Seven Payday Loan Facts

Borrowers who are well-informed about payday loans going into the process tend to have the most positive experiences. Educate yourself about payday now loans by reading the following seven essential facts about payday borrowing.

1. Your lender may offer loans up to $1500. Every lender will have a different maximum on the payday now loans they offer, but some of our lenders issue loans of up to $1500. Of course, to qualify for larger loans, you will need to have sufficient monthly income. Typical ranges for payday loans are $500-$1500 (varies by lender).
2. You can choose a paperless or faxless payday loan. Your payday now lender may offer no-fax or paperless payday loans that are much simpler than traditional paycheck advances. Paperless payday loans don't require you to fax in additional paperwork to complete your application (varies by lender).
3. Your loan's due date may be flexible. Some payday now companies let borrowers roll their loans over, or request more repayment time. Although this option will result in additional finance charges, you will have more flexibility in your loan's due date (varies by lender). If you intend to exercise this option, make sure you inform your lender before your loan's due date arrives. Otherwise, the full amount due may be automatically taken from your bank account (varies by lender).
4. Qualifying is easy. Most borrowers do not have trouble qualifying to receive a payday now because the requirements are usually very basic (varies by lender). If you have a job and earn enough income every month, your chances of getting approved for a paycheck loan are strong (varies by lender).
5. Your interest expenses will usually be expressed as a finance charge. Payday now lenders typically express the cost of borrowing as a finance charge. The finance charge might be stated as a percentage of the amount you borrow. For instance, a lender might charge you $15 for every $100 borrowed (varies by lender). The total amount you owe on the due date will reflect the original amount of the loan plus all finance charges and fees.
6. The APR of your loan must be stated in your loan documents. The Truth in Lending Act mandates the disclosure of your payday now loan's APR in your loan agreement. According to the law, your loan agreement must specify the payday loan's APR in bold. APR stands for annual percentage rate, or the total cost of borrowing expressed on an annual basis. APR takes into account all fees and charges, not just interest.
7. You must have direct deposit on your bank account. Payday now loans can only work if you have direct deposit enabled on your savings or checking account. Otherwise, you might need to apply for a traditional payday loan with a brick-and-mortar lender.