If you have some urgent bills to pay and the next paycheck is only in a week or two, applying for a Payday loan is a real rescue. You may get $100, $500, $700, up to $1,000 cash advance the same or the next business day without a guarantor or collateral. Besides in most cases you can avoid hard credit checks which means your credit history won’t be affected. Bad credit is also welcomed.
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Table of Contents:
What are the $700 Payday loans?
$700 Payday loans laws and regulations by state
$700 Payday loans for bad credit
How to get approved for $700 cash advance with bad credit?
No credit check $700 Payday loans
$700 Payday Loans online or near me?
What are the differences between In-store and Online $700 Payday Lenders?
Best $700 Payday Loans direct lenders
What are the $700 Payday Payday loans?
Payday loans by definition are small-dollar short-term unsecured bad credit cash advances that can help people in case of emergencies. Small-dollar means $100 up to $1,000 sums. Though it may seem not much, at first sight, it’s often enough to solve the majority of financial problems average Americans have. One can pay medical, dental, or other bills, or make an essential purchase, or go on holiday, or celebrate a special event, etc.
Repayment conditions make this type of loan even more attractive as they are paid off within 14 - 30 days with your next paycheck.
The rates may seem higher than in lending options, but the total cost appears very affordable due to a short repayment term.
$700 Payday loans laws and regulations by state
Payday lending is strictly regulated by law in every state. All of them are under the authority of the Consumer Financial Protection Bureau (CFPB) 1. When you are going to apply for a short-term loan first of all check out all the rules in your state. It can limit the cash advance amounts, the repayment terms, rates and fees, and other factors. Most states allow Payday loans up to $500 (Alabama, Alaska, Colorado, Florida, Iowa, Kansas, Kentucky, Mississippi, Missouri, Nebraska, New Hampshire, North Dakota, Ohio, Oklahoma, Rhode Island, South Dakota, Tennessee, Virginia).
Read more: Payday Loans laws and regulations by state
If you need a $700 loan, you can legally take it in
- Delaware,
- Idaho,
- Illinois,
- Maine,
- New Mexico,
- Oregon,
- Texas,
- Washington,
- West Virginia,
- Wisconsin,
- Wyoming.
In the other states which restrict short-term cash advance to a lower amount it’s still possible to get $700 Installment Loans. Sometimes they are even more convenient as they offer lower rates and longer repayment terms.
$700 Payday Loans for bad credit
In most cases, direct lenders approve even borrowers with bad credit as they take into account other eligibility criteria such as income, employment, etc.
Nearly a third of Americans have a credit score lower than 601 [Experian’s 2015 VantageScore 3.0 data]. While Experian estimates 30% of Americans have poor or bad credit, plenty of people have no credit at all, which has similar disadvantages to having low scores.
Payday loans are most suitable for bad credit applicants as the lenders offering $100, $500, $700 cash advances take into account a lot of other factors besides your score:
- Employment
- Income type
- Homeownership
- Months employed
- Net monthly income
- Previous credit types and debts, etc.
How to get approved for $700 cash advance with bad credit?
- have your FICO score at least 600,
- try to avoid judgments, liens, and bankruptcies on your credit report,
- find stable employment,
- take proof of identification with a passport, driver’s license or voter’s ID,
- don't forget proof of residence such as a utility bill.
Read more: Bad Credit Payday Loans
No credit check $700 Payday loans
The term, “no credit check,” means that the lending institution doesn’t check your credit score before issuing the loan. This allows individuals to borrow money when they would not normally be able to borrow due to poor credit history or low scores.
Read more: No Credit Check Payday Loans
As $700 cash advances are not granted on the basis of your FICO score it’s just a waste of time to perform any kind of credit inquiry. Lenders simply determine your repayment ability by the following criteria:
- US residence
- Minimum regular income of $1,000 per month
- Valid checking or savings account with direct deposit
- Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- If applying Online, you must provide a valid Social Security Number
- If applying at Loan Store, you must bring a valid government-issued photo ID. A Social Security Number might not be required
- If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.
- Besides the lenders may check for employment history, previous debts, review credit from other bureaus outside the most famous three and your income to determine your eligibility.
$700 Payday Loans online or near me?
The two main places to borrow $700 Payday Loans are Payday stores or Check Cashers near your location or Online Lenders or Brokers.
Read more: Online vs In-store Payday Loans
What are the differences between Online $700 Loan Lenders and Companies Near Me?
- Payday stores or Check cashers
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- Online lenders and brokers
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If you are an experienced borrower who values time and appreciates all the benefits of technological progress, apply for a Payday loan online. If you are still in doubt and have little information about cash advance and need some professional help, try front stores. On COMPACOM.com web site we offer you to compare both online and in-store lenders and make the right choice.
