Sometimes we face unexpected financial situations that we do not have enough to cover. These instances can be very stressful but there is a solution to help you. Whether you need to borrow money for a flat tire to be fixed, gas for the week, or other small personal expenses a payday loan can help you.
What is a Payday Loan?
A payday loan is a small personal loan that can be borrowed for a short period of time. Depending on the state that you live in depends on how much you can borrow with these types of loans. Most states limits the amount you can borrow of up to $500. The loan is repaid in a single payment or on your next payday. These loans can come in handy when you a short on cash and need it right away.
Cost of a Payday Loan
Same day loans can be very convenient for those who are tight with money. hey can also be very expensive and carry and interest rate that is extremely high. Payday loan interest rates have an APR of 398% which means if you do not pay back the loan within the two week period that you will owe a lot of money. These loans are intended for short borrowing periods and should only be taken out if you are able to pay it back within the given time limit.
Am I Eligible?
To be accepted for a payday loan you need to have an active checking account, proof of income, a valid identification card, and be at least 18 years old. Your weekly pay will determine how much money you can be approved for.
How Can I Apply?
Applying for payday loans is simple and only takes a few minutes. You can apply online through payday loan companies who specialize in providing these types of loans. The will ask for your basic information, social security number to verify identity, and your bank account information to verify your income and to send you the money that you are borrowing.
Applications are typically accepted within a few minutes and if you are approved money can be dispensed into your bank account in as little as a few hours. If you are denied you are able to see why as they provide you with reasons of your denial. A denial typically happens if you do not have direct deposit in your bank account and they can not verify your income.
Obtaining a Payday loan is a quick process that can be useful for those who need quick cash. It is best to take the loan if you know you are going to be able to repay it in the required period.