Payday loans are fee-based loans. That means there are established fees per $100 you borrow. Almost all states have regulated these fees so you know what you will pay before you decide to accept a loan offer. For most states, the fees allowed range from $10to $20 per $100 borrowed. You can check your state website to see what fees are allowed where you live.
Generally, these loans can be availed from payday and installment lenders and are small, ranging between $100 to $500. This amount is often enough to get you through those tough days when you need some cash to cover essential expenses. You just need a minute to make a loan request on a short, secure form that can be filled on your smartphone. Statistically speaking, more than 80% of the loan requests are approved.
Emergency loans are processed quickly as your loan application is verified within a few minutes. Once approved, you will receive funds in your checking account the next business day.
The cash advance loans are processed faster online, even with bad credit. They do not require any credit check or collateral. If you can meet the basic requirements and prove your source of income, you can quickly get a cash advance from the lender.
In emergency situations, when you need immediate cash, you may get attracted towards the banners promising same day payday loans. However, is it possible to get the money that fasts? You can get the loan approval the same day, but you may not receive funds in your bank account until the next business day.
People who are on disability normally assume that they will not be eligible for payday loans. However, they can qualify for payday loans. A steady source of income is essential to qualify for online payday loans.
People who want to solve their unexpected expenses such as medical bills or car repairs use online payday loans. These loans are quickly processed so that you can receive cash into your checking account the next business day.
