Payday loans are a popular way for workers and those with at least a source of income to get quick funds to settle unexpected expenses. These unsecured short-term loans can be used to meet your financial obligations. When you are in a financial fix, you can obtain payday loans to settle unexpected expenses like emergency medical bills, kitchen appliance repair costs, vehicle maintenance or repair costs, as well as going on a vacation. This high-cost short-term loan comes with a high interest rate and steep fees.
Most lenders in the US offer a wide range of lending products, including same day payday loans online. This article will take a look at the easiest method to take out payday loans. But before we dive into the details, let’s quickly take a look at what payday loans are, how they work, eligibility criteria, and how much lenders can approve when you submit an application.
What are payday loans?
Payday loans are short-term unsecured loans – typically $500 or less – that borrowers can obtain to settle unexpected expenses. Payday loans are meant to be repaired with a borrower’s next paycheck. To take out a payday loan, you must show proof of identification, have a bank account with a US-based bank, and income. These loans are often approved for people who have non-existing or bad credit.
How do payday loans work?
Lenders will confirm your checking account information and source of income before approving your payday loan request. If you submit your application online, some lenders can approve your application the same day.
In exchange, the lender will request for your permission to automatically withdraw the repayment amount as soon as your next paycheck is credited into your bank account. Payday loans are typically due 2 weeks after your next paycheck, but sometimes it can extend to one month.
What Are the Basic Requirements to Qualify for a Payday Loan?
Who qualify for a payday loan online lenders require that you must:
- Be at least 18 years of age as of the time of application.
- Be a US resident.
- Have a valid checking account.
- Provide proof of identification and verifiable source of income.
A payday loan can be approved by an online lender in as few as 15 minutes.
Fastest Way To Get a Payday Loan Online Same Day
Once you meet the above eligibility criteria, you are now set to take out a payday loan. One of the fastest ways to get a payday loan online the same day is to apply through a loan broker like iPaydayLoans. The broker will connect you to an online lender that will offer you competitive interest rates and flexible repayment terms. While the application only takes a few minutes, it is imperative for you to peruse through the lender’s terms and conditions before signing the dotted lines.
If you have a non-existing or bad credit score you can apply through this broker for payday loans to get quick cash. There are some certain policies that you should be abreast of before submitting your application, such as rollover rules, loan renewal policies, and early repayment penalties.
Follow these steps to take out a payday loan same day via iPaydayLoans:
Step 1 – Fill out your personal information
The first step in the loan application process is to fill out your personal information on the iPaydayLoans portal. When filling out your background information, ensure you use your real name, phone number, address, social security number, and date of birth. The lender you’d be paired with will use this information to verify your identity before approval.
Step 2 – Provide proof of income
The lender will request proof of income. It is now your responsibility to prove to the lender that you are employed or have other sources of income like your unemployment benefits statement, on-demand employment earnings, social security disability award letter, pension award letter, or your most recent pay stub.
Step 4 – Agree to the fees and terms
The next step is to peruse the loan terms and conditions and agree to the fees and terms. Take your time to review the loan offer and remember you are not under any obligation to accept any loan offer at this stage.
Step 4 – Fill out your bank account details
Once you have uploaded your proof of income the next step is to fill out your bank account details. The requested amount will be credited directly into your bank account on the same day.
Step 5 – Submit the application and get funds
If everything is in order, proceed to click the submit button to submit your application for same day payday loan. The lender will review your request and decide to reject or approve it. You should get feedback instantly.
How much does a payday loan cost?
For every $100 that you borrow from a lender, the cost of a payday loan typically varies from $10 to $30. If you are charged $15 for a $100 loan, to be repaid in two weeks, that is a 391% APR. The lender will impose or add additional charges if you do not repay the loan in full on the first payday. You may end up owing more in interest than the original loan amount if the cycle continues within a few months. And that’s why taking out payday loans is extremely risky. In other words, it is very easy to get trapped in a cycle of debt when looking to take out payday loans
How much can I borrow with a payday loan?
There is no fixed amount to borrow from a lender, however, the amount you can borrow depends on your state’s law and finances. Currently, most states in the US allow borrowers to take out between $300 and $500. So, check your state’s laws before submitting a payday loan application.
Payday loans are short-term unsecured loans that you can take out to meet your emergency financial obligations. The loans are designed to be generally easy and quick to access the same day. You can use payday loans to cover expenses like medical emergencies, vehicle maintenance costs, as well as home renovation or improvement.
So, if you are looking for the fastest and safest way to take out payday loans, then apply now without hesitation.