$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

Cons

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.

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

Important

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.