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It is impossible to predict when you will need urgent financial help. If you manage to save up enough money, it is good for you. But if not, then getting fast payday loans may seem the perfect solution. What are payday loans? Why is this service so popular among people who face financial difficulties? What are the peculiarities and pitfalls of this type of short-term credit? How does it work? Are there any hidden fees? If at least one of these questions popped into your head, you’d better read this article. Here you will know everything concerning payday loans, including their advantages and disadvantages. Read on to have a deeper insight into the matter.

Payday Loans: What They Are and How They Work

Payday loans are short-term credits that help to solve financial problems quickly. To use the service, you do not need to collect the numerous documents that the bank requires from its customers. The main thing you should remember that it is necessary to repay borrowing after your next payday.

The benefits of payday loans no credit check:

  • High speed of service. Quick application approval while the money is transferred as soon as one business day.
  • Simple procedure. There is no need to look for a creditor organization. Everything can be done online.

The disadvantages of the service:

  • The interest rate is a key disadvantage of payday loansas it can reach up to 600% APR. However, it is possible to choose acceptable conditions that could be arranged by the period of lending, the amount of money, and the terms of its return.
  • Short-term repayment. It is necessary to repay the debt within 2-4 weeks to avoid any additional fees.

If the application is approved, the funds will be transferred to your bank account within 24 hours (if you are claiming for payday loans online.) In case you are approaching a storefront lender, you will receive your cash in about 15 minutes.

How to Get Approved for a Payday Loan Successfully?

It is fairly simple to get approved for payday loans. All you need is to follow specific requirements. Firstly, you should specify the desired sum you want to borrow. If you need about $100-$1000, the service of the lending companies is just what you need. In case you need a larger sum, you'd better look for another option.

If you pick a reliable company, first off, it is necessary to fill in an application form. Whether you approach an in-store lender or online lending service, you will need to provide such info to get payday loans:

  • Name/surname
  • Telephone number
  • Revenue details
  • Bank account details

How Long Does It Take to Get a Payday Loan Application Approved?

Payday loans have their “easy to get” status for several reasons. One of them is fast application approval. In-store lenders will sometimes have a faster approval time compared to online services. Thus, if you address a storefront lending company, you may get your money in 15 minutes. Once you've been approved, you will typically receive your cash right away.

For those who want to take payday loans online, things are different. It is necessary to wait several hours for the result. If you've got a positive answer, lenders can deposit the funds into your account within 24 hours.

The Maximum Number of Payday Loans a Consumer Can Have

The applicant can have no more than two payday loans at a time. Moreover, there are some nuances you should know. It is prohibited to address the same creditor.The lender has to verify a customer's eligibility. But even if the borrower has a stable income, each cash advance will be limited to $600.

In case of taking multiple payday loans, the lender will require proof that you have:

  • a job and a checking account;
  • unspoiled credit history;
  • a permanent address.

Extra Charges for Payday Loans and Possible Nuances

In case you have failed to repay a cash advance on time, the lender will charge the extra fees, increasing your out-of-pocket costs. It is worth mentioning that the longer you delay the payment, the more you will eventually need to pay.

The borrower can have extra charges such as:

  • NSF fees are charged when a customer makes a payment with insufficient funds to cover a payment.
  • A returned payment fee is charged if the borrower bounced his/her payment on payday loans. Typically, lending services claim the highest returned payment charges.
  • Rollover interest fee is charged to delay paying back the cash advance.

Payday Loans: Terms and Conditions

The potential borrowers should know the terms and conditions of the majority of lending services before approaching them.

  • The individual should be over 18.
  • The minimum credit score to get payday loans should be no less than 300.
  • Only legal residents of the state can borrow from the lenders. Moreover, one should specify a valid address and confirm the residential status.
  • Some lenders don’t guarantee payday loans for bad credit. That is why it is better to have a good credit history.
  • It is necessary to specify contacts to get fast approval.
  • The client should have a stable income that will fully recover the borrowing.

Top Payday Loans Rejection Reasons

Sometimes lending companies can be uncompromising and reject payday loans. The reasons are different. Read on to find out the most common ones.

