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What are payday loans? How does it work? Is it safe? If at least one of these questions popped up in your mind, this article will come in handy.

Anyone can face financial glitches. This is life, and sometimes you may need urgent financial help. Fortunately, there are a lot of financial institutions that are ready to help you with your situation. You may go to the bank, collect tons of documents and finally get rejected. Or it is possible to use a computer, fill in a simple application and get your money as soon as possible. The choice is yours.

In this article, you will know everything about easy payday loans and all the nuances and pitfalls of this offer. Read on to be armed with the information in order to improve your financial situation.

Payday Loans: All The Peculiarities And Nuances

The US financial system is a great example for the rest of the world. Payday loans up to $1,000 are issued here for a very long time, so the service has become very popular and developed. This service is based on the online lending system. Although there are in-store lending companies, it is vastly popular to take payday loans online. Any American appreciates the time and understands how to use it rationally. Therefore, people prefer not to spend several hours riding to the bank or private company offices. Almost every person gets so-called cash advances through the lender's website.

The majority of lenders can give out a cash advance online in 15 minutes, without even seeing the borrower in person. Since every American has a personal bank account since the age of 18, it is not difficult for lenders to obtain information about a person by his/her account number or even by mobile phone number. The approximate time from the moment of application submission to the moment of receiving the money is about 10-20 minutes if you are using in-store lending services. If you ask for online payday loans direct lenders, the money will be transferred to your bank account within 24 hours. That's why such services are very popular among people who are faced with financial problems or urgently need extra cash.

The Procedure Of A Payday Loan Approving

The procedure of payday loans approval is extremely simple. First off, you should decide what sum you exactly need. If you need about $200-$1000, go on reading this article. In case you need a larger some, it is better to use another service.

The main thing, in this case, is to find a reliable lender. There are thousands of lending companies throughout a country and a web, but finding a dependable one may seem a real challenge. So, before you make a deal, it is better to conduct research.

If you found the company you trust, first of all, it is necessary to complete the application. Whether you address storefront lender or online service, the information you need to provide to get payday loans will be as follows:

Real name/surname.
Phone number.
The information about your income.
Bank account details.

Moreover, you will need to specify the sum you are going to borrow and agree that you will return it (plus interest and additional fees) in 2-4 weeks just after your payday. It is worth mentioning that payday loans terms and conditions are different in each state, so make sure you provide all the important info. When reviewing the applications, lenders carefully check out the borrower’s revenue and debts to determine his or her capacity to repay.

If your application is successfully approved, the lender will ask you permission to automatically withdraw money from your bank account on a fixed date. Unless you don’t want to pay additional charges, you will need to repay your borrowing just after the next payday (in 2-4 weeks).

In case you have approached a storefront lending service, it is necessary to visit a lender on a particular day to pay off the cash advance. If you are unable to recover your cash advance, particular interest will be added to the entire amount of debt.

How Long Should Wait To Get Approved For Payday Loans?

There is no need to wait long until your application will be approved. Fast payday loans live up to their name since the client will receive extra money as soon as possible. If you address a lensing company in-store, you will get your cash just in 15 minutes after the application approval. In case you decided to use the services of online lenders, you will need to wait up to 24 hours until the money is transferred to your bank account.

How Many Payday Loans Can The Borrower Get At Once?

It is theoretically possible to contact several organizations at the same time, and many people do this for three main reasons:

when there is a risk to get rejected;
to choose the best option from the most favorable conditions;
to get as much financial assistance as possible right away.

Before giving a positive answer, the lender checks the payday loans and credits history to see whether the client is honest about his/her capacity. Based on the results, the borrower can take another cash advance under certain conditions:

He/she regularly makes payments on active debts
He/she has no delays
He/she has enough income to repay another loan

As you can see, it is possible to take multiple payday loans at once if the borrower’s solvency and good faith in relations with lenders allow.

Extra Fees And Pitfalls For Payday Loans

If you didn’t make payments timely, you will have to pay additional fees along with the initial sum and a rate of interest. Moreover, these fees will become to accumulate. The more time you don’t repay your borrowing, the more you will need to pay.

Additional charges can include:

NSF fees are charged by a lender when a borrower is unable to pay sufficient funds or he/she doesn’t have enough money on their bank account to recover the debt. This charge is in addition to a returned payment fee from the entity being recovered.
A returned payment fee is charged by a lender if you didn’t pay off your payday loans on time. Usually, lending companies have the highest returned payment fees.
Rollover interest fees are charged by a lender along with the initial sum you have borrowed and down payment to delay the repayment period of payday loans.

