Payday Loans Online: An Instant Financial Aid
The Simplest Way to Arrange Small Cash Fast & Online
Getting an extra money before the next paycheque is possible if you borrow from somewhere. You never know when an unexpected fiscal emergency arise when you need some additional cash to cope up with the same. When it comes borrowing cash, there are several options available in the front of the people like getting it from near and dear ones, applying for a loan, etc. Out of many, instant cash loan is an excellent offer to maintain your self-respect while asking for funds from parents or relatives.
Don’t you need to worry when you have the financial support of payday loans online around.It sounds pretty well that with a payday loan you can arrange small cash amount that can be repaid using the next paycheque and instantly come out of your debt.
Here, we will bring some light on payday loans online as how does it work, the amount you can arrange, benefits, terms and conditions.
Understand What are Payday Loans?
Payday loans are additional funding option for salaried individuals who can arrange some fast cash until their next paycheque. As for the amount, you can get anywhere in between $100 to $1500 for a short period of time. But remember, the loan amount varies as per your financial condition and the salary you get every single month. The mentioned is the average amount that you can ask from lenders here to settle unexpected expenditures quickly.
How Does it Work?
If you want to know the working condition of these short term loans, then you will not find anything different than other instant cash loan offers. As already mentioned, payday loan is a short term financial aid until your next paycheque. So, you can apply for this loan online at any point of time and once approved, you have to give a postdated chequethe amount your borrow to lenders. It implies, once your next salary comes to your bank account, lenders will redeem that post-dated cheque and get the money back.
So, it is simple as it looks. You apply for the loan online in minutes, get fast approval and money in your personal bank account, and pay flexibly with the next paycheque.
Who Can Apply for Payday Loans?
Anyone living in the USA on a permanent basis having a valid resident proof and lives from paycheque to paycheque can apply for payday loans online. A variety of people in the USA are already using this type of loan offer to tackle the emergency fiscal issues like equipment repair at home, sudden car breakdown, medical bills, or anything else. Even if you are living in the USA permanently and come across any such monetary problem and urgently need small petty cash, then you can apply for payday loans online.
Fees Structure of Online Payday Loans
You must know getting a loan comes packed with additional fees of interest charges, processing fee, and late payment charges (if not repay loan on time). In case of payday loan too, you will be charged with some amount of fee. In general, the fee rates varies on state to state, but in common conditions, $10 to $30 is charged for every single $100 you borrow for a maximum repayment period of 2 weeks. Even in some states, there is a low end fee of $15 on $100 borrowed along with annual rate of interest charged as 400%. So, here you can check for your state-wise fee structure while applying for payday loans.
Check Out the Advantages and Disadvantages of Getting a Payday Loans
Applying for payday loans is a crucial affair when all the doors to arrange some extra cash are closed for you. Believe or not, this instant cash loan offers manifold benefits to salaried individuals availing funds with a view to set off unpaid bills and expenditures in no time. So, let’s have a look at the top few benefits.
- Apply fast: Unlike the traditional loan offers that demand you to visit a bank, meet several requirements, and wait for eternity to get the final approval. Here, there is nothing like that. Apply online even from your smartphone with little details and get instant approval.
- Minimal requirements: As already mentioned, requirements are very low under payday loan, so you have to meet few conditions only to get the desired funds for a short period.
- No credit check: Do not think your poor credit score will again pose a big challenge in getting a loan. There are many lenders who do not follow credit check and even provide funds to bad credit holders.
- No collateral required: The unsecured nature of payday loan states the fact that you will not be asked for any collateral.
Just like every coin has two sides. In a similar fashion, payday loans have its pros as well as cons. This might not be the case that payday loans are bad for you. But still you have to consider the following disadvantages.
- Expensive kind of loan: This is already mentioned above in relation to the possible fees charged by lenders for every hundred dollar you borrow. For example, there could be $10, $20, or $30 dollar fees levy on every $100 you take as loan. It sounds, you will be paying over 300, 400 or more percentage amount as extra to lenders.
- Debt Cycle Predator: Sometimes using the payday loan makes you trapped inside a problematic debt cycle. If you are in a bad financial condition while running from paycheque to paycheque and regularly apply for payday loans, then your fiscal issues will not solve in big time. You will fall under a problematic cycle of debt of paying more fees to the lenders instead of settling the unexpected expenditures.
- Not Helpful in Building Credit History: If you think that getting payday loans will help you to make your credit score condition goes better, then there are less chances of it. In reality, there is no big amount sponsored under this loan, so forget about paying all the pending dues of credit card at all once.
Things to Do Before Applying for Payday Loans
If you are thinking that payday loan is the only instant fiscal resort left to pay off pending dues, then need to think twice before applying the same.
Look for Other Credit options
- You can take extra cash from your credit card multiple times as the fees and charges are nominal.
- If possible, then work overtime or take up a part-time job along with full time one.
- Improve your credit scores at first hand to ask lenders for financial help at a lower interest rate.
- Visit a traditional bank to apply for an unsecured loan.
- Ask near and dear ones for emergency cash with no interest and fees.
- If possible, then sell your unused articles to generate some cash.
- Ask for an advance paycheque from the employer.
Get a View of your State Laws
The rules of getting a payday loan differs from state to state in the USA. So, you have to look carefully which state of law you have to comply along with the following few queries mind:
- Is payday lending prohibited or not?
- Is payday lending is allowed with or without restrictions?
- How much is the lending fee in your state?
- How long is the repayment time in a particular state?
