Online Payday Loans
Have you ever thought, in case you are stuck somewhere and you don’t have enough cash with you, what will you do? It’s a situation when you can’t even go to any storefront to borrow some cash. Not only this situation, it happens many times when you can’t go outside as you are far from the place, then also you can’t visit any store. Don’t worry, at that time also you can get a short-term loan just with an internet connection on your device. Indeed, an online payday loan which is clear from the name itself, a loan that you can apply online and get every single thing done just in a few clicks.
Let’s read about payday loans in detail, first!
It’s a small loan of $100 to $1000 that you have to refund on your next salary day or when you’ll get income from your source. The term is usually 14 – 30 days and the rates are around 300%-500% but these things vary from state to state. For instance; at some places, there is a fixed maximum limit that lenders can charge in terms of APR but others don’t have such rules. So, it depends, which state you reside in.
For instance; if you borrow $100 for 14 days then the interest rate would be around $30 and on your due date you’ll have to pay $130 at once. And if you default payment then various other charges like late fees, overdraft charges or rollover charges will be added to this amount.
First of all, this loan is unsecured which means there is no need to put anything as collateral.
- The amount that you can borrow wholly depends upon your income.
- Doesn’t matter if your credit history is bad, you’re still eligible for an online payday loan.
- Some verification of your proofs like employment, id, age, will be done prior to the approval.
How do these online payday loans work?
You have to go according to the following procedure:
- Application step: Just with a simple request form, you can apply for an online payday loan which includes your basic details and about your fixed monthly income.
- Approval: If all the details are genuine, you’ll surely get approval without any restriction and wasting time.
- Acknowledgment: Once the loan is approved, you have to sign an agreement but before that it is suggested to read all the terms and conditions carefully as if any hidden detail is there then it can be a big problem for you.
- Funds credited: After this procedure, money will directly credited to your bank account on the next business day.
- Refunding process: You don’t have to evoke yourself about the repayment as it is also very manageable. The amount will be automatically deducted from your account on the due date.
Momentarily, you might be thinking about how to know if you are eligible for an online payday loan or not. It’s no hard to find it, just check if are meeting the following terms:
- You must be 18 plus as per the government laws
- Citizenship or PR of the US is needed
- Evidence of stable income
- Social Security Number
- Identity card and address proof
- Must not be from a military background
- Working checking account details for the activities related to loan
Features of online payday loan
- Easy to apply
- No need to visit any store
- Secure and safe
- Everything is done online even signatures too
It totally depends on which state you reside as every state has different laws for this and even lenders have their own rules. Some don’t allow you to take more than one payday loan which is to save you from trapping in a cycle of debt. In fact, it is suggested not to borrow another instant loan to pay the first one as the APR is already high. If still you want to take this loan a second time without refunding the first then always check your finances first, and plan it accordingly but if you have any doubt then drop this option and search for a new one.