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Online payday loans are a perfect solution when you need money urgently. You can apply from the comfort of your house and receive instant feedback. Some lenders will even send the money on the same day so that you can deal with your emergency quickly.

One of the benefits of online payday loans is easy to access. The process takes a few minutes, and you can do it whenever you are on a PC or a mobile device. Unlike bank credits, payday advance loans have fewer requirements.

Besides, getting payday loans online does not imply a credit check. The company will approve your request if you can prove to have a regular source of income.

What Is a Payday Loan?

Payday loans are short-term unsecured loans ($100-$500) that you can borrow from specialized organizations. Online payday loans direct lenders offer instant approval, and the repayment period is usually short. Typically, you’re required to repay the money when you get your next paycheck, which means you have about three weeks.

Depending on the company’s terms, they may automatically withdraw the amount from your bank account at the end of the month. Small payday loans can help you get through financial difficulty. If you need money to sustain your needs until the next paycheck, you can borrow from a direct lender online.

Even with bad credit, you can expect to get approved as providers consider your ability to repay the money on time. If you have a regular income, you can use an online payday loan calculator to find how much you can get and repay.

Differences From Other Types of Loans

There are key differences between same day payday loans and other types of credits, such as installment loans. For example, payday loans offer small amounts, usually between $100 and $500. You can get up to $5000 with an installment or title loan as these allow for a longer repayment period.

Also, you don’t need collateral to apply for a payday loan online. This is unlike traditional credits, which require some form of collateral. A title loan obliges the borrower to attach a car title or any other valuable asset.

The most crucial difference between payday loans and other lending options is the interest rate – $15-$20 for every $100 borrowed, while alternatives may carry 300%, 400%, or 500% interest rates, which is a lot.


An online payday advance is subject to state regulation, so you’ll find different terms in different states. Traditionally, states cap small loan rates at 24%-48% interest, and installment repayment schedules are to be made out.

However, payday loans offer triple-digit rates and should be repaid in one lump sum on the borrower’s next payday. Some states deregulated small loans or came up with exemptions for payday loans. Others enacted new laws to authorize direct lenders to provide loans.

States That Forbid Payday Lending

Payday lending is unrestricted in 27 states, with nine allowing a form of short-term borrowing with some restrictions. All the remaining 14 states and the District of Columbia forbid payday lending.

Georgia, under racketeering laws, prohibits payday loans online, as well as New Jersey and New York that limit small credits to 30% and 25% annual interest, respectively. The state of Arkansas caps annual loan interest at 17%. New Hampshire set it at 36%, while in Montana, voters passed an initiative that capped loan interest rates at 36%. In Colorado passed a similar initiative, capping rates at 36%.

A total of 31 states allow high-cost payday lending, so you can apply for payday loans if you live in:

Alaska, Alabama, California, Delaware, Hawaii, Florida, Illinois, Idaho, Kansas, Iowa, Louisiana, Kentucky, Minnesota, Michigan, Missouri, Mississippi, Nevada, Nebraska, Ohio, North Dakota, Oklahoma, South Carolina, Rhode Island, Texas, Tennessee, Virginia, Utah, Wisconsin, Washington, and Wyoming.

How Do Online Payday Loans Work?

To find the best online payday loans, you need to know how this form of credit works. Short-term payday loans offer quick approval and allow you to get the money you need within 24 hours. Some providers can transfer the funds even before the end of the day. If you’re in an emergency, call the company after they approve your request to know if they can speed up the process.

When you get a payday loan, you’re required to repay it when you receive your next paycheck. This means you have a few days to honor the payment agreement. In some situations, the lender will automatically withdraw what you owe from your account when the due date arrives. Ensure to read all terms and conditions to know how the service works.

Uses of Payday Loans

There are many ways you can use a payday loan. If you’re facing any of the following challenges, this option can come in handy.

