Payday loans, also known as cash advance loans, are small cash loans that consumers can use for unexpected cash needs or to manage daily expenses. Whether the economy is booming or declining, consumers are always in need of fast, unsecured personal loans.
Why Do Consumers Use Payday Loans?
Unlike traditional loans, payday loans require less scrutiny and documentation. In addition, payday loans are a quick and convenient way to get cash in a pinch. Most applicants are approved for a loan in minutes, even though they have less than perfect credit. Lenders can transfer cash to the approved applicant’s account within 24 hours or less.
Do I qualify for a payday loan?
Most lenders have four main eligibility requirements to approve your payday loan request. If you can “yes” to these four questions, you are likely to qualify for a small cash advance loan.
1. Are you a citizen of the United States of America?
2. Have you been constantly employed for the last 3 months or 90 days with a steady income?
3. Are you 18 or older?
4. You earn at least $ 1,000 per Month?
How do I get a loan up to $ 250?
You can get a loan through a cash advance store in the neighborhood or an online payday loan. Both options can give you the cash you need. Online payday lenders offer the added convenience of a fast loan application process that saves you time and securely secures your loan. Once you have selected a lender, you must complete a loan application. The application process tends to be straightforward and takes about one or two minutes if you use an online bank.
A loan representative will review your loan request and approve it immediately if you meet the four (4) loan application requirements listed above. It is important to fill out your loan application as thoroughly and truthfully as possible because it speeds up the approval process.
Once your loan request is approved, cash will be linked to your checking or savings account in minutes. The cash can be withdrawn by visiting your local bank or by an automatic teller machine (ATM).
When should I repay my loan?
Most lenders have a repayment period of two (2) weeks to four (4) weeks from the date of the loan. Since payday loans are short-term cash advances based on your future paychecks, they usually mature when you receive your next two (2) paychecks. It is important to borrow only as much as you need and can repay within a short period of time. A reputable lender will be more flexible and can work with you to establish an appropriate repayment plan based on your needs.
What if I live in a state that has short-term loan restrictions?
Although cash advance loans are very convenient, not all states have cash advance lenders. A quick search can yield results whether you can get a short term loan in your state or not. For example, states such as West Virginia, New York, New Hampshire and cities, including the District of Columbia, have restrictions on small cash loans. In some cases, getting a loan is illegal. If your state does not allow for a short-term loan, other options include car loans if you own a vehicle. In some cases, you can get more cash if you use a title loan, but it should be noted that the lender can take over your car if you do not repay your loan.