Immediate Cash Loans

Apply Now For A 1000 Loan

immediatecashloans — Fri, 27 Jan 2012 15:07:47 +0000

If you are searching for a 1000 loan, then we can help. At ImmediateCashLoans.org we provide our customers with access to not only one payday loan lender, but to several – effectively searching through lenders and allowing them to ‘bid’ on you. We do this for a few reasons:

To get you the best rate possible on 1000 loans
To get you the most flexible terms possible
To increase your chances of qualifying for the loan you need

Before you apply for your loan, there are a few things that you should take into consideration and know. Remember, taking out a loan is by default taking out an obligation to pay back that loan – so we want to make sure you know exactly how to do that before you make your final decision.

Options For Taking Out A 1000 Loan

It’s important to note that traditional banks and credit unions won’t typically offer loans for less than $3000 – $4000. The banks just haven’t found a way to make enough money from loans that small, and thus don’t offer them. In addition, they are not willing to extend loans to customers with bad credit. These are the reasons why we match you with a payday loan lender – you don’t need to worry about only taking out a small loan (small in terms of the banks’ point of view, not ours or yours), and if you have bad credit or don’t want to go through a credit check with one of the traditional credit bureaus then a payday loan is going to be your best/only option.

One option that you should explore, however, is a personal loan from a friend or family member…but do so carefully. Many times I have seen families and friendships come to an end because of money issues. Sometimes its just better to pay the interest on a short-term cash loan instead of saving the difference and ruining a great relationship. I only recommend to go this route if you are 100% absolutely sure that you will be able to pay the loan back very quickly (in the next week or so) – and by sure I mean really 100% sure, don’t lie to yourself or your family/friends on this one.

Requirements of Payday Loans / Cash Advances

In order to qualify for a payday loan or cash advance there are very few requirments:

You must be over the legal age, so you have the legal capacity to enter into a binding contract with the lender.
You need to have an active checking account, and it can help to have had that checking account open for 6 months (although this is not a hard requirement)
You must have a regular source of funds so the firm believes you will be able to pay back the $1000 loan with no problems. Typically, this source of funds is a job, but can in some cases also be a disibility check or other financial support that you can show in your bank statements that you recieved regularly.
That source of funds needs to be enough to enable you to pay the loan back by your next paycheck. Each lender will have slightly different requirements (another reason why we reach out to multiple lenders at the same time), but typically you can borrow about 30% – 40% of your next paycheck.

As you can see, you do not need to have good credit, nor will the company run a standard credit check in order to qualify you for the loan. The firm may, however, check other data bases to ensure you are not currently filing for bankruptcy or that you do not have other payday loans outstanding and due.

When Its A Good Time To Take Out A Payday Loan

Understanding when its ok to take out a payday loan is crucial to your financial health. You probably have heard many consumer advocate groups complaining about payday lenders. Such groups point to the high interest rates associated with such cash loans, and the fact that some people end up taking out too many loans and hurt themselves financially. However, what these groups don’t realize is that if you treat a payday loans as it should be treated it can actually be a very effective source of short-term cash for those in emergency situations. With that being said, let’s look a little closer at what situations would justify taking out such a 1000 dollar loan:

You are about to be late on a credit card bill. This is one of the most common reasons people take out cash advances – to pay off their credit card(s) and avoid paying both a late fee AND having their interest rate increased by several percent (up to as much as 29% in some cases). If an average late fee is around $35-$40, and if your interest rate goes from 15% to 30%, you can see how quickly that will cost you a lot more than taking out a small payday loan one time. However, if this is the case, I would actually not recommend borrowing the full $1000, unless that is the minimum payment that is due on your credit card. Instead, I recommend taking out enough to just cover the minimum amount, typically just a few hundred dollars or less. That way you don’t end up paying higher interest rates on the payday loan, but you still avoid paying the late fee and having your interest rate raised to rediculous levels.
If you have other bills due that have high penalty fees. Very often, if you are late paying a utility bill you will have a late penalty that can be larger than the total amount you would end up paying if you took out a quick $1000 loan from a payday lender. With this, just do the simple math -average rates on payday loans are usually around $15-$18 per $100 borrowed. So, if you need to borrow 1000 you can expect to pay around $150 to $180 in interest over a two week period, or at least by the time your next paycheck comes. Of course, most utility bills are in the $25 – $75 range, so you would probably only need to borrow $100 to get you by.
To avoid paying a bounced check fee. Many bounced check fees can be $30 or more, meaning that if the check is for less than $200 you would be better off taking out a quick loan to cover the check. If it’s a $1000 check, you need to take into the $30 bounced check fee, plus the fact that the store might have a penalty for the bad check, and the fact that you will then be forced to pay the store ASAP.

