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We all know that payday loans are high-cost loans. But did you know? These short-term loans help millions of Americans make ends meet and lead a comfortable financial life. The end of the month is coming!!

Also, festive seasons are coming in the form of Christmas and New Year! According to an independent survey, most Americans admit that the Christmas season is the peak expensive period of the whole year.

Kids need new clothes, your home and car might need repairs, and even though you cut your expenses, your fridge must always fill with healthy food options. These all require enough money- and what if you don’t have? What’s the solution, then? A payday loan is the last restore.

Let’s know more about it!

What are payday loans?

Generally, payday loans are short-term and high-interest loans that allow one to borrow a small amount of money—these loans are offered by high-street shops and widely through online sites. Payday loans are popular because they are easy to apply for and get compared to other forms of credit.

Payday loans are unsecured, meaning you don’t need to pledge collateral to qualify for a loan. However, because of this, you have to pay higher interest rates.

If you decide to go with a payday loan, shopping around and comparing all the available lenders for interest rates and other offers is always better. Also, ensure how much loan you can easily afford and the resources you have to repay your loan on the due date. Don’t borrow above your limits.

How payday loans work?

Payday loans are short-term and small money loans specially designed to help people over until their next paycheque financially.

Once you get approval from a payday lender, the money is directly deposited into your bank account. After that, you need to repay it in full, including interest and other charges, when you receive your next pay cheque. Usually, the repayment grace period is within 30 days of the loan being made.

Some payday lenders offer to borrow money for longer- usually three months, with the option to repay in installments.

Borrowing from a payday lender

Those people who turned down to borrow money from conventional lenders are more prone to apply for payday loans. They use such loans to recover their unexpected blockage in cash flow.

Due to the popularity of payday loans nowadays, payday lenders offer such loans in more customized ways. Usually, payday loans offer $100 to $1,000, but they may vary from one lender to another. If your income source and credit rating are reasonable, you can approach your lender to increase the loan limit.

Remember that the payday loan amount is small, but you must repay your entire loan on the due date, which is usually your next salary day. If you can’t be able to do so, you might face more worst financial scenario and increase your debt ratio.

If a payday loan is your last solution, then make sure to know the interest rate, fees, and other financial penalties by carefully reading your loan contract.

Repaying the payday loan

As a guarantee that you repay your payday loan on the due date, the payday lender will set up one of the following methods:

  • Most modern and online payday lenders set up a direct debit or continuous payment authority (CPA), also known as recurring payment taken from your credit card, debit card, or bank account.

  • Some lenders take a post-dated cheque which they cash on the due date of the loan repayment.

    Whatever way of loan repayment you choose, make sure you have enough money in your account, especially on the due date. Unsuccessful payment can negatively affect your credit score.

The Pros and Cons of using a Payday Loan

Pros:

  • Payday loans are easy to apply for: – You can apply for payday loans online from anywhere, and if approved, get your approved money into your bank account on the same day.
  • A small amount and quick payback: – Typically, payday loans offer loan amounts from $100 to $1000. These small loan amounts are fast to get and pay back conveniently. You can use your payday loan to cover unpredictable emergencies, such as car/home repairing, pay for medical emergencies, and much more.
  • No credit check needed: – One of the biggest pros of payday loans is if you have a bad credit score or a meager credit score, you can still qualify for it. Usually, most payday lenders perform no credit checks because of the small amount. Also, several online direct lenders offer payday loans for bad credit.

Cons:

  • Payday loans come with high-interest rates: – Comparing personal loans and credit cards, payday loans are more expensive. The high-interest rates and other fees lead some borrowers to cause to trap in a never-ending debt cycle.
  • Small time to pay back your loan: – Payday loans offer a small amount of money and a shorter repayment time. It puts more strain on your finances. If you already face financial problems, you must pay back the borrowed money with interest on your next paycheque arrival.
  • Payday loans are only for short-term expenses: – Indeed, payday loans can only effectively handle short-term and emergency expenses. If you are facing more considerable expenses or financial problems, opting for other credit sources, e.g., installment loans or long-term loans, is better.

Basic payday loan requirements

As per the regulations of the government’s Consumer Financial Protection Bureau (CFPB), the basic requirements to qualify for a payday loan are described as:

  • Being a resident of the United States (with a US address)
  • Having a paying job that you’ve been employed in for some time
  • Have an active checking account
  • Being over the age of 18 (and eligible to take out a loan)
  • Not being in a state of bankruptcy

If you can meet the above payday loan requirements, you can apply for online payday loans. Make it clear that approval is not 100% guaranteed, but if the lender approves, your money will be deposited on the same day (usually 10-15 minutes).

When to avoid payday loans?

Payday loans are best for dealing with short-term and emergency financial requirements only. Don’t be assumed that payday loans can be used for every cash flow crisis. There are some situations where you must avoid payday loans, such as:

  • If you already apply or have one or more payday loans,
  • If you want to use payday loans to pay off other loans,
  • If you can’t be able to afford the repayment of your loan,
  • If you want money to spend on luxury- such as a night out parties or buy concert tickets.

If you are facing difficulty repaying your loans, outstanding credit cards, or other bills, you can take the help of debt consolidation experts. These advisers help you consolidate your debts and get back on the right financial path.

This way, you can get some more time to decrease your debts and avoid borrowing more money.

If you’re about to get a payday loan

If you decided to apply for a payday loan, you must check the following points to make your decision right:

  • Make sure to borrow what you need: – Payday lenders indeed offer more money, which might attract you. But be within your limit, and if you don’t need it, don’t borrow more. Oversee it! It is not a good decision to apply for a considerable amount you are not even required to and pay high-interest rates.
  • Compare the lenders and their offers: – All lender’s interest rates, offers, fees, and repayment plans vary from each other. It is better to compare all the lenders, and their loan offers to find a perfect deal that matches your current financial circumstances.
  • Try to choose a direct lender: – A ‘direct payday lenders’ means they provide payday loans directly to the borrowers. Direct lenders offer payday loans at lower interest rates than conventional lenders. Lastly, payday loans direct lenders’ eligibility, making loan qualifications more lenient.

Frequently Asked Questions about Payday Loans

Payday loans won't affect your credit score negatively if you make the full payment of your loan on time. These fast-approved payday loans can help you to build your credit score again. But when you manage your loan correctly and make all the repayments on time.
Yes, applying for a payday loan does not need to obtain a good credit score. Most payday lenders also consider other factors like your income and employment history instead of only your credit score.
Due debt can remain on your credit report for seven years or more. It is compulsory to pay for it. No type of debt, such as payday loans, may disappear.
Yes, just like any other ordinary loan, or borrowing method, payday loans show on your credit report. Please keep in mind that lenders might see your credit report negatively if you have regularly taken too many payday loans in the past.
Time depends upon your credit reference agency. Whether you take a payday loan or other financial product such as a credit card, it will stay on your credit report system for one or two years. Any type of payday loan late or defaulted payment could remain on your credit file for six years.
Have you lost your job due to the Covid-19 pandemic? Are you searching for a new job? And need a small loan? Don't worry! You can take the assistance of payday loans for the unemployed. If you are qualified and receive financial assistance from the U.S. government, you can apply for unemployed loans at Payday APR™. These loans are tailored-made for unemployed people to return on their feet again.

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