Generally, you will have to fill an application form for payday loan. Once the application is submitted, it is reviewed and you will get a notification for the same to your email or phone. Once the loan is approved, the fund will be transferred to your account by the next business day (provided the loan is approved during the business hours). Please be aware sometimes the lender could request borrower to fax in some documents depending on your personal information on the application.
Payday Loans are short-term solutions, which provide you with a relative smaller amount of credit, whenever you require the same. They are not suitable as longer credit solution or even for repaying other credit, especially the ones having lower interest rates. Payday loan may not be right for you if you know that you will be unable to repay the principal on its due date. While there is an option of extending the loan, it would be best for you to pay a considerable portion on each due date, as the interest rates levied on the amount yet to be paid is quite high.
The application fee involved with cash advance or payday loans depends upon lender in consideration. There are possibilities of the charge varying with the state in consideration as well. You can see our chart for the loan fee here.
Generally, you will find that payday loans are to be repaid back as soon as the next paycheck hits your checking account. Standard time for repayment of these loans is at least 7 days and not more than 18 days. However, it varies with vendor in consideration. Again, some lenders may even extend your repayment duration, in case you are prepared to pay a fee back to them. 100DayLoans is one of the online payday lender which allows 100 days to pay back the loan.
Limit of payday loan amount depends on your net salary (or other sources of income, if you have any). It can even vary with lenders in consideration. For a person, who is applying for the second time, the amount may be increased depending upon his past repayment. Generally, the limit is set no more than $1500 for maximum allowed. However, most of the lenders only allow $1000 max for the loan. See our Amount Borrow chart in the loan comparison table.
There are minimal qualifying criteria for payday loans, especially if you compare it with what traditional credit requires. Your job along with the paycheck acts as the primary collateral. Following are the overall requirements, which you need to meet for a payday loan:
- Having a job at the time of application
- Making at least $1,000 on a monthly basis
- Being a citizen of US and at least 18 years of age
- Having a checking or savings account with the feature of direct deposit
In most of the case, you will be able to get the cash on the same day of the application. In some cases, if you make an application during business hours, the money will reach your account by next day. The disbursement of the loan amount also depends upon the time taken for the approval of your loan.
Payday loans offer you with a short-term and unsecured cash advance until your next payday. Customers, who opt for such cash advances, use the money borrowed for covering small and unexpected expenses. This allows them to avoid any scenario of costly fees that come with late payment or bounced check. All you need to do is fill up a form for online payday loan and get the money in your checking account electronically through a payday loan lender.
With Personal Cash Advance you can sign up via our form for a payday loan online and have your advance electronically deposited to your checking or savings account by a payday loan lender.
The advantage with online lenders is that you do not have to wait in a long queue at your local lender for making an application. Again, the process of comparing quotes online is simpler than collecting the quotes from different local lenders and then comparing them. The duration of the application, approval and disbursement process is faster with online payday loans. Most online lenders charge minimal fees in comparison to the local ones.
Depending upon the lender, you may be allowed to have more payday loan, even if you have the previous one unpaid. However, it is better to not follow this practice, as down the line, the high interest rates and multiple payday loan payments may work against your financial plan. The best thing would be to pay off your loan completely and then if needed, apply for another one. If you don’t want to pay off your loan sooner, you can check out debt management tips to help you get off of debt sooner.
- The monthly income is not between $1000 and $15000
- Invalid Driver’s License – entering symbols that are not accepted. Make sure to enter numbers and letters
- Incorrect bank routing number
- Invalid phone number – entering symbols that are not accepted. Only numbers and letters
- Incorrect pay date. The pay date cannot fall on a weekend