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How To Get Payday Loans Online: Step by Step Guides For Financial Help

How To Get Payday Loans Online: Step by Step Guides For Financial Help

It’s three days till rent’s due and you’re $250 short. You’re starting to really stress out about it, knowing how it makes you feel to not be able to pay your bills on time. You can’t borrow from Mom or Dad again. Your landlord doesn’t want to hear any more of your excuses.

What can you do?

Well, fast payday loans are one option that can help you get through that rough patch financially, allowing you to borrow that $250 today and repay it when you get your next paycheck.

Sounds pretty great, right?

Payday loans have mixed reviews, but for many people living paycheck to paycheck, doing the best they can financially, sometimes guaranteed payday loans are necessary – and a godsend.

Listen, if you’re struggling financially and need that occasional small loan or quick cash, you may want to learn more about payday loans online. The following is a detailed, step-by-step guide that will help you understand just how you can get payday loans.

How To Get Payday Loans Online - Step by Step Guide

What are Payday Loans?

Payday loans are short-term loans by direct lenders who loan out usually between $100 and $500 to those in need. These instant payday loans are to be paid back at the time the person gets their next paycheck – usually between one and four weeks.

How Do Payday Loans Work?

Payday loans can certainly help you get through a rough financial spot.  If you’re in need of a small loan to get you through till your next paycheck, you can apply for a fast payday loan using your next paycheck as security.  Even if your credit is lacking, you may still qualify for this type of online loan because the lender has measures in place to be sure they’re going to get that money back from you.

If you’re approved for the payday loan, you give the lender your banking information and a postdated check for the day after you get your next paycheck. Once you’re paid, the lender deposits your check and your debt is considered paid in full.

Who Uses Payday Loans?

A variety of people use payday loans, as many people tend to live paycheck to paycheck. At the same time, unexpected things happen that can drain a savings account in no time. From HVAC’s breaking to the engine in the car malfunctioning to unexpected medical costs, there’s ample opportunity to need money fast.

According to CareerBuilder, about 78 percent of workers in the U.S. live paycheck to paycheck. That’s a lot of people, and they’re in every income bracket. In fact, it’s estimated that 10 percent of people that make over $100,000 live paycheck to paycheck. It seems it’s not just about how much money one makes that might put them in the “need money now” category.

Rather, it tends to be that they may bite off more than they can chew finance-wise – or they hit challenging financial times, such as medical bills, student loans, etc.

What Are The Fees To Get Payday Loans?

Payday loans are not free, as lenders charge interest and fees just like other loans. The Consumer Financial Protection Bureau states that most lenders will charge you from between $10 and $30 for every $100 you borrow. This is a doable fee for most people, but keep in mind that if you don’t repay the payday loan within the scheduled time, the fees will continue to add up until you do.

The Pros and Cons of Payday Loans

The Pros Of Payday Loans

If you talk to people who have used guaranteed payday loans before, they’ll tell you that the biggest pro of the loan was being able to secure funds fast for whatever their needs were at the time. Having peace of mind to be able to pay the bills or get whatever was necessary is quite valuable to people.

The Cons Of Payday Loans

As with any loan, there are cons that may or may not weigh out the pros. However, for most people, the pros of a payday loan are greater than the cons.

Steps To Take Before Applying Payday Loans

Consider Your Other Options

Before applying for an online payday loan, there are some other options you may want to check out. By using payday loans online as a last resort, you are giving yourself the opportunity to learn how to budget better and tackle the financial difficulties you may be having.

The following are some alternatives:

Steps To Take Before Applying Payday Loans

Understand Your State Laws

Depending on your state, the laws regarding payday loans may vary. You may live in a state that has banned payday loans entirely or has set interest and/or fee restrictions. Do some research and get to know your particular state laws.

Is payday lending legal in your state? How much can your lender charge you in fees? What are the borrow limits? How long do you have to pay back?

States That Prohibit Payday Lending

According to the National Conference of State Legislatures, 16 states allow payday loans without restrictions and 28 states allow payday loans with some restrictions. This leaves 7 states that strictly prohibit payday lending.

As far as the states that strictly forbid payday loans, this means that online payday lenders aren’t supposed to lend money to those living in these states.

