WHAT IS A PAYDAY LOAN?
Need to borrow 700 dollars today or by tomorrow? Whether you call it a cash advance etc, chances are you’re talking about the same thing. A short-term payday loan you can avail even if you have no credit history.(up to 18 days, depending on state of residence). Typically available in smaller dollar amounts, a 700 payday loan is to cover those “I need money now” expenses and bridge any financial gaps until the following payday.
No matter where you receive your payday loan — a main street shop or online — the service generally works the same way: a customer goes through a short process. Afterward a few verifications which may include bank, income and credit, the customer receives a small loan best suited for their situation and needs. In most instances, applicants then use their payday loan to cover the costs of unexpected personal expenses without having to ask friends and family for money or incur additional costs from bouncing a check with their bank.
Fees vary by country and the amount of money requested for your loan. If you need money quickly, a bad credit payday loan will usually deliver a fixed fee that is a set dollar amount for every $100 borrowed. Small payday loans from direct lenders’ fees range from about $15 to $27 per $100 depending on the regulations of your state (to view a representative APR in your state, (visit our fees page).
To give you an example, a typical APR for a 14 day Payday Loan of $400.00 has an APR of 570.31% which is a finance charge of $100.00. Examine what your fees and APR might be based on your specific loan amount, duration (called the “loan term”) and state with a loan calculator.
HOW TO REPAY PAYDAY LOANS?
In addition to being a short-term help, payday loans for bad credit are quite inflexible in their repayment options. In some states, a rollover allows customers to continue their loan term in the event they are unable to pay it back at the end of the month. This usually includes paying only the current loan fees at the time of the original scheduled repayment date. But do bear in mind that the above practice does increase the overall price of payday loans online. Always borrow within your means so that you are able to return the payments on time. If you don’t really need to get a big loan with bad credit, your situation is quite OK. For example when you need less, say, a 100 dollar payday loan.
WHAT IS A PAYDAY LOAN USED FOR?
A short-term payday loan has a mixture of uses, all of which involve a decision of whether this type of loan is the right solution for the borrower. Typical uses include:
- Make every bill payment on time.
- Emergency car or utility expenses.
- Bridging costs in medical or health related positions.
- A readily available safety net in the event of unexpected life expenses.
WHERE TO BORROW SAFE PAYDAY LOANS NEAR ME?
InstallmentPaydayLenders.com has been along the forefront of business integrity since day one. Despite negative publicity that occasionally swarms the payday loan industry, we take pride in our consumer-first approach. The choices of where to find a loan may seem endless but here are a few things to consider as to why we may help you make the right decision.
Choose accredited payday loan websites and cash advance companies who do not circumvent the law to make bad credit loans available. With state and Federal CFPB oversight, there are plenty of safe and legitimate payday loans you can trust.
Loan Transparency: Review available loan amounts, APR and loan fees BEFORE you get a same day payday loan.
Funds the next business banking day*: Check for transfer fees and how long will the approval process take. Once approved and your contract is signed, the funds may be withdrawn as quickly as the next business day.
A payday loan shouldn’t add stress to your situation. That’s why we strive to make online lending simple. To get started on getting an online payday loan, visit us on our website at InstallmentPaydayLenders.com to receive a free loan quote now.