How Do Payday Loans Work

When you need fast cash, you need a loan approval process which is fast, easy, and transparent. Through our website, you can apply for a payday loan in minutes. The application is user-friendly, intuitive and can be done from any device. You will receive the offer in a bit, and you'll have the money you need within one business day maximum.

Get Your Money in Just 3 Easy Steps

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What is a Payday Loan and How Do They Work?

A payday loan is short-term cash loan ranging from $100 to $1,000 that should be repaid with the borrowers next paycheck. The average loan term is about two weeks, and you can apply for a payday loan online. Find out below how each step works.

Fill Out the Application Form

It all starts with filling out our easy online application. You can complete it in just a few minutes. Once you submit it, we send it to our network of loan lenders. They will instantly let you know if you qualify.

Sign On Your Loan Online

Our lenders will get back to you with offers. Once you have a chance to review them, you can accept the one which is most suitable for your needs and sign it electronically.

Get the Cash You Need

All that is left you now is receive your money. The lender will transfer it to you through direct deposit to the bank account which you provide. This process typically takes one business day.

Pay Back Your Loan

Many lenders offer multiple options for repaying your loan. Usually, the lender takes the balance due directly from the same bank account where you received your funds. This makes the process of repayment effortless. Please make sure to have the needed funds in your bank account.

What Qualifies You for a Payday Loan?

Payday loan requirements vary from lender to lender, but usually, to qualify for a loan you should be aged 18 or more, show proof of income ($1,000 or more) and have an active checking account.

You are ready to fill out the online application for a payday loan right now if you have the following:

How Much Can I get on a Payday Loan?

Payday loans usually can provide you with between $100 to $1,000 depending on state legal maximums. It is recommended that you borrow the minimum that you require to cover your expenses. How much you qualify for, will depend on:

  • Your income level

  • Credit score

  • State of residence

What Is the Interest Rate on a Payday Loan?

Payday loans typically carry an interest rate (APR) of 400% or more. For every $100 you borrow, a fee of $15 to $30 is charged. The fee depends on your state laws and on the maximum borrowed amount capped by each state. Additional fees may be associated with a payday loan, especially if you need to roll over the loan.

Before you sign on any payday loan, learn what all the fees are you can expect. Calculate the interest you can expect to pay and make sure that you can afford to do so when the loan comes due.

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