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$700 Payday Loan: Reliable Financial Solutions for Urgent Needs

Get immediate access to a $700 payday loan through our carefully selected online lenders. We cater to all credit types, including bad credit, with no credit checks required. Direct lender options provide a streamlined and efficient borrowing experience for your urgent financial situations.
Offers: 3
Updated:
27.02.2024
14:24
Best Quick Loan Today 27.02.2024*
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Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 2000.00 $
Rate
i

Effective interest rate on the product

0.05 – 2.50 %
Term
i

Loan term for the financial product

5 days – 3 months
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
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Check Into Cash
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.06
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$50-$1,500
Rate
i

Effective interest rate on the product

APR 390%
Term
i

Loan term for the financial product

up to 30 days
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$700 Payday Loans Calculator of February 2024

Utilize our Payday Loans Calculator for precise estimates on potential loan amounts, interest rates, and repayment plans in the U.S. An indispensable tool for your short-term borrowing needs.

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The Legal Status of Payday Loans in the USA

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
$700 Payday Loan: Reliable Financial Solutions for Urgent Needs

What are $700 payday loans?

A $700 payday loan is a type of short-term loan offered by payday lenders to cover unexpected expenses like medical bills. These payday loans typically have to be repaid by the borrower's next payday or within a few weeks.

Features

  1. Speedy Fund Disbursement. Most payday lenders emphasize swift loan approval and aim for fund transfers within a business day, ensuring that a borrower's bank account is promptly credited.
  2. Unsecured Nature. Unlike secured loans or personal loans from credit unions, the $700 payday loan doesn't mandate collateral, minimizing risks for those with unexpected expenses or medical bills.
  3. Flexible Credit Evaluation. A bad credit score or sparse credit history doesn’t invariably halt loan approval. Many payday loan companies prioritize those with poor credit, opting for soft credit checks over rigorous credit checks, which are typically associated with traditional financial institutions.
  4. Online Application Mechanism. The era of cumbersome paperwork is passé. The majority of online lenders have transitioned to user-friendly online application forms, ensuring a hassle-free experience, even for those unfamiliar with the process.
  5. Defined Loan Terms. The $700 loan, unlike extended installment loans, usually comes with a short tenure. Knowledge of these loan terms, especially for those eyeing the loan for short-term relief, is crucial.
  6. Transparent Cost Outline. Reliable lenders elucidate all loan costs. This includes interest rates, upfront fees, and any additional charges. Borrowers must be aware to steer clear of any unfavorable loan offer.
  7. Diverse Repayment Structures. Some payday loans necessitate repayment in one lump sum, while others might offer an installment option. Grasping this is crucial, especially when comparing it with personal loan lenders' structures.

Pros and cons

Pros

Quick Approval. Most $700 payday loans online offer fast loan approval, sometimes within a few hours.

No Perfect Credit Score Needed. Even those with a bad credit score or poor credit history can apply.

Online Application. Fill out an online application form, and you might get a $700 dollar loan without stepping out of your house.

Cons

High-Interest Rates. Interest rates for these loans can be much higher than traditional bank loans or credit union offers.

Short Repayment Period. Unlike installment loans or personal loans, you have to repay the amount usually by your next payday.

Potential for Debt Cycle. If not managed well, borrowers can end up taking multiple loans, leading to a vicious cycle.

How to get a $700 payday loan?

Apply For a Loan

  1. Assess Your Needs. Determine if a payday or personal loan suits you best. Remember, payday loans are primarily for short-term financial needs.

  2. Online Application. Opt for online lenders and complete the online application form. Provide essential personal details, bank account information, and monthly income data.

  3. Credit Evaluation. Many payday lenders will perform a soft credit check, especially when catering to individuals with a bad credit score.

  4. Eligibility Requirements. Key criteria include a stable income, a valid bank account, and proper identification. Your credit history will be reviewed, though a perfect score isn't always necessary.

  5. Loan Offer. Upon approval, you'll receive a loan offer detailing interest rates and repayment terms. Ensure you understand the conditions before accepting.

  6. Receiving Funds. Once agreed, most lenders will transfer the loan amount to your bank account within a business day.

Requirements

  1. Age. Must be 18 years or older.

  2. Income. Demonstrable stable monthly income.

  3. Bank Account. Active checking or savings account for direct deposit.

  4. Identification. Valid government-issued ID.

  5. Credit Check. A soft credit check may be performed, though bad credit scores are often accommodated.

  6. Residency. Proof of current residence, often a utility bill or lease.

  7. Contact Details. A valid phone number and email address.

Conditions

  1. Loan Term. Typically 14-30 days, depending on the lender.

  2. Interest Rate. Varies by lender, often higher than traditional personal loans.

  3. Repayment. Usually due in one lump sum on the borrower's next payday.

  4. Fees. Potential for additional fees, including late or non-payment penalties.

  5. Extensions. Some lenders might offer extensions or rollovers for an additional fee.

  6. Loan Agreement. All terms and conditions must be laid out in a clear loan agreement.

  7. Usage. Funds can generally be used for any personal purpose, from medical bills to unexpected expenses.

Best places to get a $700 payday loan today 27.02.2024

Speedy Cash

Apply For a Loan

Established in 1997, Speedy Cash has grown into a reliable direct lender with a strong reputation. They offer a straightforward online application form and quick loan approval times. With transparent terms and conditions, they provide borrowers with a clear understanding of their loan costs.

Speedy Cash

ACE Cash Express

Apply For a Loan

Since 1968, ACE Cash Express has served millions of customers. They are known for their customer-centric approach and flexible loan terms. Their online and in-store services ensure borrowers can access funds in the manner most convenient for them.

