Online Payday Loans

Whenever emergency cash need arises, an instant availability of required funds is obviously expected which is not possible to arrange via traditional bank loans. The reason behind their lengthy procedure and lot of hassling paper work. Although patience is a virtue, the circumstances simply can’t wait. Cash is short, the bills are due, and the salary day is still days away; so there must be an alternative to ensure that the consumer can manage all these outstanding expenses and make it to next payday. Fortunately, the existence of online payday loans with guaranteed approval is there to assist the consumers in a such a hard time. It just takes few minutes to apply for a same day cash advance loan, and if you choose the right lender, the loan application will be approved instantly and funds will be sent directly to your bank account.
The loan amount that is allowed to borrow via these loan vary from state to state as per payday regulations. However, it ranges between $100 to $2,500. Further the loan term also depends on the law. The consumer does not need to worry to gather this information as it is disclosed clearly in the loan agreement send by the lender initially. The repayment term is also mentioned in the same. The through glance at the agreement enable the borrower to understand the procedure before finally signing the agreement. Also, CFPB is always there to answer any kind of queries regarding payday lending in the United States.

Why Are They Called No Credit Check Instant Cash Loans?

The same day payday loans are often termed as short term instant cash loans because they are small, short-term, approved within few minutes, and are unsecured. Unlike traditional lenders like banks or credit unions, an exemplary credit score is not mandatory in case of short term loans, and no collateral is demanded by the lender. Even the borrowers with a bad credit history can successfully apply for such an instant cash loan. Normally, a soft credit check is conducted by the lender during loan process. Again it varies from lender to lender, but all of them verify financial background of the borrower to confirm his ability to repay the loan. All you need to show your U.S. identity proof, working email id and phone number, a valid bank account and income proof to receive quick financial assistance.
Don't mix payday advance loans with same day payday loans as there is slight difference between both if them. In case of no credit check payday cash advance loans online, not all lenders can provide same day funding. The lenders, who provide same day cash services charges extra for the speed, and sometimes additional fees for quick money transfer.

What is the Need of Same Day Cash Loans?

Life is not a bed of roses and any one of us may face unexpected circumstances at any time such as sudden car repairs, medical bills, utility service payments. All these situations demands immediate cash flow. There are a lot of other causes as well, why people use payday loans to meet their monetary requirements and some them are as follows:

• They couldn't borrow money from family or friends as they feel it bit embarrassing or sometimes the near and dear ones may not have enough funds to lend some.
• The borrower may have bad credit history which is big barrier for applying for a regular personal loan.
• The monetary required is extremely urgent and no any other financial services is fast enough to offer required funds instantly.
• The consumer may not want to use a credit card cash advance.

How Does a Same Day Payday Loan Work?

A loan is a cash borrowed by a person from a lender which he repays within an agreed period. It is made up of the principal amount, fees and charges and an interest rate. An applicant can borrow instant cash via payday cash advance loans from either online direct lenders and affiliate platforms or from store front lenders. Despite the medium, it hardly takes 10-15 minutes to apply. The repayment process is somehow different in payday loans online as well as from store front lenders. The borrowed is supposed to pay the lump sum amount including all the fees, interest and the principal loan amount in a single repayment. Here are the steps of payday lending process.

• Fill application process with basic personal details and the amount you wish to borrow.
• The lender reviews the application. If an applicant meets the eligibility criteria, approval is granted instantly.
• The loan agreement explaining all the loan terms and conditions is shared with the borrower.
• After understanding the loan agreement, the borrower does electronic signature on the agreement and send it back to the lender.
• The cash is transferred directly to borrower's bank account on the same day.
• On the coming payday, the borrower repays the principal amount, interest rate amount and loan charges in a single payment.

As you see that payday lending process is very short and crisp. In any case, if the borrower thinks that he would not be able to repay on the decided day then it is moral obligation to inform the lender on prior basis. Depending on the state laws, the borrower could be issued a loan rollover by charging some extra fee. If the borrower requests for more than 2 rollovers then there is a greater probability of getting stuck into a debt cycle. It could bring major harm to potential financial health.

What is the Eligibility Criteria To Qualify For Instant Cash loans?

