$700 payday loans are short term loans that provide quick cash to cover unexpected expenses or emergency loans. Direct lenders and loan providers offer these loans even to people with bad credit or low credit scores. The loan application process involves a soft credit check and eligibility criteria may include a stable income and minimum loan amount. These loans can be secured loans that require collateral or unsecured loans based on credit history. Loan costs including interest rates and upfront fees vary among lenders so using a loan calculator and comparing loan offers is key to finding the cheapest loans. The application process is done through an online application form and loan approval can take just a few hours. Once approved borrowers get one lump sum and repay in installments or as a single monthly payment.

Features

1. Fast Loan Approval. $700 payday loans are designed to provide quick cash, loan applications are processed fast by direct lenders, lending platforms and multiple lenders for emergency loans.

2. Available with Bad Credit. These loans can be obtained even with bad credit or limited credit history as lenders focus more on the borrower’s monthly income and ability to repay the loan.

3. Flexible Loan Terms. Borrowers can choose from various loan terms, short term loans and installment loans to repay the 700 dollar loan in a way that suits their financial situation.

4. Secured and Unsecured Loan Options. Depending on the lender and borrower’s preference $700 payday loans can be secured loans (requiring collateral) or unsecured loans (based on creditworthiness).

Pros and Cons

Pros

1. Fast Cash. $700 payday loans provide quick cash for emergency loans or cash advances especially for those in financial emergency. Direct lenders, personal loan lenders and loan companies process loan applications fast.

2. Available with Bad Credit. Borrowers with bad credit can still get these loans as lenders focus more on the borrower’s monthly income and ability to repay the loan rather than their credit history.

3. Flexible Repayment. Depending on the lender and loan terms borrowers can repay their $700 payday loan as an installment loan or in one lump sum to suit their financial situation.

Cons

1. Higher Interest Rates. Compared to traditional personal loans or loans from credit unions $700 payday loans have higher interest rates making them a more expensive way to borrow.

2. Debt Cycle. Borrowers who can’t repay their payday loans on time may find themselves in a debt cycle and need to take out another loan to pay the original loan and the interest.

3. Predatory Lending. Some direct lenders and loan companies may engage in predatory lending practices to borrowers with bad credit or limited financial knowledge. Research reliable lenders and compare loan offers before accepting a loan.

How to Apply for a $700 Payday Loan?

1. Choose A Payday Lender. Select a reputable payday lender whether online or physical location to ensure they are state licensed and federally regulated.

2. Prepare Required Documents. Gather 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 form with personal details, employment information and loan amount. Submit the application online or in person.

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 directly 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 that borrowers:

1. Age. Applicant must be at least the age of majority which is 18 in most states but some states require 19 or 21 years old.

2. Have An Active Checking Account. A valid and active bank account is required for the 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 a direct deposit into your bank account. Once 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 onto 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 may 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 which you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates average fees range from $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 the next payday. These rates are much higher than other types of loans such as personal loan or secured personal loan.

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 passed such caps, it’s 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 prevent debt traps.

$700 Payday Loans. Apply Online