Payday Loans Online: Fast Cash Loans Up to $5,000
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If you live paycheck to paycheck like millions of Americans, you might not have funding set aside for emergency expenses. So when you have unexpected car trouble, medical expenses, or important bills that must be paid on time, you can’t afford to wait until your next payday.
Some lenders out there understand that even the most fiscally responsible people may struggle to make ends meet sometimes, and they offer specific loans to help you get back on track: payday loans.
Payday loans give customers the quick cash they need to pay urgent expenses. For added convenience, online payday loans enable you to apply for much-needed financial assistance from the comfort of your own home. This easy application process should only take a few minutes, and nearly any United States resident can qualify.
Read more about online payday loans below to decide whether or not this type of loan would help you meet your short-term financial needs. Be a wise consumer, and be sure to understand the terms and conditions of the deal you are entering into.
What Is a Payday Loan?
Essentially a payday advance, a payday loan entails taking out a small, unsecured loan equivalent to a portion of your next paycheck. Instead of a bank, you borrow these loans from a payday lender.
The loan amount can range anywhere from $50 to $5,000, depending on your state laws. The terms of the loan agreement may vary as well, but you usually have to repay the loan on your next payday. Your state may allow loan extensions, but you should try your best to repay the loan on time if you can.
As unsecured loans, payday loans do not require you to provide any collateral like a house or car, unlike some other short-term loans.
Can I Get a Payday Loan Near Me?
Whether or not you can get an online payday loan will largely depend on state regulations. Your state ounts, and the loan terms often differ by state as well. Some states don’t even allow payday loans at all.
For example, let’s look at the state of California. Pursuant to the California Deferred Deposit Transaction Law, payday loan customers can’t receive checks over $300, and payday loan terms can’t exceed 31 days. The law also protects customers: When it comes to online loans, payday lenders can’t charge a fee higher than 15% of the loan amount.
As you can see, you should take a moment to familiarize yourself with your state laws befo re you fill out a payday loan application.
How Do Online Payday Loans Work?
Although payday loan terms vary by state, the lending process typically remains the same no matter which state you live in, assuming the state allows online payday loans.
To obtain an online payday loan, visit the lender’s site on either your computer or mobile device and fill out a payday loan application. You will need to enter your contact information, information about your income, and other personal details (see the requirements in the next section on this page). If you need help filling out the application, the lender should have a customer support system you can call or email.
After you submit the application, the next step of the online payday loan process involves waiting for loan approval. Many lenders will approve you for payday loans almost instantly, and then they will likely deposit the money into your checking account within the next 24 hours.