People who work do not usually get their paycheck on time. There could be minor issues at their place of work, which is why their paychecks are delayed. But no matter the reason, it is possible to get quick cash while you are waiting for your paycheck. With payday loans, you can be able to sort out other emergencies before your paycheck arrives.
For instance, if you need to pay your children’s school fees or buy groceries and you haven’t gotten your paycheck, you can use a payday loan to sort it out. Payday loans are usually repaid on your next pay date, which is usually between two and four weeks. Now it doesn’t matter if you are struggling to make ends meet or if you are facing unexpected bills. A payday loan will help take care of any emergencies.
What is a Payday Loan?
A payday loan, also known as Cash Advance, is a loan that can be used to sort out emergencies. When unexpected expenses are right in front of you and you haven’t gotten your paycheck, you can go for a short-term loan to sort out those expenses.
How Does a Payday Loan Work?
It is very easy. The application process is seamless, and you can apply in-store or online. Once you have applied and been approved, you will be given the exact amount you want to borrow.
Also, you can have the cash deposited online as soon as the next business day. After that, you can repay your loan within two or four weeks. However, you can decide to refund the loan according to your pay schedule.
How Much Money Can I Borrow?
The maximum payday loan amounts are regulated by state laws. However, the loan amount ranges from $50 to $1,500, although it depends on your state. Note: You are only given a payday loan based on your eligibility and ability to repay the loan.
What Do I Need for a Payday Loan?
You really do not need much for a payday loan. But to qualify for a payday loan, you will need the following:.
- An active bank account
- A government-issued ID
- Proof of income, such as a pay stub
- Social security number
- You must be between the ages of 18 and above.
Note that your payday loan can still be rejected even if you have income and a bank account. The reason for this is that lenders who charge APRs over 36% do not lend to active-duty military personnel, their dependents, or their spouses.
5 Best Payday Loan Lenders
If you have an emergency and you need to borrow some money, a payday loan will come to your rescue. Here are the best payday loan lenders that offer loans to people who are behind on their paychecks.
1. PersonalLoans
If you are looking for the best same-day loans, you should opt for PersonalLoans. This is a credible loan-lending platform that offers a wide range of loan types, terms, interest rates, and amounts.
Aside from that, they offer payday loans with the shortest payment terms and the smallest loan amounts. The minimum loan amount you can receive from PersonalLoans is $1,000, while the maximum amount is $35,000.
However, their loan repayment period is 90 days to 72 months. This period depends on the amount borrowed. You can use the loan calculator to calculate monthly payments. To qualify for this loan, you must be a legal US citizen, and you must have a $2,000 minimum monthly income.
2. CashUSA
This is another credible payday loan lender. CashUSA is well-known in the loan lending industry. It is a lending platform where you can get a variety of personal loans without any hassle.
However, you can rely on CashUSA if this is your first time getting a loan from an online lending company. After the loan procedure, you will receive a notice with specific information on each loan offer.
CashUSA lenders do not need a high credit score, so you don’t have to worry if you have a history of bad credit. However, to be qualified for this loan, you will need to provide a valid phone number and email address.
3. RadCred
Are you looking for payday loans with current interest rates? If yes, RadCred is the best option for you. This online lending platform was created to help anyone who got rejected due to a poor credit score.
RadCred is your one-stop financial platform, where you can get quick cash and resolve your financial problems. You can apply for a loan without filling out any paperwork or waiting for weeks for it to be reviewed.
Their application process is seamless and straightforward. Also, you can get small loans of $500, which can be used to buy groceries, pay bills, or buy gas for your car. However, if you have a more serious financial emergency, you can borrow up to $30,000.
4. Bad Credit Loans
I would recommend Bad Credit Loans if you want fast payday loans online. Borrowers who need emergency funding to cover personal expenses can get a loan from badcreditloans.com.
If you need money to rebuild your business, the platform will help you. With this platform, you can find reputable lenders who can provide you with a loan ranging from $500 to $10,000.
However, if you want to get approved for Bad Credit Loans, you must maintain a consistent revenue stream. You must be a legal US citizen, and you will also need to enter information like your bank account number.
5. MoneyMutual
For those of you who feel uncomfortable borrowing money from friends, you can choose MoneyMutual. They are reputable lenders that provide you with a loan whenever you need money.
Their website is always open, making it possible for you to apply for a loan on any day of the year. You can even apply for loans on weekends and public holidays.
FAQs
How Much Money Can I Borrow?
The amount of money you can borrow depends on the company that is lending it to you. In most cases, the lender will give you a lower amount than the amount you requested.
How Long Does it Take to Apply For a Payday Loan?
If you are applying for a short-term loan, it will take around five to ten minutes. If you have all the information needed to complete the application, it will be even faster.
Why Are Payday Loans Bad?
Payday loans are bad because they are quite expensive. It can also create a cycle of debt because of the high-interest rate. As a result of this, people will end up owing more than they originally borrowed.
What Are the Best Payday Loans?
The best payday loans are the ones that assist with any of your emergency needs. The best ones are also the ones that can be repaid quickly, helping the consumer avoid higher fees.