What is a payday loan or a personal loan?

A payday loan or a personal loan is a short-term loan for a relatively small amount of money typically meant to be repaid with your next paycheck.

Payday loans or personal loans allow you to spend your money to pay off medical expenses, make home improvements, repairs to your vehicle, or consolidate your debts. Payday loans are different from other types of loans, such as home mortgages or automobile loans.

A payday or personal loan is paid back to the lender over a set period.

How much does a payday loan cost?

Payday loan fees might range from $10 to $30 for every $100 borrowed, depending on your state law and the maximum amount your state permits you to borrow.

A fee of $15 per $100 is common. This equates to an annual percentage rate of almost 400% for a two-week loan. So, for example, if you need to borrow $300 before your next payday, it would cost you $345 to pay it back, assuming a fee of $15 per $100.

Example of Payday Loan

For a $5,000 36-month loan at an interest rate of 5.99% with a 1% origination fee of $50.00, you will receive a loan amount of $4,950.00 and will make 36 monthly payments of about $153.61 at a 5.99% APR. The total loan cost would be $5,595.00.

What happens if I can’t repay a payday loan?

If you find that you can not repay your loan under its current terms, your lender may charge you late fees, report your payment history to a credit-reporting agency, or provide an extension or loan renewal option to refinance your loan.

This may impact your credit score or allow your loan account to fall into the collection. Loan renewals or refinancing options may include additional fees.

How to apply for a payday loan?

Applying for payday loans with Merchant Cash Advance 360 only takes minutes, and our quick process will tell you in minutes whether your application is accepted by one of the lenders we work with. Most applications are typically decided within a few minutes.

To apply for a payday loan online you should be at least 18 years of age or older, a U.S. resident, with consistent income, and have a checking account.

• • You do not have to be employed, but you must have a steady source of recurring income payments to ensure you will be able to repay your loan.
• • You must reside in the state you choose for your loan application.
• • You must be at least 18 years old.
• • You must not be a member of the Army, Navy, Marine Corps, Air Force, or Coast Guard currently serving on active duty under a call or order that does not specify 30 days or fewer, a member of the reserves (including National Guard) on active duty, or a dependent of the foregoing members.
• • If applying online, you must provide a valid Social Security Number or Individual Taxpayer Identification Number.
• • If applying online, you must have a checking or savings account that has been open for at least one month. California residents must have a checking account that has been open for at least one month.

Documents required to apply for a payday loan approval

• Proof of Income.
• Active Checking Account.
• Post-dated signed checks.

Loan renewal policy

The loan renewals may be automatic and typically include additional renewal charges.