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Are you searching for fast payday loans online? Several reasons could have nudged you down this path. Perhaps, your rent is due and your landlord just sent you a notice to pay rent or quit. Maybe, you had to visit the hospital or clinic for treatment. Did your car breakdown?

Statistics point out that over 12 million Americans use them every year. Most borrowers pay them off and continue living life as normal. Some payday-loan customers end up in debt traps because of mismanaging them. In this short guide, learn all about payday loans to successfully borrow them.

Applying does NOT affect

your FICO® credit score!

What are payday loans online?

Let’s breakdown the term “payday loans” to better understand it:

  • “Payday” – It’s the day on which the employer pays worker wages. If you’re paid on Friday once every two weeks, then you’re receiving a biweekly pay. Does your employer pay your dues on the last day of the month? Then, you receive a monthly salary.
  • “Loans” – You can loan someone property or cash. The loaned item has to be returned to the lender. Get the nearest cash loans that are repaid on a certain date. The duration of the loan is called the term. The amount borrowed is the principal. Interest is the money paid by the borrower for the use of the loan.

Therefore, payday loans are cash advance loans repaid on the day the borrower receives their paycheck.

How do payday loans work?

Payday loans online are easy to understand. Here are basic things to note about them:

  • Repayment date:

You borrow a loan that you repay from your next paycheck.

  • Loan term:

Since most people receive monthly or biweekly paychecks, the term is 8 – 30 days. In some states, the loan term ranges from 4 days to 35 days.

  • Loan amount:

How much can you borrow? The standard amount is from $50 to $1000. Some offer return customers higher amounts of up to $1500.

  • Regulation:

Payday loans online tend to be heavily regulated in some states. The amounts might be capped. For instance, California residents can only borrow safe payday loans of up to $300. In Alabama, Alaska, and Colorado, the maximum amount is $500.

Similarly, there are laws governing the loan term. In California, the term can’t exceed 31 days while in Alaska it can’t exceed 14 days.

  • Availability:

Are payday loans permitted in all states? No. Payday loans are fully authorized in 32 states. Some jurisdictions have never permitted them including Connecticut, Massachusetts, Pennsylvania, Maryland, West Virginia, and Vermont.

If they’re not offered in your state, you can opt for other forms of credit from online lenders such as:

  • Short-term installment loans.
  • Lines of credit.
  • Flex loans.

As the borrower, take time to search the payday lending statutory provisions in your state.

How much do payday loans cost?

Payday loans have higher interest rates than other loans. Their APR (annual percentage rate) ranges from 200% to 800%. On average, for every $100 borrowed, customers pay $15.

Applying does NOT affect

your FICO® credit score!

Note that the loaner may give you a stated interest rate and APR. The APR represents the true cost of the loan because it includes the stated interest rate plus other fees.

Where can I get payday loans near me?

Payday loans are offered both online and offline.

1) Offline (in-store)

At the nearest physical payday loan stores, you’ll find loan managers that handle your in-person application. Before visiting one, you’ll be required to bring some documents with you, including:

  • Copies of pay stubs – they are used as proof of income. Some lenders also accept statements of social security benefits or pension benefits. Others accept child support payments. The lender will be checking if the income is directly deposited in your account regularly.
  • Personal checks – most payday loan offices near me require an applicant to write them post-dated checks from the personal bank account that they will deposit on the loan’s due date. Others will ask borrowers to bring debit cards.
  • Government-issued ID – most in-store lenders require driver’s license or state-issued ID.
  • Bank account statements – The account has to be open for the past 30 to 60 days.

Disadvantages of in-store applications:

  • There might be an overnight wait.
  • You might waste valuable time commuting to the store, filling out the paperwork, speaking to the loan officers, etc.
  • It’s lacking in privacy. Some customers value being discreet about their financial position and therefore, don’t appreciate being seen at payday loan stores.

2) Online payday loans direct lenders

Most lenders are moving on to the internet. That’s because it makes the application process faster, secure, and discreet.

Are Online Payday advances available for bad credit score?

A payday cash advance is an example of a loan that provides a small amount of money to borrowers for their urgent financial needs. This loan can typically extend from a couple of days to a few months if required from a direct lender. A borrower easily qualifies with a bad credit score. However, this payday loan comes with high-interest rates.

Are you looking for “Payday Loans Near me“?

The chances are that you are searching for the nearest payday loan online direct lenders and come across We are helping customers for the last eight years and known for our top-rated customer service. You need to fill our simple loan application that requires very simple details like email address, zip, first name, and last name to get started. We have refined the loan application process with sophisticated technology to get matched with trusted and safe online payday lenders.

Applying does NOT affect

your FICO® credit score!

