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A payday loan is a high-cost, short-term loan, that usually ranges from $300 to $400, which is intended to be repaid as soon as you get your next paycheck. In order to get a payday loan, you only need a stable source of income and bank account. Payday loans are often issued to people with bad or non-existent credit score. Keep in mind that you’ll face more fees and interest rates if you can't pay it back in time. All of this is going to significantly increase your debt.
Payday loans are different in practically every state. They are also known as deferred deposit, cash advance, credit access business, deferred presentment, etc.
Payday loans have such a name because they usually come due on the next payday of the borrower. They are very different from regular bank loans. Let’s take a look at the differences:
You probably have hundreds of nearby payday lenders to choose from, especially if you live in an urban or suburban area. You can typically use the internet even in rural areas to find a company willing to lend you some cash.
However, not all of these payday lenders are trustworthy. Looking for businesses that are properly licensed is probably the best way to tell the difference between a safe payday loan and a scam. All approved payday lenders must comply with strict laws passed by the federal government and your state. You can be sure that you have a lot more protection from fraud since they have to follow these rules.
Another simple way to find out if online payday lenders are reliable is to check if they are licensed. They always specify such information on their official website, so checking that information is the first thing you should. You can also check this data by contacting the attorney general of your state. Keep in mind that an online lender approved in one state may not be allowed to lend money to people in other states.
When looking for safe online loans, finding a licensed borrower is not the only thing to consider. Many businesses who identify themselves as lenders do not necessarily lend you money on their own. Some of them are lead generation platforms that transmit information about your personal loan to online lenders. And it is best not to give your personal information to a website that sells it to other businesses. You never know who will have access to your personal information.
If you're not sure what a website does, inquire if it's a direct lender. A direct lender deals with all facets of the borrowing process. A direct lender will review your request, manage the approval process and send you the money. It's a simple process that keeps your data safe. When in search of a decent online payday lender, make sure that:
You will need to provide the following to be eligible for loan approval:
There might also be cases when payday online lenders might not provide you with a payday loan, even if you have income and a bank account. These include:
According to the CFPB, the typical payday loan is $350 over a two-week period. Nevertheless, depending on the laws of your state, payday loans can range from $50 to $1,000. Currently, there are 32 states that allow payday loans with a total loan amount that is capped.
Some states also restrict each payday loan to 25 percent of the monthly income of the borrower. The loan rates, fees and the total loan amount are capped for the 32 states that allow payday lending.
Payday lending laws are different from state to state. States are divided into three fundamental groups:
Payday loan is a short-term high-cost loan up to $1,000 that is used to fund emergency expenses. Such a loan is extremely popular among borrowers, who use payday loans for small home repairs, health and utility bills, and other unplanned expenses. A payday loan has to be paid back as soon as you get your next paycheck.
The total amount of money is based on creditworthiness of borrowers, state laws, and lenders. Payday loans are limited to $1,000 total.
Simply fill out the application form from any place that is convenient to you. Some lenders may ask you to send the documents by fax, but it can also be done electronically. Funds will be deposited via electronic transfer as soon as you are approved.
No, so you can easily get an online payday loan even with a bad credit score.
The payday loans APR or interest rate depends on the lenders terms and the laws of the state. Short-term unsecured loans, such as payday loans and cash advances, have a very high interest rate up to 1386%.
The decision on the loan is nearly instantaneous and takes only 5 minutes. The lender's final loan approval can take between one hour and one business day.
If the loan is approved, the lender will deposit the funds to your bank account within one business day.
Payday loans with all interest and fees should be paid back in full with the next paycheck. Speaking of installment loans or personal loans, borrowers have months or even years to pay off the loan. Each month, borrowers are required to pay fixed installments.
The lender will never ask you what you need cash for. Thus, you can use your borrowed money in any way you like.
You can fix or damage your credit rating by taking out a loan. Timely settlement of the loan would boost your credit rating. Late or no payment will leave a negative mark on your credit report.
If a borrower is unable to completely repay the loan on time, there may be additional charges and interest. These future charges will always be disclosed before a loan offer is accepted. If you want to negotiate a new repayment schedule, simply contact your lender.