Remember, however, that just because you fall into one of the above situations it doesn’t mean that you should always take out a payday loan. Only take out the loan if you can pay it back with your next paycheck – nothing is worse then needing a new payday loan to pay off the old one, or even paying off the old payday loan to only then need to take out another a few days later. If you have any questions at all about whether a payday loan is right for you, contact us and we will be more than happy to help.

$200 Loan Options

immediatecashloans — Tue, 18 Oct 2011 12:33:09 +0000

Are you in need of a $200 loan, and do you need it fast? If so, then we can help match you with a lender who can provide you with $200 loans, no credit check required. In addition, these lenders can fund your loan fast – within a few hours in some cases. However, before you decide to take out this loan, we would suggest you read the following to better understand how this loan will work and the costs associated that you can expect to pay.

First of all, if you need the loan fast, then the only institution that will be willing to offer the loan will be a payday loan lender (also known as a cash advance lender but they are really the same thing). Unfortunately, the origination costs of such a small dollar loan are too high for traditional banks or credit unions to offer, which is why the payday loan industry has stepped in. You can learn more about payday loans here:

http://en.wikipedia.org/wiki/Payday_loan

http://www.youtube.com/watch?v=BHTMuHvmarU

How These $200 Cash Loans Work

Essentially, they are very simple – you will typically have to write a pre-dated check (or fill out an online form allowing the lender to receive cash from your bank account on a future date) for the amount of the loan, plus interest and origination fees. You then get your cash, and the lender will cash your check after your next payday (hence the name, payday loans).

Costs of the Loan

The costs for $200 cash loans will vary widely according to the state you live in, as all states have different lending laws that businesses must follow. We are working on putting a list together of all the state laws, which you can read here:

State Payday Loan Laws

If such lending is allowed in your state, then you will typically be charged around $15 per $100 borrowed. This means that on a 200 loan, you can expect to pay somewhere around $30 in interest and fees, depending on the lender (lender fees also can vary). There are two ways you can look at these fees: in terms of APR, or annual percentage rate, or a simple rate of about 15% for two weeks. The law requires lenders to post the rates in terms of APR, with the goal being to help you as a consumer see how costly these loans are. The average APR for a payday loan will be around 450% APR.

Valid Reasons When You Would Need a 200 Loan

Because these cash advances/payday loans are not cheap, you need to be very careful before you take one out. Yes, borrowing $200 is not that much….but only if you do it once or twice. Sadly, many people end up taking out too many payday loans and they hurt their financial situation by doing so. A good rule of thumb is to only take payday loans out in cases of true emergencies, when the funding need is only short-term. Never take out such a loan to fund long-term obligations, or anything that is non-essential (i.e. vacations, etc.).

In addition, in some cases you may find that you are in a financial bind and have some fees that are due which would be more than the fees due by taking out a small payday loan. Examples can be:

A credit card payment is due and you don’t have the money. Obviously you want to avoid this situation at all costs and not get into credit card debt. However, it can also be extremely costly if you don’t pay at least the minimum payment on the credit card. If you need a payday loan to pay your credit card payment, then borrow only enough to cover the minimum payment. By doing this you will lessen your overall fees, as you won’t be charged a late fee, and your interest rate on your credit card will not go up.
A utility bill is due. Utility bills can have late fees that are much higher then payday loan fees, especially if you are needing a loan for 200 to just cover the bill for one month.
You wrote a personal check that will bounce if money is not deposited into your account. Bounced check fees can also be more expensive than some payday loan rates. Before you take out a loan to avoid the check fee make sure this is the case.

These are the most common examples of when it would make financial sense to take out a 200 loan from a payday lender.

