In 2018, more than 40% of millennials used payday lenders, pawnshops, or other methods of getting fast cash.
If you need to get hold of some money quickly, payday loans are a good option. With some lenders, you can apply online, get approved, and have your hands on the money all on the same day.
What is a payday loan, exactly? How much can you borrow, and what are the requirements?
Read on to learn more about getting payday loans online the same day.
What Is a Payday Loan?
A payday loan is a short-term cash loan that you pay back from your next paycheck.
If you need some cash but don’t get paid quite soon enough, you can borrow some money until your paycheck arrives. At this point, you need to repay both the amount borrowed and any fees and interest accrued.
This type of loan is meant for very short-term borrowing. It’s not something that you’d want to use to buy electronics or pay for a car. Their purpose is to provide you with quick cash when you really need it, to tide you over until your next paycheck.
Since a payday loan is based on your next paycheck rather than your creditworthiness in general, you can usually get payday loans online even with bad credit.
How Much Can You Borrow?
Payday loans are based on your ability to pay them back out of your next paycheck, so you obviously can’t borrow more than you’re going to be getting paid.
As a ballpark figure, you will be able to borrow around $500. Some lenders may offer more, some may offer less, but provided you meet the requirements, you should be able to borrow a few hundred dollars.
What Are the Requirements to Get Payday Loans Online the Same Day?
There are a number of criteria you will need to meet in order to get payday loans online the same day. These will vary from lender to lender, but the requirements will usually include:
- proof of income
- valid ID such as a driver’s license or passport
- an active checking account
- a valid email address or contact number
The method of repayments also vary, but the most common is to write a predated check that can be cashed by the lender once your paycheck is in, or to set up an electronic transfer from your checking account. The lender wants to be sure that they can access your money as soon as you have been paid.
If you meet the above criteria and aren’t looking to borrow more than the lender is willing to offer, then the chances are you get your payday loan the same day, although this is not guaranteed.
Are You Looking for Quick Cash?
If you’re looking for quick cash, then payday loans can be a good option, provided you are able to pay them back promptly and can afford the fees and interest.
Hopefully, this guide to getting payday loans online the same day has been useful to you. If you’re looking for more helpful content, then be sure to check out the rest of the site.
Interesting related article: “What is Interest Rate?“