Payday Loan Features
Most payday loans last two weeks or less, since you usually repay the loan when
you receive your next paycheck. Unlike other personal loans, payday loan
amounts are small, about $500 or less. Most lenders offer several options for paying
you, either by giving you cash or a check, providing you with a prepaid debit
card, or doing a direct deposit straight into your checking account.
Depending on the lender, you may be required to give them access to your
checking account or pre-date a check for the date the loan amount comes due.
You can also choose how you want to repay the loan, whether you want to pay the
full amount on a specified date or make payments on the interest over an
extended period of time. Talk to your lender about the different options
available.
Who Should Get a Payday
Loan?
Anyone needing a small cash advance is eligible for a payday loan. It’s an
especially convenient option if you don’t have a credit card or a savings
account. You don’t even need a credit check – lenders usually just require a
checking account to qualify.
Who qualifies?
Anyone over 18 can apply. But Payday loans are generally easiest to secure from
age 20 and over, and you need a monthly income over $1500. Lower is possible
also, but chances to qualify are lower. You can also try a personal loan,
longer repayment time and loans from $500. Requirements are similar to those of
Payday loans. All of this is also subject to state laws, but these are the
general rules.
How to Find a Lender
Depending on where you live, you likely have access to a payday loan store
nearby. Speed up the process by applying online before heading to the store to
pick up your cash, use one of our listed lenders above. Or you might be offered
a loan directly, this is convenient because you don’t even have to leave the
house to apply and receive your funds. Loan terms and conditions vary depending
on the lender, so shop around for the best deal before making a decision.
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