  • Financial Emergencies – Emergencies happen when you least expect them, so you may find yourself in distress if you don’t have enough money to address the problem. You can get a payday loan, which ensures a quick cash receipt.
  • Utilities – You may also need to apply for a payday loan to pay for utilities. This is a short-term solution to help you settle your bills while you wait for your paycheck. It can help you avoid inconveniences and penalties if the utility provider charges for defaulting on payments.
  • Routine Expenses – An online payday loan is an ideal solution when you need to settle expenses like groceries and gas. If your paycheck is three weeks away, borrowing a little amount could help you get by.
  • Car Repair Expenses – Another reason to get a payday loan is to fix your vehicle if you need it for daily use. Thus, you can get back on the road and commute to work safely. If you use the car for business, you can avoid losses by keeping your enterprise running.
  • Mortgage Payment – You could also get a payday loan to submit your mortgage payments on time. Mortgage lenders operate on strict rules, so delinquency in paying could signal you’re struggling with your debts. If you want to avoid frustrations, a payday loan can plug the deficit and keep your mortgage payments on track.
  • Home Improvement – If your home improvement budget falls short, you could top up through a payday loan. Depending on your income, you could get amounts up to $1000, which can help in many areas of your home improvement project.

What’s the Cost of Payday Loans?

Payday loans lenders generally charge a dollar amount or a percentage per $100 borrowed. This fee might range from $10 to $30 for every $100 you borrow, depending on the state laws and the maximum amount allowed. On average, you can expect to pay a fee of $15 per $100. This means an annual percentage rate of about 400% if you borrow a two-week payday loan. If you are getting $300, you would owe $345 by your next payday, assuming the company charges $15 per $100.

If you fail to repay and rollovers are legal in your state, the lender may extend the due date and allow you to pay only the fees. Using the example above, if you service a rollover fee of $45, you’ll still owe $300 plus another $45 when the loan extension lapses. That amounts to $90 for a loan of $300 for four weeks. In addition, they can charge a late fee, depending on your state law.

How to Calculate APR on Payday Loans

If you want to calculate APR on a payday loan, you first need to pull out the loan’s contract to find the fees and interest the lender charges. With this information, you can use the equation below to calculate the annual percentage rate (APR).

APR = interest /amount borrowed x 365

On a $375 loan, the mathematical calculations for APR would look like this:

If you’re borrowing $375 with a 15% monthly interest, you’ll pay $56.25 in interest in four weeks.

Therefore, the APR for this loan is:

56.25/375 = 0.15

Multiply the 0.15 by 365 = 54.75/14 = 3.91 x 100

This gives a 391%.

For a loan charging $20 per $100 borrowed, you’re charged a 20% monthly interest. If you borrow $375, the average payday loan amount, your calculations will work as follows:

75/375 = 0.2 x 365 = 73/14 = 5.21 x 100 = 521%

This APR is extremely high compared to other lending options, so when borrowing a payday loan, ensure you can repay it without default. Defaulting will attract penalties, making the deal even more expensive.

Suppose the amount is too high and you still need money urgently. In that case, you can opt for payday loan alternatives, including a paycheck advance, borrowing from your friends and family, seeking help from local charities, and using credit unions and banks.

How Much Can I Get for a Payday Loan

You can get different amounts for payday advance loans. It depends on state laws and your income. On average, most companies offer from $100 to $1,000. Currently, 32 states allow lending with a capped maximum amount. But keep in mind the charge you pay besides the original amount can be high.

A $500 loan, for example, can cost up to $2,000 paid back in a year. The high APR means you must not default on payments as this would attract heavy charges, making repaying the debt harder. Because the loans are not secured, lenders offer high rates as a way to protect themselves.

Basic Requirements for Payday Loans

No one wants to be rejected by a payday loan provider, especially in a situation where one needs quick cash. To ensure your application is approved, you must provide a few documents and meet basic requirements. Some of them include:

  • A physical address, an email address, and a phone number
  • Pay stubs – or any other proof of income
  • Identification – state-issued ID or relevant documents
  • An active checking account
  • Must be over 18 years old
  • A social security number
  • Must be a permanent US citizen

When approved, it might take one or two days to get the cash in your account. If the application is rejected, it could be because of different reasons, including that you’re not gainfully employed, failed to fill out the application correctly, your income to debt ratio is above the acceptable limit, or your level of income does not meet the qualifications.

