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Payday Loans

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Payday Loans
Payday Loans

Apply for a quick loan and repay it on the next business day in a single payment

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Installment Loans
Installment Loans

Set a number of individually scheduled payments to repay this type of loan over time

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Title Loans
Title Loans

Use your car as collateral to repay a 100% secure title loan over time

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It happens that you have financial difficulties. Someone needs to pay off the debt, while others have unexpected emergencies. Whatever your purpose is, sometimes you need fast cash right here and right now. That is where payday loans come on stage.

If you decided to get a payday loan but don’t know what to start with, this article will come in handy. From basic info on payday loans for bad credit to possible risks, here you can find everything that may interest you.

Payday Loans: What It Exactly Is

Payday loans are short-term borrowings with a high value, which, as a rule, must be repaid by the next paycheck. They are aimed to help people who have bad or nonexistent credit. It is very easy to get a borrowing as you only need to have a stable (or non-stable) income and a valid bank account. Usually, the person can borrow a small sum of money, about $400-$500. However, it can be larger. It is necessary to specify the exact sum while approaching a particular company. The borrower must pay off the borrowing within 2-4 weeks. The terms and conditions differ in each state, so make sure to specify the relevant information in your lender.

So, how does the process of getting a deferred deposit work? First off, you will need to find a reliable store or online lender. To get payday loans, you need to provide information concerning your revenue and bank account. If everything is OK, you will get your cash as soon as 15 minutes if you have approached a store company or within a business day via an electronic transfer.

In turn, the lender will ask your permission to take automatic payments out of your bank account. The borrower should recover the cash advance after the next payday (in two weeks or a month).

If payday loans are given in the store, you should come to the lending company at a fixed time to repay the debt. In case you failed to make a payment, the lender will withdraw funds from the loan amount, adding a particular interest. If you take online payday loans, direct lenders, they will enable an electronic funds withdrawal on a fixed date.

How To Get Approved To Quickly Get A Payday Loan

There are several things that will help you get your payday loans approved.

  • Relatively good credit rating. However, there are companies that give cash advances with bad credit history.
  • The borrower should be registered on the electoral roll in order for the lender to quickly check and confirm all the necessary information.
  • It is necessary to meet the lending criteria of a particular company. You can find out all the payday loan requirements while visiting the site of a lender.
  • The potential borrower should meet the affordability criteria. This means you need to make sure your monthly income and expenditure will leave you enough funds to cover a cash advance and the rate of interest.
  • Demonstrate that you control your financial situation. It is advisable not to have long-term debts or several uncovered payday loans.
  • Fill in a payday loan application form correctly. Complete it to the very end without taking unnecessary shortcuts. Moreover, providing valid personal information is a must.

The Terms Of A Payday Loan Approval

Fast Payday Loans means you will get your money in the shortest possible time. The automatic review of the application usually takes one business day if you approach the online company. Then the funds will be automatically transferred to the bank account you have specified in the application form. If it comes to payday loans in-store, you can get your cash as little as 15 minutes.

How Many Payday Loans Can The Borrower Have At Once?

Actually, there is no ban on taking several payday loans. The main criteria in deciding whether to issue a loan to a client are its solvency. If a person has low solvency, then a financial institution will not give him/her another cash advance, because the lender does not want to risk money. Lending companies always evaluate risks and use all available information about a potential client, which is not difficult to find in the payday loans online database.

If you want to get multiple payday loans on several bank accounts at the same time approaching different lending services, you should ask yourself a question: how will I pay off? You will have to return not only the amount borrowed but also the interest.

Potential borrowers who want to get several payday loans on the same bank account should be aware that the lenders have their own credit history database with constantly updated information. Approaching several lending services with low solvency or bad credit history can be regarded as fraud.

Payday Loans: Are There Any Extra Charges?

If you didn't cover your cash advance on time, there are big chances you will get extra charges along with the initial sum you've borrowed. Those charges will start accumulating if you roll the repayment obligation.

Extra fees can include:

  • NSF fee is given to a borrower if his/her bank account is overdrawn, and he/she doesn't have enough money to pay a check.
  • A returned payment charges often come along with late payment charges if the borrower didn't repay payday loans on a fixed time.
  • Rollover interest fees are charged in addition to the initial borrowing and down payment, to delay the repayment period of your cash advance.

A Payday Loan Requirements

Before approaching the lending service, pay attention to these essential aspects to obtain guaranteed payday loans:

  • The borrower must be at least 18 years or older.
  • The lenders work only with legal resident of the USA.
  • The borrower shouldn't have an active or recent bankruptcy or bounced checks.
  • Having a stable (non-stable) revenue and meet minimum income requirements is a must.
  • It is necessary to have a personal bank account.
  • The borrower should meet all the repayment requirements of a particular state.
  • There should be no active-duty military.
  • There are fewer chances for unemployed clients to get payday loans.
  • The bank account of the borrower shouldn't be created too recently.

