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Payday Loans in the USA

Payday Loans Online - up to $1,000 Cash Advance

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Last updated:

Compare Payday Loan offers from more than 300 direct lenders. Check their amounts, fees, eligibility criteria, and other conditions in order to choose the one that best suits your needs. Or fill out a quick Compacom form right now and it will automatically be sent to all the companies. It’s much faster and more convenient than applying to each one individually. If you qualify, you’ll get the money in your account within 1 business day.

* Always check the lender’s rates and fees as they may vary. We only give general information. Be attentive. Borrow responsibly! It’s up to you to make a wise decision.

Cash Advance and other Money Offers in the USA

NEED A LOAN? FIND THE BEST LENDERS ONLINE!

How much would you like to borrow?

Compare Payday Loans from Direct Lenders and Other Financial Services Online

Find the best Payday Loans offers choosing among a variety of legit reliable online and in-store lending companies.

TOP RATED COMPANIES

Rates last updated April 9th, 2020
4.3031784841076

LEND YOU

$1,000
MAX Loan Amount

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.

17,5%
MIN MPR

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.

None, Unsecured
Collateral or Guarantor

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.

Available for Bad Credit
4.40625

Check Into Cash

$1,000
Maximum Loan Amount

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.

Varied by state
MIN APR

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.

None, unsecured
Collateral or Guarantor

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.

Available for Bad Credit
4.3647540983607

Greenlight Cash

$1000
MAX Loan Amount

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.

Varies by state
MIN MPR

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.

Unsecured
Collateral or Guarantor

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.

Available for Bad Credit
4.3605870020964

Loan By Phone

$1500
Maximum Loan Amount

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.

260.71%
MIN APR

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.

None, unsecured
Collateral or Guarantor

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.

Available for Bad Credit
4.0740740740741

Indylend

$1,000
MAX Payday Loan

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.

200%
MIN APR

The 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.

None, Unsecured
Collateral, or Co-signer

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.

Available for Bad Credit
4.8762886597938

Extralend

$1000
MAX Loan Amount

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.

Varied
MIN APR

The minimum 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.

None, Unsecured
Collateral, or Co-signer

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.

Available for Bad Credit

Smaller tax return than you expected? Apply online for quick cash. Apply

Quick and Easy Payday Loans Online

Compare top online companies offering fast cash advance with no faxing, no paperwork, possibly no hard credit check and no teletrack. Filling out a free application form guarantees you instant decision and high approval chances even if you have a bad credit score.

ONLINE COMPANIES

Rates last updated April 9th, 2020
4.2878787878788

Payday Loans USA .online

$1,000
MAX. loan amount

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.

16,6%
MIN MPR

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.

None, unsecured
Collateral or Guarantor

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.

Available for Bad Credit
4.1313559322034

Your Faster Payday

$1,000
MAX Loan Amount

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.

16,6%
MIN APR

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.

None, unsecured
Collateral or Guarantor

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.

Available for Bad Credit
4.156862745098

Fast Holiday Loans

$1,000
MAX Loan Amount

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.

200%
MIN APR

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.

None, unsecured
Collateral or Guarantor

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.

Available for Bad Credit

Legal Status of Payday Loans by State

Payday Loan Laws in Alabama AL Payday Loan Laws in Alaska AK Payday Loan Laws in Arizona AZ Payday Loan Laws in Arkansas AR Payday Loan Laws in California CA Payday Loan Laws in Colorado CO Payday Loan Laws in Connecticut CT Payday Loan Laws in Delaware DE Payday Loan Laws in District of Columbia DC Payday Loan Laws in Florida FL Payday Loan Laws in Georgia GA Payday Loan Laws in Hawaii HI Payday Loan Laws in Idaho ID Payday Loan Laws in Illinois IL Payday Loan Laws in Indiana IN Payday Loan Laws in Iowa IA Payday Loan Laws in Kansas KS Payday Loan Laws in Kentucky KY Payday Loan Laws in Louisiana LA Payday Loan Laws in Maine ME Payday Loan Laws in Maryland MD Payday Loan Laws in Massachusetts MA Payday Loan Laws in Michigan MI Payday Loan Laws in Minnesota MN Payday Loan Laws in Mississippi MS Payday Loan Laws in Missouri MO Payday Loan Laws in Montana MT Payday Loan Laws in Nebraska NE Payday Loan Laws in Nevada NV Payday Loan Laws in New Hampshire NH Payday Loan Laws in New Jersey NJ Payday Loan Laws in New Mexico NM Payday Loan Laws in New York NY Payday Loan Laws in North Carolina NC Payday Loan Laws in North Dakota ND Payday Loan Laws in Ohio OH Payday Loan Laws in Oklahoma OK Payday Loan Laws in Oregon OR Payday Loan Laws in Pennsylvania PA Payday Loan Laws in Rhode Island RI Payday Loan Laws in South Carolina SC Payday Loan Laws in South Dakota SD Payday Loan Laws in Tennessee TN Payday Loan Laws in Texas TX Payday Loan Laws in Utah UT Payday Loan Laws in Vermont VT Payday Loan Laws in Virginia VA Payday Loan Laws in Washington WA Payday Loan Laws in West Virginia WV Payday Loan Laws in Wisconsin WI Payday Loan Laws in Wyoming WY
Available (with some restrictions)
Illegal

