How to Get a Payday Loan
How To

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.

Note: Payday loans or cash advances are short-term loans that typically come with high-interest rates

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

Step 1

Compare Lenders

Compare payday loans online from trusted lenders and choose an offer that best fits your needs. Be sure to compare fees and interest rates. 

Step 2

Apply Online

Applying for a payday loan online is easy. Simply choose the offer that best fits your needs and apply. Make sure to submit the required information and documents. 

Step 3

Your Application Is Assessed

Your application will be assessed by the lender. This process can be as quick as getting approval the same day.

Step 4

Receive Funds

Once approved, the funds will be paid to your bank account.

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.

FAQs

What do I need for a payday loan?

To apply for a payday loan online, here is a summary of what you may need:

  • 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

How to get a payday loan online?

Applying for a payday loan online is easy and there are many lenders that offer this option. Browse our list of online payday loan lenders and compare rates and terms easily. You can usually apply within minutes and the funds may be available to you on the same day. 

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Lorien is the Country Manager for Financer US and has a strong background in finance and digital marketing. She is a fintech enthusiast and a lover of all things digital.

Financial information reviewed byRoss Loehr - CFP®, MBA
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Last Updated: August 22, 2022

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