A lot of people deal with monthly cash flow crunches every now and then when the amount of money they have to spend is less than the amount of money they need to cover all their expenses. It can be a very stressful situation. To deal with it, loan providers offer financial aid to those who are in desperate need of cash. One particular type of loan that has become very popular is the instant payday loan. It is a short-term loan designed to meet your emergency cash flow needs. It has many advantages. Read on to learn more about it.
How Much Can I Borrow?
This varies from one loan provider to another. Generally, the loan amount range is $100-$1,500. But keep in mind that factors like your income and your ability to repay the loan heavily influence how much you can borrow when choosing instant payday loan. A good measure of how much you can borrow at any given time is to divide your weekly income by 3. For instance, if you earn $600 a week, the minimum loan amount you should be able to acquire is around $200.
Requirements and Criteria
There are several key requirements that you must fulfill in order to be eligible for instant payday loans online guaranteed approval. The requirements and criteria include the following:
- You must be at least 18 years of age.
- You must be a USA citizen.
- You will need to provide some form of banking and/or income verification.
- You must have an active savings or checking account.
- There is also minimum income requirement. This varies from one loan provider to another.
As all instant payday lenders are different, it is highly recommended that you check their terms and conditions and learn about the specific criteria to be eligible for the loan.
Applying for an Instant Payday Loan
Obtaining money from instant payday loan is easy and fast, particularly if you choose to use the online application process. It generally involves the following steps:
- Browse the internet to find a reliable loan provider and then visit their website.
- Fill and submit their online application form and specify the amount you wish to borrow. The loan provider will perform a quick check to confirm the details you provided and get back to you within minutes.
- Once your application is approved, the funds will be deposited to your account on the same day.
Instant Payday Loan Costs
Similar to other key elements, the instant payday loan costs also vary from one loan provider to another. On average, the interest rate range is 15%-30%. If you have decided that instant payday loans online guaranteed approval is the right choice for you, be sure to understand all the terms and costs before applying. It is highly recommended that you check to ensure your lender is offering a fixed flat rate fee so you know exactly what the total cost of the instant payday loan is before you sign up.
Instant payday loans are popular for several reasons. If used wisely, they are a cost-effective, easy, and fast way of getting financial assistance to cover your unexpected expenses.