A payday lend allows you to acquire a pay in money push based steady the presumption that whereas you are paid, you choose pay the lender back. Science fees metamorphose between payday loan companies, so it is best to investigate several lenders before filling out an application. Once approved, you can receive your money within hours.
On average you can expect to pay $15 for every $100 advanced. You can borrow up to $1000, but the typical amount is between $200 and $300. Your state?s laws will dictate how much you can borrow and the terms.
For large payday loans, you may need to fax additional documents, such as pay stubs or bank statements. Sometimes you may find better rates with these lenders, so it pays to at least check out their rates.
Besides online companies, you can go to a store front with your financial records and apply. An employee will make copies for the company?s records.
Receive Your Money
Your application should only take minutes before you are approved. Your money will then be wired to your checking account if you use an online lender. Traditional payday companies will write a check to you, which you will have to cash at your bank.
Pay Back Your Loan
With online payday companies, you payment will automatically be deducted from your checking account. This payment will include the loan?s principal and finance fee. If you choose to roll over your loan for another pay period, you will have to pay the minimum finance fee.
With traditional lenders, the postdated check you wrote during the application process will be cashed. If you want to delay full payment, you will need to go to the store to make arrangements.