how to get a payday loan
you can apply for payday loans online at various loan providers you can also apply for payday loans at local providers who are generally small lenders with physical stores for a payday loan application you will need a bank account and government id you will also need to provide proof of income which can be done through your work pay stubs the principal of a payday loan is typically a percentage of your income additionally your wages may function as collateral where the lender can automatically receive a portion of your wages in order for the loan to be paid back a credit check and your ability to pay back the loan are not usually considered when applying payday loan interest ratespayday lenders charge very high levels of interest as much as 780 in annual percentage rate apr with an average loan running at nearly 400 most states have usury laws that limit interest charges to anywhere from 5 to 30 however payday lenders fall under exemptions that allow for their high interest 34as these loans qualify for many state lending loopholes borrowers should be wary regulations on these loans are governed by the individual states with 16 states arizona arkansas colorado connecticut georgia maryland massachusetts montana new hampshire new jersey new york north carolina pennsylvania south dakota vermont and west virginia and the district of columbia outlawing payday loans of any kind 3in california for example a payday lender can only lend up to 300 at a time they can also charge a fee of up to 15 of the loan amount with a maximum fee total of 45 although 15 doesn t seem exceptionally high on a 14 day loan it becomes the equivalent of an apr of 460 for a 300 loan 52although the federal truth in lending act requires payday lenders to disclose their finance charges many people overlook the costs most loans are for 30 days or less and help borrowers to meet short term liabilities the loans usually can be rolled over for additional finance charges and many borrowers as high as 80 of them end up as repeat customers 617a number of court cases have been filed against payday lenders as lending laws have been enacted since the 2008 financial crisis to create a more transparent and fair lending market for consumers if you re considering taking out a payday loan then a personal loan calculator can be a vital tool for determining what kind of interest rate you can afford 