What are the common types of loans?
The common types of loans are payday loans, mortgages (home loans), student loans, business loans, debt consolidation loans, car loans, home equity loans, home-equity lines of credit, credit cards, and personal loans.
What is an installment loan?
An installment loan is a loan repaid with interest in equal periodic payments. The most popular examples of such loans are home loans, home equity loans and car loans.
What is a payday loan?
Payday loans are short-term, small-dollar personal loans that are usually paid back on your next pay date.
How do online loans work?
Getting a loan online is similar to a regular offline loan, but you are entering into the transaction online instead of in person (from the comfort of your home).
What are the advantages of payday loans?
- They are easy to access and repay;
- Relaxed borrower requirements;
- Any credit is welcomed;
- You can apply 24/7;
- Immediate lender’s decision and fast funding;
- Such loans are unsecured.
What are the advantages of payday loans?
- They may be quite expensive.
Do payday loans affect your credit?
Payday loans, like any other loans, can improve or worsen the borrower’s credit history. As soon as the application is accepted or declined, a new record appears in the credit bureau database. If you repay your loan in a timely manner, your credit score will increase.
How can I get approved for a payday loan?
To get accepted for a payday loan, you typically must meet the following requirements:
- be of legal age;
- provide some proof of income and valid identification;
- have a checking account in your name.
Can you be denied a payday loan?
Loan approval rates are very high. Applicants are accepted in 94% of cases. Lenders usually reject loan applications if applicants provided the wrong personal information in the application form.
What happens if you don’t pay off your payday loan?
Defaulting on a loan can cause unpleasant consequences: bank overdraft fees, collections calls, damage to your credit history, a day in court and garnishment of your paycheck.
How long does it take to get a payday loan?
You can be approved for a loan in 5-15 minutes. In most cases, you should expect to have the money in your bank account within 24 hours (often the same day).
What is the average payday loan amount?
Payday loan amounts typically range between $100 and $1,000. In some cases, the amount can reach $2,500 or even higher.
In what states are payday loans legal?
Payday loans are legal in the following states: 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 what states are payday loans illegal?
Payday loans are illegal in Connecticut, Maryland, Massachusetts, Pennsylvania, Vermont, West Virginia, and the District of Columbia.
What is the best online payday loan?
To find the best payday loan offer, you can use our online referal service. We cooperate with the best lenders in the USA. Using the referral service is free of charge.