Florida Payday Loan Laws and Regulations

immediatecashloans — Tue, 13 Sep 2011 21:09:53 +0000

If you are a resident of the State of Florida, and are looking for a payday loan, then it’s very important that you understand the laws and regulations that the state has set related to these loans. While Florida does allow payday loans (check cashing loans) in the state, there are some very specific rules and regulations that must be followed:

Amount allowed to borrow: $500
Term of loan: 7 days – 31 days max
Max finance rate and fees: 10%, plus fees for verification
APR: approx 390%
Fee per $100 borrowed: $15
Extensions or rollovers permitted: NONE
Repayment Plan available: Yes
Cannot be prosecuted criminally

As you can see, you can get a payday loan in Florida, but you won’t be able to borrow more than $500. In addition, there is a state system the lender is supposed to check to verify that a consumer does not already have a current payday loan, as consumers are not allowed to have more than 1 such loan at a time. After the loan is taken out, if a consumer cannot pay it back on time, the lender is required by Florida law to allow a 60 day grace period, subject to the consumer making an appointment with a credit counseling service with 7 days and then finishing the counseling within 60 days.

Overall, these are not the most stringent rules and regulations, and at least these loans do exist. However, if you need a payday loan, then make sure that your lender is following the above laws – remember, these are not guidelines, they are laws that are designed to protect you as a consumer (if they really protect you is an argument for another day).

If you have any concerns, issues, or questions regarding the payday loan you took out in the state of Florida you should contact:

Florida Office of Financial Regulation – http://www.flofr.com/default.aspx
Phone: (850) 410-9805
Fax: (850) 410-9748

The 17 States That Do Not Allow Payday Lending

immediatecashloans — Tue, 06 Sep 2011 22:29:30 +0000

Out of the 50 unites states in America, 17 (plus one district) have either made payday loans illegal or have created usury and loan-limit laws that prevent payday lenders from being able to offer these loans in those states.

Below is the current list (updated as of September 2011) of these 17 states and one district, with details of how each is going about to prevent payday loans:

List 1 – States that prohibit payday lending practices

Georgia – George explicitly prohibits such loans as a violation the states racketeering laws
New York – prohibited according to their criminal usury statutes
New Jersey – prohibited according to their criminal usury statutes
Arkansas – Originally had ‘Check Cashers Act’ which allowed payday loans, but Supreme court struck law down as a violation of State’s Usury cap; Law later repealed in 2011
Arizona – Caps the rates that can be charged on loans at 36%/year plus 5% fee
Connecticut – Cap at 30.03% APR or $17 per $100 borrowed – http://www.ct.gov/dob/site/default.asp
Maryland – Monthly cap of 2.75%, 33% per year: http://www.dllr.state.md.us/finance/
Massachusets – Cap at 23% plus fee of $20 at initiation: click here for regulator site
North Carolina – Loan rate capped at 36% per year: http://www.ncdoj.com/
Pennsylvania – cap at 24% per year or $9.50 per $100 per year: click here
Vermont – capped at 18% per year: http://www.bishca.state.vt.us/banking/banking-division

States that allow payday loans, but have specific cap’s that generally prevent such loans from being offered:

West Virginia – cap at 31% per year for a loan that is $2000 or less: http://www.wvago.us/
District of Columbia – cap at 24% per year: http://disb.dc.gov/disr/site/default.asp
Main – max 30% per year on loans up to $2,000; or $5 fee for up to $75 loan; $15 for amounts between $75 and $250; $25 for amounts greater than $250: click here
Oregon – One (1) 31 day loan allowed, max of 36% interest and $10 fee/$100 up to a max of $30. APR = 156%: http://www.oregondfcs.org/
New Hampshire – Max $500 loan amount, 36% Annual rate: http://www.nh.gov/banking/
Ohio – $500 loan amount, 31 day maximum, 28% max annual interest rate: http://www.com.ohio.gov/fiin/
Montana – $300 max loan amount, 36% max APR: http://www.banking.mt.gov/default.mcpx

The question that needs to be asked is: how have these laws affected consumers ability to borrow in each of these states?

Utah Payday Loan Laws, Regulations, and Tips

immediatecashloans — Fri, 02 Sep 2011 17:44:31 +0000

Taking out a payday loan in Utah is a little easier than in many other states, as you will find less restrictions and more freedom for lenders in the payday/cash advance industry. However, this doesn’t mean that there are not any restrictions/laws that will help protect you as a consumer. Below are the details for taking out short term cash loans in the Beehive State of Utah:

Amount Allowed to Borrow: No limitation, however lenders will have limits that are specific to their own business
Origination Fees / Interest Charged: No usury limit in Utah, which means no limits on what the companies can charge
Bounced Check Fees Allowed: Lenders have the right to charge a minimum $20 bounced check fee
Maximum Interest Rate: No maximum
Maximum Monthly Fee: No Maximum
Extensions/Roll-overs: Roll-overs and extensions are allowed, but not beyond 10 weeks from the initial loan date.