  • The applicant has multiple unpaid payday loans. If you have another existing cash advance, the lender will easily determine it by checking it in the database. You will be denied if you have a credit contract that is currently being repaid, there is more than one cash advance in the last 3 months, or you want to borrow money to repay other debts.
  • The applicant doesn’t have a stable income or is unemployed. If the borrower doesn’t have a permanent, part-time job or other income, the lender can reject the application. However, some lending companies approve the applications from unemployed clients. One’s eligibility depends on the terms and conditions of a particular company, whether the client gets Centrelink payments. Also, the creditor may ask about your general financial situation before making a decision.
  • The applicant has bounced checks. When you approach a lending company, the lender can check the last three months of bank statements. If the client has failed to make timely payments or his/her bank account is overdrawn, it may also result in a red flag for approving a payday loans application.
  • The applicant has a cash paid job. If the lender is unable to check the client's monthly revenue via the bank statement due to a cash paid job, there big chances to get a negative response. However, some lenders use the client’s payslips as a way to verify an income.
  • The applicant deposits money to gambling websites. Before approving the application, the lender carefully studies the general financial situation of the client. If the bank statements show that the potential borrower makes payments to gambling websites, the lending company evaluates it as a risk and refuses payday loans.
  • The applicant doesn’t meet the minimum requirements of the credit provider. Different financial institutions have different criteria. If you, for some reason, don’t meet any requirements of the lending company, for example, you are underage, or you are not a citizen of a particular state, most likely, your application will be denied.

The True Cost of Payday Loans

Based on the CFPB research, the average in-store payday loans cost is $15 for every $100 with 391% APR. The online payday lenders increased the annual percentage rate to 613%, which means that you will have to pay $24 per $100. These loan fees tend to be quite high, yielding an average annual percentage rate.

How to Successfully Repay Payday Loans?

There are some ways to pay off payday loans:

  • Make the full repayment with a new, more affordable loan
  • Make small repayments but more often
  • Use your savings to return the borrowing
  • Reduce expenses, especially non-important ones
  • Ask your lender to arrange an extended repayment program
  • Find an additional job to get rid of the debt
  • Don’t take multiple payday loans

If the client finds himself in a difficult financial situation, the service can consider his/her case individually. Sometimes, partial repayment of payday loans is possible, while the size of the parts and the repayment conditions are discussed in person.

Payday Loans Alternatives You May Use

Apart from payday loans, there are other no less sought-after types of credit. Some of them are more expensive, while others are more flexible. Which one to choose depends on the desired amount of money and period you are going to repay a debt.

  • Installment loans. If you are going to borrow $200-$3000, this service is for you. This type of credit contract is given for a longer-term compared to payday loans. However, the interest remains the same (about 600% APR), so it is still expensive.
  • Prepaid debit cards. Most borrowers find this service to be rather convenient. You can get a MasterCard and use it as you want. However, it is necessary to pay extra charges for prepaid debit card usage. The credit limit of the client directly depends on the state he/she lives in and previous financial operations.
  • An auto title loan is a kind of a short-term loan when a borrower puts up an asset, for example, his/her vehicle, as collateral for financing. In this case, it is possible to borrow 100 to $6.500 and pay off this money within 30 days. It is one of theeasy payday loans, but this option is not cheaper. The borrower should pay an additional charge of approximately 25%.
  • Credit union loan offers better approval odds and a lower interest rate. With 28% APR, you will be able to claim no more than three loans in any rolling six-month period.

Useful Tips for Those Who Are Planning to Approach a Lending Service

It is needless to say that online payday loans direct lenders should be considered only in an emergency when the person really needs money, and there is no way out except approaching a lending company.

It is better to take a cash advance only if you have a stable income and are confident that you can pay it on time. When choosing loan terms, consider stopping the calculator slider 3-5 days after the date of the expected salary payment. If, for some reason, you don’t receive your money timely, you will have several days to find funds not to get additional penalties.

When choosing a lending company, give preference to distance companies with instant scoring and numerous ways of crediting money. Thus, you can get guaranteed payday loans quickly and without any hassle. You should pay close attention to the interest rate and discuss it with a lender.

If overpayment does not seem so significant, take small amounts or payday loans for short periods. Thus, it will be easy for you to make a repayment and avoid straining your finances and pushing yourself towards a debt trap. And remember, payday loans aren’t the cheapest solution to get fast cash. Never take out a borrowing unless you're sure you can repay it on time and in full.