Payday Loans Overview

A payday advance, salary loan, payroll loan, small dollar loan, short term, cash advance loan ... You might have come across these words numerous times these days. These are different names of payday loans. Let's figure out how they work and what benefits they can bring.

payday income

What is Needed to Get a Payday Loan?

A payday loan is a small amount of money that is lent for a short term. In case of unexpected expenses, such as car repair, household problems, or family emergency, you can get extra cash fast and easily. It is a rather good option unless you are unsure you can repay it on time and in full. Otherwise, you may face extra fees. The majority of states allow the practice of payday loans with some variations in legislation. Before applying for a loan, you should consult your state regulator or state attorney general to be aware of the laws that are relevant to your state.

To start with, you can get a loan online or after visiting a company's store. Be sure to have the documents needed with you. Usually, it is necessary to bring a driver's license, state-issued photo ID or passport, a proof of income, and most recent bank statement. An application is rather quick and easy if you are considered credible and have all the documents. The procedure of applying for a loan differs and depends on the state law.

Get a Loan in a Few Clicks

What is more, there are even easier ways to get a loan in the USA. There is a number of different companies that offer payday loans online and you can choose the one that suits your needs. You can find simple online services that have even fewer requirements for applicants. You have to be over 18 years old, have a US passport, e-mail, mobile phone and an account in one of social networks. In such a way a loan can be received in a few clicks with a simple online registration. Then, you can have money transferred to your credit card or bank account quickly and simply. What is more, many companies give their clients a possibility to extend the term of payment. In this case, the loan is "renewed" or "rollovered", if the state law permits. It sounds like a friendly attitude that can be regarded as the main advantage for those who are ready to resort to payday loans.

Payday Loans in Numbers

Loan amount differs from company to company, as well as due terms do. Usually, the minimal sum you can get is $100. The maximum loan amount in some cases reaches thousands. However, the common loan limit is $500 with a 2-week term for repay. As for interest rates, usually, they are higher than in banks. The loan is usually repaid in one payment on the borrower's next payday. The rates can vary from state to state, from $10 to $30 for every $100 borrowed. That is why it is possible to cover a wide range of expenses by choosing the right payday loan option.

With their minimal package of documents and flexible options, payday loans are considered to be the most convenient way to solve financial problems that does not require special effort or stress.