According to the most commonly accepted definition, issued by CFPB, a Payday Loan – is a “short-term, high cost loan, generally for $500 or less, that is typically due on your next payday”.
Wikipedia defines it as “a small, short-term unsecured loan, regardless of whether repayment of loans is linked to a borrower’s payday”.
Investopedia sees Payday loans as a type of short-term borrowing where a lender will extend high interest credit based on a borrower’s income and credit profile.
As you can see, rates and other lending conditions are varied, which sometimes makes the borrowers confused. That’s why it would be wise to compare all the lenders ready to offer you money and choose the one most suitable for you. This opportunity is given by the Finance Guider with 300+ Payday Loan direct lenders as well as in-store companies.
How do Online Payday Loans Work?
One can take out a Payday Loan as well as an Installment Loan in-store or online. The process consists of three easy steps:
- Online application
- Get approved in a few minutes
- Get Your Money in 24 hours or even today
Online borrowing is definitely faster, easier and more convenient. You spend only a couple of minutes filling out an loan application. It’s free and doesn’t affect your credit history. And you get the chance to compare the most reliable licensed companies or we match you with any of 300+ direct lenders from USA that suit you.
The process is:
- Fast (a minute for applying, a couple of minutes to get approved, less than a day to get the money);
- Easy (no driving, waiting in lines, doing paperwork, looking for a guarantor or collateral is required);
- Safe (your private information is secured and all your rights are protected as we only work with legal state authorized companies).
Can I Get Payday Loans with Instant Approval?
Most borrowers choose Payday Loans as they need cash fast. That’s why instant approval is likely to be very important for them. Is it really true that you are guaranteed to be approved for a loan in some minutes? What the direct lenders do promise is an instant decision. Online application process is really quick and easy. You are required to fill out only some simple information including your personal data, phone number, e-mail address, etc. Besides, you may be sure it’s absolutely safe
What concerns approval it depends first of all on the lender, and secondly on your following all the eligibility criteria. Whether a lender does a credit check, whether it’s hard or soft, whether you have good or bad credit, will affect the time necessary for approving you or not.
Luckily, in most cases Online Payday loans USA are available even with bad credit and therefore they can get the money the same day, or even in an hour if they borrow in-store.
How much do Payday Loans cost: Rates and Fees?
$100 – $1,500 Payday Loans are often avoided because of high interest and APR. But if you get into details, you find out they are not so expensive as it may seem. Short-term cash advance is due with your next paycheck, which means not later than 31 days usually. Even with the APR of 400% the total cost of the loan borrowed for a month won’t be more than $33. It’s only about $1 a day! Don’t believe? Prove it by counting the cost of your cash advance using our calculator
REQUIREMENTS TO QUALIFY FOR A PAYDAY LOAN:
What do I need to qualify for a short-term cash advance?
Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:
- US residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.