Payday loans can be a way of borrowing a small amount of money until your next payday. Usually payday loan lenders offering these cash advance payday loans allow you to borrow as little as $100 and up to as much as $1.000, however this will depend on the lender and how often you borrow. With some companies, people who have borrowed before and repaid their cash advance loan on time may be eligible to borrow a higher amount the next time they need a cash injection.
When looking for payday loans online you may find that there are several payday loan lenders, so checking them out and comparing pay day loans may be essential to finding the most suitable solution for you.
Exactly how much you owe with interest and/or fees
When considering payday loan lenders the first thing you need to check is how much interest you will be charged, plus whether there are any extra fees on top (for example, you may find that there is a small charge to cover bank transfer fees for depositing the money in to your account).
it is essential that you find out just how much you have to repay on your next payday, including any charges or fees;
if you fail to repay your loan on the agreed date then it is likely that further charges will be incurred.
Of course when applying for a loan the lender should tell you:
the total cost with fees or interest;
the date you have agreed to repay the loan.
Terms and conditions may vary
Never assume that the terms and conditions of one pay day loan company applies to another, they all differ. Always ensure you read the small print before applying for the cash advance and also that you fully understand what the agreement between you and the payday loan company means.
Almost all payday loan lenders have certain criteria that must be met in order to be eligible to apply for a payday loan. This typically includes being over the age of 18, living in the USA, owing a bank account with a debit card, and working full time earning an amount of money that is sensible when compared against how much you want to borrow.