What This Means For You, as a Borrower:

There are three key takeaways from Utah payday loan laws:

You will have access to as much money as you qualify for (typically the most is going to be around or less than $1,500)
You will have access to more lenders than you would if the state were more restricted (I speculate that even some start-ups such as ZestCash.com started in Utah because they had less red-tape and regulations to deal with)
YOU WILL HAVE TO BE MORE RESPONSIBLE WHEN TAKING OUT A PAYDAY LOAN IN UTAH – without the state holding your hand, you are more at risk to fall into the debt trap.

What You Need To Do as a Borrower in Utah:

Frankly, this applies to anyone borrowing anything in any state. However, because of the increased freedom given to you in the State of Utah regarding payday loans you will need to be a little more disciplined than you might otherwise be. The main issue you might have is not with fees – fees in other states are going to be basically the same as in the Utah, as most lenders have adopted what they call ‘Best Practices’ in the industry. However, you do need to worry about how long before you pay back the loan and the amount you borrow. Follow the following guidelines:

Make sure you only take out the minimum that you need to get by. Payday loans are only meant as SHORT-TERM funding options for emergencies or to pay off other, higher-interest finance charges (late fees, overdraft charges, etc.) – only use them this way.
Pay off the loan on time. Paying $45 to borrow $300 isn’t that bad. However, if you end up rolling over the loan for 10 weeks and paying bounced check fees, then that $45 can turn into more than the initial loan amount borrowed.
Make sure your Utah payday loan lender adheres to the industries ‘Best Practices Guidelines’, and that they are legitimate lenders. I would personally stay away from the smaller pawn-shops and mom-and-pop lenders and go with the bigger chains that follow those guidelines.

Resources:

To learn more about payday loan Utah industry practices: http://cfsaa.com/
Utah Department of Financial Institutions: (801) 538-8830
Utah Consumer Lending Association: (801) 328-1888

Colorado Payday Loans – Laws and Regulations

immediatecashloans — Wed, 31 Aug 2011 22:51:23 +0000

The State of Colorado allows payday loans, but did put some restrictions on the rates charged and the duration of the loan. If you are in Colorado and need a payday loan, then there are a few key points that you will want to keep track of. Below is our summary of the changed to the payday loan industry in Colorado according to their most recent legislation passed:

Amount Allowed to Borrow: $500
Origination Fee Allowed: $75
Duration of Loan (how long you have to pay it off): 6 months
Bounced check fees allowed:
Maximum Interest Rate: 45%
Maximum Monthly Fee: $7.50 per $100
Extensions/Roll-overs: Since you have at least 6 months to pay the loan back, you should need to worry about roll-overs/extensions

What This Means To You:

Essentially, the main goal of the recent legislation was to help make it easier for consumers to pay back short term / payday loans. By giving you six months time to pay back the loan instead of the 2 weeks time typical with most payday loans, you have an added amount of flexibility which may or may not end up helping you.

Advantages of the Payday Loan laws In Colorado

The main advantage is the flexibility granted by the 6 month time period in which you have to pay back the loan. This means that instead of needing to take out another payday loan in order to pay off your original payday loan in Colorado (and pay new origination fees in addition to having to pay off all the other outstanding fees on your old loan), you instead will incur only additional monthly fees and interest. This can drastically reduce the cost of the loan for those who find they have to continue to roll-over their cash advances/loans as they come due.

Disadvantages of Payday Loans in Colorado

Unfortunately, having the extended 6 months to pay off your loan isn’t all just a bowl of cherries. Yes, you don’t have to pay back the loan in two weeks, but it also means that many people will end up spending more than they otherwise would had they simply taken out a two week loan. For example, let’s say you paid the rates California payday loan lenders are allowed to charge on a two week loan for $500 (they limit you at $300 but we will use $500 for this example to keep it simple). In California you would pay $75 to borrow $500 (you would actually receive $425). In Colorado, you would be subject to the $75 fee PLUS an fees each month. If you didn’t pay the loan back for 6 months, you would end up paying $337.50 in fees to borrow the money. As you can see, you need to be careful and make sure you pay back the loan ASAP. No, the APR for a California payday loan is not that much higher – instead it’s just the actual dollar amount borrowed that is much, much higher – and in the end, what really matters most is how much cash you have to give up in order to get that loan.

Another disadvantage of the Colorado law as it relates to payday loans is that you are limited to $500. If you have an emergency and need $1000 loan fast but you suffer from bad credit, then you will have a much harder time fining the loan in Colorado than you would if you happened to live in Utah.