There are many reasons to choose an online lender for payday loans:

  • It’s easy to compare payday loans fast from different direct lenders. You can even apply to those with headquarters in different states but with licenses to issue loans in your jurisdiction.
  • A loan company has longer operating hours. Some run for over 16 hours. Others process loans 24 hours a day. What’s more, most are available on Saturdays and Sundays.
  • Quick and fast funding: You’ll receive cash in your bank account, generally on the next business day. Next business day funding is applicable from Mondays to Thursdays. If you apply on Friday, you mostly get funded on Monday.
  • Privacy and confidentiality: Online payday loans are very discreet. You can apply for them from the confines of your office or home.
  • No credit check: Most online lenders don’t order hard credit pulls to pre-qualify you for their loans. They also accept borrowers with poor credit scores.

How can I apply for safe online payday loans?

Here are the steps you’ll go through when applying for payday loans online:

Step 1: Fill out and submit the online application form

You can access the form directly from the lender’s website. Alternatively, you can fill it on a loan matching service, for instance, Realistic Loans. The loan matching service maintains connections with trusted payday loan online lenders. You’re connected to a trusted company that might have the highest chance of approving you based on the amount you’re asking for, how much you’re earning, state of residence, etc.

Step 2: Review loan offers

When applying through a matching service, you’ll start receiving loan offers from suitable payday loans online lenders in your inbox. You only need to review the offers and choose the company offering the best terms.

Step 3: Getting verified

After you’re pre-qualified and offered a loan, the institution will then pre-approve you. In this step, lenders might ask for documents to be faxed or emailed, for instance, recent pay stubs to show proof of the income you stated in the loan form.

Step 4: Signing the loan agreement

With online applications, you sign the loan agreement electronically. Never sign a document before going over it carefully. Find out how much interest you’re getting charged, loan amount, late fees, NSF fees, repayment date, etc.

Step 5: Getting funded

Online lenders use multiple ways to disburse loan funds, including:

  • Direct deposits – It’s the most common way to receive funds into the bank account. The lender initiates a direct deposit to your bank account via an ACH clearinghouse. These transactions clear in less than one business day.
  • Pre-paid debit cards – Some load cards with the loan funds. It’s a very fast way of receiving funds but might come with higher transaction fees. Not many lenders offer this method, though.
  • Cash pick-up – Lenders with in-store locations may give you the option to pick up cash in-person after completing the loan process online.

Benefits of a payday loan

There are four main benefits of payday loans.

  • Easy to qualify for – lenders are not interested in your credit history so it rarely matters if you have bad credit or good credit. They want customers who are at least earning a stable income. The amount can be as low as $750 per month. Having an active checking account or savings account that can receive direct deposits is also an important qualification criterion.
  • Short term – Many customers view living debt-free favorably. Fortunately, the term of a payday loan is never more than 35 days.
  • Accessible – For online loans, you only need a smartphone or computer to apply for them.
  • Speedy – Payday loans online are very suited and fast cash for emergencies because you can obtain them in less than 24 hours.

Safety Precautions and Consumer Guide

You need approval for an emergency loan and want to know the state’s requirements. There are state government’s sites available for assistance to help you guide knowing laws and other details. For example, In Utah or any different state search for “consumer guide ” for such loans via any search engine and you will be able to get enough information.

Most of the sites have mentioned safety precautions before borrowing money online. It is advisable only to give contact and bank information to the website, which is SSL secured, privacy-protected, and have trustworthy customer service and background.

It will only take a couple of minutes to these inquiries. FTC also advises consumers to make an informed financial decision so better you read all the terms and conditions and other facts before submitting an online application. It will ensure a hassle-free application process and quicker approval in a safe environment.

Is payday advance legal in my state?

Different states have different rules for online payday advances. In some states, it is entirely illegal to operate as a payday or cash advance lender. These states don’t allow any high-interest lending in any form. However, in most states, it is entirely legal to borrow from an online payday loan company. There might be some cap on interest rates or rollovers of the payday loan.

States where a payday loan is prohibited

Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, Maine

States where payday lending is legal without rollovers

California, Florida, Hawaii (check cashers only ), Illinois, Indiana, Iowa, Kentucky, Louisiana, Kansas, Michigan, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Hampshire, New Mexico, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Virginia, Washington, Wyoming, Washington, DC, Nevada ( Loan duration extension allowed beyond 60 days )

States Where One or More Rollovers of Online Loan is Legal

Alabama, Alaska, Colorado, Delaware, Idaho, Missouri *, North Dakota, Oregon, South Dakota, Rhode Island, Wisconsin

Due Diligence and Alternatives Available Online

You should look for more specific laws of your state for details like the maximum amount and APR are permitted. California state deferred deposit transaction law controlled by the business oversight department.

Due diligence before taking an online loan is always a smart idea. If an online payday loan is not permitted in your state, then look for alternative products like installment loans or personal loans.

Apply for payday loans now

At Realistic Loans, we provide the best online payday loan matching service. Get offers from multiple lenders with less work and hassle. Checking the background and trustworthiness profile of a lending company might be a time-consuming task and can take a couple of days. We do that all for you; after applying, a borrower can find a suitable payday loan online option. You always need to stay away from loan sharks or unreliable companies that are not abiding with the state payday loans rule, so getting professional help makes things easy and fast.

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