loan borrowed for a short period of time, typically until the next payday. These short-term loans require no collateral (unsecured loans) and have high interest rates. It is not recommended to use payday loans for longer periods. Payday loan rates & terms vary by state. Please visit our Rates & Terms page to see laws and regulations specific to your state.

An installment loan is an unsecured personal loan that is repaid over time with a set number of scheduled payments or installments. Installment loans can be taken for a longer period than payday loans due to lower APR. Installment loans are generally considered to be a better alternative to payday loans. Often installment loans are paid back in fixed amounts that contain both loan principal as well as interest.

A title loan, (also known as title pawn or car title loan) is a short-term loan where borrowers can use their vehicle title as collateral. Title loans are popular among people with bad credit scores since credit history is not being checked by title loan lenders. Title loans are usually taken on by borrowers needing cash fast or those in financial difficulties.

APR or Annual Percentage Rate is an annualized representation of your interest rate. When deciding between different types of loans, APR helps you compare how expensive each loan will be. An APR for a loan can include fees you may be charged, like origination fees. Remember, while APR is important, it's just one of the factors to take into account when choosing a loan.

Unsecured loans are loans that require no collateral and are supported only by the borrower's creditworthiness, such as payday loans or installment loans, while secured loans require collateral. Car title loans or pawn loans are good examples of secured personal loans.

The maximum amount that you can borrow as a short-term loan depends on your state laws. In some states short-term loans (aka payday loans) are forbidden, while in others they are allowed but the maximum amount is limited. Visit our rates & terms page to see loan terms for your state. Besides state laws, there are other factors that may affect the terms of your loan.

Yes. A credit score is not the only factor that is being considered when evaluating your loan request. However, a bad credit score can result in a more expensive loan and fewer options to choose from. A title loan is a popular choice among borrowers with bad credit scores since credit history does not matter for title loan lenders.

Credit score ranges vary based on the credit scoring model used and the credit bureau that pulls the score. According to FICO, a credit score from 300 to 579 is very poor or bad. A fair credit score starts from 580 to 669. Credit scores are calculated differently depending on the factors used in the credit scoring model, such as payment history, amounts owed, length of credit history, and so on.

About 24CashToday

No. Using the website is totally free. It does not cost anything to use the application form to reach out to our network of lenders and get loan offers from them. may receive compensation from the lenders for successfully issued loans, but this does not affect the final cost of the loan for the borrower.

At you can get offers for secured personal loans like car title loans, as well as unsecured payday loans and installment loans. makes it very easy to reach 100's of direct lenders by using a single application form. This way you save a lot of time by not having to search for each lender separately and contact them one-by-one, also you get many more options to select from. Simply put, using saves you time and money.

No. No lender can guarantee a loan and no reputable lender will. Promising a 100% guaranteed loan is a bad marketing practice and a good indicator of an unreliable lender. You can find more information about guaranteed payday loans here.

Applying for a loan

First of all, you need to make sure that payday loans are legal in your state, you can check this on our rates & terms page. Secondly, make sure that you meet the general requirements:

  • You must be at least 18 y.o. or of legal age in your state
  • You must have a valid government-issued photo ID
  • You must have an income source and be able to prove it
  • You must be a resident of the state you choose for your loan application
  • You must have an active checking or savings account
  • You must have an active email address and a phone number

No. Payday loans and installment loans are unsecured personal loans and require no collateral.

You get the decision immediately after submitting the request form. At most, it takes up to a few minutes to connect you with a suitable direct lender after you submit your loan application.

Yes, you still may get approved for a loan if you are unemployed but have a valid income source.

If you want to avoid any sort of credit check then a title loan is your best option since your vehicle is used as collateral and no credit checks are being made.

If you choose to take a payday loan or an installment loan, then each lender performs some sort of soft credit check which does not impact your credit score, however, some lenders might perform a hard credit check with any of the three major credit bureaus (Transunion, Experian, and Equifax) that may affect your credit score.

Loan funding & repayment

Typically, the loans are being deposited the next business day after being approved, but some lenders may deposit the loan the same business day. To increase your chances of getting the same-day loan make sure that you have all the documents on hand and apply in the morning. Applications that get approved before 10 a.m. CT have much higher chances of getting same-day funding.

Your funds will be deposited directly into your bank account.

Yes, getting a same-day loan is possible if your loan application gets approved before 10 a.m. CT during business days.

24CashToday is not a lender and cannot provide such information. Your loan APR and terms will vary from lender to lender. Once you have been connected to a lender to work with, they will provide you the terms and conditions of your loan offer.

Personal loans are multipurpose and it's up to you to decide how to use them. You can use personal loans to pay for any unexpected expenses, utility bills, home repairs, pay for medical services, make big purchases on special occasions, and so on.

When you accept the terms and conditions for a loan, you enter into a commitment to repay the amount you owe according to the specific schedule outlined in the agreement. In the event of non-payment, additional charges may be applied. Late payment penalties vary by lender. If you know that you will not be able to make the next payment on time, please contact your lender immediately to work out a solution together.

The maximum amount that you can borrow is regulated by state laws. If you haven't reached your maximum, then the lender might be able to offer you another loan. Please refer to your agreement with the lender and contact the lender if needed.

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