FAQ
Welcome to the FAQ section of PaydayLoansMadisonWI, proudly assisting residents of Madison, WI. Below, you’ll find clear answers to common questions about payday loans and how our service works. If your question isn’t listed here, feel free to reach out so we can help you make confident, well-informed financial choices.
What information do I need to provide to apply for a loan?
You’ll be required to share some personal details such as your Social Security Number, current address, contact info, proof of income, and the details of a checking account that can receive electronic transfers.
Why do I need to provide my Social Security Number?
Your Social Security Number is used to verify your identity during the application process.
How much can I borrow, how long will I have to repay it, and what will the loan cost?
In Madison, WI, loan amounts typically range from $100 to $1,000, depending on your income and other qualifying factors. After submitting your application, you’ll receive a loan offer outlining the amount, repayment terms, and costs. You’re never obligated to accept an offer if it doesn’t work for you.
What kind of bank account do I need to receive funds?
You’ll need an active checking account that can accept ACH (Automated Clearing House) transfers. Savings accounts generally do not meet the requirements.
Can I get approved if I have bad credit?
Yes, having poor or limited credit history doesn’t automatically disqualify you. The best way to find out your eligibility is to apply—many applicants in Madison, WI are surprised to learn they can still qualify.
When can I request a new loan?
You’re welcome to request a new loan at any time. However, your chances of approval may be higher if you don’t have any unpaid or active loans at the time of application.
When will I receive the loan funds in my account?
In most cases, if you’re approved and accept the loan terms, funds are deposited by the next business day—sometimes even sooner.
How does automatic repayment work?
On your scheduled repayment date, the owed amount will be automatically withdrawn from the same bank account where the loan was originally deposited.