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Lorraine Roberte

Lorraine Roberte

Lorraine is a south Florida-based personal finance and digital marketing freelance writer who drafts content for businesses and startups that gets attention on social media and visibility on search engines. She has published on prestigious sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.

Payday loans are a quick cash alternative that let consumers borrow against their paycheck. They’re also easier to obtain than other types of unsecured loans for people with lower credit scores. While payday loans are great for getting you out of a bind, it’s crucial to understand what they’re all about so you can work them to your advantage.

Read on to learn more about payday loans and find answers to common questions like, “Where can I find payday loans near me online?”

How do Payday Loans work?

Payday loans are essentially an advance on your next paycheck. They’re a type of short-term loan with usually a 14-day repayment term in a lump sum. They have many other names, including:

  • Paycheck advance
  • Cash advance
  • Bad credit loan
  • Deferred deposit transaction

According to the Consumer Financial Protection Bureau (CFPB), the typical payday loan is for $350, but they can range from $100 to $1,000 or more.

Once approved for the loan, you write a post-dated check for the loan amount plus fees or allow the lender to electronically debit a bank, prepaid card, or credit union account. The company then gives you money in cash or deposits the funds into your account.

At the agreed date, the company deposits your check or debits your account. Some states allow you to roll over your loan if you don’t have the money when it’s due. The lender then charges you an additional fee and extends your financing for another term. Many states set limits on the number of times you can do this.

How to Find the Best Payday Loans Near Me

Payday loans attract many scam companies, so it’s essential to do your research. Whether you’re looking at brick-and-mortar or online lenders, make sure the company:

Clearly discloses its fees, interest rates, and loan terms and conditions. Lenders should tell you this information when you ask and spell out all the details in your contract.

Complies with your state’s payday loan regulations. Many states have restrictions on borrowing amounts, interest rates, and fees. In some states, payday loans are illegal. See the chart further down for more details.

Has an active and valid license in your state. Your state’s financial regulation office will usually have a webpage where you can look up payday loan company licenses.

Payday Depot takes the hassle out of finding reputable online lenders by matching you with reliable companies that meet our criteria and your state’s regulations.

Apply online today through our safe and secure portal to see online payday loans near you.

How Much Can I Borrow With a Payday Loan?

Find your state below to see its payday loan restrictions.

State Payday Loans Legal? Maximum Loan Amount APR
Alabama Yes $500 456%
Alaska Yes $500 435%
Arizona No N/A N/A
Arkansas No N/A N/A
California Yes $300 460%
Colorado Yes $500 214%
Connecticut No N/A N/A
Delaware Yes $1,000 521%
Florida Yes $500 304%
Georgia No N/A N/A
Hawaii Yes $600 460%
Idaho Yes $1,000 652%
Illinois Yes $1,000 or 25% of gross monthly income 404%
Indiana Yes $550 or 20% of gross monthly income 382%
Iowa Yes $500 337%
Kansas Yes $500 391%
Kentucky Yes $500 460%
Louisiana Yes $350 391%
Maine Yes $2,000 217%
Maryland No N/A N/A
Massachusetts No N/A N/A
Michigan Yes $600 369%
Minnesota Yes $350 200%
Mississippi Yes $500 521%
Missouri Yes $500 443%
Montana Yes $300 36% small loan cap
Nebraska Yes $500 460%
Nevada Yes 25% of gross monthly income No limit
New Hampshire Yes $500 36% small loan cap
New Jersey No N/A N/A
New Mexico No N/A N/A
New York No N/A N/A
North Carolina No N/A N/A
North Dakota Yes $500 487%
Ohio Yes $1,000 28%
Oklahoma Yes $500 395%
Oregon Yes $50,000 154%
Pennsylvania No N/A N/A
Rhode Island Yes $500 261%
South Carolina Yes $550 391%
South Dakota Yes $500 36%
Tennessee Yes $500 460%
Texas Yes Not specified 662%
Utah Yes No limit 658%
Vermont No N/A N/A
Virginia Yes $500 601%
Washington Yes $700 or 30% of gross monthly income 391%
West Virginia No N/A N/A
Wisconsin Yes $1,500 or 35% of gross monthly income 547%
Wyoming Yes Not specified 261%
Washington D.C. No N/A N/A

*source: UStatesLoans.org

Pros and Cons of Payday Loans

Payday loans have considerable benefits and drawbacks. It’s critical to weigh both to make the best decision for your situation.

Pros

  • Payday loans provide quick access to money with only a few requirements.
  • There are no limitations on how you can use your payday loan money.
  • With some lenders, you can have the money in your account the same day if you apply early enough. If not, the next business day is typical.
  • You can complete online payday loan applications in just a few minutes from the comfort of your home and without having to talk to lenders.
  • Payday loans are unsecured, so you don’t have to provide personal property as collateral.
  • Most payday loan lenders don’t run credit checks, which means there’s no impact on your credit score from a hard credit inquiry and you can still be approved if you don’t have any credit history.

Cons

  • Payday loans have excessive APRs that are 10 or more times higher than high-interest credit cards.
  • Payday loans are tied to your bank account for repayment and can cause multiple overdraft charges if your account is underfunded on the day the loan is due.
  • The CFPB reports that 85% of borrowers renew or default on their loans, perpetuating a cycle of debt that’s difficult to leave.

Requirements for Getting an Online Loan

Payday loans are easier to get than many other types of loans, even if you have bad credit. The CFPB lists the following as the basic requirements:

  • At least 18 years old
  • Proof of stable income from a job or other sources
  • Valid identification, such as a state-issued I.D.
  • Active bank, prepaid card, or credit union account

A few lenders may also check your credit score or request additional personal documents or details.

How to Get A Payday Loan Online Near Me

There are only four steps to getting a payday loan online:

1. Choose the best payday loan near you.

After entering some basic information, Payday Depot gives you a list of eligible lenders. You can then choose a lender with the best combination of repayment terms, fees, interest rates, and payment speed.

2. Apply.

Fill out the lender’s application. Many only take minutes to complete.

3. Get approved

Online lenders typically give instant decisions. Once approved, you e-sign the contract to move forward.

4. Get your cash

Online lenders deposit the cash in your account as fast as the same or next business day.

Reasons Why You Might Have Been Rejected

If you weren’t approved for a payday loan, you might be wondering why. Here are the top three reasons:

1. You don’t have a regular, verifiable income source or your income is too low.

Lenders want to verify your ability to repay the loan. If you can’t prove a steady paycheck from work or government benefits, or if your only income source is welfare, lenders may deny your application.

Getting paid in cash also makes it difficult for online lenders to verify your income, especially if you don’t regularly deposit your money after each pay cycle.

2. You already have a payday loan or recently borrowed one.

This also falls under your ability to pay back the loan. Many lenders won’t give you another payday loan if you still have an open one or they see your financial history includes multiple payday loans in a short period.

3. You have too many current debts.

Lenders who pull a credit report will look at your debt-to-credit ratio. If it shows you have too much debt relative to your credit limit, they may deny your loan application.

Payday Loans Are An Option

Payday loans get a bad rap, but in many states, they are a legal and viable option for people with poor to no credit who require immediate cash for an emergency. These loans can be just what’s needed to see you through an unexpected expense or make ends meet in a particularly difficult month. Best of all, it’s easy to find a payday loan online near you.

For any type of loan, you should explore your possibilities and understand its strengths and weaknesses before committing. This way, you can be confident you’re making an informed decision that serves you in the short and long term.