Resources:

If you want to read the actual bill, you can go here – House Bill 10-1351

If you are struggling with debt, I would recommend talking to the National Foundation for Credit Counseling (NFCC) – http://www.nfcc.org/

California Payday Loans – Laws and Regulations

immediatecashloans — Mon, 29 Aug 2011 22:50:17 +0000

The State of California allows payday loans, but places several restrictions on payday lenders in California. Below is a brief overview of the key facts you need to know if you are looking to take out a payday loan in the state.

Remember, each state sets their own laws when it comes to short-term cash financing (payday loans, cash advances, etc.), so pay attention even if you have taken out a loan in another state previously.

Amount allowed to borrow: $300
Number of rollovers/extensions allowed: NONE
Bounced Check Fees Allowed: Max one-time $15 fee
Maximum Payday Loan fee: $15 per $100, or $45
Maximum APR: 460% (for a 2-week loan)
Additional fees for extensions or repayments plans: Not allowed (lender does not have to allow extensions)
You cannot be prosecuted in court criminally for not paying the loan back

What this Means to You:

Basically, this means that California payday loans are going to be limited for the borrowers. You will only be able to take out (1) loan from a lender, and only be able to borrow a maximum of $300. If, when the loan comes due, you can’t pay the loan back you can request an extension but the lender does not have to grant you any additional time. However, even though lenders cannot legally charge you any additional fees for the extension, many may still be willing to work with you in order to get the full amount of the loan paid back as quickly as possible.

Advantages of Payday Loan Laws in California:

The main advantage a borrower has in taking out a payday loan in California is that you know with certainty:

You will not have to pay back more than the max interest due ($15 per $100 borrowed), plus a one-time insufficient funds fee of $15.
No additional fees can be added for extension and repayment plans.
It is more difficult to find yourself in a debt-trap cycle given that you cannot take out a loan from the same lender in order to pay back that loan (of course you could simply go to another lender so be careful in doing so in order to not fall into that trap).

Disadvantages of Payday Loans in California:

You can only borrow a maximum of $300 from a lender. If you need more than that you will have to go to more than one lender, which can increase the total cost of the loan. In addition, it may be hard to find another lender willing to offer you a loan if you currently have an existing payday loan or cash advance with another institution.
Restrictions reduce the amount of lenders in the state. Obviously, this point is up for debate as to whether this is an advantage or disadvantage – however, I include it as a disadvantage simply because I hope my readers (you) are smart enough to only borrow in extreme circumstances and NOT get stuck in the debt trap.
Can be difficult to get an extension on any unpaid loans, which can hurt your credit. Some lenders may not be willing to work with you based on the fact that they are not allowed to charge any additional fees to cover any expenses incurred in the extension process.

Resources:

If you feel you have been treated unfairly or illegally by a payday loan lender in California, do not wait to take action. In addition, if you find yourself struggling with your debt you may also want to contact a good, reputable agency who can help you with these problems.

National Foundation for Credit Counseling (NFCC) – http://www.nfcc.org/ | 1-800-388-2227
California Department of Corporation – www.corp.ca.gov | 1-866-275-2677

Alternatives to Payday Loans – BillFloat.com

immediatecashloans — Mon, 30 May 2011 15:10:51 +0000

One of my main goals with this website is to help my readers find good places to take out loans. Sometimes everyone gets in a financial bind and needs some help – even those with bad credit. However, as you can see if you have read my Guide to Immediate Cash loans, the costs of most options for people in this situation are extremely high.

However, I recently found a company that I like a lot. I like what they are doing in offering loans for people with bad credit – they are actually giving them loans at decent interest rates. So, how does Billfloat.com work?

Basically, the companies goal is to help you get an extra 30 days before you have to pay your bills. Their process is quite simple:

1) You tell them about the bill that you need to pay. No, you can’t use this company to go on a vacation (as you shouldn’t), but you can use them to pay a myriad of bills – the company is affiliated and works with over 3,500 billers nation wide.

2) They ‘pay the bill’ for you. In other words, they extend you a short-term loan, pay the bill with that loan, and you then pay them back.

3) You pay the company back on a pre-determined date, which can be up to 30 days later.

