Payday Loans that Fit your Needs
A sudden offer? A little accident? An unexpected expense? So many reasons you may need a little financial help. Smartsolarservice is here with a quick solution - small-dollar short-term Payday Loans:
- Fast and easy to get.
- No minimal credit score requirements.
- Instant decision from direct lenders.
- 98.4% approval rate.
- No guarantor or collateral.
- 24 / 7 online service.
- Many locations offering in-store cash same day.
- No hard credit check.
Getting a Payday Loan couldn't be quicker and easier!
How Do Payday Loans Work?
While there isn't a single definition for a payday loan, they are typically high-cost, short-term loans of $500 or less that are normally due on your next paycheck. Payday loans may be obtained online or through brick-and-mortar lenders.
Some typical characteristics of a payday loan:
- Many states have a cap on the size of payday loans, and the loans are for relatively small sums. The typical borrowing limit is $500, but there are also limitations above and below this figure.
- On the borrower's following payday or when money is obtained from another source, like a pension or Social Security, a payday loan is often repaid in a single payment. Usually, the loan's due date is two to four weeks after the loan's origination date. The payday loan agreement specifies the precise due date.
- You typically have two options for paying back a loan: either you write a post-dated check for the entire amount, plus costs, or you give the lender permission to electronically deduct the money from your bank or prepaid card account. If you don't pay back the loan by the deadline, the lender has the right to cash your check or take money out of your account electronically.
A payday lender typically won't take into account your ability to repay the loan while still fulfilling your other financial responsibilities. You may get the loan proceeds in cash, by check, electronically into your account, or pre-loaded onto a prepaid debit card.
Minimum Conditions for Payday Loans
The Consumer Financial Protection Bureau (CFPB) of the US government claims that the most common requirements for consumers to be approved for a loan from payday lenders are as follows:
- age of at least eighteen;
- possess a functioning checking account;
- provide a valid form of identification and some evidence of your income.
The loan can be authorized in as short as 15 minutes. In most instances, the borrower writes a check for the loan amount plus a lending fee, and the lender keeps onto the check until a predetermined due date.
Most payday loans are only good for a couple of weeks. When the loan is due, the borrower has two options: either they repay the loan in full or they permit the lender to cash the post-dated check or make another withdrawal from their account.
What Are The Fees and Costs Associated With Payday Loans?
For every $100 borrowed, payday loans often impose a percentage or flat fee. Depending on your state's laws and the maximum amount you are allowed to borrow, this cost might be anywhere from $10 to $30 for every $100 borrowed. $15 per $100 is a typical cost. For a two-week loan, this translates to an annual percentage rate of about 400%. Therefore, assuming a price of $15 per $100, if you needed to borrow $500 before your next payday, it would cost you $575 to repay it.
According to several state legislation, payday lenders must provide borrowers who have trouble repaying their debts with extended repayment arrangements. The use of a repayment plan may or may not be allowed or required under these rules, which differ from state to state.
You might be able to extend the time you have to repay your loan without paying any additional costs or penalties if your state requires lenders to offer extended repayment plans. This indicates that you can repay your loan rather than taking out another loan, paying additional costs, and falling farther behind on your debt.
Payday Loan Amounts
Qualifying loan amounts might vary depending on the borrower’s income and the payday lender, generally sets the maximum loan amounts for payday loans. To prevent people from taking out big loans with exorbitant interest rates, several states even restrict the number of payday loans a borrower can have open at once. Depending on state law, loan amounts might range from $50 to $1,000.
State's Laws Regulating Payday Loans
Some states do not allow payday lending because their laws forbid it or because payday lenders have chosen not to operate in those states at the permissible interest rates and costs. You might be able to find out additional information from your state regulator or state attorney general in states that do permit or regulate payday lending.
Compare Payday Loans to Similar Online Loan Offers
The Bottom Line
Payday loans, also known as cash advances, are short-term, high-interest loans with tiny balances that generally have usurious interest rates. They get their name from the fact that they frequently involve borrowing money with a post-dated check or an authorization to withdraw money from an account that will take effect on the borrower's next payday.
Are Personal Loans so Smart or there're Better Alternatives?
Before applying for a short-term Payday Loan with limited small amounts and rather expensive rates consider other alternative cash advances:
- Personal installment loan,
- Loan from a family member or friend,
- Loan from a peer-to-peer lending platform,
- Bank or credit union help,
- Addressing your employer,
- Applying to local non-profit financial assistance organisations.
These options may give you more time to pay back the money, have lower fees and/or interest rates, be available in larger amounts, and not damage but even help to build your credit.