Payday Loans

A payday loan is designed to pay for urgent and small expenses. The amount and term are selected so that such a loan can be easily repaid in one payment, which is deducted from the regular income. A side effect is a high interest rate.

The maximum loan amount in US microfinance organizations is usually set in the range of $700-$1,000. The term is 1-4 weeks. There are no hard limits on interest rates here, they usually do not exceed 1-2% per day.

How to get a guaranteed payday loan?

When you urgently need money, only a few steps separate you from receiving it. To get a payday loan, you need to spend only 10 minutes:

  1. fill out a questionnaire – indicate the desired amount and term, full name, date of birth, phone number, and e-mail;
  2. choose means of receiving money;
  3. check the questionnaire (takes no more than one minute);
  4. receive funds transferred to your bank account within 24 hours.

Who applies for payday loans?

These are borrowers with insufficiently high income, poor or absent credit history, as well as those living in remote and small settlements where there is no bank.

In the United States, about 12 million people apply for payday loans every year. Seven out of ten take out such loans to cover basic expenses. Many borrowers have a lower secondary education level.

You can repay the loan in any way convenient for you:

  • using a bank card in your personal account;
  • through electronic payment systems;
  • by a transfer executed via the Internet bank.

Can I get a loan with a bad credit history?

The services of microfinance lenders are most often used by clients who cannot get a loan from a bank. These categories include pensioners, students, disabled people, officially unemployed people, and borrowers with a bad credit history. As a rule, microcredit companies do not ask to provide income certificates and do not pay attention to bad credit history, therefore they give out small loans.

Each organization puts forward its own requirements for borrowers.

Government regulation

In the United States, microfinance regulations vary from state to state. Payday loans are legal in 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.

Benefits of payday loans

In addition to wide availability, this product has other positive aspects:

  1. No paperwork. Unlike banks, microfinance companies from the network of Alphtc Service do not require many documents. It is enough to have only a passport. a driver’s license or an SSN. You do not need to provide any proof of income, collateral or guarantors. Some organizations only require you to indicate the contacts of colleagues who will confirm your solvency. This approach attracts a huge number of clients who urgently need a loan and do not have time to prepare documents.
  2. Fast application process. It is not difficult to go through the application procedure. This can be done online via our website. Many people prefer to apply for cash advance online, as it is available around the clock, including on holidays and weekends. You just need to fill out the form where you enter your personal information, information about the loan, and the method of money transfer.
  3. High approval rates. Microfinance companies attract clients with low bounce rates. Even if you have previously experienced delays in payments, this is not very important for a payday lender. If your credit score is very low, then you should not count on a large amount. However, even a small payday loan can solve many problems. At the same time, you will pay less interest, which is equally important. A lender may decline your request if you fill out the questionnaire incorrectly or do not indicate current loans in it. All information is instantly checked after the application is submitted, so sooner or later the truth will be revealed. For this reason, the application should be approached responsibly.

However, before that, you should find a suitable option that meets your requirements and will suit your capabilities. Our referral service will help you with this.  You can also make calculations using an online calculator.