If the company rejected your application and you’re not sure why you can call them to discuss the situation. Sometimes, you can fix the problem quickly, or there are errors on the lender’s part, so always check.

Documents Needed for a Payday Loan

When applying for cash advance payday loans, you’re required to provide several documents.

  • Proof of income – This includes bank statements, federal tax returns, tax statements, and pay stubs for the recent three months.
  • Government-issued ID – This is necessary to prove that you meet the minimum age requirements. It also shows that you’re a legal resident of your state and a citizen of the United States. Some lenders accept a driver’s license or any document that bears information that can help them assess your eligibility.
  • Active means of contact – You should also provide a means through which the company can reach you. When you submit your details, they will get back to confirm if the request was approved. They might also ask for additional information, so stay in touch to avoid missing any of these updates.
  • Checking account in your name – Also, you need to give the lender a way to transfer the money to you. Usually, a checking account suffices. It must be active to ensure a successful transfer of funds.

Steps for Getting an Online Payday Loan

Getting no credit check payday loans is a straightforward process, which you can complete entirely online on your phone or PC. You need about 10 minutes; here are the steps you should follow to apply for a payday loan.

  1. Fill a Loan Application Form
  2. Companies that offer legit payday loans have websites where you can access an application form. Before you begin, ensure you have the information required. The lender will ask for your social security number, income, address, and bank account number. Answer the questions honestly.

  3. Receive the Lending Decision
  4. Within minutes after submitting your application, the provider will return a notification informing you if your application was approved. In this case, the notification also contains the loan terms, including APR and fees. Read these carefully and ensure you’re comfortable with the repayment agreement before signing it.

  5. Sign Documents
  6. After approval, you need to sign the loan agreement with your full name. This informs the lender to release the money to your bank account. It also notifies them that you have read and accepted the terms of the offer.

  7. Receive Your Money

Once you sign and submit the loan agreement, the lender will process the application and send the money within one business day. If you need the cash quickly, you can visit the provider’s storefront near you. Sometimes they can cut a check for payday loans for bad credit or offer to send the money on the same day.

How Long Should It Take to Get a Payday Loan?

Normally, when you apply for online fast cash loans, you can expect feedback in an hour. This fast approval means you can also receive the money in a shorter period. The company can deposit money to your account on the same day or within 24 hours. If you’re borrowing to address an emergency and need the cash quickly, you can call them to know if they can process the money faster.

Select Amount You Want to Borrow
Select Amount You Want to Borrow
Select Amount You Want to Borrow

How Many Payday Loans Can I Get at Once?

The number of payday loans you can have at once depends on state laws, type of credit, and the lender. Some organizations review your eligibility carefully and specify that you cannot get a second loan until you settle the first. Also, your finances can determine whether you can get multiple loans. If you cannot afford several payments, consider alternative options – payday loan interest rates can make this deal too expensive.

Can I Get Payday Loans With Bad Credit?

Many lenders approve bad credit loans as they don’t consider your credit rating when reviewing your application. You can compare payday loans from various providers to find the best deal. FasterLoans offers bad credit payday loans with some of the best rates.

What Is the Best Payday Loans Company?

Direct lenders are companies you can apply to directly without going through a middle person. This ensures you can get cheaper rates. Unlike online lending networks, you’re not charged a fee for accessing the services. FasterLoans is a credible payday provider that boasts quick approval and the industry’s best interest rates.

Where Can I Get Instant Payday Loans?

To get a payday loan, you can borrow from credible lenders like FasterLoans. Use the company’s website to fill an online loan application. You will receive quick feedback and approval. The company has impressive interest rates, and they typically offer funds within 24 hours of getting approved.

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