A $255 payday loan is a short term cash advance offered by online payday lenders or direct lenders to help bad credit borrowers pay for unexpected expenses or emergency cash needs. These online payday loans have a simple loan application process, same day approval and loans online same day so they are a popular choice for those who need quick cash. To qualify for a $255 payday loan online, borrowers usually need to meet basic requirements set by the lender which may include minimum credit score requirements, proof of income and a valid checking account. Some lenders may do a credit check through the major credit bureaus, others may do a credit check alternative or soft credit check so bad credit or poor credit score borrowers can get a cash loan.

Features

1. Online. $255 payday loans can be gotten through online payday loans or payday loans online so you can get quick and easy access to emergency cash.

2. Direct Lender. A direct lender offers these loans so the lending process is streamlined and no intermediaries are needed.

3. Same Day. Many online payday lenders offer same day payday loans so you can get the cash you need to pay for emergency expenses.

4. Short Term. $255 payday loans are a short term loan, usually with a repayment date on your next pay day.

5. Loan Principal and Fees. The loan principal for a $255 payday loan is $255 and lenders may charge origination fees, direct deposit fees or other fees associated with the loan.

Pros and Cons

Pros

1. Quick Cash. Online payday loans including $255 payday loans online get you quick cash for emergency expenses or unexpected costs, often with same day or instant approval.

2. Flexible Repayment. Payday lending has flexible repayment terms so borrowers can make monthly payments that fit their budget.

3. Bad Credit OK. $255 payday loans are an option for those with bad credit or no credit history as some lenders don’t check credit reports or credit scores for approval.

Cons

1. High Fees and Interest. Online payday loans including $255 loans have high fees and interest rates so they are more expensive than traditional loans or personal loans.

2. Hidden Fees. Borrowers must be aware of hidden fees when dealing with payday lending as some lenders may not disclose all fees upfront. Choose a reputable lender and read the loan contract carefully before signing.

3. Debt Cycle. Short term loans like $255 payday loans can lead to debt cycle if borrowers can’t pay the loan on time or need to take out another loan to pay for missed payments. This cycle can result to more fees and interest charges and it’s hard to get out of debt.

How to Get a $255 Payday Loan?

1. Choose A Lender. Choose a reputable payday lender, online or in store, that complies with state and federal laws.

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 out the payday loan application with personal info, employment info and loan amount. Submit online or in person.

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

5. Get Loan Funds. Once approved, get the loan funds directly in your bank account or prepaid card account, usually the same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), most payday lenders only require borrowers to:

1. Age. 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. Have An Active Checking Account. A valid and active bank account for the loan funds to be deposited and for the lender to withdraw repayments.

3. Proof Of Income. Show proof of regular income such as pay stubs to prove ability to repay the loan.

4. Valid ID. Present valid ID which is usually a social security number to verify 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 funds into your active checking account, usually the same business day.

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

3. Cash. In some cases, especially with in-person 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 might give you a check for the loan amount which you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates usually involve fees of $10 to $30 per $100 borrowed depending on state laws 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 much 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, it’s a 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 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 prevent debt traps.

$255 Payday Loans. Apply Online

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