What Are Payday Loans? How Do You Apply for Them?

Millions of people face sudden cash emergencies every year. More than half of all Americans do not have enough cash reserves for an emergency expense. Payday loans are one way to address an urgent money need.

What Are Payday Loans?

Payday loans are emergency cash loans that are typical $500 or less. In some states, they can be as large as $1,000. These are short-term loans that can be processed very quickly. The amount of the loan issued varies based on where you live and your state laws. These loans are significantly easier to get than traditional loans and are the only option for millions of people. 

There are no security deposits or upfront fees, and no collateral is required.

How to Apply for a Payday Loan?

Payday loans are simple to apply for. You do need to meet some simple requirements:

• You must be at least 18 years of age or older
• You must have a current income of at least $1,000 a month
• You must have a phone number (cell is very good)
• You must have an existing checking account 
• You must live in the state where you are applying for the loan

There may be other information requested depending on your situation.

The best thing about these loans is that you do not need to provide a credit report. Of course, this means that your credit history will not be checked either. So, no impact on your credit scores.

Online Payday Loans

About 90% of all payday loan requests are online payday loan requests. All you do is complete and submit the short, secure request form. You get an answer fast. If your application is approved, your loan funds are transferred into your bank account in 1 business day. 

Online payday loan requests are secured by encryption technology, and you can see this in the URL of the website; it will look like this “https.”

Choosing your Payday Loan Company

Always work with online payday loan businesses that are not brand new and have been around many years, like CashinaMoment. Over the years, the poor companies have been eliminated, and you have to avoid the newcomers, who are often offshore companies.

A couple of Tips about Payday Loans

Payday loans are fee-based loans and are meant for emergency purposes and not everyday spending. It would help if you only borrowed what you are comfortable to pay back on the due date of the loan, which is usually 30 days or less from the day you get it. These loans are not meant to be continued or extended as additional fees, and penalties can be too high for most people.

CashinaMoment provides legitimate payday loans 24/7 and 365 days a year through its referral to more than 100 direct lenders. When you need urgent cash, consider requesting your online payday loan with CashinaMoment.