Being an eligible applicant for short terms payday loans is not a daunting task at all. The requirements are very simple and anyone can meet them.
General Requirements:

• Be at least 18 years old
• Have a valid email and phone number
• Have a steady income of at least $1,000 per month
• Have an active checking account

Required Documents:

• In certain circumstances, the direct lender may ask for some additional documents like:
• Identity proof such as a passport, driver’s license, social security ID.
• Address proof such as a utility, phone or cable bill.
• Income proof from employer

By Whom Payday Loans Are Likely to Be Accessed ?

The Pew report found the following type of consumers to be among payday borrowers:

• Renters
• Earn less than $40,000 a year
• No four-year college degree
• Separated or divorced
• African-American

The report also states that the average consumer borrows eight loans worth $375 and spends $520 merely on interest charges by the time he repays the principal amount.

What are the Benefits of Same Day Payday Lending ?

Payday Loans are Fast and Convenient
The best advantage of payday lending over other forms of lending is speed. It is Online Payday Loans Online No Credit Check Instant Approval fastest lending service to meet the urgent cash needs. The money is transferred into borrower's account as soon as possible within the same day which make it the quickest loan service.
Simplest Qualification Requirements
Qualifying for a cash advance loans is the easiest financial job. The main requirement is that an applicant must have steady income flow and should had not been defaulted on this type of loan in the past. An applicant needs to show employment proof because the loan amounts are very small and lenders only need to ensure that the borrower has means to repay the loan.
Every U.S. Citizen Over 18 Are Eligible
To apply for payday loans online , an applicant has o be over the age of 18 and a legal resident of the United States.
Bad Credit Is not an Issue
It is very disheartening to get rejected by the bank or other lenders because of a poor credit history, however, payday loans approve loan request form regardless of the credit score. The lenders fairly assess all applications considering other factors such as employment status and income level to grant the approval.
Ideal For Temporary Budgeting Lags
Whether the consumer is facing an unexpected bill or need to make an upfront purchase, payday loans are ideal to match temporary budgeting issues in that case.
No Long-Term Commitments
Usually, in a case of traditional personal loans, the borrowers get locked into several months or sometimes years to complete the repayment process. However, these short-term loans come commitment without any installments except Online Payday Loans Denver Colorado No Credit Check Instant Approval as this state has installments because the loan term is large here.
In all other states, one single repayment is made on next payday and then the borrower is free without having to worry about the loan he borrowed.
Reach Multiple Direct Lenders at One Stop
There are some affiliate companies who offer payday loans online. The applicant just needs to submit their details via their loan request form and get an opportunity to connect with the vast network of approximately 300 payday lenders.
Legal and Regulated
Payday lending in the United States is a legal financial service that is regulated federally and on the state level. Lenders are not permitted to overcharge during loan process and while recovering the lended amount. It is mandatory for all the lenders to be fully licensed and accredited to practice an assessment on loan application to determine the best loan terms for consumers' financial situation.
Transparent Interest Rates and Terms
Before signing payday loan agreement, the lenders clearly outline the amount being borrowed, how much the borrower will be charged, the date of repayment and their other terms of conditions. It is important for the borrower to read the document to fully understand the process before proceeding.
No Manual Transfers
During the application process, the borrower is asked to provide the valid details of a checking account. This allows the lender to send the loan amount via direct deposit to his account and fetch the repayment automatically so that there is no need to write checks or carry out a manual transfer.
Boost Credit Score
As with all forms of credit successfully repaying payday loan gives a boost to applicant's credit score, making it easier to apply and get approved big loans in the future such as mortgage loans. Moreover, it is done very quickly because payday loans are repaid on very next payday.
Details are Kept Safe and Secure
All the payday lenders use the latest encryption technology to ensure any details the borrowers submit via online application form are safe and secure. Also, they agree to never pass on or sell the applicants' details to any third party agency or a person.