- Is payday lending legal in your state?
List of States that has Prohibited Payday Lending
There are total of 7 states in the USA that has completely prohibited residents to apply for a payday loan. Simply refer the following
- New Mexico
- North Carolina
- District of Columbia
List of States that has Allowed Payday Lending with Restrictions
Some states in the USA have allowed you to apply for payday loans with having heavy restrictions like high interest rates and fees. This includes California, Colorado, Delaware, Hawaii, Maryland, Massachusetts, Michigan, Minnesota, Kansas, Kentucky, Louisiana, Maine, New Jersey, Montana, Nebraska, New Hampshire, Mississippi, New York, Oklahoma, Ohio, Pennsylvania, Texas, Virginia, and Washington.
List of States that has Allowed Payday Lending Without Restrictions
There are few states in the USA that have allowed applying for payday loans with less fees and charges. This includes, Alaska, Alabama, Oregon, Rhode Island, Delaware, Florida, Idaho, Missouri, Nevada, North Dakota, South Carolina, South Dakota, Wyoming, Wisconsin, Utah, and Tennessee.
Which Loan is Better for You?
Payday loan is not meant for everyone, especially if you need external funds more than $500. For this, you need to look for other financial options like installment loans or kind. But if you require funds anywhere in between $100 to $500, then you can think about applying online for payday loan and get instant approval.
Do Compare Lenders
Just understand the fact that there are different payday loan lenders available online and all of them propose to offer the loan at a lower interest charges and fees. But don’t just go with words and search for yourself. Just make a list of different lenders, compare their terms and fees, and the make a final decision.
Meet Few Prerequisites to Get a Payday Loan
In a simple way, you have to follow few preconditions to successfully apply for this unsecured loan.
- You have to be 18 years or above in age.
- Must be a permanent citizen of US.
- You need to have a valid government id with you.
- Need to showcase the proof of employment.
- A valid physical address, contact number, and email id.
- A valid bank account which should be active.
- Social security number.
Top Reasons You Might be Rejected
Just like there are simple conditions that you can follow and make yourself eligible for this loan offer. Similarly, there might be some possible reasons when you will be rejected by lenders. Here are the top reasons:
- Your income does not meet the minimum criteria for this loan.
- If you are not employed, then you might be rejected.
- Your debt ratio is more than your income.
- You already have several payday loans pending over your head.
- You made some mistakes in the loan application form.
For whatever reason your application is rejected, you will get to find out on the same day of filing the application.
Benefits of Getting Payday Loans from Paydayloansland
Paydayloansland is a single stop destination to find complete information related to payday loans and apply for the same in a matter of few minutes only. We are a leading financial platform having close ties with many payday loan lenders in the USA that can assist you in getting fast cash. For years, we have successfully assisted borrowers to take fast cash loan in a hassle-free manner.
Here at Paydaloansland, we offer fast approval to borrowers by just filing an online application with the required details. Another reason is the maintenance of transparency for bad credit holders. We ensure the fact that lenders will not conduct credit check on you even if your credit scores are in bad condition.
Step-by-Step Process to Apply for Payday Loans
Applying for payday loans here at Paydyaloansland is a matter of just 10-min only. You can get access to our platform from your laptop, desktop, tablet, or smartphone from any location. Just follow the simple steps to apply and get fast cash transferred in your bank account.
- Fill up the online application form with the required details like personal information, income details, employer details, and more.
- After submitting the application, you will receive a notification regarding approval of loan within few minutes. The details will be shared as to how much amount you can borrow, what are the fees and interest charges from the lenders side.
- Once agree to all the terms and conditions, sign the agreement.
- Once the agreement is signed and all the formalities done on the same day, you will get your cash transferred directly in the bank account of yours.
Frequently Asked Questions (FAQs)
Is Credit Check Necessary for a Payday Loan?
It may or may not. Most of the payday loan lenders will not ask for any credit check to help bad credit holders get the required funds in a short time.
Is it Possible to Apply with a Cosigner?
It depends from lender to lender who accepts the joint loan application from the borrower’s side.
Is Having Bank Account Necessary for Instant Cash Loans?
Yes, you need a valid bank account in your name specifically to apply for payday loans. It is where the cash to be transferred soon after the approval.
Do you Need Security Against Payday Loan?
No, security or collateral is not required against the small funds granted under the payday loan.
Do I Have to Go to Jail for Not Repaying the Loan?
No, you need not think about that. In case you fail to repay the loan on a specified time, then you will be charged with high interest rates and your credit scores might go further down.
What is the Time Limit to Repay?
It depends on the lender and the amount you have borrowed. In general, you will get the time period of repaying the loan until your next paycheque.
How to Get Instant Payday Loan?
Come at Paydayloansland to find detailed information on payday loans, apply online, and get funds in a matter of 24 hours only.
What is the Best Instant Cash Loan Offer?
Payday loan is the only best instant cash loan offer that you can all for while needing small funds in a quick manner and that too while applying online.
How Can I Borrow Small Just Like $50?
Just fill up the online application of payday loan to ask for $50 as a loan amount. But better try other financial alternatives mentioned above to arrange such a small amount of cash without any fee and much interest charges.
Make the Best Use of Online Payday Loans Calculator to Check your Payment Now
Payday loan is a most common financial assistance available for people living in the USA to arrange fast cash while undergoing acute and unexpected fiscal crisis. Many have already cleared their pending debts using the instant cash support from this loan offer. Just apply for this online, if your next paycheque is days away and you need fast funds to pay off pending bills.