Contents:

What are online Payday Loans?

How do online Payday loans work?

Can I get online Payday Loans instant approval?

How to apply for Payday Loans online?

Payday Loans near me

Online Payday Loans from direct lenders

How much do online Payday Loans cost: rates and fees?

Are online Payday Loans available for Bad Credit? 

Can I get Payday Loans online with no credit check?

Fast Payday Loans online same day

Other online loans alternatives - not Payday Loans 

What are online Payday Loans? 

NEED A LOAN? FIND THE BEST LENDERS ONLINE!

How much would you like to borrow?

According to the most commonly accepted definition, issued by CFPB, a 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.

In a nutshell:

Having analyzed these definitions we understand the main ideas of Payday Loans (which can be also called payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) to be:

  • short-term (14-30 days),
  • for small amount (up to $1,000),
  • available even with bad credit (even for borrowers with poor FICO credit score),
  • high-cost (with the APR from 391% to 3,733%)
  • unsecured (is given without any collateral).

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

How do online Payday Loans work? 

One can take out a Payday Loan as well as an Installment Loan in-store or online. The process considts of three easy steps:

  • Online application
  • Get approved in a few minutes
  • Get Your Money in 24 hours or even today

Online borrowing 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  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 (your private information is secured and all your rights are protected as we only work with legal state authorized companies). 

online cash advance   apply for online payday loans   get same day online loans

Can I get online payday loans instant approval? 

Most borrowers choose Payday Loans as they need cash fast. That's why instant approval is likely to be very important for them. Is it really true that you are guaranteed to be approved for a loan in some minutes? What the lenders do promise is an instant decision. Application process is really quick and easy. You are required to fill out only some simple information including your personal data, phone number, e-mail address, etc. Besides, you may be sure it's absolutely safe. 

What concerns approval it depends first of all on the lender, and secondly on your following all the eligibility criteria. Whether a lender does a credit check, whether it's hard or soft, whether you have good or bad credit, will affect the time necessary for approving you or not. 

Luckily, in most cases Payday loans are available even with bad credit and therefore they can get the money the same day, or even in an hour if they borrow in-store.

How to apply for Payday Loans Online? 

If you already have some experience borrowing money, or are good at surfing the Net and doing research online lending will definitely suit you. At the modern age of high technology and world wide web, the majority even order food, buy clothes, book tickets, etc. online, to say nothing about borrowing money. No doubt, it’s faster, easier and more convenient. You fill out a free application online. It doesn’t affect your credit history as usually doesn’t imply a hard check. And in some minutes you are connected to the direct lender, and in case you get approved you get the money into your account in less than 24 hours. Or you can use the service of a lending broker company that will provide you access to many lending organizations so that you can choose. Or, which seems the wisest way, use our COMPACOM website to get the chance to compare both online and in-store lenders near you, or in your city, or in your state and decide whose rates and other conditions suit you best. 

Online Payday Loans have their pros and cons you should consider:

Pros
  • fast: 1 minute to apply, instant approval, less than 24 days to get money;
  • easy and convenient: no driving, no paperwork, no waiting in lines;
  • applying is free and doesn’t affect your credit history;
  • funds go directly to your bank account, you don’t have to get cash, deposit it into your account or leave a postdated check;
  • accessibility: every person possesses a smartphone or laptop and can easily go online available for candidates with low (about 600) FICO credit score;
  • being able to compare a lot of lenders with their rates and fees at one time, which can be easily done with COMPACOM service;
Cons
  • There can be some scams, who want just to get your private information. So be careful, before applying check whether the lender is authorized and legal. You can do it with a quick Google search; go to https://www.trustpilot.com/ 4, call the Better Business Bureau at https://www.bbb.org/ or speak with a customer representative for that company.
  • It sometimes can be rather expensive, you may be charges additional fees such as verification, database, administration fee. But it’s easy to avoid overpayment if you study and compare all the offers at first. Even if you pay off the loan earlier than agreed there won’t be any prepayment penalties, but there won’t be any savings either.

