To make a decision about the right loan product for you or your family you need to know all the information. Please take a minute to review the most frequently asked questions to make sure a payday loan is right for you.
WHY WOULD YOU NEED A PAYDAY LOAN?
There can be times when an urgent financial situation arises and you don’t have access to the funds you need. In this instance an online payday loan can help you cover the cost of these unexpected hardships. The decision process is quick and easy and these loans are custom tailored to help you through these types of urgent situations.
Some examples of situations that may arise where you need this type of lending solution are; unexpected bills, appliance repairs, vehicle breakdowns, or an unexpected medical visit. You may have the money budgeted to cover one of these expenses, but sometimes more than one emergency can occur triggering your need to get help from a short-term loan.
In other situations, you may need to borrow money not for luxury expense but to just simply help cover the costs of living expenses until your next payday. This is exactly where payday loans can help you get the financial relief you need from your short term hardship. With this type of loan you can repay on your next payday, providing you the room to breath by helping resolve your emergency financial situation. It’s a fix to short-term cash flow problems and funds can be available quickly sometimes by the following day.
HOW MUCH DOES IT COST TO GET A PAYDAY LOAN?
Rates typically vary between lenders. Please make sure that you read your contracts and use this loan responsibly. These types of loans are for short-term use and are not intended as a long-term financial solution.
Fees for these types of loans typically range from $15 to $35 for every $100 borrowed up to $500.00. (While these are examples of typical fees, some payday loans direct lenders may charge more than this, and their fees may be in addition to APR.) The fees per $100 can begin dropping on loans larger than $500.00.
Fees for payday loans can sometimes be less than what borrowers can expect to pay for becoming overdrawn in their bank account, having a utility disconnected, or paying a credit card bill late fee.
CAN YOU GET A PAYDAY LOAN WITHOUT A BANK ACCOUNT?
Typically a bank account is required to receive a loan. However, in some instances lenders may provide a debit card that may work like an account where funds can be credited or withdrawn. Always make sure to discuss all options with your lender whether the are online or a storefront.