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With the growing economic inconsistency, we are becoming more and more subject to unanticipated expenses. The best insurance against problems like this is, of course, a reliable budget, but what if you don't own one or a recent emergency drained it? There are several options to deal with the situation, but if you don't have extra time to spare, payday loans come in helpful. How? Let's find it out!
What is a Payday Loan?
Payday loans are also referred to as cash loans, paycheck loans, payday advances, deferred deposit transactions, and so on. While there is no set definition for this loan, it is a short-term, small-sum credit usually due on your next payday (that's where the name comes from). The maximum available amount is typically $2500. Still, the sum that you can get depends on several factors such as the state regulations, your credit score, salary, etc.
Payday Loan Features
- Payday loans are usually repaid in a lump sum within two to four weeks. Some states allow rollovers in case you are unable to repay on time, of course, with additional charges.
- Payday lenders have a more lenient approach towards bad credit holders, making it easier to qualify and get a couple of hundred dollars when in need.
- Some states prohibit storefront lenders, so it's better to check what the available options in your state are before starting the process.
- Payday loans are considered high-cost credits, but there are many benefits to consider along with this drawback. So, it's up to you to decide whether they will work for you or not.
- To repay the loan, you either write a post-dated check or authorize the lender to withdraw the money from your account electronically.
State Regulations of Payday Loans
Each state has its own written constitution and operates according to it, so there are three distinct approaches towards payday loans. There are permissive states, including Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
In other states like Oregon, Maine, and New Mexico, payday loans are considered lower-cost as there are restrictions on how high APR can be. In the rest of the states, payday loans are either prohibited or have strict regulations.
So, if you are going to send a loan request, click on your state to find out more about regulations and online loan offers there.
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- New Hampshire
- New Jersey
- New Mexico
- New York
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- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia