$1,200 payday loans, also known as small personal loans or emergency loans, are short term loans to help you borrow money to cover unexpected expenses or personal expenses even with bad credit. These loans have a fixed interest rate and are paid back on your next pay day. Many online lenders offer $1,200 loans with flexible payments and fast funding so you can get funds quickly. Most lenders require a minimum credit score and do credit checks, but some loan providers offer loans with no credit or minimal credit score requirements.

Features

1. Unsecured Loans. $1,200 payday loans are unsecured personal loans, meaning no collateral is required. This makes it accessible to borrowers who don’t have assets to use as collateral or don’t want to risk their assets.

2. Online Lenders. Many online lenders offer $1,200 loans so you can apply and get funds quickly. Online personal loans have a fast application process and fast funding.

3. Credit Check and Minimum Credit Score Requirement. Most lenders do credit checks and have a minimum credit score requirement. But some loan providers offer loans with no credit or minimal credit score requirement so bad credit borrowers can get emergency loans.

4. Short Term Loans. $1,200 payday loans are short term loans paid back on your next pay day. This makes it easier for you to budget your monthly payment and plan for loan repayment.

Pros and Cons

Pros

1. Fast Funding. $1,200 payday loans can get you funds fast if you need to cover emergency expenses like medical bills or car repairs. Online lenders have a fast application process and fast funding so you can get funds within a few business days.

2. No Collateral Required. $1,200 payday loans are unsecured personal loans, meaning no collateral is required. This makes it accessible to borrowers who don’t have assets to use as collateral or don’t want to risk their assets.

3. For Bad Credit Borrowers. Some loan providers offer $1,200 payday loans to bad credit or no credit borrowers. This makes it possible for borrowers who can’t qualify for traditional loans to get emergency funds.

Cons

1. High Interest Rates and Fees. $1,200 payday loans have high interest rates and origination fees so it’s an expensive way to borrow money. Borrowers should review loan offers and compare interest rates and fees from multiple lenders to find the best one for you.

2. Short Repayment Terms. $1,200 payday loans are paid back on your next pay day. This can be challenging for borrowers to pay back on time especially if you have a tight monthly budget or unexpected expenses come up.

3. Debt Cycle. Borrowers who use $1,200 payday loans to cover recurring expenses or can’t pay back the loan on time may get trapped in debt cycle. Make sure you review your financial situation and can afford the monthly payment before accepting a loan offer.

How to Apply for $1,200 Payday Loan?

1. Choose A Payday Lender. Pick a reputable payday lender, online or in-store, that is licensed in your state and follows federal regulations.

2. Gather Required Documents. Get the necessary documents such as pay stub, social security number, bank account information and proof of income.

3. Fill Out The Application. Fill up the payday loan application form with personal details, employment information and loan amount. Submit online or in-store.

4. Review The Payday Loan Agreement. Review the payday loan agreement carefully and pay attention to interest rates, fees, repayment terms and due date.

5. Get Loan Proceeds. Once approved, get the loan proceeds deposited into your bank account or prepaid card account, usually on the same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), to qualify for a loan most payday lenders require:

1. Age. Applicants must be at least the age of majority, which is 18 in most states, although some states require borrowers to be 19 or 21 years old.

2. Active Checking Account. A valid and active bank account for deposit of loan proceeds and for the lender to withdraw repayments.

3. Proof Of Income. Borrowers need to show proof of regular income, such as pay stubs, to prove they can repay the loan.

4. Valid ID. Borrowers must present valid ID, which includes social security number, to verify their identity.

How to Get the Money

1. Direct Deposit. The most common way is direct deposit into your bank account. Once your payday loan application is approved, the payday lender will deposit the loan proceeds into your active checking account, usually on the same business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount into a prepaid card account. This is convenient for those who don’t want to use their bank account.

3. Cash. In some cases, especially with in-store payday lenders, you can get the borrowed amount in cash. But this is less common than direct deposit or prepaid card.

4. Check. A few payday lenders may give you a check for the loan amount and you can cash it or deposit it into your bank account.

Payday Loan Rates

Payday loan rates usually involve fees ranging from $10 to $30 per $100 borrowed depending on state regulations and borrowing limits. A typical fee is $15 per $100 borrowed which translates to an annual percentage rate (APR) of around 400% for a 2-week loan. For example, if you borrow $300, you would need to repay around $345 by next payday. These rates are way higher than other types of loans such as personal loans or secured personal loans.

Payday lending is allowed in 37 states, 11 states have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending laws and others like the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, often 36% APR, to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted such caps, reflecting the growing trend of regulating payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other end are states like Oregon (140%), Maine (228%) and Iowa (247%). Some states like Washington and Virginia have additional regulations to limit the number of payday loans or extend repayment terms to prevent debt traps.

$1,200 Payday Loans. Apply Online

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