How To Get a Payday Loan

To pre-qualify for a payday loan, you must be at least 18 years of age. Additionally, you may need to show that you are employed or that you have a regular source of income.

The amount of money you can borrow is generally based on your income. There are no restrictions regarding how you choose to use the funds from your online payday loan.

What Do I Need to Get a Payday Loan?

If you’re asking yourself ‘what do I need for a payday loan’, we can help. Here is a summary of what you may need to apply for a cash advance:

• Your full legal name
• A phone number where you can be reached
• Proof of a steady source of income
• An active checking account in your name

That’s generally all it takes! Most people can complete the application for an online payday loan within just a few minutes.

Lending decisions are made fast so that you don’t have to spend a lot of time waiting for approval; if your loan is approved, you could even have the funds deposited into your account the same day.

Most payday loans come with a repayment period of just a few weeks. It will usually align with your next pay date. When the loan is due, the borrower repays the loan in full. In some cases, the borrower issues a post-dated check that the lender can cash as soon as the payment becomes due.

How To Get a Payday Loan

Payday Loan Interest Rates

While nearly 20 states cap the interest rates of payday loans, it is not uncommon for non-capped payday lenders to charge annual percentage rates that exceed 500%.

When you look at annual percentage rates it is not uncommon for payday lenders to charge APRs that exceed 500% or even 1,000%.

Although there are regulations that limit the interest rate, duration, and size of these loans, they are still expensive. It makes sense to look at alternative loan options if possible.

Some states, like New York, have banned the practice of payday loans completely. For a list of state-by-state rules and regulations on payday loans check out this link.