Everyone at some point in their lives faces challenges in attempting to make ends meet. Because of the increased need for immediate funds, more consumers are turning to emergency loan services to help with everyday expenses and unexpected bills.
Requirements
The application criteria for an online payday loan are quite simple. You must
- Be employed for at least 90 days consecutively.
- Be able to provide proof of citizenship or legal residency.
- Be at least 18 years old.
- Be able to provide proof of income of at least $1,000/mo. after taxes.
Other minor specifications for an emergency loan are easier to fulfill. For instance, you need to have an email address. You also need to provide both work and home phone numbers, and since the money is transferred directly into a bank account, you must have a valid checking account in your name.
Full Disclosure
The thought of taking out a payday loan could be scary to anyone who has never had to borrow this way; however, the federal government has laws in place to protect the consumer. The Consumer Credit Protection Act, also known as the Truth in Lending Act, ensures that all emergency loan companies provide you, the applicant, with detailed information listing the total cost of the loan and fees, as well as the length of time for repayment and how the loan will be repaid. You will also be informed in writing of any penalties that may occur from missed or late payments.
A Range of Rates
Any payday loan’s interest rates will vary from lender to lender, and some states have set limits for the interest that can be charged on the loan. The length of time for repaying the loan is usually anywhere from two weeks to two months. Some lenders offer better interest rates for repeat customers, so re-using the same lender can save you even more money.
Unfortunately, there is no single interest rate percentage which will apply to all loans in America. Since states are the primary regulators of the payday loan industry, the legislation passed determining interest rates, rollover limits, and other details of a payday loan can vary depending upon where you live. One easy way to find out exactly what kind of fees and interest rates will be charged is to simply complete the first part of the application process. Since you will be given all the details of your loan before you have any obligation of taking it out, you can see everything you need for free.
Easy to Qualify
The reason online payday loan interest rates are higher is because they are unsecured forms of credit. The lender will not even ask you to complete a credit check in order to quality you for a loan. Because of such lenient criteria, just about anyone can qualify for an emergency loan, despite the possibility of a previous negative credit history. At the same time, the loan repayment process is simplified by having the payments automatically deducted from the same bank account in which the funds were deposited. Customers are encouraged to explore the rates and regulations for their state of residence prior to applying for an online payday loan. It’s that simple to secure an online payday loan — why not fill out our easy application today?