FAQ
How it Works:
Payments:
Application:
Security:
What is required to get a loan?
You need a proven source of income of at least $1,000/mo, checking account open for at least 2 months and currently in good standing, email address, home phone, no other outstanding loans with MVL, and you must be at least 18 years of age. All signed Loan Agreements are subject to verification of prior loan history and application data.
Your application will be either approved or declined based on our evaluation of the information you provide. First time customers will be required to fax the following:
- Most recent bank statement - 60 days of account activity.
- Copy of state issued photo identification i.e. driver’s license or ID card
- Check made payable to Miami Valley Loans. MVL customer service will provide the correct amount payment.
How much can I borrow and at what cost?
MVL loans range from $1 - $500. The fee for a MVL loan is $10.00 per $100.00 borrowed up to $500. For loan amounts that exceed $500 a fee of $7.50 per $100 will be assessed up to the loan maximum. Please refer to our APR disclosure for details relating to the fees associated with the payday loan.
How soon can I get my cash?
If your application is approved by 4 pm EST, the funds will be electronically transferred (ACH) to your bank within 48 hours (Monday through Friday excluding bank holidays). Weekend requests will be treated as though they are Monday requests.
*Note: Some banks can take two (2) days to process and transfer the funds into your account. You can contact the ACH department of your bank to verify that the funds have been credited to your account.
What if I have poor credit or have filed bankruptcy?
If you have poor credit, it will not affect the approval of your loan. However, if you have filed for bankruptcy within the past year or if you have filed multiple times, we will not be able to extend a cash advance to you.
Do you perform a credit check?
We do not perform credit checks; however, we do verify your identity with national database vendor.
How long does it take to get approved?
Depending on what time of day you apply and how quickly you complete the application process, you can be approved within a few hours. You may contact customer service to request immediate action on your loan request.
How does getting a payday loan work?
Applicants will begin the process by filling out our online application. Once submitted, we review your application and notify you either by email or website regarding your status. If your payday loan is approved, you will receive the funds within 48 hours (as long as you are approved by 5 pm EST, Monday through Friday).
What is a payday loan?
A payday loan is designed to be used for short-term financial needs. The due date will be your next payday (up to 18 days). It is not a solution for longer term financial problems for which longer term financing may be more appropriate. Payday advance fees are lower than many consumer alternatives.
In comparison, when expressed as APRs for two-week terms:
- $100 payday loan with $10 fee + 5% interest = 391% APR
- $100 bounced check with $25 NSF + $24 merchant fees = 1,278% APR
- $100 credit card balance with $26 late fee = 678% APR
- $100 utility bill with $50 late/reconnect fees = 1,304% APR
When do I have to pay back my loan?
If your payday comes sooner than 4 days, it will be the following payday. A normal loan duration is no less than 4 days, and no more than 17 days. You may also choose the option to pay off your loan in full or partially. If you choose one of these options, you must notify us at least three business days prior to the due date on your loan.
What if I change my mind and no longer want the money?
In that case, you must contact MVL via email or fax. A written cancellation request must be provided within 24 hours of loan approval. If funds have already been transmitted to the customer account within 24 hours, we will debit your checking account for the principle amount and no interest will be charged.
What are my repayment options?
You have 4 payment options to choose from:
1) Pay the loan off in full
2) Pay the loan off early
3) Extension: Pay interest + fee*
4) Extension Plus: Pay interest + fee + partial principal *
*MVL policy allows a maximum of 2 extensions. Extension requests need to be made by 4 PM EST the business day prior to your due date.
For your convenience, your payments will be electronically debited from your bank account unless you make alternate payment arrangements.
What happens if I do not make a payment on my due date?
If your payment is returned by your bank, then our collections department will contact you to arrange a second attempt to debit payment. A $20 NSF fee will also be collected with the next debit.
If you are unable to make the payment on your due date, please contact Customer Service.
Do I need access to a fax machine?
A fax or scanner will be required to complete the loan process. You may mail required documents if digital transmission equipment is not available. Contact customer service for details.
How do I locate a fax machine?
Public libraries often provide faxes for public use, but you will also be able to find a fax machine at Kinko’s, Mailboxes Etc., or your local bank.
How do I find out the status of my application?
All applicants will receive their status via email and may also login as a returning customer and check loan status. Applications are processed 8am to 5pm EST Monday through Friday. Depending on the application, you can be approved within minutes.
Is my loan secure and kept confidential?
Every payday loan is completely confidential and protected under our Privacy Policy
