Payday loans online
What Are Payday Loans?
Payday loans online referred to as same day cash loans which can be borrowed and generally need to be paid back on your upcoming payday. Payday loans online direct lenders come as a short term cash loan which borrower needs to be paid back as early as receiving money from another steady income source.
In need of emergency financial crunches, you can request direct payday lenders no third party and try to pay back as early as possible.
How much money, I can get as a payday loan?
The payday loan amount can be $2500 or less it all depends on which state you live in and the lender you have applied for a payday loan and most importantly it depends on your credibility to pay back the payday loan.
Before applying for payday loans online only, a direct lender may offer a loan of up to $2500, doesn't mean you approve for the full amount, a lender may ask for your other major expenses, steady income, and your borrower history too. After being familiar with these factors, they can approve the amount.
Which purpose payday loan can be useful?
- There are several reasons for people to use payday loans, such as utility car payments, etc.
- Financial emergencies are unpredictable; no one knows what life will bring next moment.
- Routine expenses like gas and groceries, essential items for daily routine, all you can manage with same day payday loans
You can use payday loans for your car services too.
In some circumstances, we don't have enough money so we mortgage some valuable items of ours, so paying back their money and ask for your valuable items as a Mortgage payment.
Credit card is the part of every human being, so their payment is a fast payday loan that can be useful for making the credit card payments as well.
What Are the Basic Requirements to Qualify for a Payday Loan?
Customer must qualify with these requirements for I need a payday loan immediately:
- Must be a US citizen or permanent resident
- Proof of steady income
- Must have a social security number
- Citizen must be 18 years of age or older
- Should have a valid government-issued ID
- Valid email address, bank account, and phone number
- No military qualify for small payday loans online.
What would happen, if I can't repay a payday loan?
Before lending the amount, please ensure that you can pay the amount in a given time, but if you are unable to pay the amount in a given time, you should speak with your direct lender for an extended payment plan and do accordingly.
As part of the loan agreement, the customer needs to give the lender access to automatically deduct money from your working bank amount. In some circumstances, you may face penalties and unnecessary bank charges for each failed attempt.
Renew or rollover online payday loan, what does it mean?
When a customer is unable to pay the online payday loan on the due date, you can talk to your lender and they can provide you the option to renew or rollover the loan. For this, the lender may ask you for an additional fee for this option.
Nevertheless, renewals or rollovers of payday loans don't allow in some states, in those circumstances you can watch out for some other alternatives.
How many online payday loans I can avail in a single time?
In some state of residence and lenders, you may not be able to get another payday loan. If you are in need of taking out a second payday loan to pay the first one or any other purpose, keep some points in mind:
Some lenders don't allow using a second chance payday loans to pay the first one; hence you can't get another payday loan, if once you have already gotten earlier.
You should look for some other financing options if you can't make payments of other payday loans. Before availing any other payday loan, check carefully, you can afford the loan repayment.
What are some other options besides payday loans?
Payday loans online same day can be a good option, but if you are not sure, whether you can be able to pay off your loan amount or not, you can watch out some other potential alternatives as well, there are some:
Make use of emergency fund: The emergency fund is the real life time saver for this time, if you have an emergency fund, situations when you don't have any possible options, you can try using your emergency funds. However, most of the time, people don't have emergency funds, try setting aside a little bit of money each month to contribute one.
Credit Cards: Another possibility for the this one, it can be credit card as well, if you have access to a credit card and you are able to pay off your purchase in a timely manner, this may be another feasible option, if you do something like this, you can save yourself from debt on payday loans as well.
Am I eligible for payday loan with alternate income?
Undoubtedly yes, you are eligible for a payday loan with an alternate source of income. However, if you are unemployed and your other source of income is enough to prove that you can pay back your payday loan amount. Afterward, your lender can review your past financial history and verify your source of income.
In accordance with that, the lender may accept the following alternate source of income:
- Government Annuity
- Housing Income
- Pension Fund
- Social Security Income
- Disability Income
- Unemployment Benefits
- Retirement Benefits
Could I go to jail, if I do not pay back my online payday loan?
No, according to federal law, you cannot be arrested for an unpaid payday loan. Nevertheless, don't ignore a court order, appear before the court, and try to provide all the required information. However, most unpaid loans are referred to collection agencies, and then it is their responsibility to collect the amount.
But still, if you are facing any kind of legal issue, you should consult with an attorney to help you with the legal process. And whatever the consequences are trying to figure out with your attorney and save as early as you can solve.