Most common questions regarding instant credit

Easy Payday Loan FAQ

Application & Eligibility

How do I apply for an Easy Payday Loan?

Apply online or visit our office at University Drive next door to the Passport Office and opposite the Police College.

What documents do I need when applying for an Easy Payday Loan?

The following documents are required:

Recent Pay Slip
Job Letter
NIB Card
Voters Card or passport and a bill in your name
Copy of employer business license (private sector employees only)

What if I do not have a utility bill in my name?

If a utility bill is not available in your name as proof of address, we may be able to consider a lease agreement.

At what age can I apply for a loan?

You must be between 18 and 60 years of age to apply for a loan. All loans must be satisfied five (5) years prior to your retirement age.

Want to know how to qualify?

Visit our "Do I Qualify" page.

Employment & Eligibility by Sector

I am a government employee, how do I qualify for an Easy Payday Loan?

You must be a permanent and pensionable government employee who has been employed for a (1) year or more. You must also take home 25% or more of your monthly salary after all deductions inclusive of the potential Easy Payday loan in order to qualify.

I am a government contract worker, can I apply for an Easy Payday loan?

Yes. However, you must be a full time employee, who has been working for your department for at least 3 consecutive years or more.

I work for a private company; can I apply for an Easy Payday Loan?

Yes. However, your employer must be able to demonstrate that their business has been in operation for at least 5 years or more with 5 or more full-time employees. You must have a minimum, continuous tenure of 3 years with them and be both a full-time and permanent employee.

I work for myself; can I apply for an Easy Payday Loan?

Unfortunately, we do not offer loans to self-employed individuals.

What if my employer is not listed?

Select "my employer is not on the list" in the application.

Loan Amounts & Terms

How much money can I borrow from Easy Payday?

We offer loans from $500 to $30,000 for government employees; $500 to $5,000 for government contract workers; and $500 up to $5,000 for private sector employees.

What is the term of the loan for government employees?

The term ranges from 6-180 months.

What is the term of the loan for government contract workers?

The term ranges from 6-36 months.

What is the term of the loan for private sector employees?

The term ranges from 6-36 months.

Approval & Processing

How long does it take before I am approved for an Easy Payday Loan?

Eligible applicants can be approved immediately.

How long will it take for the funds to be received into my account after I've been approved?

We send the funds immediately upon approval. However, it can take between 1-3 business days depending on your bank. In most cases, we find funds are received within 24 hours.

Loan Modifications

Can I top-up an existing loan and maintain the same payment?

Yes, you can top-up your loan and maintain the same payment if your loan has been paid down sufficiently. However, this would extend the term of the loan.

What is the process for consolidation?

The process is similar as for a new loan, you can apply online or contact us for further assistance.

Payments & Repayment

How are loan repayments made?

All loan repayments are made through salary deductions. Customers should confirm with their employer if they accommodate salary deductions.

How can I determine the repayment amount for a loan?

To receive a precise loan quote, customers can use our instant quote calculator, apply online or submit their job letter and recent pay slip to help@easypayday.loans for review and options.

What are your payment methods?

You can check out our payment methods at this page.

Is there a penalty for early repayment of a loan?

We charge a redemption fee which is the equivalent of 6 months' interest plus VAT for early repayment of a loan. However, it is possible to pay the equivalent of up to an extra monthly repayment in aggregate without any penalty once a month.

What's the maximum daily payment I can make on the principal of a loan?

Any amount of money can be paid at any time. There is a penalty-free limit equivalent to an additional single month's repayment within any monthly repayment period. That payment can be made as a single payment or multiple payments, but in aggregate, cannot exceed the total monthly repayment. Any excess would be subject to a redemption fee.

Interest Rates & Fees

What is the interest rate?

Our representative APR is 25.1% but will vary depending on your individual circumstances. Check out our instant quote page [LINK] to see your monthly repayment including all interest and fees.

Is there a deposit required, and if so, how much is it?

No deposit is required at all. We only accept salary deductions made through your employer. Be careful of anyone asking for payment up front particularly if they claim to be Easy Payday as we notice scams are on the rise.

Account Management

How do I find out my payoff balance?

Log into your account, select the loan, and click on the payoff statement tab.

How do I get a statement of account?

It's possible to get a statement of account by logging into your account and navigating to the loan screen. You can also access your documents and transactions from your account.

How do I get a loan cancellation letter?

You must pay off the loan first.

Is there a waiting period after I've paid off a loan before I can return for a new loan?

Returning customers are welcome and there is no waiting period. Apply any time for a loan.

Referrals

Will I get paid when I refer a friend?

Yes, you will be paid $50 when your friend is approved for a loan subject to the guidelines which are published here.

Services & Locations

What services do you offer?

We offer loan consolidation, loan top-up, and loan extension services. We also provide auto finance.

Does your company offer mortgage services?

We don't have any plans to offer mortgage services. For this, we'd recommend contacting one of the major banks.

Where are you located?

We are located on University Drive in Nassau, Bahamas next door to the Passport Office and opposite the Police College.

What are your office hours?

Our office hours are standard business days, Monday to Friday, from 9am to 5pm. Customer service is available online 7 days a week from 9am to 5pm. Our website accepts loan applications 24 hours a day.

What if I live in the Family Islands?

We can offer loans to people on the family islands who can apply for their loans online, or if they prefer, they can go to one of our family island agents listed here.