In recent years, the payday loan industry has grown by leaps and bounds in the USA. With so many barely able to meet day to day expenses, unforseen emergencies like as a car repair or medical bill can be extremely difficult to pay. Payday loans are intended for these unpredictable emergency situations when there are no other options available. Here are some of the most commonly asked questions on payday loans.

What are payday loans?

Payday loans are short term loans intended for those times when cash is needed fast. Payday loans will lend you money for a time period of two weeks to one month. You are required to pay back the loan amount along with interest and fees on your next payday. Payday loans are often called cash advance loans or payday advance loans.

How much interest will I pay for my payday loan

You should be aware that all payday loans will have a high interest rate. A payday loan company will usually charge between $15 and $30 for every $100 you borrow. This amount will vary depending on the payday loan company, your qualifications, and the total loan amount.

How much money can I get with a payday loan?

Payday loans can give you anywhere from $100 to $1500. Again, this amount will be determined by the lender and your own qualifications. Very few lenders will provide loans of $1500 or more.

What is the payday loan process?

You can apply for payday loans in person at a payday loan center, on the phone, or online. The payday loan company will require you to fill out a loan application which will ask for only basic information including your name, address, job information, and income. Most lenders will not require a credit check. After you submit your application, you will likely receive a decision on your loan that day. Assuming your loan is, the loan amount will be deposited directly into your checking account in one day or less. The lender will than deduct the owed money from your bank account on the due date.

How long does the process take?

Fortunately, the entire payday loan process is very fast. Most lenders can finish the verification process and deposit the money directly into your bank account in 24 hours or less. In some cases, a payday loan can be given to you as fast as one hour from when the loan was submitted. These loans are most commonly referred to as 1 hour payday loans.

Will I qualify for a payday loan?

Different lenders have their own qualifications for payday loans, but the usual criteria in order to be eligible for a payday loan are listed below:

* You must be a legal citizen of the United States * You must be at least 18 years old * You must have a job with a monthly income of at least $1000 * You must have a valid checking account

What if I can't repay on the due date?

If you can't to pay back the payday loan amount on the due date, you may be able to get an extension on your loan's due date. Don't forget that that you will not only owe extra charges for the loan extension, in addition to extra interest for the added time.