Online $500 payday loans no credit check instant approval
Are you in need of just a dollar 500 loan, you are not alone. One of my friends wanted to gift an expensive jacket to her friend on his birthday. The jacket cost was around $1500. She could use only $1000 from her savings because there were still a few days left to the month and if she spent everything from her last salary well she would have to go without food probably. When she approached me to borrow the remaining money, well I was not really in the condition to help her myself. I asked her to go for a payday loan, as it’s a onetime expense and she would easily be able to pay back as soon as her next month salary is credited.
She was completely unaware of what payday loans are. So I explained the loans and how they function to her. A payday loan is a unique form of salary advance. The consumer borrows the required amount from a lender and pays back as soon as they get their next salary. These loans are usually meant for small amount loans intended to be paid back within a few days. As they are so short in tenure the lenders charge a higher interest rate on them. People use these loans to take care of a sudden need for cash or in some cases to improve their credit history.
Let’s understand the cost of a $500 loan. Usually, payday loans cost anywhere from $15 to $30 for every $100 borrowed for a period of 14 days. Considering an average of $20 interest rate, you will pay a total of $100 as finance charges for a $500 loan for a 14 day period. Apart from this, the lender may also charge you some initiation or handling charges for the loan. So on the due date, you will pay $600 or above.
The process of payday loans las vegas application is pretty simple. If you follow a few steps, you can easily understand how to apply for them.
- Find out if they are legal in your state – Most of the states in the United States have legalized payday loans, however, all of them have their own set of rules and caps placed on the lenders. There are a few states who still consider them to be illegal.
- Find a lender that suits your needs – If you want to go for a manual face to face process, you can go for storefront lenders. If you want to apply from the comfort of your homes you can choose online lenders.
- Understand the documentation required – Every lender has their own process of verifying the documents to approve the loans. Generally, these are an ID proof and an income proof. The lenders may also ask you for your account details.
- Understand the terms of Loan – Terms of the loan will include the finance charges and repayment plans and due date. Also, check with the lender what the consequences of missing a payment are.
- Apply for the loan – as soon as you apply for the loan, it will get approved the same day and most often the funds will be credited to your account within one day.
Following the same steps, my friend was able to apply for the loan very easily and get the dreamed jacket for her friend. Like her, you can also take care of sudden expenses that may need to be taken care off. Payday loans online are the help we all need sometimes and can be the hand that pulls us out of difficult financial situations.