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Payday Loans

Need fast cash for an unexpected emergency? A payday loan can be an option for you. Here we give you all the information and entities that can help you out with this when it comes to a real emergency.

Payday Loans
Máximo

$1.000

Turnaround time

1 to 2 business days

Loan conditions
Loan conditions
  • Be over 21
  • Have a US Bank Account 
  • Have a SSN or TIN
  • Be a US citizen or permanent resident
Short-term Loans
Minimum amount

$100

Maximum amount

$1,000

Loan term

up to 1 month

Loan conditions
Loan conditions
  • Be over 18
  • Must be employed
  • Be a US citizen or permanent resident
Payday Loans
Minimum credit Score

580

Loan conditions
Loan conditions
  • Be older than 18
  • Have +580 credit score
  • Be a us citizen or permanent resident
  • Have a US bank account
  • Other requirements may be needed to submit the loan request
Bad Credit Loans
Minimum amount

$500

Maximum amount

$5,000

Loan term

3 to 36 months

Loan conditions
Loan conditions
  • Be over 18
  • Be a US citizen or permanent resident
  • Have a SSN or TIN
  • Have a US Bank Account 
  • Other requirements may be needed to submit the loan request

What is a payday loan?

A.K.A. short term loans, cash advance loan, same-day loan, paycheck advance. A payday loan is a short-term, unsecured and small in amount cash loan that usually has higher rates than other loans. Since they tend to be significantly more expensive, they are only recommended under emergency situations only and as a last resource to get fast money.

Payday loans work different than other money loans. Applying is very fast and they usually do not check credit score, which makes the process faster and easier for the customer. Once you get approved, the lender gives you either the cash or a check with the amount. As its name suggests, these small-dollar loans are required to be paid back on your next payday or within two days.

 

Where are payday loans allowed?

Since these loans are usually very high on interest, many states have regulations - such as limit amounts - or they are even prohibited in other states as well. The only states that do not establish maximum amounts are Utah, Maine, Wisconsin and Wyoming. Each state also has different fees charged in these loans, depending on their own law specification.

As in 2019, there are 32 states that allow this type of lending:

State

Max. Amount allowed

Alabama

$500

Alaska

$500

California

$300

Colorado

$500

Delaware 

$1,000

Florida

$500

Hawaii

$600

Idaho

$1,000

Illinois

$1,000

Indiana

$550

Iowa

$500

Kansas

$500

Kentucky

$500

Louisiana

$350

Maine

None

Michigan

$600

Minnesota

$350

Mississippi

$500

Missouri

$500

Montana

$300

Nebraska

$ 500

Nevada

25% of the gross income of the customer

New Hampshire

$500

North Dakota

$500

Ohio

$1,000

Oklahoma

$500

Oregon

$50,000

Rhode Island

$500

South Carolina

$500

South Dakota

$550

Tennessee

$500

Texas

$200

Utah

None

Virginia

$500

Washington

$700 or 30% of the gross income of the customer

Winsconsin

None

Wyoming

None

The states that are not mentioned in this chart, do not allow payday loans at all. 

 

Requirements to get a payday loan

The requirements for a payday loan are less than regular loans and the main one is linked to having a regular job other sort of income, since the entities want to make sure you will pay back as soon as you get your next paycheck or weekly/monthly income.

Of course, customers also have to meet other requirements such as being older than 18, have a Social Security Number or a government-issued ID and lastly, an active bank account.

Depending on the lending entity, you may have to provide additional requirements to make sure your repayment ability and to help protect you.

 

The cost of a payday loan

The cost of a payday loan is different and changes between states and lenders but they usually charge a dollar amount for every $100. This fee is usually from $10 to $30,but it is very common to have the set amount of $15 per $100, which represents an APR of 400% (considering the loans is for a two-week term).

What’s more, payday loans may charge rollover or late fees if you fail to repay the debt in the due date. Regarding rollover fee, they may duplicate the original loan fee alongside the full amount of repayment. So, for example, let’s say that your loan was $200 and the fees were $30 but you will not be able to pay the $230 on time. Your lender may allow you to rollover and give you a new due date but you will have to pay the fees only before repaying and then the full amount (including the original fees). After this period, if you have not repaid the debt yet, the lender may charge you extra fee for late payment. This may change according to state law.

 

Pros and Cons of a payday loan

PROS

CONS

  • ✅ Fewer requirements for application than other loans

  • ✅ They are easy to access since there are many payday loan shops and online lender

  • ✅ Get cash fast/ instantly

  • ✅ Doesn’t require a collateral since it is an unsecured loan

  • ✅ It does not check your credit score - and doesn’t affect it either.

  •  

  • ❌ They have very high-rates

  • ❌ It has to be paid back in less than a month

  • ❌ It may apply additional fees

  • ❌ It is not allowed in all United States

  • ❌ It can enclose you on a debt trap since it is expensive and has a short repayment time

  • ❌ Requires to have a steady income

  • ❌ It can give access to your bank account

  • ❌ Does not help to build or improve credit

  •  

 

Alternatives to payday loans

In order to avoid getting a payday loan, there are other options on the market before getting one of these loans. 

  • > Asking to your family/friends for a small loan

  • > Get a bad-credit loan

  • > Get a bad-credit credit card

  • > If you have savings, use them

  • > Peer-to-peer lending

  • > Negotiate a payment plan

  • > Ask for a paycheck advance 

Use a payday loan just as a last resource when it comes to a very important financial emergency. 


 

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