So why do I like them so much? The answer is simple – I like how much (er…how little) they cost. Instead of paying what equals to over $400% APR, you pay up to a $14.99 upfront fee, plus 3% per month. So, if you take out a $200 loan, you will pay the following:

1) $14.99 Upfront
2) 3% interest each month = $6.00

Total Bill = $20.99, which equals about 10% on such a loan = much better than other payday loans!

Bottom Line:

If you need a small payday loan to pay a bill, then this is the first place you should check. The company is very legitimate, well funded, and is doing a great job servicing people who suffer from bad credit and lack of access to capital (loans).

Ways To Take Our a $5000 Loan No Credit Check

immediatecashloans — Mon, 25 Apr 2011 21:59:48 +0000

Your need for a 5000 loan no credit check is a sobering realization and must be addressed as soon as possible to keep the situation from worsening. A person with bad credit doesn’t have a lot of loan options. If you find yourself in this situation, it may be high time to pause and review your assets and spending habits.

If you feel that the reason you have fallen behind on your bills is that you have been living beyond your means, 5000 loans no credit check will not serve you as well as an honest reassessment of your lifestyle. As much as possible, exhaust all your alternatives for minimizing your debts by passing up on property or services you can honestly do without. Plan to begin living on a more sustainable level. You may even find that doing so will save you the trouble of securing a loan.

On the other hand, you may be one of those who can usually make ends meet, but have gotten into this situation because of an emergency or other unforeseen expense. In such a case, no credit check loans will be ideal. It may be more difficult to qualify for a bank loan if you have bad credit, but you should try for one as much as possible.

Banks are generally reliable, charge reasonable interest rates, and give their clients sufficient time to pay off their loan. If you’re lucky enough to have a good credit rating, you may be able to secure a signature loan for $5000. If your credit score is low, on the other hand, you can still try to get a bank loan provided you have a willing co-signer or some form of collateral to offer. You may also consider a private personal loan from family or friends, or even a home equity loan.

If all alternatives are out, you may consider 5000 loans from payday loan providers. Though it is generally harder to find payday loans amounting to that much, these have the advantage of speed and ease of application, as well as of not having your credit rating checked. You will need to assure the lender of your ability to pay by having an active checking account and regular employment. The downside to these kinds of loans is that the average interest rates are as high as 15%. You will also be expected to pay it back within one or two weeks from receiving your money. If you are in need of fast cash, however, and are confident of your ability to pay it back upon your next paycheck, then this would be your best option.

5 Keys To Remember When Taking Out a 30 Day Cash Advance

immediatecashloans — Mon, 25 Apr 2011 21:58:14 +0000

Payday loans have fast become the popular choice for people in need of a temporary financial fix. These cash advances have proven to be especially convenient in the event of emergencies and other unforeseen expenses. If your available cash cannot possibly stretch until your next payday in spite of smart budgeting, you may consider applying for a payday loan. Before doing that, however, there are five important things you need to keep in mind.

1. High-cost payday loans are illegal in 33 states. This does not mean that payday loans are illegal per se. In 16 of these 33 states, the law exists simply to protect borrowers by setting a maximum interest rate for lending firms. Otherwise, you would be charged exorbitant fees and be in danger of sinking further into debt. Make sure, therefore, that you borrow only from state-accredited payday loan providers.

2. Knowing the Truth in Lending Act (TILA) will serve you well. In case you are fearful of hidden charges or other unstated fees in your contract, you must know that lenders are mandated by law to clearly and completely specify all the terms of your loan. Carefully reviewing your agreement before you sign, therefore, is essential for you to avoid paying more interest than you can afford. If you hear reports of a payday loan firm exacting extra payments not outlined in their contracts, you should report them immediately to the Better Business Bureau (BBB).

3. Proof of your ability to pay is a requirement for a payday loan. A legitimate payday loan firm will not take advantage of people who cannot afford to pay them back. Not only is this unethical, but bad for business as well. They cannot expect to profit from such dealings. This is why clients are required to submit proof of stable employment and to have an active, valid checking account.

4. Payday loans come with a high annual percentage rate (APR). Payday loans have, on average, a 400% APR. This means that they are designed to be short-term loans, ideally payable upon your receipt of your next paycheck; that is, within one to two weeks after your loan is approved.

5. You cannot expect to keep rolling over your loan. When you sign your loan agreement, you are expected to settle your payables on or before your due date. In some states, you will be allowed to extend the term of your loan – provided you have reasonable grounds – up to eight weeks (four rollovers) from the original deadline.

These key points are the basics you need to understand before filling out your application. Remember that a wise borrower can never be too prepared.