A payday loan online is a great way to help you out when an emergency strikes and you need a little bit of extra cash to make it through. Also known as an online cash advance, it is simply a short-term method of borrowing where we and other lenders can extend high interest credit. These loans are going to be based on a combination of things, including the borrower’s income and their credit.
When searching for payday loans near you, there are some things to keep in mind. For the most part, these loans are going to be a portion of the borrower’s paycheck so the amount is pretty small. If the borrower would not be able to afford to pay it back by the next paycheck, then most payday loan lenders would not give out that money. Along with the money, there are high interest rates to help offset some of the risk that the lender is taking. However, this is a great way to get some of the financing that you need while also helping those who have lower credit scores.
Keep in mind that pay day types of loans are often short-term, meaning you will need to pay them back fairly quickly, usually by your next payday. If you are not able to pay them back within that timeframe, you will end up with extra fees and may default on your loan as well. The amount that you are able to get for these loans will be based on the income that you earn. You may need ot send in a paystub, along with a few other documents, anytime you apply for one of these loans.
We are happy to connect you with lenders who can provide short-term loans to make it until the next time you get paid. With that in mind, most of the loans that the lenders provide to our customers are going to be smaller in amount. The exact amount that you are able to get will depend on your income and how much you can afford to pay back at the end of the month. These loans are not meant to help you get a big project done or purchase a car for example.
Most of payday loans are under $5000, with the average loan for customers being closer to $500. This is enough to help cover an emergency while allowing our customers a way to pay it back on time.
Payday loans have been a staple in many parts of the country over the past few years. While many states have started to put some regulations on how these work, especially considering that the average interest on a payday loan is around 391%, they are still an effective way for many individuals and families to get the money they need to make it until payday. Understanding how these work and some of the requirements for utilizing these payday loans is important before you decide whether it is the right option for you.
How Do Payday Loans Work?
A payday loan is simply a small loan that you can get from a lender to help get you by until the next payday. You are not meant to have the loan for very long, with most only holding onto it for a few weeks up to a month depending on the agreement you make with your lender. Once you reach your next payday, you will pay back the amount that you owe and the debt Is taken care of.
What types of loans can I request via the Cash Payday Loans service?
We work with different lenders who are able to provide customers loans that include:
- Bad credit loans. These loans are for borrowers who have very poor credit and low credit score. But that doesn't mean that they won't qualify for a loan. Each lender will make an individual decision based on the specific borrower's information.
- Emergency payday loans. If you need emergency cash quick, this type of loan may be the ideal loan for you.
- Online cash advances. Similar to payday loans but named differently, cash advances online are loans that carry high interest rates and need to be paid back quickly.
See which loan is right for you and submit an online application to see if you qualify.
Each lender will have their own requirements that you need to meet before you get one of these payday loans. To start though, you will need to fill out the registration form with the payday lender you choose. You also need to provide other information, including your bank account number, a recent pay stub, and proper ID before doing this. The amount that you can get for this loan will often vary between $50 to $1000 based on how much you can pay back in a few weeks.
Timeframe for Approval
These payday loans are usually pretty quick at providing approval. They understand that the customers who choose to use them often need the money right away. If you go into their offices and fill out the information, you may be able to walk out of there with the money in hand, or with the money already in your bank account. If you do it online, the approval process may take a little longer, though it is often done within 24 hours.
Where Your Money is Sent?
Most payday loan lenders will want to send the money to your bank account. This allows them an easy way to get the money to you, usually within a day depending on the type of bank you use and how long their approval process is. Some payday lenders are able to offer same-day loans as well. At the same time, many payday loan offices will use that same information in order to get the money back at the end of the loan period. This helps protect them and prevents their clients from not paying at the end.
In some cases, a payday loan lender may hand you the money or write you a check for the amount of the loan. It will all depend on the agreement you have with the lender. Ask how the lender plans to disperse the money ahead of time so you are not caught off by surprise during this process.
Late Payment Policy
As soon as you miss your pay back day, you are going to end up with an additional fee from the payday loan. You went into an agreement stating that you would pay the agreed upon sum back at the right time. If you are a day late, you will have a late fee, usually at least $10 a day that it is late, though some will charge interest at 1% a day depending on how they do business. It is best to pay back the loan as quickly as possible.
Loan Extension Policy
If the two weeks are up on your loan and you find that you are still not able to afford to pay it back, there are some options. While a payday lender would prefer that you pay them back right away, they may be willing to “roll over” the loan, making the already expensive loan get even worse. On this new “roll over” loan, you will need to pay all the original amounts, including the finance charge and the loan, plus some new finance charges on the new total because of this extension.
Let’s take a look at an example of how this works. The average amount for a payday loan is $375. With the lowest financing charge, about $15 for every $100 borrowed, you would owe $56.25 for a total loan amount of $431.25. Then, if you decide to do a roll over the loan, you would then owe another finance charge on the $431.95, causing you almost $496 for the total loan when you are done.
It is best if you only take the loan out if you can afford to pay it in the amount of time allotted. If you do not pay it back, the finance charges will get higher and the amount will soon get out of hand. These payday loans can be useful, but only if you know how they work and you agree to pay them off on time.
Loan Default Policy
As soon as you know you are in trouble with your loan, it is best to contact the payday loan company and see if they will work with you. You may pay some extra fees, but it is a lot better than defaulting on the payday loan because you couldn’t pay it at all.
When your payday loan goes into default, you can run into some trouble. The lender will do everything they can to get the money back, along with adding on a ton of fees that you then have to pay for. If you take too long to pay it back and default on the loan, you may find that this is sent over to creditors, who will then place it on your credit score. Not only is this an expensive choice, it can also make it hard to borrow money if you need in the future.
If an emergency has come up and you need some help paying the bills until your next payday, submit an online application to get started.