We all have a call for little financial help from time to time. But how to cover money problems without having any savings or emergency funds? When having this problem, a payday loan or a quick cash loan is an excellent way to obtain the amount of money you need for unexpected expenses. A payday loan is a short-term advance you need to get in a situation that requires immediate cash. Securing a quick loan is relatively easy. Submit your credit request for payday loans Murrieta and get your fast money without a hard credit check.
What is a Payday Loan?
A payday loan is a short-term small unsecured loan with high-interest rates. Interest rates are calculated as a percentage of your loan. Thus, the larger your loan, the longer the term, the more is the interest rate you should pay. Unlike installment loans, payday advances require a one-time payment instead of multiple installments spread over a long paycheck period.
How Much Can I Borrow?
The amount you can borrow varies by each state’s laws and payday lending regulations. Most states that permit payday lending allow amounts somewhere between $100 and $2500.
Basic Requirements for Payday Loans Murrieta, CA
- The borrowers should be at least 18 years of age.
- Residency in the United States is required.
- A Social Security number is a must to get a payday loan.
- A source of income is required for the lenders to approve your case easier.
- Valid identification is another must for the application procedure.
- An active checking account is essential for electronic transfers.
- Email address is crucial to get notifications on the whole loan procedure.
Can I Borrow with My Bad Credit History?
If you haven’t had time to build a credit history or you have poor credit scores, you can still borrow from payday lenders, who provide cash loans without credit history verification.
Do I Need a Collateral?
Most payday lenders never require collateral for providing money. Meanwhile, the borrowers should have an income source for the lenders to ensure they will get the debt back.
What is a Rollover?
When the borrowers cannot repay the original loan as agreed, they have the option of so-called “rollover.” However, credit renewal doesn’t lower the amount you owe; it simply extends the credit repayment terms. Rolling over your debt may help you avoid late payment fees, but it also may overwhelm your budget and lead to a long-term debt cycle.
What Happens When the Borrower Defaults on Repaying?
Sometimes, borrowers don’t realize how much the interest and fees add to the payday loan’s total cost. If you cannot pay the loan back on time, the lender may turn to collection agencies to chase you for payment. Know that the collectors have no right to threaten you with jail. In this case, the Fair Debt Collection Practices Act is proposed to protect people against abuse by debt collectors.
Payday Loans VS Bank Loans
Compared with bank loans, locating a payday loan takes minutes. You fill out an online credit request and get a swift decision—besides, the process needs minimal documentation. Online processing doesn’t make you wait in queues and save your time.
Bank loans need an excellent credit history to approve your request. Meanwhile, most payday lenders prequalify your loan request instead of opting for a traditional credit check. No hard credit inquiry is required to qualify for quick funding; just meet minimum criteria.
A payday loan may be the best opportunity to overcome the obstacles for those in a challenging situation. Unlike bank loans- the borrower is not required to bring any collateral to get the money.
Important to Know!
Never take a payday advance to budget long-term financial goals since they come due within two to four weeks. Payday loans are meant to solve small money problems. Besides, if you cannot repay the debt upon its maturity, you can choose to roll the loan over. But this will charge you more fees and may become addictive. Contact the lender when you default on repaying the loan, as different lenders have different approaches. Be cautious; sometimes, payday loans can become a trap and may cost more than you expected.