What is a payday loan? How it works?
Payday loans are often referred to as âcash advancesâ. This is a type of short-term loan designed to help you access emergency cash before your next payday. Usually, they are taken out for a period of 1 to 3 weeks, although some lenders offer longer repayment terms.
The way it works is simple. You apply for a loan and get your money. Then, on the repayment date you specified, your loan and all associated fees, interest and other charges will be automatically debited from your bank account.
Usually, payday loans should be treated as an option of last resort. They usually have very high interest rates and fees, often equivalent to 300% APR (Annual Percentage Rate). However, they are still a reasonable option if you have no other option to get the money.
How do I get a payday loan with my payday loan?
My payday loan makes it easier to get a loan. All you need to do is go to MyPaydayLoan.com and start the application process. The company has minimum application requirements so almost anyone can qualify for a loan. To get a loan, you will need:
- An active and open current account, in which My Payday Loan can deposit your money
- To prove that you are a US citizen over the age of 18
- To prove that you are currently employed and that you are earning verifiable income
If you can meet all three of these requirements, you are very likely to be approved. First-time borrowers can borrow between $ 200 and $ 1,000, and returning borrowers can get up to $ 1,500.
How much will I pay for my loan?
My Payday Loan is dedicated to transparency and currently offers a flat rate for all of its loan products. You will pay $ 30 in fees for every $ 100 you borrow. If you borrow $ 500, for example, you’ll pay $ 150 in loan fees.
Why choose my personal loan? Understand the benefits
In our review of My Payday Loan, we found a lot to like about this service. Here are some of the advantages that we have found in using this short term payday lender.
- Simple application process – You can apply online in minutes, without even leaving the comfort of your home.
- Easy loan terms – Your credit score doesn’t matter. If you meet their loan requirements then you are eligible for a loan, with a few exceptions for clients with bankruptcy records.
- Quick cash deposits – You can have your money deposited on the business day you apply if you complete your application and are approved by 12:00 p.m. EST.
- All data is fully secure – My Payday Loan uses 256-bit encryption, HTTPS and the latest technology to protect your personal information throughout the application process.
- Direct lender & member of OLA – Unlike other companies, My Payday Loan is not a loan broker, but a direct lender. While loan brokers work with third party companies to issue loans, My Payday Loan handles the entire process in-house, thereby minimizing complexity. The company is also a member of the Alliance of Online Lenders (OLA), which is dedicated to transparency and excellence in short-term online lending.
Get the short term payday loans and cash advances you need!
If you need a cash advance or a payday loan, My Payday Loan is a good option. You can borrow between $ 200 and $ 1,000, get approved, and get your money the same day you apply. Visit their website now to learn more and see if a My Payday Loan Short Term Loan is right for you.