Ace Cash Express

Amscot

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Amscot is recognized for its friendly service and no-hassle loan applications. With multiple locations, they cater to those who prefer an in-person application process. Their clear and upfront fees mean there are no surprises for borrowers.

Amscot

Wise Loan

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Wise Loan stands out for its innovative installment loan offerings. While they do offer payday loans, they focus on providing borrowers with more manageable repayment options, making it easier to pay back the loan amount.

Wise Loan

CreditNinja

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As a newer entrant to the market, Credit Ninja uses advanced technology to streamline the loan application process. They emphasize transparency and affordability, aiming to offer competitive interest rates to those with good credit and even those with a low credit score.

CreditNinja

LendNation

Apply For a Loan

LendNation is renowned for its broad range of loan options. They cater to a variety of borrowers, ensuring that even those with poor credit histories have a chance at securing the funds they need.

LendNation

Cash Central

Apply For a Loan

Cash Central is a trusted name in the payday loan industry. Their user-friendly platform and efficient customer service make the loan application process smooth. They are also known for their stringent security measures, ensuring borrower's personal details are protected.

Cash Central

Ways to receive the money

Most offer direct deposit to your bank account. Some might provide cash advances in-store.

Things to pay attention to

  1. Interest Rates. One of the most crucial aspects of any loan, the interest rate, can significantly affect the total amount you repay. Always compare interest rates from different lenders, as even slight differences can impact your overall loan costs.
  2. Loan Terms. Understand the duration of the loan. While payday loans are typically short-term, some lenders might offer extended repayment periods. Knowing the loan term helps in planning your monthly budget.
  3. Hidden Fees. Some lenders might charge upfront fees, processing fees, or other hidden charges. Always ask for a full breakdown of costs associated with the loan to avoid any unexpected expenses.
  4. Eligibility Criteria. Lenders have different requirements. Whether it's about your credit score, monthly income, or employment status, ensure you fit the criteria before applying.

How to repay a $700 payday loan?

  1. Understand the Terms. Familiarize yourself with the repayment schedule, interest rate, and any associated fees. This knowledge will help you prepare for the exact amount due and when.

  2. Automated Repayments. Some lenders set up automatic withdrawals from your bank account on the due date. Ensure you have sufficient funds in your account to avoid overdraft fees.

  3. Online Payments. Most payday loan providers offer online platforms where you can log in and make payments. This convenience allows for timely repayments from anywhere.

  4. In-person Payments. Some lenders, especially those with physical locations, allow borrowers to repay loans in person using cash, check, or card.

  5. Additional Payments. If possible, consider making additional payments or paying off the loan early. This strategy can reduce the amount of interest you pay over the loan's lifespan.

  6. Stay Communicative. If you anticipate issues with repaying your loan on time, communicate with your lender immediately. They might offer solutions, such as extensions or modified payment plans.

Alternatives

Apply For a Loan

  1. Offered primarily by credit unions, payday alternative loans (PALs) are designed to provide short-term cash to members without the high costs that payday loans often entail. They generally come with lower interest rates and more favorable repayment terms.

  2. Instead of receiving the borrowed amount upfront, a credit builder loan secures the money in a bank account while you make payments. Once the loan is fully repaid, the funds are released to you. The primary benefit is that timely payments help build or improve your credit score.

  3. A secured loan requires collateral, such as a car or property, which the lender can claim if you default on the loan. Because they're backed by collateral, secured loans typically offer lower interest rates and more flexible terms than unsecured loans.

  4. A credit card might offer a cash advance option or a promotional interest rate for certain purchases. Depending on your credit limit and the card's terms, it might be a more flexible alternative to a payday loan, allowing you to pay over time.

Editorial opinion

Navigating the complex world of lending can be daunting, especially when faced with urgent financial needs. Payday loans, while offering immediate relief, often come with high-interest rates and stringent repayment conditions that can lead to a cycle of debt for the unwary. While they provide a valuable service to those without access to more traditional forms of credit, it's crucial to approach them with caution. The emergence of alternative lending options, such as payday alternative loans and credit builder loans, reflects a growing awareness of the need for more consumer-friendly credit products. These alternatives, often developed by credit unions and community-focused lenders, are designed to bridge the gap between immediate financial needs and long-term financial health. They not only offer monetary relief but also foster responsible borrowing habits, enhancing an individual's overall financial literacy and well-being. In an era of digital banking and online financial tools, the onus remains on the individual to make well-informed choices. Knowledge is the best defense against potential financial pitfalls. By researching, understanding, and comparing the myriad of lending options available, one can make decisions that align with both immediate needs and long-term financial goals.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
  3. Carefully review all the terms and conditions of your payday loan contract.
  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about online payday loans and best practices, check out some of the following resources:

Sources

FAQ

Can I get a $700 loan online?

Absolutely. Numerous online lenders and lending platforms specialize in offering various loan amounts, including a $700 payday loan. Typically, the process involves filling out an online application form with your personal details. Once submitted, the system reviews the information, and if eligible, you can receive the loan amount directly in your bank account. However, the speed of disbursement may vary among lenders.

Can I get a $700 loan with bad credit?

Yes, you can. Many payday loan providers and online lenders are willing to overlook a low credit score, focusing instead on your monthly income and stability. However, it's essential to note that loans provided to individuals with bad credit often come with higher interest rates compared to those with good credit. This is because lenders consider bad credit scores as an increased risk and adjust the loan terms accordingly.

Can I get same-day $700 payday loans online?

In many cases, yes. Several online lenders offer same-day approval and disbursement for payday loans. Once you complete the online application and it gets approved, the funds can be transferred to your bank account within a few hours. However, the exact timing might depend on the lender's internal processes and the time of day you apply. Always check the lender's disbursement policy before proceeding.