How Do Payday Loans Work in Your Area?
Payday loans are restricted by state laws, meaning that each state determines APRs as well as maximum loan lengths and amounts. Some states have prohibited payday lending altogether due to small-dollar loan rate caps.
Even though some companies claim that they offer “payday loans online with no credit check,” some lenders do actually check applicants’ credit scores and histories. Just like with any other type of loan, people with better credit scores can have a better chance of getting approved for a loan. It can also help if applicants have legitimate sources of income and a solid bank report.
Some lenders are able to transfer loan amounts directly to a borrower’s account in up to two days. It will be unlikely that borrowers are able to get same-day payday loans.
The borrower will also agree on how they are going to repay their loan, and they may provide a postdated check that the lender can use when the loan term is up to get their money back. This will have interest and fees applied to it, so the borrower will pay back more than they borrowed, as is always the case with lending.
Borrowers should note that short-term loans can carry high interest rates and fees that make such loans expensive. In some states, short-term loans can have interest rates of more than 300%, often causing borrowers to roll their loans over and incur steep fees. Reports have found that more than 80% of payday loans are rolled over and that 70% of borrowers use their loans on recurring expenses rather than on short-term emergency cash needs.
Financial experts advise that consumers only take out small-dollar loans if they are able to pay them back in full, without issue.
What Can Payday Loans Be Used For?
Online payday loans are usually for emergencies and can be used for any number of unexpected cash needs. Borrowers can also opt to use these loans for non-emergency monetary obligations such as:
- Repairs of the home or family vehicle
- Child-related expenses
- Unexpected bills
- Medical expenses, including co-pays, prescription drugs, and over-the-counter medications
- Travel expenses for any family member
- Personal or business expenses
- Vacation funds
Finding Payday Loans Online
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Our application process is made with your convenience in mind. Our system is free to use, regardless of if you are interested in a $100 or a $1000 payday loan. All it takes is a few minutes to fill out our online form to find a viable lender.
Reliable and Safe Process
Individuals will find that we are able to connect them to direct payday lenders. Our lenders are licensed and reputable and can help with potential borrowers’ specific needs. We also have a network of trusted experts that are able to guide you through the application process.
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