$1400 payday loans are small loans that give you emergency cash when you need a little extra. They are unsecured loans meaning no collateral is required. They may be for those with bad credit or no credit at all as some lenders won’t do a hard credit check. But they come with high interest rates and fees. To qualify you need a valid checking account and proof of monthly income. Make on time payments to avoid debt. Some financial institutions like credit unions may have better loan terms for those with bad credit scores. But credit unions don’t offer payday loans they offer payday alternative loans instead. Always compare lenders to find legitimate ones with no hidden fees and no prepayment penalties.

Features

1. Loan Amount. As the name suggests these loans have a borrowing limit of up to $1400 so it’s perfect for those who need a small loan to cover unexpected expenses or financial emergencies.

2. Credit Score. Many lenders cater to those with bad credit scores or no credit at all so these loans are available to a wider range of borrowers. But some lenders may still do credit checks or consider credit profiles during application.

3. Funding Speed. Upon approval lenders deposit funds into the borrower’s checking account within a few business days so you can get cash fast.

4. Fees and Interest Rates. Payday loans have origination fees and higher interest rates compared to other personal loans so it’s a more expensive borrowing option. Fees and interest rates will vary depending on the lender, loan amount and borrower’s credit profile.

Pros and Cons

Pros

1. Bad Credit Score. Payday loans are an option for those with bad credit score as some lenders won’t do a hard credit inquiry or consider credit history.

2. Fast Cash. Borrowers can get funds within a few business days so first time borrowers and those who need cash by their next paycheck can get financial relief.

3. Simple Requirements. Payday loans have less strict requirements compared to other personal loans or installment loans so it’s easier to borrow.

Cons

1. High Interest Rates. These loans have higher interest rates than other loan options so it’s an expensive way to borrow.

2. Debt Accumulation. The short repayment terms and high interest rates may make it hard to pay the loan and some borrowers may end up in a debt cycle.

3. Origination Fees and Hidden Fees. Payday loans have origination fees and other hidden fees so it adds up to the overall cost of borrowing.

Apply for $1400 Payday Loan?

1. Choose A Payday Lender. Pick a legitimate payday lender whether online or physical location so they comply with state and federal laws.

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

3. Apply. Fill out the payday loan application form with personal details, employment information and loan amount. Submit online or in person.

4. Review The Loan Agreement. Review the payday loan agreement carefully and read the 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 only require that borrowers:

1. Age. Applicants must be at least the age of majority which is 18 in most states but 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.

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-person payday lenders you may get the borrowed amount in cash. But this is less common than direct deposit or prepaid card options.

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

Payday Loan Rates

Payday loan rates usually involve fees ranging from $10 to $30 per $100 borrowed depending on the state 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 pay back around $345 by the 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 while 11 states including Connecticut, Maryland and New York 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 at 36% APR to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted such caps which is a growing trend to regulate payday loan rates.

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

$1,400 Payday Loans. Apply Online