US Payday Loans up to $1,000

Payday Loans General Information. 

According to the commonly accepted definition, issued by CFPB, payday loan – is a “short-term, high cost loan, generally for $500 or less, that is typically due on your next payday”¹.

Wikipedia defines it as “a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday”².

Investopedia sees Payday loans as a type of short-term borrowing where a lender will extend high interest credit based on a borrower’s income and credit profile³.

As we can see rates and other lending conditions are rather varied, which sometimes makes the borrowers confused. That’s why it would be wise to compare all the lenders ready to offer you the money and choose the most suitable for you. This opportunity is given by COMPACOM website with more than 300 direct lenders as well as in-store companies choice.

What is the difference between Payday, Installment and Personal loans?

Payday, Installment and Personal loans can all be easily got both online and in-store, mostly without a guarantor or collateral, within one business day, even by people with bad credit for any of personal needs such as medical and dental bills, home or car repair, debt consolidation, special events, etc.

he main difference between them lies in the amount, repayment term and rates. You can more vividly see it in the table below:

As we can see all of them are unsecured, don’t require any guarantor or collateral, but are divided into short-term (payday) and long-term (personal and installment). If you need just $100, $300 or $1000 take a payday loan. It has a rather high APR but due to the short term it’s just a little overpay [read the research article “Payday loans for only $1 overpay”]. Those who need higher amounts would better choose installment and personal loans up to $15000 with convenient repayment plans and lower APR.

For more detailed information read our research: [Payday loans vs Installment vs Personal loans]

Easy to apply and get!

85 % of applicants get approved by our direct lenders. To take out a Payday, Installment or Personal loan you just need to meet a few simple requirements. They are usually the same in every state but can slightly vary according to the lender and the amount you want. Compare the eligibility criteria of the best direct lenders. Mainly they are:

1. You are the resident of the state
2. You are over 18 years of age
3. You have a permanent job and stable income
4. You have an open and active bank account
5. You have a valid telephone number and e-mail

The loan amount depends on its loan and the laws of the state. Usually it’s $100-$1000 payday loan, $1000-$15000 installment loan.

How much can I borrow?

The amount of Payday cash advance is usually between $100 and $1000 on average. But it can vary according to the lender and the state’s law. The lender may approve you for more or less money depending on your credit score, repayment ability, credit history and some other peculiar criteria. The better are these factors the higher amount you can expect. What concerns law regulations, it’s up to the State’s regulator to limit the maximum available amount. It differs in each state. You may check it in the table below:

How Payday loans work.

One can take a payday loan as well as installment loan in a store or online. [ Online vs In-store Payday loans] The later is definitely faster, easier and more convenient. You spend only a couple of minutes filling out an application. It’s free and doesn’t affect your credit history. And either you get the chance to compare the most reliable licensed companies or we match you with any of 300 direct lenders that suit you.

The process is:

• Fast (a minute for applying, a couple of minutes to get approved, less than a day to get the money);
• Easy (no driving, waiting in lines, doing paperwork, looking for a guarantor or collateral is required);
• Safe (you private information is secured and all your rights are protected as we work only with legal state authorized companies).

APR, fees and other lending conditions.

As Payday loans as well as other short-term cash advance are regulated by state, their rates and fees are naturally also under their control. Besides they may vary according to the lender. To find out how much cash advance will cost you learn about rules and regulations in your location.

Payday loans for borrowers with bad credit. 

When we speak about the level of trust to you as a borrower we often meet such notions as “good credit” and “bad credit”. What does it mean? Your credit account history is gathered and processed by credit reporting agencies, compiling your annual report. If it contains positive information, you are said to have good credit, if there’s a lot of negative information, such as defaulting loans, late payments, etc. you are a bad credit borrower.

Bad credit can effect your chances to get approved for a loan, to find a good job, to buy a car or to rent a flat. That’s why you need to understand how the financial system measures your credit score. A credit score is the number that lenders use to quantify how risky a borrower you are. It’s used by banks and credit card companies to see if they want to lend to you.

Paying off a loan. 

As payday loan is short-term, it’s given for two weeks on average or maximum 30 days. When you take it you give the lender a check or access to your bank account. And the money is paid off with your next paycheck. If you can’t do it, there may be some extension or roll-over depending on the conditions of the agreement you’ve signed. So be careful. And if you doubt your ability to give the money back, maybe consider the option of personal lending which is repaid in scheduled installments within a longer period of time.

To stop hesitating and be more confident in your decision read our article proving that Payday loans are not so dangerous as they may seem read our article “Payday loans for only $1 overpay”. You’ll see that high APR is compensated by short repayment term. And if you pay the money back on time, without rollovers or extensions, your budget won’t suffer.

Payday lending regulations.

Payday ending is getting more and more regulated both on the state and federal level. The government wants to protect the residents from getting into a financial trap by making them more informed and by restricting the lenders’ rights.

Thus, short-term loans are legal in 27 states, and in the others they have certain peculiarities of regulation. If you face this problem, apply with us and we’ll find the way how to provide you with cash either from a neighboring state lenders or within another type of a loan.

The organization responsible for these regulations is called the Consumer Financial Protection Bureau (CFPB). They can cap the rates, control the lenders’ debt collection process and pursue irresponsible lenders who may give money to military servants or take other illegal actions. If you have any questions or complaints you can address them on the website or by phone (855) 411-2372.

There are some other alternatives, but payday – is the fastest and easiest choice. 

When you urgently need money but can’t or don’t want to take a payday loan consider the following options:

• Personal loan (has lower APR, longer terms and higher amounts)
• Credit card cash advance (cash based on your credit limit for a fee)
• Ask family or friends for help.

Still the majority prefer payday lending.