States That Prohibit Payday Lending

  1. Arkansas
  2. Arizona
  3. Connecticut
  4. District of Columbia
  5. Georgia
  6. New Mexico
  7. North Carolina

States That Prohibit Payday Loans Lending

States That Allow Payday Loans With Heavy Restrictions

Some states allow payday loans with heavy restrictions in the interest or fees. These include:

  1. California
  2. Colorado
  3. Delaware
  4. Hawaii
  5. Illinois
  6. Indiana
  7. Idaho
  8. Iowa
  9. Kansas
  10. Kentucky
  11. Louisiana
  12. Maine
  13. Maryland
  14. Massachusetts
  15. Michigan
  16. Minnesota
  17. Mississippi
  18. Montana
  19. Nebraska
  20. New Hampshire
  21. New Jersey
  22. New York
  23. Ohio
  24. Oklahoma
  25. Pennsylvania
  26. Texas
  27. Virginia
  28. Washington

States That Allow Payday Loans With Heavy Restrictions

States That Allow Payday Loans Without Restrictions

  1. Alabama
  2. Alaska
  3. Delaware
  4. Florida
  5. Idaho
  6. Missouri
  7. Nevada
  8. North Dakota
  9. Oregon
  10. Rhode Island
  11. South Carolina
  12. South Dakota
  13. Tennessee
  14. Utah
  15. Wisconsin
  16. Wyoming

States That Allow Payday Loans Without Restrictions

Choose The Right Type Of Loan

When you hit a rough patch financially, and you’re in need of a smaller amount of cash between paychecks, a guaranteed payday loan may suit you well. Generally, if you’re in need of cash $500 or below, taking out a payday loan online or in store should be appropriate.

However, if you’re needing more than $500, you may want to consider a different type of loan. Installment loans work well in this case, in which you borrow the amount you need from your lender and have a certain amount of time to pay that loan off.

For example, if you need to borrow $3,000, your lender may lend you that money and give you 12 months to pay that loan off, for a certain amount of principal and interest each month.

Compare Lenders

Don’t do a Google search and choose the first payday loan company that pops up in the results. Take the time to compare lenders in terms of reputation, interest rate, terms of repayment, and how a payday loan process works. Make a list and write down the information that matters. Then, choose the right lender for you.

Check The Lenders Requirements

Regardless of what lender you choose, you’re going to have to fill out an application and submit it. There will be various requirements by the lender that you’ll have to meet to be eligible for the payday loan.

Basic Requirements for Getting an Online Loan

Сan You Get A Loan?


Reasons Why You Might Have Been Rejected

No one likes to be rejected. I think we can all agree on that. However, some people may be rejected for various reasons when trying to get a payday loan online or in store. Typically, you’ll know within a minute or two after you submit for the loan whether you’re approved or not.

If approved, it might take a day or two business days to see the cash in your checking account. Or, if you’re applying for the loan in a store, they may cut you a check or give you cash right then.

If you’re loan application is rejected, it may because of one of the following reasons:

If you get rejected and you’re not sure why, you might want to call the lender to see what the problem was. It may have been an error on the lenders part, so it’s best to check.

Why should I get my payday loan from MaybeLoan?

You want to get a payday loan from a reputable company, and that’s what MaybeLoan is known for. We’ve been around for quite a while and have built up a solid reputation. We’re here to assist those who need some cash until their next payday. We understand how stressful it can be to not have the funds to pay for your needs, bills, etc., and we know the relief you can feel when you can get that loan.

Here are some great reasons you should get your payday loan from MaybeLoan:

Steps for Getting A Payday Loan Online

It’s quite easy to apply for a payday loan, usually only taking about 10 minutes to complete online. Just be sure you take your time and submit accurate information, as this will boost your chances of getting approved.

The following are four simple steps to getting a payday loan online:

  1. Fill In The Loan Application Form
  2. Before sitting down to apply for the loan, be sure you’ve got some key information about yourself handy. You’ll need to know how much your income is, information about your employer, address, social security number, bank account, and so on.  Simply answer the loan application questions as thoroughly as you can. Be honest, too! If you’re not sure about something, give the company a call to ask your questions.

