Understand the Eligibility Criteria before taking out a Payday Loan
Do You Need a Payday Advance Online?
You have many options, including Payday Loans. What is a payday loan exactly?
A payday loan is a short-term loan that can be used to borrow money, usually up to $1,000, but it has a high-interest rate. The payday loan must be repaid with your next paycheck.
You might now ask what are the requirements to submit your application for a Payday Loan.
1. Eligibility Criteria
You must meet the following criteria to be able to apply for a Mypaydayloan.com payday advance or loan:
- A steady income or a job is essential.
- An active bank account is essential.
- It is important to have proof of identification.
- At least 18 years of age is required.
- You must be a citizen of the United States.
You may also need to provide a phone number and email address. Next, you might ask how to apply for a payday advance.
2. How to Apply for a Payday Loan?
Applying for a payday loan can be done online!
The application form can be completed online. Most creditors approve online payday loans within 24 hours. The approved amount will be deposited to your bank account within the same day or the next business day if it is approved.
The amount you are eligible for depends on your income level and the payday lender. You should always remember that the greater the amount you borrow, the higher your payments will be. Payday loans are short-term loans for emergencies. You should only borrow what you need, even if you are eligible for more. The finance fees for payday loans are higher than traditional loans.
Payday loans are a great way to get quick cash for small amounts. You can also get online loans without a traditional credit check. People with poor credit ratings may still be eligible for payday loans.
Do you know the downside of Payday Loans?
The incessantly high-interest APRs! Yes, you heard it right! Because these are considered short-term loans and should be repaid within 2-4 weeks the interest rates are higher because the lender is taking a risk on the customer to repay the loan. The borrower does not provide any collateral so if the loan is not repaid the lender takes the hit.
You need to pay off your payday loans on your next paycheck date! So, if you calculate it for two weeks, the interest rate may still be lower than a long-term loan due to the short time repayment period.
Payday loans are not meant to be a long-term solution and for large amounts of money. They are meant to assist those who are experiencing financial struggles and need to get money fast. If you are interested in getting a payday loan, then MyPaydayLoan.com may be able to help you get the money you need. No need to leave home just apply online.
Get Started with Mypaydayloan.com Today!
Whatever you may need your emergency funds for, we understand life happens, Mypaydayloan.com is here to help you get back on track.
So, don’t wait. Apply for legitimate payday loans online with no traditional credit check today, and get the cash you need in as little as one day or the same day if requested.
Next-Day & Same-Day Funding Cut-off Times:
- If your payday loan application is received and approved before 11:50 a.m. EST Monday through Friday, you should receive the funds the same day by 5:00 p.m. your time (If same-day funding is requested)
- If your payday loan application is received and approved after 11:50 a.m. EST Monday through Friday, you should receive your funds by the next business day.
- If your payday loan application is received and approved Saturday or Sunday, you should receive your funds Monday or the next business day by 5:00 p.m. your time (If same-day funding is requested)
- If your payday loan application is received on a bank holiday, your application will be reviewed and approved the next business day.