Among the best direct lenders offering $700 Payday Loans are:
LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
-
- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Bad credit is OK.
- Cons
-
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $50
- MAX Loan Amount: $3000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
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- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
-
- You can get even as low as $50.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
-
- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.
- Payday Loans
- Installment Loans
- Personal Loans
- be a legal U.S. resident
- be at least 18 years old
- have a stable source of income
- be currently employed
- have an active bank account
- Pros
-
- Unrivaled flexibility and accessibility.
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Predictable monthly payments
-
Quick and simplified borrowing process
- Any credit is welcome
- Cons
-
- Not a direct lender.
GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms.
- MIN Loan Amount: $100
- MAX Loan Amount: $1000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
$100 - $1000 Payday Loans
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
-
- You can get even as low as $100.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
-
- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
Loan By Phone offers Payday Loans, Installment Loans and Line of Credit.
- MIN Loan Amount: $100
- MAX Loan Amount: $3000
- Terms: Varied
- Rates and fees: Vary by state
- Turnaround Time: 1 business day
- Payday Loans
- Installment Loans
- Line of Credit
- 21 years of age
- Social Security Number
- Proof of Income (from your job, pension, welfare, or other source)
- Valid email address
- Active checking account (open for at least 90 days)
- Current cell/home and work phone number
- Pros
-
- All loan applications and requests are guaranteed confidential and all transactions are governed in accordance with the laws of your state of residence.
- Flexible repayment.
- Available in most states.
- Сons
-
- High interest rates.
- If you don't pay back on time your data may be sold to third parties.
Indyloan.com offers Personal Loans online at affordable rates with convenient repayment.
- MIN Loan Amount: $100
- MAX Loan Amount: $5000
- Terms: Vary by state
- Rates and fees: Varied
- Turnaround Time: 1 - 2 business day
Personal Loans
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- Pros
-
- Quick - no driving, waiting, faxing, paperwork.
- High approval rate even for bad credit borrowers.
- Online Payday cash advance with no collateral or co-signer.
- 24 / 7 online service.
- Cons
-
- High interest rates.
- Available not in all the states.
- Only loans up to $5000 are available.
How much does a $700 Payday loan cost?
The total cost of any loan includes the principal, the interest, and additional fees.
- The principal equals the amount you borrowed.
- The interest depends on the APR or MPR. Annual percentage rate or "APR" is a percentage representation of the actual yearly cost of funds over the term of a loan. The MPR or Monthly percentage rate is the cost of the loan over a month term.
- Additional fees may include application, verification, documentation, transmission, non-sufficient funds, late payment, and other charges.
To calculate the sum of money you’ll have to pay for $700 cash advance within a certain term, first of all, you need to know the APR. It may be limited to a certain figure by the state law, and it can vary according to the lender’s conditions. Check it out before signing an agreement.
PayDay Loan Calculator
$700 Payday Loans rates and fees by state
Let’s compare the minimal rates offered by the best lenders for a $700 loan:
|
State |
Maximum loan amount |
Maximum APR |
Additional fees |
NSF fee |
|
$1000 |
Not limited |
Not limited |
None |
|
|
$1000 |
Not limited |
Not limited |
$20 |
|
|
$1,000, or25% gross monthly income |
403% |
Not more than $15.50 for $100 borrowed |
$15 |
|
|
$2,000 |
30% |
None |
None |
|
|
$2500, not more than 25% of monthly income |
416% |
$0,50 jf every $100 verification fee |
$15 |
|
|
$50,000, not more than 25% of monthly income |
36% |
None |
$20 |
|
|
Not specified |
410% |
10% of the loan |
$30 |
|
|
$700 |
390% |
15% |
Not stated |
|
|
$2,000 |
Small loan rate cap 31% per year |
|
|
|
|
$1500, not exceeding 35% of your monthly income |
Not stated |
Not stated |
$25 |
|
|
Not limited |
780% |
20% maximum but not more than $20 |
None
|
As we can see, in the states where you can legally borrow a $700 Payday loan the APR ranges from 30% to 780%. Plus you may be charged 10 - 20% additional fees and $15 - $30 NSF.
Let’s count the total cost of a $700 loan for 30 days with the representative APR of 300%.
700 + (700*300/100)/365 *30 = 872, where:
- $700 is the principle;
- $172 is the interest of the loan for 30 days;
- $872 is the total cost.
The overpay comprises only $172 a month, or $5,7 a day. Not such a big price to solve all the financial problems you have.
And we can help to make this price even smaller by letting you compare the best offers and find the lender with the lowest rates.
Looking for another amount Payday Loan? Compare the offers:
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