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 check which means your credit history won’t be affected. Bad credit is also welcomed.
$700 Bad Credit Unsecured Payday loans.
Payday loans by definition are small-dollar short-term unsecured bad credit cash advances which can help people in case of emergencies. Small-dollar means $100 up to $1,000 sums. Though it may seem not much at the first sight, but 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 loans 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.
In what states are $700 Payday loans legal?
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).
If you need a $700 Payday 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 or Personal loan. Sometimes they are even more convenient as offer lower rates and longer repayment terms.
Can I get $700 loan with 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
- Home ownership
- 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 a stable employment,
- take a proof of identification with a passport, driver’s license or voter’s ID,
- don't forget a proof of residence such as a utility bill.
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 a poor credit history or low score.
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.
Where to borrow $700 till the next paycheck.
The two main places to borrow $700 are Payday stores or Check Cashers near your location or Online Lenders or Brokers.
What are the differences between In-store and Online Payday Lenders?
- Payday stores or Check cashers
-
- Online lenders and brokers
-
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 doubts 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.
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It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents monthly cost of your loan. The MPR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Check Into Cash
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Greenlight Cash
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000 for Payday Loans, $1000 - $5000 for Installment loans, and up to $15,000 for Personal loans. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Loan By Phone
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
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Payday Loans USA .online
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan charged for a month. It's more important for the customer as mostly Payday loan are borrowed for a month term and paid off with the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Your Faster Payday
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents the cost of your loan borrowed for a month. It's more significant criterion than APR as mostly Payday loans are borrowed for 14-30 days until the next paycheck.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
Fast Holiday Loans
It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.
The minimal percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.
Collateral – is some kind of your property which ensures the lender that you will repay the money. Guarantor – is a person that sings the agreement thus giving his guarantee that you will repay the loan. Payday loans are unsecured which means to get cash advance you don’t need either a collateral or guarantor.
How much a $700 loan costs.
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
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 |
|
Delaware |
$1000 |
Not limited |
Not limited |
None |
|
Idaho |
$1000 |
Not limited |
Not limited |
$20 |
|
Illinois |
$1,000, or25% gross monthly income |
403% |
Not more than $15.50 for $100 borrowed |
$15 |
|
Maine |
$2,000 |
30% |
None |
None |
|
New Mexico |
$2500, not more than 25% of monthly income |
416% |
$0,50 jf every $100 verification fee |
$15 |
|
Oregon |
$50,000, not more than 25% of monthly income |
36% |
None |
$20 |
|
Texas |
Not specified |
410% |
10% of the loan |
$30 |
|
Washington |
$700 |
390% |
15% |
Not stated |
|
West Virginia |
$2,000 |
Small loan rate cap 31% per year |
|
|
|
Wisconsin |
$1500, not exceeding 35% of your monthly income |
Not stated |
Not stated |
$25 |
|
Wyoming |
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.
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