What Are Payday Loans Terms And Conditions?

Before addressing a lending company, consider these important points to achieve guaranteed payday loans:

It is prohibited by law to give payday loans to underage people.
The lending services approve applications only from legal US residents.
The lenders don’t work with full-time active duty military personnel.
The client should meet minimum income requirements and have a stable income.
The recipient should agree with all the repayment requirements of a particular US state.
It is necessary to specify the bank account details.
There are small chances the lenders will work with unemployed clients.
The bank account shouldn’t be opened too recently in order by fraud to be suspected.
The lending services don’t work with recipients with an active or recent bankruptcy or bounced checks.

The Reasons The Lender Can Deny Your Payday Loans

Sometimes the lender can deny your application. The reasons for refusing may be different. Here is a list of the most common reasons, so carefully study them in order to successfully get your application approved.

Credit issues. Although the lending companies claim they provide payday loans no credit check, they always check your credit history in the database. A bounced check can spoil your financial history and that is the main reason the lender can deny your application. However, there are some lenders that offer payday loans for bad credit
Lack of income details. If you don't have a stable income or the amount of money you borrow exceeds 60 percent of your total income, you are likely to get rejected.
Errors and inaccuracies when filling out the application. The lender will carefully check everything that you specified in the application form. Any mistake or inaccuracy may result in denying payday loans. For example, if you make a mistake with one digit in your home telephone number, you can inadvertently indicate the number that appears in the lender’s database as an office one. Scoring may regard this as an attempt to provide obviously false data.
You have already had unrecovered borrowing. Nobody wants to risk their money, nor do the lending services. The lender must be sure you can make payments. But if you have multiple debts, the lender may recognize you as an irresponsible recipient and reject your application.

About Payday Loans Costs

According to the CFPB study, the average payday loans cost given by an in-store lender is $15 for every $100. So, if you borrow $500, it is necessary to repay $475. The cash advance taken for two weeks will cost you a 391% APR.

If you decided to address online services, you are going to pay more. Online payday loans typically cost more. The average cost for online payday loans is almost $24 per $100. So, if you borrow $500, it is necessary to pay off $620. In this case, the APR reaches impressive 613%.

In case you fail to make a payment on the first payday, the financial company will add a new charge, but the cycle will repeat. In a few months, you will have to pay more in the rate of interest than the initial amount. This can make your financial hardship even worse. That is why the borrower should understand all the risks while working with lending services. Knowing what makes payday loans dangerous can keep borrowers from falling into a debt trap.

How To Effectively Clear Your Payday Loans

After making the payment on the cash advance, you need to make sure that the loan is closed. To do this, you can choose one of two options:

Check the necessary information in your account on the lending company website.
Contact the customer service, and after confirming your identity, make sure that the loan is fully repaid.

If the debt is not paid in full, do not panic or hide from the lender. In such a situation, you need to get in touch with the financial institution to solve the issue.

Also, you need to understand that although the process of getting payday loans is simple, it is always necessary to fulfill your obligations.

Payday Loans Alternatives You Should Know About

Apart from payday loans, there are other options to get urgent money. Some of the, are more expensive while others are rather affordable. These alternatives include:

A long-term payday installment loan is a type of payday loans which have a longer repayment period. It is possible to extend the repayment period for years. Such offers are available either online or in-store. Long-term payday loans typically have 400% APR. To have a deeper insight into the matter, let’s imagine you have borrowed $2.000 for three years. In total, the sum of your repayment will be $16.000.

An auto title loan is a type of short-term loan where the borrower pledges his/her vehicle as collateral. This option is not cheaper than payday loans, so be ready to pay a monthly fee is about 25%. Usually, it is possible to borrow from $100 to $6.500 and make a repayment within a month.

Credit union loan is a good option for those who want to borrow money with a lower rate of interest. A credit union is available up to three times in a rolling six-month period. The APR is almost 28%.

The Final Word

Payday loans can be very helpful in terms of dealing with urgent financial help. However, this type of financial help can’t cope with serious financial issues. So, it is better to think about your financial responsibility before approaching a lending service and avoid borrowing money from multiple companies.