Life’s unexpected twists and turns can leave us needing a quick loan to cover unexpected expenses or emergencies. From surprise bills to sudden events we’ve all been in situations where a small amount of cash can make a big difference. In this guide we’ll show you practical ways and clever tricks to get that payday loan fast so you can navigate tough financial moments and get back on track to a more stable future.

Features

1. Quick Access to Cash. Payday loans provide quick access to cash, often with instant approval and same day payout.

2. Short Term. These loans are meant to be paid back in full by the borrower’s next payday, usually within a few weeks.

3. Low Requirements. They have fewer requirements than traditional loans so are available to borrowers with bad credit or no credit.

4. High Interest Rates. Payday loans have higher interest rates than traditional loans, reflecting the quick access and higher risk for lenders.

Payday Loans Pros and Cons

Pros

1. Quick Cash. Payday loans provide fast cash, often with instant approval and same day payout.

2. Low Requirements. Available to borrowers with bad credit or no credit, with less documentation than traditional loans.

3. Convenient. Online lenders and payday loan sites make the application process easy.

Cons

1. High Interest Rates. Payday loans have very high interest rates which can cost you big time if not paid back on time.

2. Short Term. These loans need to be paid back by the next payday which can be a financial strain if you can’t pay the full amount on time.

3. Debt Cycle. Due to the short term and high cost, borrowers may find themselves in a debt trap and borrow to pay back previous loans leading to long term financial instability.

How to Get a Payday Loan?

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

2. Gather Required Documents. Collect the necessary documents such as pay stub, social security number, bank account info 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-store.

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

5. Get Loan Funds. Once approved, get the loan funds deposited into 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), to get a loan most payday lenders require:

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

2. Active Checking Account. A valid and active bank account for the loan proceeds to be deposited 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 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 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-store 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 cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates typically have fees ranging 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 like personal loans or secured personal loans.

Payday lending is allowed in 37 states, 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, usually 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 period to prevent debt traps.

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