Fast cash loans from slick cash loan in the USA are small loans that you could use when temporarily out of money. It would often be referred to as payday advances or cash advances. Regardless of the name, such loans would be designed to meet short-term and temporary cash flow requirements.
How Much Payday Loan Can You Borrow?
You could acquire a payday loan between $100 and $1500. However, it would be based on your income and ability to repay the loan. A good determination of how much a payday lender would allow you to borrow at any one time would be to take your weekly income and divide the amount by three. It would be worth mentioning here that the minimum payday loan limit would be $100.
What Requirements Should You Fulfill For Payday Lending?
The initial requirement is that you should be of or more than 18 years old. Unlike other loan types, an online payday loan usually does not need a credit check. However, you would be required to provide some kind of income and or banking verification. Rest assured that various lenders would require different income verification documents. It would be worth mentioning here that the loan approval criteria would also be based on a few vital aspects. These would be inclusive of the following –
- Employment Status
- Minimum Income
- Active Checking Or Savings Account
With all payday lenders being different, you would be required to check their minimum income requirements. In the USA, you would require a monthly earning of about $1000 to qualify for a payday loan. It might be different from the eligibility criteria in other nations.
How Could You Apply For Payday Loans?
Lending money through a payday loan provider would be quick and easy. Most payday lenders would offer paperless applications. You would be required to complete the online application form, indicate the amount you desire to borrow, and wait for the approval.
The lender will run a quick check on your banking details and get back to you as early as in a day. In most cases, an instant payday loan would be deposited directly to your bank account within an hour of approval.
How Much Would The Payday Loan Cost You?
Most payday lenders in the USA might charge you approximately 15 to 30 USD for every $100 you borrowed from them. If you have evaluated all available options and contemplated applying for an emergency payday loan that is suitable for you, ensure to understand all the costs and terms before applying. Ensure to check the lender has been offering a fixed rate fee. It would help you precisely about the total cost of the loan before you sign the agreement.
Is There Any Payday Loan Consumer Safety And Protection For You?
In the USA, payday lenders would usually be subject to territorial or provincial consumer protection laws. They would be required to follow the legislation enacted by every territory or province. The legislation might differ for different states’ payday loans; they have deemed credit extensions for federal consumer protection law.
To Sum It Up
Payday loans have gained popularity for numerous reasons. If you use them prudently, they would be easy and cost-effective ways to get quick money. It would help solve your emergency monetary needs.