A payday loan is a short-term loan that can help you cover unexpected cash needs until you get your next paycheck. These are small-dollar, high-cost loans, and payments are typically due within 1-3 weeks.
According to the CFPB, to qualify for a loan, borrowers need to:
- Be at least 18 years old;
- Have an active checking account;
- Have proof of income and valid identification.
The pros of payday loans:
- They’re easy to access;
- They have relaxed requirements;
- They don’t check your credit;
- Application is online;
- Fast funding;
- High approval rates;
- They can be taken for any purpose;
- These are unsecured loans.
The cons of payday loans:
- They are quite expensive;
- Payday loans are considered predatory;
- It’s easy to get trapped in a debt cycle.
Yes. You can use our website to apply for a cash advance via the Internet from the comfort of your home.
You can typically borrow between $100 and $1,000.
Yes. Some payday loan lenders run a credit report. If your credit score is low or your debt-to-income ratio is unfavorable, you may be denied a loan.
That interest charge is somewhere between 15% and 20%, depending on the lender and state, but could be higher.
The loan is typically due by your next payday, generally in 1-3 weeks.
Here are some reasons people choose to get a payday loan:
- Debt consolidation;
- Help with bad credit;
- Utility bills;
- Mortgage repayments;
- Medical emergency.
If you don’t repay your loan on time, the lender or a debt collector generally can sue you to collect.
Most lenders from our network will let you repay the loan early. This means you could repay a three-week loan after just a few days, without paying any penalties.
Payday loans can be a quick and easy solution to those kinds of problems faced by many people. Bank loans are better for people who need to borrow more money.
Payday loan states include Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Texas has the highest payday loan rates in the U.S. The typical APR for a payday loan is 664%.