  3. Receive And Compare The Offers
  4. Within minutes, you’ll receive notice if you were approved or not. If so, you’ll want to read over the offer and/or terms carefully. Don’t just assume all companies are on the up-and-up. The payday loan company will likely explain to you what the APR and fees will be on the loan. Be sure that you’re alright with the repayment agreement before you sign the loan agreement.

  5. Sign The Agreement
  6. Once you’ve reviewed the loan agreement, simply sign it with your full name.

  7. Get Your Money
  8. After you sign the loan agreement, lenders will typically get you the money via bank deposit within one or two business days.  If you need the money sooner, you may want to visit a payday loan provider that has a storefront in your community. Sometimes they’re able to cut a check or give cash the same day you apply.

Steps for Getting A Payday Loan Online

Payday Loans FAQ: Questions and answers about Payday Loans

Will A Payday Lender Check My Credit?

Most payday lenders do not run a credit check at all. This is helpful for those who have poor credit. Typically, all you need to qualify for a payday loan is a bank account, proof of income, and government issued identification.

Will A Payday Lender Check My Credit?

Most payday lenders do not run a credit check at all. This is helpful for those who have poor credit. Typically, all you need to qualify for a payday loan is a bank account, proof of income, and government issued identification.

Can I Apply With A Cosigner?

Some payday loan companies do allow a cosigner on a payday loan. Give the payday loan provider you’re seeking to borrow from a call to see if this applies to them.

Can I Apply With A Cosigner?

Some payday loan companies do allow a cosigner on a payday loan. Give the payday loan provider you’re seeking to borrow from a call to see if this applies to them.

Will I Need A Bank Account To Apply?

Yes, payday loan companies require a borrower to have a bank account. The reason they require this is because they will automatically withdrawal the money or cash a postdated check the next time you get paid. This is the terms of the agreement; you give them your bank account information, so they are sure to get their money back.

If you don’t have a bank account, take the time to get one. You can usually open an account within a day or two.

Will I Need A Bank Account To Apply?

Yes, payday loan companies require a borrower to have a bank account. The reason they require this is because they will automatically withdrawal the money or cash a postdated check the next time you get paid. This is the terms of the agreement; you give them your bank account information, so they are sure to get their money back.

If you don’t have a bank account, take the time to get one. You can usually open an account within a day or two.

Do I Need Collateral With A Payday Loan?

You do not need collateral with a payday loan. Typically, all the loan company needs from you are your proof of income, a bank account, and government issued ID.

Do I Need Collateral With A Payday Loan?

You do not need collateral with a payday loan. Typically, all the loan company needs from you are your proof of income, a bank account, and government issued ID.

When Do I Need To Repay A Payday Loan?

The exact terms of repayment can vary from payday lender to lender, but typically your payday loan will have to repaid the next time you get an actual paycheck. However, even if for some reason you don’t receive a future paycheck, you will have a loan payment date in your loan agreement. That’s the date you’re supposed to pay back your payday loan.

When Do I Need To Repay A Payday Loan?

The exact terms of repayment can vary from payday lender to lender, but typically your payday loan will have to repaid the next time you get an actual paycheck. However, even if for some reason you don’t receive a future paycheck, you will have a loan payment date in your loan agreement. That’s the date you’re supposed to pay back your payday loan.

Online Payday Loan Calculator: Calculate Your Loan Payment Right Now

Want to see what your payday loan payment will be? Calculate Now!

calculator
Loan Payments Calculator
$
%

See the payday loans page for more information.

Monthly Payments
$90.26
Principal amount: $ 1000
Total interest: $ 83.1
Total payment: $ 1083.1
money loan

Key Takeaways

Payday loans online have helped many thousands of people get through a rough financial time. Almost everyone can relate to needing some fast cash at least once in their lives, and online payday loans help. They’re fast, easy to get, and easy enough to pay back. They don’t tarnish your credit score and they can relieve some stress while you’re waiting for that next paycheck.

If you’re in need of a small loan until your next paycheck, don’t hesitate to apply for an online payday loan today.

How To Get Payday Loans Online: Step by Step Guides For Financial Help
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By Last Updated: 07 December 2019
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