The Reasons The Borrower Can Be Denied For Payday Loans

Those who address lenders are more likely to succeed since 90% of applications are approved. But there are chances to be among 10%. Both newcomers and experienced borrowers risk hearing "no" from the lender. It is impossible to find out why they refused payday loans because financial institutions do not explain the reason for a negative answer. However, it is possible to highlight a few key points.

  • Invalid personal data.
  • Lack of regular income.
  • Violation of the terms of previous payday loans.
  • Long-term unemployment.
  • Upcoming military service.
  • Unpaid taxes, fines, utility bills.

Although the majority of lending services claim that they provide payday loans no credit check, they check your credit history after all. So, if you know that you have bad credits, be ready to unpleasant coincidence.

The Essential Info About A Payday Loan Costs

As said in the CFPB research, the average cost of a loan given by a storefront payday lender is $15 for every $100. Thus, if you borrow $400, you should repay $460 in total. So, the cash advance for a two-week period will cost you a 391% annual percentage rate.

If you are going to approach online services, things are different. Online payday loans are usually more expensive than store borrowings. The average online cash advance costs almost $24 per $100. Thus, if you borrow $400, it is necessary to pay off $496. Amazingly, but the APR, in this case, is 613%.

If you don't repay your borrowing on the first payday, the lender will add a new fee, but the cycle will keep repeating. After several months, you should pay more in interest than the initial amount you've borrowed. That can lead to repeated payday loans which will make your financial situation more difficult. That is the reason the borrowers risk their financial stability while working with lenders. It is easy to fall into the debt trap and is rather difficult to get out of it.

How To Cover Payday Loans?

There are useful recommendations that will help you to cover payday loans without any hassle.

  • Reduce non-essential expenses. Apart from paying priority bills, people usually spend money on TV subscriptions, shopping and other entertainments. Consider reduce less important expenses, pay council tax and utility bills to save money to repay payday loans.
  • Make small repayments but more often. Making affordable repayments allow you to clear all debts much faster. Carefully plan your budget to allocate funding to repay your borrowing partially.
  • Consider additional income. If you have an opportunity to find an extra job, just do it. Also, you can start a side business or work as a freelancer. Anyway, you will definitely have some skills and talent that will help you repay payday loans.
  • Avoid taking multiple payday loans. Do not put yourself in a debt hole! Taking another cash advance will not help you clear your borrowing. This can result in serious financial issues, so don't even think about it.
  • Address experts. If you're caught in a cycle of payday loans, addressing a professional on finances will be a smart choice. Try to find free and impartial advice from a non-profit financial institution.
  • Learn all the rules related to easy payday loans. Before using the lender services, carefully study all the rights and the rules concerning cash advances. For example, the borrower won't pay more than double the amount he/she borrowed. If you take $200, you shouldn't pay off more than $400, considering all the additional fees and interest.

Options Besides Payday Loans

While a payday loan may seem like a quick fix, there are other options that can help you avoid debt. But are these options save enough? Aren't they more expensive than typical cash advances? Let's find out.

There are payday loans in which repayment term is longer. They are called long-term payday installment loans. Being available both online and in the store, they allow you to borrow money and extend the repayment period for years. Usually, they have 400% APR. To get things clearer, let's consider the example. If you borrow $2.000 for three years, you may end up repaying $16.000.

An auto title loan is a secured borrowing where borrowers give the lender the title to their vehicle. This option no less expensive as payday loans, so if you are looking for a cheaper alternative, this is not the best option. The average loan amount is $100 to $6.000. It is necessary to repay this type of borrowing within 30 days. The typical monthly fee is about 25%.

Credit union loan lets you borrow money with a lower interest. It is possible to claim from $100 to $2.000 in a six-month period. The APR, in this case, is approximately 28%.

Additional Info That Can Help You With Payday Loans

If you are going to take payday loans, it is necessary to consider all the pros and cons. This will help you to make the right decision.

Pros:

  • A quick decision from a lender.
  • Ability to receive funds immediately after approval.
  • Possibility to get payday loans from anywhere and even on the move.
  • Clear terms and conditions.
  • You can get a loan even with spoiled credit history.
  • The ability to fix bad credit history.
  • You don't need many documents.
  • It is easy to fill the application.
  • No guarantee or collateral required.

Cons:

  • High APR.
  • You can borrow only small amounts.
  • Short terms.

Study carefully information compiled in the article and decide whether payday loans will work for you. If you are going to take out a certain small amount for a short term, it is necessary to understand that, most likely, you will have to give back more than you received. That is the precise system of how the lending companies work.