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What are Payday Loans?
A payday loan is a short term financial tool with a high interest rate and fast service. It is a common method to get money as soon as possible for the working population of the United States. “Payday loans” means “extra money to the next payday”. But in fact, people take it due to different reasons and regardless of the paycheck day.
How Do Payday Loans Work?
Payday loans help you avoid financial crisis. When people need money, they can borrow it from friends or take a credit. Payday loans are a good option to overcome financial difficulties. It works fast and easy. The process of getting a payday loan takes no longer than 24 hours depending on different circumstances.
Scheme of how basic payday loan works:
- Let’s imagine that you need $500 to urgently pay utility bills.
- In this case you have to go to the brick and mortar store of payday loans or find a payday lender online.
- You can then discuss with the lender the details of the loan amount and the date when you should return the money. Also, ask about their interest rate and additional fees.
- You must complete the application form online or offline and submit it to your lender.
- The lender may take a few minutes to consider your application, after that you will receive approval for the loan or leave without money that happens very rarely.
- When you get approved, you will get cash immediately or the next business day. It is actually depends on a lender’s decision.
Don't forget to take your identity card and monthly income financial documents, or get it electronically if you are going to apply online.
How Much Do Payday Advances Cost?
The price for using such “fast money” is expensive. People are usually surprised when they get information about the cost. The average cost is about $70-$80 for $ 500 borrowed. This is much higher than the fee for ordinary bank loans. The high risk of losing money explains such a high interest rate. This percentage is calculated as 400% of the annual interest rate (APR). However, back to bank loans, where the APR is about 15%.
However, when you have financial needs, you have no choice. The $ 50 fee for $300 doesn't seem so big if you're in an emergency. This is the essence of short-term lending. Lenders count on situations where people are willing to pay any price for financial assistance. Borrowers have 2-3 weeks to repay the entire loan amount plus have to pay additional fees and interest rate.
Online Payday Loans
Payday loans may be an effective solution for those who need access to money quickly. However, because of their high interest rates and short repayment terms, they may not provide the ideal solution for everyone. Be sure to get the facts and choose a reputable lender to make the most of an online cash advance when you need it.
A paycheck loan is an unsecured kind of short term credit. Payday loans are never safe. But don't worry, because the media and the general public are watching credit agencies and lenders. Short-term lending services are no longer as available as they used to be. Only 37 states of the United States officially permit payday loans services. Others prohibit such financial assistance because of high interest rates and uncontrolled services operation. Most lenders are available on the Internet. Thus, it is easier to find a reliable lender on the web.
Online payday loans are common among the employed population as busy people don’t have free time to go to an office to get a loan. Online service allows to apply for a cash advance online in minutes and get money on the next business day right on their bank account. Sounds like magic, isn’t it?
Location of Payday Loans
- Payday Loans in Alabama
- Payday Loans in Alaska
- Payday Loans in Arizona
- Payday Loans in Arkansas
- Payday Loans in California
- Payday Loans in Colorado
- Payday Loans in Connecticut
- Payday Loans in Delaware
- Payday Loans in Florida
- Payday Loans in Georgia
- Payday Loans in Hawaii
- Payday Loans in Idaho
- Payday Loans in Illinois
- Payday Loans in Indiana
- Payday Loans in Iowa
- Payday Loans in Kansas
- Payday Loans in Kentucky
- Payday Loans in Louisiana
- Payday Loans in Maine
- Payday Loans in Maryland
- Payday Loans in Massachusetts
- Payday Loans in Michigan
- Payday Loans in Minnesota
- Payday Loans in Mississippi
- Payday Loans in Missouri
- Payday Loans in Montana
- Payday Loans in Nebraska
- Payday Loans in Nevada
- Payday Loans in New Hampshire
- Payday Loans in New Jersey
- Payday Loans in New Mexico
- Payday Loans in New York
- Payday Loans in North Carolina
- Payday Loans in North Dakota
- Payday Loans in Ohio
- Payday Loans in Oklahoma
- Payday Loans in Oregon
- Payday Loans in Pennsylvania
- Payday Loans in Rhode Island
- Payday Loans in South Carolina
- Payday Loans in South Dakota
- Payday Loans in Tennessee
- Payday Loans in Texas
- Payday Loans in Utah
- Payday Loans in Vermont
- Payday Loans in Virginia
- Payday Loans in Washington
- Payday Loans in West Virginia
- Payday Loans in Wisconsin
- Payday Loans in Wyoming
Types of Payday Loans Online
There are many types of short term instant loans that are available online. If you never think about differences between online short term loans, you will learn more about it. This will help you find the best option for you in your specific situation. There are a variety of types like Installment Loans, Payday Loans, Lines of Credit and so on. The choice may depend on the state where you are going to take out the loan, as many lenders may take out loans in one state and not use the same in the other.
The list of common short term credit types includes:
- Payday Loans - that is fast cash advance loan that is required to be paid back in 2-4 weeks to the next payday.
- Installment Loans - it is a short term type of loans that has more flexible period of repayment. Customers can repay the loan during the next 5-6 months.
- Line of Credits - are cash advances that can be paid back at any time. Also, another condition is that you can get several cash advances up to your credit limit amount. It is a special kind of short-term loans that is usually open-ended.
What Do You Need To Apply For a Payday Loan?
There are only a few requirements that applicants have to meet to get short term advances:
- To be of a legal age
- To have a national ID
- To provide a financial document with your monthly income
- To have a valid checking account
Almost all the economically active population of the United States has the opportunity to use payday services. Note the credit rating of the applicants is irrelevant: a bad credit history are also acceptable.