Frequency Ask Questions

What is a payday loan or cash advance?
What can a payday loan be used for?
How much can I receive?
How are fees established?
How do I qualify for a payday loan?
What is the procedure to apply for a payday loan online?
What information do I need to complete the application?
Is my personal and financial information secure?
Is there an application fee?
Does submitting an application obligate me to take out a loan?
What if I have bad credit?
Does being a tenant influence my eligibility?
Can I have more than one payday loan at a time?
Do I need to fax my information?
Do I need direct deposit?
Do you contact current or former employers?
When will I receive my payday loan?
How will I know that my loan has been approved?
When will my payday loan be due?
What if I want to pay back my loan early?
What if I am unable to repay my loan by the due date?
How often can I get a payday loan?
What happens if I’m late with my payment or don’t pay at all?
How much will the loan cost?
What is your renewal policy?
What is Lakeshoreloans.com.co's Policy on Responsible Lending?


What is a payday loan or cash advance?

A payday loan or cash advance is an unsecured, short-term cash loan to help you until your next payday. Customers choose payday advances to cover small, unexpected expenses while avoiding costly bounced-check fees and late payment penalties. At Lakeshoreloans.com.co, apply online for a payday loan and your advance will be electronically deposited to your checking or savings account.

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What can a payday loan be used for?

Whether you are paying off bills, celebrating a special occasion, or covering an unexpected cost your payday loan is there to be used at your own discretion.

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How much can I receive?

Your first Lakeshoreloans.com.co loan is based upon the information you provide in your application. You may borrow up to $1500 and after a successful repayment of your loan, we may raise the amount on any future Lakeshoreloans.com.co loans.

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How are fees established?

Our fees are competitive and in compliance with all applicable state and federal laws. Depending on the lender, fees can range from $25 to $30 per $100 borrowed. For example, if you borrow $300 then the fee will be between $75 and $90.

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How do I qualify for a payday loan?

Lakeshoreloans.com.co does not perform credit checks, which makes qualifying for a payday advance easier than for traditional credit. You should meet all of the following requirements:
• Currently employed (or receive regular income)
• Make at least $1000/month
• Be 18 years of age or older and a U.S. citizen
• Have a checking or savings account with direct deposit.

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What is the procedure to apply for a payday loan online?

To apply for a payday loan, complete and submit the application found on our website. At that point, the approval process will immediately get under way and an agent will notify you of your status.

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What information do I need to complete the application?

We need your name, address, employment information, banking details, and picture identification in order to complete your payday loan request.

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Is my personal and financial information secure?

We respect our customer's right to privacy in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive data transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.

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Is there an application fee?

Lakeshoreloans.com.co never charges applicants a fee to qualify for a payday loan.

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Does submitting an application obligate me to take out a loan?

No; submitting an application simply states that you wish for one of our agents to approve and contact you to discuss your payday loan options. You may ask us any questions, and withdraw your request if you so choose. If you are ready to proceed, you may confirm your information and officially agree to terms with one of our representatives.

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What if I have bad credit?

As we do not perform credit checks, bad credit will not prevent you from receiving a payday loan at Lakeshoreloans.com.co. Our friendly managers will work with you, even if you have been turned down by other lenders.

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Does being a tenant influence my eligibility?

Whether you rent or own your home, it does not affect your eligibility for a payday loan.

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Can I have more than one payday loan at a time?

No, all other payday loans must be repaid before another may be granted.

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Do I need to fax my information?

There is no need to fax any personal details. The lending company will instantly get all necessary information online.

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Do I need direct deposit?

Your bank account must be set up with direct deposit to qualify for a cash advance. It is the most secure way to offer loans as quickly as we do.

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Do you contact current or former employers?

No, the lenders operate a strict confidentiality policy. None of your personal information will be passed onto any third party without your prior agreement or unless required by law.

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When will I receive my payday loan?

Your application will be processed within 30 minutes upon being received. Once approved, you may collect your loan the next business day. At that time, we will help schedule a repayment date so you will not have to worry about bouncing a check or missing a deadline.

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How will I know that my loan has been approved?

You will receive an email notification once your loan has been approved. Lakeshoreloans.com.co reserves the right to make adjustments to your loan approval up until you receive the funds in your bank account based on new information received regarding your application.

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When will my payday loan be due?

Each state has different rules and regulations regarding loan due dates. Typically, repayment is scheduled on your next payday (between 8 and 25 days away).

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What if I want to pay back my loan early?

Contact us if you wish to pay off your loan before the scheduled due date. In doing so, you may be entitled to a partial refund of your loan fee.

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What if I am unable to repay my loan by the due date?

If you cannot repay the full amount of your loan by the due date, you may be able to request a loan extension. The following payment options are available:
1. Pay the loan in full on the maturity date listed per your loan agreement.
2. Pay the finance fee and a portion of the principle on or before the maturity date.
3. Pay only the finance fee on the maturity date.

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How often can I get a payday loan?

We are available any time you need financial assistance between pay periods. We encourage all of our clients to use these loans responsibly and keep in mind that a payday loan is a short-term solution to an urgent cash need; they should not be used repeatedly to deal with continuous budgeting issues.

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What happens if I’m late with my payment or don’t pay at all?

Additional fees will more than likely occur in the event of a late or partial payment. Failure to pay will result in legal action, as well as reporting of the non-payment to a consumer reporting agency.

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How much will the loan cost?

The cost of the loan and the APR depends on your application. The terms are disclosed in the application process when you are directed to the lender’s website. At this point you have NOT accepted the loan. If, when the terms are disclosed, they are not acceptable to you, do not sign the application.

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What is your renewal policy?

Renewal policies are determined by the lender, not by us, so they will vary. But, be aware some lenders may not debit your account for the full amount of the loan, which may result in additional fees and a renewed loan. Make sure you read the renewal policy carefully and make your wishes clear to the lender.

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What is Lakeshoreloans.com.co's Policy on Responsible Lending?

Lakeshoreloans.com.co remains dedicated to providing consumers with introductions to Participating Lenders who do not engage in illegal lending practices. While Lakeshoreloans.com.co is not a lender, it requires its Participating Lenders to adhere to the regulations set our in the fair lending laws such as the Truth in Lending Act. All Participating Lenders provide our referrals a written document providing the rates, fees, late charges, rollover charges, and all other details of their loan before asking our referral to sign the loan documents. We know of no Participating Lender who has violated state regulatory legislation.

In addition, our Participating Lenders engage in "fair lending practices", which is defined as "fair, equitable, and nondiscriminatory access to credit for consumers" in the he Dodd-Frank Wall Street Reform Act. This Act provides consumers an avenue to file a complaint for any regulatory violation pertaining to their payday loans with the Consumer Financial Protection Bureau.

Lakeshoreloans.com.co is not an actual lender and, as a result, does not collect debts from consumers. However, our Participating Lenders follow the applicable state and federal statutes pertaining to fair debt collection. They contact their customers by telephone anytime before 8 a.m. or after 9 p.m.; the contact they have with their customer is never intended to annoy, harass, or abuse you at anytime; they do not collect the debt through deception or misrepresentation and they do not threaten any legal action against you unless it is permitted by State statute.

If one of our Participating Lenders violates this policy or any applicable statute, Lakeshoreloans.com.co does not hesitate to cease conducting business with that Lender.

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