An $800 payday loan is a short term loan to borrow $800 to cover unexpected expenses like medical bills, car repairs or utility bills. Online direct payday lenders offer these loans which are to be repaid on your next payday. The loan application process is fast and you can get an instant decision. To apply fill out an online application form with all the details required by the loan provider. Eligibility criteria may vary but most lenders consider employment status, regular monthly income and credit history. Even with bad credit scores or poor credit loan options are available from reputable lenders who offer loans for all credit types. However loan terms, interest rates and maximum loan amount may vary depending on your credit score and other factors. Be aware of any origination fees, extra fees or hidden fees when considering a loan and creating a repayment plan. An $800 payday loan can get you emergency cash but it’s not a long term financial solution.

Features

1. Quick Loan Request. You can request an $800 loan online using a simple online form. Many lenders offer instant decisions so you can get the cash you need fast.

2. Bad Credit Okay. Even with bad credit you can get an $800 loan. Many lenders offer loans for all credit types and may not require a credit check or have a minimum credit score requirement.

3. Short Repayment Period. An $800 payday loan is a short term loan to be repaid on your next payday. This means you’ll need to repay quickly but it can also help you avoid long term debt.

4. High Interest Rates and Fees. $800 payday loans come with high interest rates and fees including origination fee and extra fees. Be aware of the loan terms and interest rate before accepting a loan.

Pros and Cons

Pros

1. Fast Cash. One of the biggest benefits of $800 payday loans is that they get you cash fast for a emergency. You can get the cash within 24 hours of applying.

2. No Credit Check. Many payday lenders do not require credit check, so even with bad credit or no credit you can get approved for a loan.

3. Simple Application. The application process for $800 payday loans is fast and simple. You can apply online or in-store and the application takes just a few minutes.

Cons

1. High Interest Rates and Fees. Payday loans have very high interest rates and fees which can make them very costly to borrow.

2. Short Repayment Periods. Payday loans have very short repayment periods, usually 2 weeks or until your next payday. This can be difficult to repay and may lead to debt cycle.

3. Debt Trap. Because of the high interest rates and fees payday loans can be hard to repay. This can lead to debt cycle where the borrower has to take out another loan to repay the original loan and get into even more debt.

How to Apply for an $800 Payday Loan?

1. Choose A Lender. Select a payday lender, online or in-store, that is licensed in your state and federal compliant.

2. Gather Required Documents. Get your 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 info, employment info and loan amount. Submit online or in-store.

4. Review The Loan Agreement. Review the loan agreement carefully, pay attention to interest rate, 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 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, although some states require borrowers to be 19 or 21 years old.

2. Active Checking Account. A valid and active bank account to deposit the 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 show they can repay the loan.

4. Valid ID. Borrowers must present valid ID, which is usually 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 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-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 will give you a check for the loan amount, you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates typically range from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which is an APR of around 400% for a 2 week loan. For example if you borrow $300 you would need to repay around $345 by your next payday. These rates are much higher than other types of loans like personal loans or secured personal loans.

Payday lending is legal 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, 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 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 the repayment terms to prevent debt traps.

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