Payday Loans near me

Though online loans seem to be easier and faster some people may prefer to go to a real store, talk to a real person, ask for advice or help and get the money just the same day, or even the same hour.  For some people it’s a benefit if they prefer face-to-face communication, like to see everything with their own eyes, to feel, touch, maybe even smell))) Seriously speaking, there is always a real person to answer any of your questions and help with any problems. Some lenders may ask you to bring some documents from work or bank, and maybe to leave a post-dated check to secure a loan. To pay it off you can come back to the store or do it through electronic debit. Choosing storefront Payday loan may be the right decision for those who do it for the first time, feel unconfident or lack some information.

Before going to the nearest Payday store consider the following advantages and disadvantages:

Pros
  • personal contact and ability to see the lender, to discuss their conditions, to ask questions and get some help on the spot;

  • the specialists’ support and help, for example, in filling out an application;

  • sometimes at the front store you can receive money right on the same day whereas applying online you may wait till tomorrow;

  • stores are more easily controlled by state which means they are more likely to be legal

Cons
  • It may take longer time than online lending which requires only a few clicks. 
  • If you want to compare loans, you’ll  have to visit various lender locations, which means driving, losing time in traffic jams.
  • You have fewer options to choose from as they are limited to your location. 

Online Payday Loans from direct lenders 

When you decide to take out a Payday loan the first most important thing is to find out their legal status and regulations in your state, and the second – to choose a reliable lender. It's very important to find a licensed lender with a good experience and verified reviews because:

  • Usually loan amount, rates and fees depend on the lender;
  • The requirements as well as your chances of being approved for cash advance even if you have bad credit are also different according to the lending company;
  • You can be sure that your rights are protected and your privacy is secure only if you deal with a legal licensed lender who works under the state’s regulations.6

Before applying with a certain lender follow these expert advice:

  1. Check it out on the Ministry of Government and Consumer Services’ website.7
  2. Go to the Consumer Protection Branch website8.
  3. Search for License / Lender / the name or address of the lender.
  4. You’ve got the list of all the licensed Payday lenders in the state. If the company you want to apply is not there, you’d better choose another one. Otherwise if you have any problems or complaints you won’t be able to get any help or protection from the state.
  5. Compare Payday Loan Lenders Online at COMPACOM

How much do online Payday Loans cost: rates and fees? 

$100 - $1,000 Payday Loans are often avoided because of hight interest and APR. But if you get into details, you find out they are not so expensive as it may seem. Short-term cash advance is due with your next paycheck, which means not later than 31 days usually. Even with the APR of 400% the total cost of the loan borrowed for a month won’t be more than $33. It’s only about $1 a day! Don't believe? Prove it by counting the cost of your cash advance using our calculator:

PayDay Loan Calculator

?
Select the amount for the loan you want in order to get the principal, which is the basis that we use to calculate the interest and the total cost of the cash advance.
?
The number of days within that you will be ready to repay the loan. It’s used to count the total cost of cash advance by multiplying the days by the amount of interest.
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To calculate the total cost of your loan, we take the minimal average APR legal in all States, which is 36%. This figure is only a representative, providing you with general information on how much the loan may cost. To find out a more accurate total, fill in the Annual Percentage Rate required by the lender you want to apply to.
?
It’s the money charged by the lender for doing all the necessary paper work, bank transactions, etc., connected with lending you the money.
$ Your loan
+ $ Your fee
= $ Total Cost*

* Total Cost - The sum of money you are to pay off within the term you’ve chosen if you borrow the stated above amount for the average (or required by your lender) APR.

All the calculations are provided as guides only. They don’t guarantee 100% the same cost you are going to be charged but they do help you understand the overpay much better. Unless you change the APR, the calculations will be based on the average or lowest rate represented by most lenders for each loan type. You’ll find the accurate interest rate as well as the real cost of your cash advance after you get approved before you sign the agreement. It will depend on many factors including the amount, the term of the loan, your credit score and the lender’s conditions. Interest rates are not fixed figures and are subject to change at any time. As soon as you fill out an application and get approved all the details concerning the rates and terms will be sent to you.

