Get $1,000 to $1,500 Payday Loans Online
While employment in the U.S. has been low and the economy is doing well overall, most Americans are still finding it difficult to make ends meet, financially. In fact, 17% of Americans, which is about 43 million individuals, report that they are struggling with most aspects of their financial lives, according to the 2019 U.S. Financial Health Pulse Report. Plus, 70% are facing some type of difficult monetary situation.
For Americans that have limited economic resources and that may have exhausted other financial options, short-term funding might be a viable option. Payday loans are small-dollar loans taken out against a borrower’s paycheck. These loans are typically taken out for two to four weeks at which time borrowers are expected to pay back their loans in full, plus interest.
While such shorter-duration funding offers loan amounts that are typically smaller than those associated with more conventional loans or personal loans, borrowers can take out $1000 to $1500 payday loans online.
Payday loans can be used for any number of emergency cash situations such as unexpected home or vehicle repair costs, medical expenses, or unpaid rent or utility bills.
How to Apply for a Payday Loan
Whether a customer is applying for a $1000 payday loan or a $5000 payday loan requirements remain the same. Borrowers can get $500 to $2000 payday loans online through direct application processes, which typically take 15 to 60 minutes. While specifications will differ from lender to lender, the following is usually requested:
- Form of identification that shows proof of age and residency
- Banking information
- Proof of income
Consumers should note that while some moneylenders may advertise online payday loans for bad credit, online payday loans with no credit check or even $1000 dollar loans with no credit check online; an applicant’s creditworthiness, as well as their debt-to-income ratio, will be considered before loan approval.
Lenders who offer the best payday loans online are those who follow the appropriate state regulations and do not participate in predatory lending practices.
Those with poor credit or nonconventional forms of income are still eligible to apply for a loan to see if they are approved.
Borrowers who wish to get $1000 to $1500 payday loans online must adhere to the processes and requirements outlined above. If an applicant is approved, funds can be transferred within one to two business days.
How Much Does a Payday Loan Cost?
Short-term loans are typically more expensive than the average loan. Payday lenders can charge $23.53 for every $100 borrowed, according to research from the federal Consumer Financial Protection Bureau. This comes out to a 613% APR for a two-week loan. In comparison, the average APR for credit cards is only 17.55%.
Due to such high costs, short-term loan borrowers that are already in precarious financial situations are often unable to repay their loan amounts and have to roll them over, incurring more fees. In some cases, borrowers may have to take out more loans to pay for previous loan debts.
Some states have loan caps and restrictions in place to protect borrowers from predatory lending practices that can trap unknowing consumers in cycles of debt.
To avoid such situations, borrowers should be cautious of lenders who advertise with phrases such as “get a $1,000 loan with bad or good credit”, as borrowers should be in good financial standing upon loan approval.
Consumers should read and understand loan terms and conditions prior to signing for one.
What Happens if I Can’t Repay My Loan?
Failure to repay a loan may result in a lower credit score and more bank or loan fees.
While some states have regulations in place to protect borrowers from illegal debt collection schemes, some lenders may be authorized to take action against borrowers who have failed to meet loan terms.
Individuals who cannot afford a payday loan can consider alternative funding options including:
- Borrowing from trusted friends and family members
- Requesting a paycheck advance from an employer
- Opting for a personal loan
- Seeking local and federal aid assistance
- Cutting discretionary spending to save up and avoid the use of high-cost short-term loans