Payday Loans Online Index

What is exactly a Payday Loan?

Also known as as a cash advance, a payday loan is essentially a short-term loan. A payday loan is useful when one needs money before their actual paycheck. In the United States, payday loans are legal but only in 36 states. There are 14 states that prohibit the activity of cash advance which includes: Arizona, Arkansas, Colorado,Connecticut, Georgia,Maine,Maryland, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia.

What are the qualifications to receive a payday loan?

There are generally several qualifications to receive a payday loan, the main ones are:

* You must be a legal resident or citizen of the United States of America and be 18 years or older.
* That you have worked with your current employer for at least 90 days on the day of application.
* Your regular take home pay is at least 1000 USD on a monthly basis.
* To have a email address,work, and home phone number.

You must have also be living in a state where payday loans are legal. In some states, such as North Carolina, using payday lending services based in another state in illegal. Also, many lenders have their own specific qualifications for rewarding a payday loan. Be sure to research the qualifications of lender in your area and find the one with the best fit for you.

How much money can I receive from from a payday loan?

You can apply for a loan of anything between $100-$1500. The amount of your loan is determined by the lender who is processing your application.

How do I recieve the money?

Once your application is approved, the money you requested will be deposited into your bank account electronically.

Is it possible to still receive a payday loan if I have bad credit or a bankruptcy?

A credit check is not necessary so yes! You can receive a payday loan. In addition to bad credit and bankruptcy, other problems with credit such as bounced checks,and charge offs do not affect your eligibility for a payday loan.

How long does the process take?

The process of applying for a payday loan can take as little as 5 minutes. Many payday loans are processed by the next business day.

Do I need to have access to a printer or fax machine?

In order to fill out and process the payday loan, a printer is necessary in order to obtain the documents from online and turn them in to your lender. Your lender will might also request extra information that can only be sent in via fax.Many retailers offer printing and faxing services such as Kinkos, Office Max,Office Depot, Staples etc. if a private printer or fax machines are not available. Also, public libraries provide printing and fax services at affordable rates as well.

Are there any additional fee for the loan? If so, how much does it cost?

There will most likely be a fee and the cost is dependent on not only the amount of your payday loan but also determined by your lender. Your lender will notify you of any additional fees at the time your application is filed. Typically, charges will average between 15-30% of the amount of loan.When you payback your loan, you pay the original amount, plus this financing charge from your lender for use of their services. With this in mind, payday loans tend to be less expensive than costs you would incur for late payments,check fees, and late charges. The fee for the loan tends to be less because payday loans are filed under emergency circumstances.

Can I still qualify for an additional payday loan even if I already have a payday loan?

Yes, you can still qualify for an additional payday loan but make sure to disclose your outstanding loan when you fill out another application form. Also, many lenders allow borrowers to take out another payday loan after 72 hours have passed. Be sure to check your lender of preference for more details.

What if I cannot payback the loan on time?

Most companies that process payday loans or cash advances will allow extensions. Be sure to double-check the terms of agreement before you turn in your loan application. Some companies are more strict than others. Also, all lenders will want notification of payday extension and many are required by law due to state regulations to offer consumers the option of extensions at little or no charge.Also, without an extension, you can incur high fees such as interest, bounced checks and other charges.