List of States Where Online Payday Loans Are Legal

State	Maximum Amount	Length
Alabama(AL)	$500	31 Days
Alaska(AK)	$500	14 Days
California	$300	31 Days
Colorado(CO)	$500	No Maximum
Delaware(DE)	$500	60 Days
Florida(FL)	$500	31 Days
Hawaii(HI)	$600	32 Days
Idaho(ID)	$1000	No Maximum
Indiana(IN)	$500	No Maximum
Iowa(IA)	$500	31 Days
Kansas(KS)	$500	30 Days
Kentucky(KY)	$500	60 Days
Louisiana(LA)	$350	30 Days
Michigan(MI)	$600	31 Days
Mississippi(MS)	$500	30 Days
Missouri(MO)	$500	31 Days
Montana(MT)	$300	No Maximum
Nebraska(NE)	$500	34 Days
Nevada(NV)	No Maximum	No Maximum
New Hampshire(NH)	$500	30 Days
New Mexico(NM)	$2,500	35 Days
North Dakota(ND)	$500	60 Days
Ohio(OH)	$500	No Maximum
Oklahoma(OK)	$500	45 Days
Oregon(OR)	No Maximum	No Maximum
Rhode Island(IR)	$500	No Maximum
South Carolina(SC)	$550	31 Days
South Dakota(SD)	$500	No Maximum
Tennessee(TN)	$500	31 Days
Texas(TX)	No Maximum	31 Days
Utah(UT)	No Maximum	70 Days
Virginia(VA)	$500	No Maximum
Washington(WA)	$700	45 Days
Wisconsin(WI)	$1,500	90 Days
Wyoming(WY)	No Maximum	One Calendar Month

What is the Role of CFPB in Payday Lending?

The Consumer Financial Protection Bureau’s rule makes it legitimate for lenders to take steps to make sure people can repay their loans without imposing any usury and illegal charges on them. These protections are applicable to all short-term loans including payday loans, vehicle title loans, as well as certain high-cost installment loans.
According to CFPB, Payday loans can generally charge a percentage or dollar amount per $100 borrowed. The amount of this fee ranges from $10 to $30 for every $100 borrowed, depending on the state law and the maximum amount the state permits to borrow. A fee of $15 per $100 is common. It is equal to an annual percentage rate of almost 400% for a two-week loan. So, for example, if you borrow $300, it would cost you $345 to pay it back, assuming a fee of $15 per $100.
Rollovers:
If the borrower finds himself unable to pay on loan due date and the state law permits rollovers, the payday lender may allow to pay only the fees due and then the lender extends the due date of the loan. However, the borrower then will be extra fee still owing the entire original balance. So if you borrow $300 and if you pay a rollover fee of $45 you would still owe the principal amount plus another $45 fee when the extension is over. That becomes a $90 charge for borrowing $300 for four weeks.
Repayment Plans: Some U.S. State laws require payday lenders to offer extended repayment plans to borrowers experiencing difficulty in the pay back of the loans. These laws vary by state, and may or may not permit a fee for using a repayment plan.
Late Fees:
If the borrower does not pay back the loan on time, the lender is allowed to charge a late fee, depending on state law. The bank or credit union may also impose an “NSF”(non-sufficient funds) charge if the repayment check gets not paid due to a lack of funds in the borrower's account.
Prepaid Debit Card:
If the loan funds are transferred to any prepaid card, there might be other fees to add the money to the card, for checking balance, and each time the card is accessed by the owner.
So, be sure to read the loan agreement carefully to understand all the fees and costs before signing the loan agreement. If you have questions about the state law, you can find more information on CFPB's website. Alongside, if at any moment during the loans process, the applicant feels himself cheated or being overcharged, he can directly submit the complaint to CFPB.
On a whole, a same day payday loan is a convenient way of arranging instant cash to handle financial emergencies. The required cash could be accessed within few hours on the same day despite bad credit and without any collateral. The borrowed money could be utilized for any purpose as long as the borrower can mange to pay back on his next salary day. However, there is a legal obligation to pay the borrowed amount on decided date to avoid any penalties and lawsuits. Most of the state laws in the United States restrict lenders from renewing or extending loan so it must be paid on next payday to avoid the debt cycle. Paying loan on time does not only protect the consumer's credit rating but also boost it in order to enable him to qualify for bigger loans such as business loans or mortgage loans in the future.