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Financial difficulties happen to all of us from time to time. Sometimes the car breaks down when you and your family are going out of town, or the child gets sick, but there is no money for treatment. Any of the unforeseen situations leads to unforeseen costs. Statistically, most Americans do not have extra money to cover urgent needs. As a rule, emergencies occur when the paycheck money has already been planned. Family and friends cannot always help, as they have their own troubles. Thus, many people do not know how to deal with the situation and where to find money, but a Payday Loan can help.
What is a Payday Loan?
A Payday Loan is a short-term type of loan for a small amount that you have to pay off on your next payday. This type of loan is unsecured; it means that you do not need to provide collateral in order to be approved. Generally, in order to get a Payday Loan, you must have a steady source of income and an active bank account. A Payday Loan will be a good solution for people who urgently need a small amount of money for a short period.
When applying for Payday Loans, it is also worth remembering that you must repay the entire loan amount with interest on the day of your next paycheck. Weigh the pros and cons to make sure that you can repay your loan without any problems. Failure to pay may incur additional fees and commissions and can negatively impact your credit score.
How much can I borrow with a Payday Loan?
Payday Loans are short term and offer small amounts that vary from state to state. To know how much you can apply for, you should study the laws of the state or ask this question to the creditor. Typically, you can get between $ 300 and $ 1,000. Also, the amount may depend on your salary and credit history.
What are the types of Payday Loans?
There are two main types of Payday Loans: online loan and offline loan.
When applying for a loan offline, you interact with the loan personally. To do this, you need to visit the nearest Payday Loan lender’s office. You will be able to discuss the terms of the loan, ask the lender to calculate the interest rate on the loan and ask other questions of interest. Moreover, you are not required to agree to a loan if you are not satisfied with the terms. You can visit several banks and companies and compare offers from different creditors before making a decision. The advantage of an offline loan is that in some cases you will be able to get cash on the day you apply.
When working with an online lender, you will need to fill out a form on the website. There you will provide the required data and send it to the lender. He will check your information and find out if you meet the requirements. If approved, the loan officer will contact you by phone to discuss the terms of the loan. The money will be credited to your account the next business day.
Compare these two offers. If personal contact is important to you and you want to receive a cash payment, then you should contact the lender directly. If you do not want to stand in queues and prefer online loans, then you should contact an online lender and receive a payment to your bank account.
What is the cost of a Payday Loan?
Like any other loan, a Payday Loan has an interest rate. This loan is short term and expensive, and the interest can range up to 500% in annual percentage rate. Many states have lending laws that limit interest rates. Thus, each state can have its own loan price. There are also states where Payday Loans are prohibited. For most states, financial fees range from $ 10 to $ 30 for every $ 100. It is also worth considering that your credit history can affect the interest rates on the loan. If you have a good credit rating, then you can apply for loans with lower interest rates.
What are the requirements for getting a Payday Loan?
Generally, the requirements for obtaining a loan vary from lender to lender, however there are basic criteria that you must meet. Study the main ones before applying for a loan.
- You must be at least 18 years old
- You must be a US citizen or an official resident
- You must provide a government issued ID
- You must provide proof of income
- You must be employed in your current job for at least 90 days
- Your salary must be at least $ 1000 per month
- You must provide an active bank account
- You must provide a valid phone number and email
Also, the lender may ask you to provide other documents, such as recent bank statements, current utility bill, valid social security card, etc.
Can you get a Payday Loan with bad credit?
Many people think that they will not be able to apply for a loan with a poor credit rating, however this is a misconception. Even people with bad credit can apply and get a Payday Loan.
However, it should be understood that such people pose a great risk for lenders. When reviewing applications, lenders want to make sure that a potential borrower can repay the loan on time, and bad credit history cannot provide such guarantees. Thus, borrowers with a bad credit history can get a loan, but the interest rate on the loan will be very high. You should carefully consider all the advantages and disadvantages and then decide whether to take a Payday Loan and whether it will be beneficial for you.