Are online Payday Loans available for bad credit? 

When we speak about the level of trust with you as a borrower we often mean things such as “good credit” and “bad credit”. What do they 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 affect your chances to get approved for a loan, find a good job, buy a car, or rent an apartment. 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.

Our Direct Partners

We represent payday, personal and installment loans offers from more than 300 direct lenders with reasonable rates and other conditions including your credit score. Our partners look at the overall situation, and not just your credit. Payday loans in the amount $100-$1000 are available even for those with fair or poor rank.

Can I get payday loans online with no credit check? 

When you apply for a Bad Credit Unsecured Payday Loan you naturally try to avoid credit check.  Hard, or even soft inquiry is believed to affect your score which may be bad FICO score and you don't want to make it even worse. NO credit check Payday Loans sound more like a myth than reality as it is necessary both for you and for the lender. It's the way to decide whether to approve you or not and to let you make sure that you are able to repay the loan. Still there do exist some lenders ready to do without credit check compensating their risks by higher APR or other fees. 

Fast Same Day Payday Loans online 

Payday Loans are often very small, the amount starts from $50 and up to $1,000. They are given for a short period of time, usually up to a month. And they have very simple requirements. That's why it's usually easy and quick ti get the necessary funds. You get an instant decision from one of direct lenders as soon as you apply. After you are approved the funds will be deposited into your account within one working day if you borrow online. And it may take less than one hour if you apply in-store near you. To get a Payday Loan  you should follow these easy steps:

find the  lender   fill out the form   wait to get approved get your money

Other online loans - not Payday Loans 

Alternatives to Bad Credit Payday Loans (pdf)

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.

"Putting it out of business will simply drive it underground into the hands of gangs, local crime bosses or worse,"  says W. Todd Roberson, a senior lectof finance at the Indiana University Kelley School of Business . "While payday lenders might not be the most respected businesses, at least they operate above the law, are required to follow employment and financial disclosure policies that any business must follow and generally only harass people who can't pay; think of how a criminal element would handle collections."

Still, the majority prefer payday lending.

NEED A LOAN? FIND THE BEST LENDERS ONLINE!

How much would you like to borrow?

Legal Status of Online Payday Loans in the U.S. by State - the complete list

Requirements to qualify for a Payday Loan:

What do I need to qualify for a short-term cash advance?

Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:

  • 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.

FAQ

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

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

Interesting facts:

The top reasons for taking out Payday loans are:

  • vehicles - 31%
  • bills - 26%
  • emergencies - 21%
  • tuition fees - 19%
  • consolidating debt - 15%

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

     

    Payday loans

    Installment loans

    Personal loans

    Amount

    $100 - $1000

    $1000 - $5000

    $5000 - $15000

    Term

    14-30 days

    60 days – 36 months

    Up to 36 months

    Repayment

    With the next paycheck

    In scheduled installments every two weks, month, or 2 months.

    Monthly, or in parts as is set in the agreement.

    Interest rates, APR

    APR – 300%-750%, plus 10-15% of 100$ borrowed

    5.99% to 35.89% APR plus 5% fee

    6-36% APR plus 1-6% origination fee

    Collateral or guarantor

    No

    No

    No

    As you 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.

    Those who need higher amounts would do better to choose Installment Loans and Personal Loans up to $35,000 with convenient repayment plans and lower APR.

    NEED A LOAN? FIND THE BEST LENDERS ONLINE!

    How much would you like to borrow?

    How do I apply for a Payday Loan?

    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 vary slightly according to the lender and the amount you want. Compare the eligibility criteria from the best direct lenders. Mostly they are:

    1. You are the resident of the state you are applying for a loan in
    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 the lender's loan terms and the laws of the state. Usually it’s $100-$1000 for a Payday Loan, $1,000-$5,000 for an Installment Loan, and $5,000 - $35,000 for a Personal Loan.

    How much can I borrow?

    The amount of a Payday cash advance is usually between $100 and $1,000 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 particular criteria. The better these factors are, the higher amount you can expect. When it concerns law or 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 do I pay off a Payday loan?

    As a Payday Loan is short-term, it’s given for two weeks on average or a maximum of 30 days. When you take the loan you give the lender a check or access to your bank account. Then the money is paid off with your next paycheck. If you can’t make the payment, 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 within the time period, maybe consider the option of personal lending which is repaid in scheduled installments within a longer period of time.

     You’ll see that high the 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.

    What are Payday lending regulations?

