Payday Loan Online
What to Check When Getting a Payday Loan Online
When an emergency strikes and you need some fast cash, nothing tops a payday loan online. The requirements to get the advance are simple and if you apply today you can have the money you need in your hand tomorrow. But not all lenders are the same. Their loan terms and requirements vary. So to avoid a rejected loan application and to prevent any surprises, check the site's FAQ and Requirements pages for the following:
Income Requirements Lenders want to see a steady source of income. This is usually from a job, but a pension or some other type of fixed-income source is also generally accepted. If you make at least $1000 per month, your income level should be satisfactory for any lender. But the minimum requirement for how long you've been on your current job is not as consistent.
Some lenders can accept it if you only have 1 month with your present employer, while others want at least 6 months. If you've been at your current job for less than 6 months, some of these lenders will approve your application if you've been working in the same field for more than 6 months.
Checking Account For payday lenders, the history of your checking account is similar to your job record. The longer you've had either, the more reliable they see you to be. Most lenders like to see an account that's been open for at least 3 months. What they don't like to see is charges in your bank statement from writing bad checks.
Debt Repayment Although history doesn't always repeat, it is often an indication of what may happen. Bad credit or a lack of credit isn't a problem, but unpaid payday loans is. So any outstanding payday loans, either online or off, sends up a warning to lenders.
If you've declared bankruptcy within the previous year, this is a further reflection on your ability and willingness to repay debts. Due to the serious nature of a bankruptcy, most lenders feel anything less than a year isn't sufficient time to get your financial life back on track.
Loan Limits Most states have laws specifically regulating the maximum amount for both an offline and online payday loan. It's typically $300 to $500, but lenders will usually offer a less than the maximum loan to first-time customers. If this is their policy, it should be indicated on their website.
Fee Limits In addition to the loan limits, most states also set the maximum fees and interest rate payday lenders may charge. The total loan fee is usually about 15% to 20% or $15 to $20 per hundred dollars loaned. Some states set a graduated fee structure and require a lower rates as the size of the loan increases.
Loan Extensions Some states allow the loan repayment period to be extended and some don't. And even if your state does, the lender might not. Hopefully none of this will matter and you can repay the loan on time. But if there's any possibility you may not be able to, be sure check with the lender before applying.
Standard Requirements All lenders require you to be at least 18 years old and either a U.S. citizen, or a permanent resident.
A cash advance with an online payday loan isn't meant to be an everyday thing, but for the times you need some quick money, it can be a real help.
