The federal government and every state have strict laws governing all lending including payday lenders. Most states require a lender to be licensed in that state to even operate. And most states have caps on both interest rates and fees that the lender can charge you. This protects consumers nationwide.
Payday loan interest rates are capped in all states, but the amounts vary. You can check your state website to determine the laws that apply to you. Another significant benefit is you can get your loan deposited into your account in 1 business day in most cases. So, the funding speed is significantly faster than any other type of loan.
Unlike traditional loans with weeks of waiting, tons of paperwork, and approvals only for people with high credit scores, payday loans are for the average American who does not have a lot of savings.
Payday loans are short term loans that are fee-based and paid back on your next pay date or within 30 days in almost all cases. They are unsecured and easy to qualify for and only take a few minutes to request from a smartphone.
Payday loans are an essential way to get quick cash when you experience an emergency expense such as a medical bill, auto repair, or other critical expenses that you must pay right away. Payday loans may or may not affect your credit scores.
Easy payday loans are short term loans, which need to be paid back on your next payday. The maximum amount you can borrow is up to $1,000. These loans offer you instant cash to solve your financial problems. Once your loan request is processed and approved, the funds will be quickly transferred to your checking account.
Personal loans do not require any collateral as they are unsecured loans. Payday loans are similar to unsecured installment loans because they do not require any collateral. You can also receive a small sum of money that has to be repaid within 2 to 4 weeks or at your next pay date.
Payday loans provide you a flexible repayment period. You can either repay these loans in a lump sum at your next pay date or request your lender to offer you an installment plan to repay your loan amount.
Each state has its own laws that shape lending, so it's important to check with your state department that oversees licensing and find out what the rules are for payday lenders.