    Payday lending 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 over what the borrowers can agree to.

    Thus, short-term loans are legal in 27 States and the others have certain regulation that may make it  difficult to receive the loan. 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 with 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 personnel or other illegal actions. If you have any questions or complaints you can address their website or by phone (855) 411-2372.

    Interesting facts:
    The 3 states using Payday cash advance more than other states are Florida, Texas, and California. The percentage of borrowers is 43%, 39%,  and 34% respectively. The average loan amount is $5,317 in Florida, $5,327 in Texas and $11,883 in California.
     

    Related article

    Questions and Answers

    COMPACOM TEAM Expert answer

    If you have bad credit but still consider applying for a loan you have the following options with high chances of approval and rather favourable and affordable conditions:

    • Online Personal Loans - unsecured loans, with no collateral to act as security against default, which makes them risky for lenders  — and expensive for borrowers.
    • Short-term small dollar Payday Loans - up to $1000 cash advance paid back in a lump sum within 14 - 30 days.
    • Long-term Installment Loans - up to $5000 loans repaid via regular installments within a period from 3 months to 6 years.
    • Online Auto Loans - secured by a car as a collateral against the default which makes them less risky and consequently cheaper, though you may be required the minimum income of $1,200 and $1,500 a month.
    • Online Home Loans - secured by your property as collateral against default. They have long repayment period of 15 and 30 years, and the interest rates range between 4.5% and 5.5%. You may apply for New Home Financing, Mortgage Refinance Loans or Government-Backed Home Loans.
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    Before choosing the loan type which will suit you the best compare the lenders, their rates and fees. Plan your budget carefully not to default the cash advance.

     

     

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    COMPACOM TEAM Expert answer

    To get out of a Payday Loan debt cycle you should:

    1. build a complete picture of your debt, including all loans, credit cards, etc.
    2. prioritize the debt with the highest interest rate;
    3. restructure your payday debt and negotiate a repayment plan with your lender;
    4. use another cheaper loan, for example Personal Loan, to refinance or consolidate your Payday Loan debt;
    5. consider Payday Loan alternatives such as Installment Loans, loans from creidt unions or traditional bank cash advance;
    6. apply for a nonprofit credit counseling program;
    7. ask your employer, friends or ralatives for help;
    8. if you see any violations on behalf of the lender contact the state regulator or file a complaint;
    9. file for personal bankruptcy;
    10. plan your budget carefully and avoid high-interest cash advance the next time you need money.
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    COMPACOM TEAM Expert answer

    There are several options to pay off a Payday Loan:

    1. The lenders cashes the post-dated check you gave him when you obtained the loan;
    2. The lender withdraws money from an electronic debit of your account with the help of the authorization you provided when got the cash advance;
    3. You return to the Payday store on a due date and redeem the check.
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    With any of these options keep in mind that the most important thing is to be able to pay off on time not to be charged any additional penalty fees.

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    COMPACOM TEAM Expert answer

    Many lenders advertise no credit check payday loans. They mean they approve applications without doing any hard inquiries from the major traditional credit bureaus. Such Loans can really help you meet urgent needs without hurting your credit score. But in reality at least a soft inquiry is necessary both for a lender and a borrower as it lowers the risk of defaulting a loan. You can check whether this cash advance is affordable to you and the lender can evaluate the chances of getting his money back. It raises your ability to pay back on time. And this is much more important for your credit history and building a good credit score than one extra credit check.

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    COMPACOM TEAM Expert answer

    Mostly lenders don't do a hard inquiry to any of the major credit bureaus. In this case taking out a Payday Loan doesn't affect your score. But make sure you pay it off on time. If you default the payment this information may be reported and besides your account may be sold to the third parties or some debt collectors. This information may damage your credit score. 

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    Read about the lender's credit check policy before you apply and do your best to repay the money on time.

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    COMPACOM TEAM Expert answer

    No, unfortunately, if Payday Loans are forbidden by law it means lenders can't operate legally in the state both online and in-store. Even out-of-state companies should obey these rules. But you need to decide whether you need a Payday Loan or just some quick emergency cash. If the latter is fine there are a lot of other options you can take advantage of: Installment Loans, Personal Loans, Check Cashers, Peer-to-Peer lending, Loans from banks and credit unions, etc.

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    Keep in mind - if you get the money from an illegal lender you may become a victim of a scam and get into debt and you won't be able to file a complaint as you violated the law applying for a prohibited payday loan. So make sure you learn all the rules and regulations before you do any financial operations.

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