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Payday Loans USA



Every new day brings us new surprises; a lot of them can be dealt with due to payday loan USA. Sometimes they are pleasant and sometimes not, and it's not rare that you can deal with the issues only if you have enough money in the pocket. But what if you don't? In that case, payday loans USA can come to the rescue. A fast and easy way to get financial support is to apply for a loan in one of the numerous USA moneylenders.


They offer cash advance to people in need on favorable terms. Payday loans in the United States are available throughout the country. The lenders not only have their offices in towns and big cities, but they also provide their services online. Due to this, anyone who has the internet access and complies with the basic requirements for the loan borrowers can get the needed sum within minutes without leaving their district.


State Payday Loan, Payday Loan Debt



The simplicity of drawing up the payday loan deals has made this financial services market niche very popular for a consumer. Every year, about 12 million American citizens use the services of payday lenders. Such popularity can be explained by numerous benefits payday loans have compared to the banks credits, and minimal requirements for the borrowers.


Despite the high annual percentage rate of payday loans, the fees you'll have to pay for using the credit funds is quite affordable due to the short period you borrow the money for. Besides, some states set the APR at 28% (Ohio), 36% small loan cap (Montana, South Dakota).


Payday Loan Amount



Every state has its own legal regulations and laws concerning USA payday loans industry. Therefore, the amount of money one can obtain from the loan lender varies. Each state sets its own limits concerning the smallest and the biggest sum a borrower can apply for. Thus, the people applying for a loan in California or Montana can't get more than $300. On the contrary, the citizens of Oregon can obtain up to $50000. Some states like Utah or Wisconsin, don't have limits for the payday loan amount.


In some cases, the states bind the limits not to a specific amount of money but to the percentage of the borrower's income. For example, in Washington, the maximum loan amount cannot exceed 30% of the person's gross monthly income, whereas Nevada and Illinois set this rate at 25%. The average sum offered by the payday lenders in the United States is $500 - $1000.

US Payday Loan Term



The main idea of a USA payday loan is to help the borrower deal with financial difficulties until the payday. Some people get paid weekly, whereas others get the paycheck every two weeks or once a month. That's why in many states the shortest and the longest term of using the loan is tied to the payday of the borrower. However, there are exceptions allowing the payday loan term up to 60, 91, or 120 days. Usually, this period includes at least one renewal as well. The state of Colorado doesn't limit the maximum term of payday loans, though it does have the bottom limit – six months.


Loans Usa Online, Online Payday Lenders


If taken in general, the minimum term the borrower can take the loan for is 7 – 14 days. The maximum term varies from 30 to 60 days. In the states of Alaska, Delaware, Hawaii, Iowa there is no limit for a minimum loan term. Indiana, in its turn, doesn't set the maximum period of using the loan, though it does set the shortest term, which is 14 days. The moneylenders working in Washington, are obliged to set the loan due date on the day or after the day of the borrower's payday.

General Requirements for Obtaining a Payday Loan



The requirements for the USA payday credits applicants are similar throughout the country. Still, they are not the same as the laws of some states (Nebraska, Alabama, and Mississippi) set the age of majority higher than 18. Thus, their citizens can apply for a payday loan only after they turn 19 or 21 years old. Overall, any payday credit borrower has to match to following requirements:


  • US citizenship

  • A valid ID

  • A legal source of regular income

  • Official employment for not less than three months

  • An active bank account in the borrower's name

  • Valid email address and phone number


This list can be extended depending on the state where you are going to apply for a loan. However, in most cases, matching these criteria is enough to get a cash advance until your payday comes.


How Many Loans Can You Get at a Time?



Because of the limited sums of money payday loans can provide, some people want to get several cash advances from different lenders simultaneously to increase the overall amount of money they can obtain for their different purchases and expenses. However, it is better to think twice before making such a decision. The thing is that the interest rates for short-term credits are higher than in the banks, so you have to be sure that you'll be able to handle the repayment charge financially, when the loan due date comes.


Shows Payday Lenders, Offer Payday Loans


To prevent any troubles related to the borrower's inability to repay several loans in time, some states don't allow more than one payday loan at a time, which is a good protection for federal bureau. The states of Michigan and Kansas allow two loans at a time, whereas Nevada has no limits to the number of loans one can take in the lending department. The limitations regarding the number of loans can also be set on a per-year basis. For example, Delaware payday laws allow not more than five loans per year.


By the way, the payday loan laws of some states set the so-called cooling-off period. This is the minimum amount of time that has to pass for a person to get the possibility to apply for another loan after repaying the previous one. It may last from 24 hours to several days or even weeks.


Rollovers and Loan Extensions



One of the benefits of a US payday loan is that there is a possibility to extend the term of using the funds by asking for a rollover. Such trusts are intended to help the borrowers who can't repay the credit on the due date to avoid penalties for late payments.

To get a rollover, the person needs to contact the lender and inform about the reasons, that don't let him/her return the money in time.


It should also be mentioned that loan extensions are allowed only in some states. Besides, their number can be limited. For example, Missouri allows six rollovers, in South Dakota, a borrower can ask for up to four rollovers, whereas the Wisconsin citizens can have two rollovers for a loan.




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Why to Prefer Payday Loans to Bank Credits?



Taking into account the number of people, using the services of payday lenders in the U.S., there should be something that makes these individuals give preference to payday credits. The pros of loans obtained from microfinance organizations are quite numerous.


Payday Advance Loans, Payday Cash Loan


Most payday lenders attract their customers by the simplicity of getting the money. The clients can apply for a loan online by filling out a brief form. They don't need to go to the company's office, leave their workplace or home to obtain the funds. The process goes remotely and doesn't interfere with your everyday schedule.


Another huge plus of payday credits in the USA is that a potential borrower can get a loan approval within 10 – 30 minutes (sometimes up to an hour). The time needed for processing the application varies depending on the state, the lender, and the sum you'd like to get. The period between filing an application and actually receiving the money usually doesn't exceed 24 hours.

Payday credits also save much time and effort of the applicants as they don't need to collect piles of documents as it usually happens with the bank credits. The package of the documents needed for getting a cash advance is limited to your ID or driver's license and a recent utility bill. You may be asked to provide their fax copies but it is also possible that you get approved without sending any documents.


Besides, unlike bank loans, you dont need collateral and guarantor to get a financial help. What's more, moneylenders don't check your credit history. Therefore, if you get a loan refusal at the bank, you can always find financial support with one of the payday USA money lending companies.

Personal Loans Bad, Short Term Loans

Frequently Ask Questions

Can I apply for a loan outside the state I live in?

You can apply with the lender registered outside your state, but the terms of the agreement will be consistent with the laws of the state in which you reside.

Are payday loans legal in all the states?

No. In some states, payday loans are prohibited. Still, you can get cash advance by applying to a lender working outside the state online.

Can I get a loan, if I don't have a personal bank account?

No. The funds can be credited only to the bank account opened in the name of the applicant.

For what purposes can I take a payday cash advance?

Payday loans in the USA can be provided for any purposes. You can use the money to pay bills and household cost, buy presents, repair the car, and for any other things you need. The primary goal of a payday loan is to help ends meet until your payday comes.

Can I take several loans from different lenders at a time?

If the laws of the state you reside in allows several loans at a time, you can do this. In case it is prohibited in your state, then you can't take one more loan until you repay the previous one.

Can I get a payday loan, if I don't have a job?

Yes. You can get a cash advance on condition that you have some other officially proven source of income. For example, a bank deposit. And it is recommended to avoid a great debt.

Top States in USA By The Number Of Loan Requests: