Choose a country
United States
Select a city
Select a city
Select language
English
Select country
Choose a country
United States
Canada
España
México
Philippines
United States
Việt nam
Казахстан

Payday Loans of March 2023 in the U.S.

Payday loans
Apply for a payday loans from companies verified by our specialists. On 25.03.2023 you have access to 12 loans with a rate of 0% per day. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 12

Updated:
21.03.2023
17:20
Moneytree
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.

Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Effective interest rate on the product

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days
Apply
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.

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
Apply
ZocaLoans
Personal 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.

Recommended FinScore™
0
300
650
1000
$200-$1,500
Rate
i

Effective interest rate on the product

up to 795%
Term
i

Loan term for the financial product

up to 90 days
Apply
Submit one loan application online!
Submit one loan application online!

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

Sunset Finance
Personal 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.

Recommended FinScore™
0
300
650
1000
$100-$3,000
Term
i

Loan term for the financial product

up to 90 days
Apply
Net Pay Advance
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.

Recommended FinScore™
0
300
650
1000
$100-$1,500
Rate
i

Effective interest rate on the product

up to 664.29%
Term
i

Loan term for the financial product

up to 31 days
Apply
Advance America
Payday Loans
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
up to $25,000
Rate
i

Effective interest rate on the product

up to 664%
Term
i

Loan term for the financial product

up to 24 months
Apply
CashNetUSA
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.

4.84
Recommended FinScore™
0
300
650
1000
$50 -$500
Rate
i

Effective interest rate on the product

up to 805.28%
Term
i

Loan term for the financial product

up to 30 days
Apply
Speedy Cash
Payday loans
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
$50-$1,500
Rate
i

Effective interest rate on the product

up to 460%
Term
i

Loan term for the financial product

up to 30 days
Apply
Ace Cash Express
Personal 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.

5
Recommended FinScore™
0
300
650
1000
$2000
Rate
i

Effective interest rate on the product

2.4% per day
Term
i

Loan term for the financial product

6 Months
Apply
EZ MONEY
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.

Recommended FinScore™
0
300
650
1000
150.00 – 150.00 $
Term
i

Loan term for the financial product

5 days – 35 days
Apply

Payday Loans Calculator of March 2023 in the U.S.

Your ideal payday loan with a free credit check in the US, just a few clicks away.

Loan Amount
i

Specify the desired loan amount

USD
USD
100 $
1500 $
Loan Term
i

Specify the loan term for the calculation

days
months
5
60
State

Interest rates on payday loans in various US states

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

Payday Loan application of March 2023

Loan amount
i

Enter the desired loan amount

200 $
2500 $
Loan term
i

Specify the loan term for the calculation

1
30 days

You are able to pick a loan for free. You can receive money in: 15m

Payday Loan application of March 2023
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 $
Loan term
0 months
Loan commission
i

Here is the average overpayment on a loan based on data from lenders in the USA.

121 $

By clicking on "Apply" button I give my consent to the processing of my personal data and agree with 404 Projects LP's Privacy Policy and Terms of Use, also familiar with all the documents posted on Finanso®.

More

Other Types of Loans

How to Get Payday Loan Today 25.03.2023

1. Filled out your application
1. Filled out your application

On our website you can fill out a small application form for a loan.

2. Pass a credit check
2. Pass a credit check

We will offer you to check your credit score online for free.

3. Send your application online to the suggested companies
3. Send your application online to the suggested companies

After checking your credit rate, you will be able to send your loan application to the appropriate companies.

4. Wait for a response from the lender
4. Wait for a response from the lender

If necessary, the lender will contact you to clarify the details.

5. Get your loan!
5. Get your loan!

Get the money to a bank account or in cash at a bank branch.

Apply for a loan Your data is securely protected

Reviews

Speedy Cash
5
user_111127
user_111127
23.11.2022 at 08:07
A convenient office and friendly service from its employees, I made an application on the website, and I came to their office to get it, because I needed cash...
Review
CashNetUSA
5
user_109355
user_109355
13.11.2022 at 15:49
It is not always possible to meet your budget with unforeseen expenses, so you have to turn to creditors for financial assistance...
Review
Speedy Cash
5
Matwey
Matwey
17.10.2022 at 17:15
It is worth noting that on weekends there is no possibility to issue a loan and you need to take care of this in advance...
Review
Target Cash Now
5
Lane C
Lane C
17.10.2022 at 14:23
I liked using their services, I know that they offer me conditions that will be feasible for the entire period of using the loan...
Review
Ace Cash Express
5
Olga R
Olga R
17.10.2022 at 14:02
The interest rate is high, but not the most exorbitant, but I can use the money for up to six months...
Review
Ace Cash Express
5
Kate P
Kate P
17.10.2022 at 12:24
There are certain requirements and features for registration, in other respects, as with most services, but I did not see any difficulties in registering...
Review
Payday Loans of March 2023

What is a Payday Loans?

A payday loan is a short-term, high-cost loan that provides borrowers with quick access to cash, usually for a small amount. These loans are typically due on the borrower's next payday, hence the name. Payday loans are often used by individuals who need immediate financial assistance to cover unexpected expenses or emergencies.

Payday loans come with high interest rates and fees, making them an expensive form of credit. Borrowers are usually required to provide proof of income, such as a recent pay stub, and have an active bank account to receive the loan and make repayments. The loan repayment, along with any fees, is typically due in a lump sum on the borrower's next payday, although some lenders may offer installment plans or rollovers in certain situations.

While payday loans can offer a quick solution for short-term financial needs, they can also lead to a cycle of debt if borrowers are unable to repay the loan on time and are forced to take out additional loans or roll over the existing loan. As a result, it is essential to explore other financial options, such as personal loans, credit cards, or borrowing from friends and family, before considering a payday loan.

The loan amount can vary from 100$ to 1000$, depending on the lenders and the state laws.

Some common features of a payday loan

Typical characteristics of payday loans include:

  1. Payday loans are typically for smaller sums, with many states implementing restrictions on the loan size. A frequent loan cap is $500, although the limits can vary both above and below this figure.
  2. Generally, a payday loan is paid back in a single installment on the borrower's upcoming payday or when another income source is received, such as a pension or Social Security payment. The loan's due date is usually set two to four weeks from the date it was issued, as specified in the payday loan agreement.
  3. To repay the loan, you typically issue a post-dated check covering the entire balance, including any fees, or grant the lender permission to electronically debit the amount from your bank, credit union, or prepaid card account. If the loan is not repaid on or before the due date, the lender can cash the check or electronically withdraw funds from your account.
  4. Payday lenders generally do not take into account your ability to repay the loan while also managing other financial commitments.
  5. The loan amount can be disbursed in various ways, such as through cash, check, electronic deposit into your account, or by loading it onto a prepaid debit card.
  6. Other aspects of payday loans can differ. For instance, these loans are often designed to be repaid in a single, lump-sum payment. Some states allow lenders to "rollover" or "renew" loans when they become due, enabling the borrower to pay only the fees and extend the loan's due date. In certain cases, payday loans may be structured to allow repayment in installments over an extended period.

How to Apply For a Payday Loan?

Online

Applying for a payday loan online is a relatively simple process. Here are the steps to follow:

  1. Research. Conduct a search for reputable online payday loan providers using keywords like "online payday loans," "fast payday loans," or "payday loans online same day." Be cautious, as not all lenders are trustworthy.

  2. Compare. Examine the terms and conditions, interest rates, and fees of various lenders. Watch out for hidden fees or unfavorable terms.

  3. Check reputation. Look for customer reviews and ratings on websites like Trustpilot or the Better Business Bureau (BBB) to ensure the lender has a good reputation.

  4. Verify licensure. Confirm that the lender is licensed and regulated in your state. This information should be available on their website or by contacting your state's financial regulatory agency.

  5. Gather necessary information. Prepare the required documents and information, which may include your personal details (e.g., name, address, Social Security number), proof of income (e.g., pay stubs, bank statements), and bank account information.

  6. Apply. Visit the lender's website and fill out the online application form with the required information. Some lenders may have a mobile app or require you to create an account before applying.

  7. Review and sign. If your application is approved, carefully review the loan agreement before signing. Make sure you understand the repayment terms, interest rates, and any associated fees.

  8. Receive funds. After signing the agreement, the lender should deposit the funds into your bank account, often on the same day or the next business day.

Keep in mind that payday loans can be expensive and risky. Be sure to consider other options, such as personal loans, credit cards, or borrowing from friends and family, before resorting to a payday loan.

Offline

Here's a concise step-by-step guide for applying for a payday loan offline in the US:

  1. Research local payday loan providers, comparing terms, interest rates, and fees.
  2. Ensure the lender has a good reputation and is licensed in your state.
  3. Prepare necessary documents, including personal details, proof of income, and bank account information.
  4. Visit the payday loan store with the required documents.
  5. Fill out the paper application form provided by the lender.
  6. Review and sign the loan agreement if your application is approved.
  7. Receive the loan amount in cash or by check from the lender.
  8. Repay the loan according to the agreed-upon terms to avoid additional fees or penalties.

Remember that payday loans can be expensive and risky. Consider other financing options before resorting to payday loans.

Requirements

While requirements for obtaining a payday loan may vary slightly by lender and state regulations, there are some common criteria that most borrowers must meet. Consumer Financial Protection Bureau states that there are only several basic requirements to be approved for a payday loan:

  1. Age. You must be at least 18 years old (or the age of majority in your state) to apply for a payday loan.

  2. Proof of income. Lenders typically require borrowers to provide proof of a steady source of income, such as a pay stub, bank statement, or another form of documentation that shows regular earnings.

  3. Valid identification. You'll need to present a valid government-issued ID (e.g., driver's license, state ID, or passport) to verify your identity.

  4. Active checking account. Payday lenders often require borrowers to have an active checking account in good standing. This is because the loan funds are typically deposited directly into your account, and the lender may require access to your account for automatic repayments.

  5. Contact information. Lenders will request your phone number, email address, and sometimes a physical address to stay in touch throughout the loan process.

  6. Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Lenders may ask for your SSN or ITIN to verify your identity and credit history.

  7. Credit check. Some payday lenders may perform a soft credit check to assess your credit history, but this is not always required, as payday loans are often designed for those with poor or no credit.

Keep in mind that specific requirements may vary depending on the lender, state regulations, and the size of the loan you're requesting. Some lenders may have additional criteria, such as a minimum credit score or a limit on outstanding loans. It's essential to check with the payday loan provider to ensure you meet all the requirements before applying.

Many payday lenders also ask for an active checking account, so that a post dated check can be issued. However, there are other ways to repay the loan, which we will cover later in the article.

The loan approval process can take as few as 15 minutes if you obtain the money from online lenders. In-office procedure might take a little longer. Also payday loans, unlike many other personal loans, do not require good credit history. It is important to note, that such a low entry threshold signifies high financial safety risks for the customer.

Most Popular Articles

Ways to Get a Payday Loan

There are several methods to receive funds from a payday loan in the United States. The availability of these methods may vary depending on the lender and your personal preferences. Here are the common ways to receive funds from a payday loan:

  1. Direct deposit. Many payday lenders offer direct deposit into your bank account. After your loan application is approved, the lender will transfer the funds directly to your account, typically within one business day. This method is especially common for online payday loans.

  2. Cash. If you apply for a payday loan at a storefront location, you may have the option to receive the loan amount in cash. Once your application is approved and you sign the loan agreement, the lender will provide you with the cash on the spot.

  3. Prepaid debit card. Some payday lenders offer the option to load the loan amount onto a prepaid debit card. You can use this card to make purchases, pay bills, or withdraw cash from an ATM. Some lenders may also allow you to reload the card for future loans.

  4. Check. In some cases, payday lenders may issue a paper check for the loan amount. You can then cash or deposit the check at your bank or a check-cashing service.

Regardless of the method you choose to receive the funds, it's crucial to repay the loan according to the agreed-upon terms to avoid additional fees, damage to your credit score, or potential legal consequences. Additionally, consider alternatives to payday loans, such as personal loans or credit cards, as these options often have lower interest rates and more favorable repayment terms.

Pros and Cons

When considering a payday loan, following advantages and disadvantages should be taken into account.

Pros

  1. Few requirements. Payday loans have very simple requirements that are easily fulfilled. Anyone over the age 18 with a valid ID and a source of income can be eligible.
  2. Easy access. It usually takes time and patience to apply for a traditional loan. Payday loans, however, can be quickly obtained within 1 working day. Most Online platforms and even some stores offer their services 24/7.
  3. No credit check. Payday lenders do not review your credit history. Because of that, hard credit inquiry doesn't occur, meaning that the borrowers do not risk losing several points from their credit score.
  4. No collateral. Payday loan is an unsecured loan, meaning that there is no asset that serves as collateral. Therefore, none of your personal property is at risk of repossession by the payday lender. Though it is common for the lending company to have access to you bank account, which can be a cause of unexpected money withdrawal.

Cons

  1. High interest rate. The average APR of payday loans is exceptionally high. In certain states it can be as much as 700%. Consumer Financial Protection Bureau found that payday lenders typically charge a 10$ to 30$ fee for every 100$ of the loan amount.
  2. Debt trap. Payday lenders offer to roll the loan over into a new loan in case the customer lacks the ability to repay. Starting with two to four weeks of extended repayment period, the borrower can be sent into years of debt cycle, because additional fees are charged.
  3. Legal issues. If you cannot repay the loan for a long time, your payday lender may take measures in order to get the money back. They can send your debt to collections, which will damage your credit history and likely reduce future borrowing options. Or, in a worse scenario, they can take your case to the court and demand punishment for failing to repay the loan. You may end up with your wage garnished or even imprisoned.
  4. No credit score. Payday loans are not typically reported to credit bureaus, therefore, they will not help you build credit (but can damage it instead, as we mentioned before). There is an exception to this rule in some states: a very rare payday loan can be made an installment loan, which may contribute to your credit score. The conditions of such transition are not defined and it is for now unclear how to make such an operation.

Payday Loan Rates

PDL Rates in U.S

It's important to note that payday loan rates and regulations vary greatly by state, and some states have banned payday loans altogether. The rates listed below are the maximum allowed, and actual rates may be lower in some cases.

  1. Alabama - 456.25% APR (1.25% per day)
  2. Alaska - 435.50% APR (1.19% per day)
  3. Arizona - Payday loans are prohibited
  4. Arkansas - Payday loans are prohibited
  5. California - 460% APR (1.26% per day)
  6. Colorado - 214% APR (0.59% per day)
  7. Connecticut - Payday loans are prohibited
  8. Delaware - No limit on APR
  9. Florida - 304% APR (0.83% per day)
  10. Georgia - Payday loans are prohibited
  11. Hawaii - 459% APR (1.26% per day)
  12. Idaho - No limit on APR
  13. Illinois - 404% APR (1.11% per day)
  14. Indiana - 391% APR (1.07% per day)
  15. Iowa - 337% APR (0.92% per day)
  16. Kansas - 391% APR (1.07% per day)
  17. Kentucky - 460% APR (1.26% per day)
  18. Louisiana - 391% APR (1.07% per day)
  19. Maine - 261% APR (0.72% per day)
  20. Maryland - Payday loans are prohibited
  21. Massachusetts - Payday loans are prohibited
  22. Michigan - 369% APR (1.01% per day)
  23. Minnesota - 391% APR (1.07% per day)
  24. Mississippi - 521% APR (1.43% per day)
  25. Missouri - 445% APR (1.22% per day)
  26. Montana - 36% APR (per day)
  27. Nebraska - 404% APR (1.11% per day)
  28. Nevada - No limit on APR
  29. New Hampshire - 36% APR (0.1% per day)
  30. New Jersey - Payday loans are prohibited
  31. New Mexico - 175% APR (0.48% per day)
  32. New York - Payday loans are prohibited
  33. North Carolina - Payday loans are prohibited
  34. North Dakota - 487.56% APR (1.34% per day)
  35. Ohio - 28% APR (0.08% per day)
  36. Oklahoma - 391% APR (1.07% per day)
  37. Oregon - 153.73% APR (0.42% per day)
  38. Pennsylvania - Payday loans are prohibited
  39. Rhode Island - 260% APR (0.71% per day)
  40. South Carolina - 391% APR (1.07% per day)
  41. South Dakota - 36% APR (0.1% per day)
  42. Tennessee - 459% APR (1.26% per day)
  43. Texas - No limit on APR
  44. Utah - No limit on APR
  45. Vermont - Payday loans are prohibited
  46. Virginia - 36% APR + fees (0.1% per day)
  47. Washington - 391% APR (1.07% per day)
  48. West Virginia - Payday loans are prohibited
  49. Wisconsin - No limit on APR
  50. Wyoming - 261% APR (0.72% per day)

Example payday loan 300$ - 10 days APR 300%

To calculate the interest and total cost of a payday loan, you can use the following formula or PDL calculator:

Interest = Principal x (APR / 365) x Loan Duration (in days)

Let's calculate the interest for a $300 payday loan with a 10-day term and a 300% APR:

Interest = $300 x (300% / 365) x 10

First, convert the APR to a decimal by dividing it by 100:

300% ÷ 100 = 3

Now, divide the APR by 365:

3 ÷ 365 ≈ 0.008219

Next, multiply the principal by the daily interest rate and the loan duration:

$300 x 0.008219 x 10 ≈ $24.66

So, the interest for this 10-day payday loan is approximately $24.66. To calculate the total cost of the loan, add the interest to the principal:

Total Cost = Principal + Interest

Total Cost = $300 + $24.66 ≈ $324.66

In this example, you would need to repay approximately $324.66 for a $300 payday loan with a 10-day term and a 300% APR. Keep in mind that other fees, such as loan origination fees, may also apply, which would increase the total cost of the loan.

The Real Cost of a Payday Loan in the US

Payday loan alternatives usually have monthly interest charges, which come in the percentage of the initial loan amount. The case of payday advances is different, because most payday lenders charge fixed fees 0f 10$ to 30$ per each 100$. Such fees can add up to 400% APR on average.

In Texas, for example, lenders tend to charge 20$ per 100$. If you take out a 600$ loan for 14 days, it will cost you 120$ to borrow this amount of money. The annual percentage rate would be more than 500%.

You will pay 120$ if you mange to find the money in the given time period. The chances are high, however, that you would need to extend it. A report by Pew Charitable Trusts states that it usually takes 5 months to pay back a 300$ dollars loan, let alone 600$.

Practically, it is important to consider safer loan alternatives and/or money making methods. For instance, personal loans with an average 30% APR will cost you roughly 4 times less and will typically have at least 3 month long loan term.

Payday Lenders in the US

Online Lenders

There are numerous online payday lenders operating in the United States. However, it's essential to exercise caution when dealing with online lenders, as some may not be reputable or may charge excessively high interest rates and fees. Always verify the lender's legitimacy, check their reputation, and ensure they are licensed to operate in your state before proceeding with a loan application.

Here is a list of some well-known online payday lenders in the US. Note that the availability of these lenders may vary depending on state regulations:

  1. CashNetUSA. CashNetUSA offers payday loans, installment loans, and lines of credit to eligible borrowers. They have been in business since 2004 and operate in multiple states.

  2. Check Into Cash. Established in 1993, Check Into Cash offers payday loans, title loans, and installment loans online and through their brick-and-mortar locations.

  3. Advance America. In operation since 1997, Advance America provides payday loans, installment loans, and title loans in various states, both online and at physical locations.

  4. Speedy Cash. Founded in 1997, Speedy Cash provides payday loans, title loans, installment loans, and lines of credit online and at their storefronts.

  5. Ace Cash Express. In business since 1968, Ace Cash Express offers payday loans, title loans, and installment loans, with both online and in-store options available.

  6. OppLoans. OppLoans specializes in installment loans for borrowers with less-than-perfect credit, offering an alternative to payday loans with lower interest rates and longer repayment terms.

Please note that this list is not exhaustive, and there may be other reputable online payday lenders available. It's crucial to research and compare lenders to find the best option for your financial needs. Additionally, consider alternatives to payday loans, such as credit unions or personal loans, as these options often have lower interest rates and more favorable repayment terms.

Non-online Lenders

There are several non-online (brick-and-mortar) payday lenders in the United States. These lenders often provide a range of services, including payday loans, installment loans, title loans, and check cashing. Keep in mind that payday loan regulations vary by state, so some lenders may not operate in certain states or may offer different loan products depending on the state.

Here is a list of some well-known brick-and-mortar payday lenders in the US:

  1. Advance America. With over 1,500 locations across the US, Advance America offers payday loans, installment loans, and title loans. They also provide online services in certain states.

  2. Check Into Cash. Established in 1993, Check Into Cash has more than 800 locations nationwide, offering payday loans, title loans, and installment loans. They also provide online loan services.

  3. Ace Cash Express. Ace Cash Express has over 950 locations and offers payday loans, installment loans, title loans, and check cashing services. They also have an online presence for certain loan products.

  4. Speedy Cash. Founded in 1997, Speedy Cash has numerous storefront locations across the US, offering payday loans, title loans, installment loans, and check cashing services. They also provide online loans in some states.

  5. Check 'n Go. With hundreds of locations in multiple states, Check 'n Go offers payday loans, installment loans, and check cashing services. They also provide online loan services in certain states.

  6. Moneytree. Primarily operating in the western United States, Moneytree offers payday loans, installment loans, title loans, and check cashing services at their physical locations.

  7. Community Choice Financial. Operating under various brand names, such as CheckSmart, California Check Cashing Stores, and Cash 1, Community Choice Financial provides payday loans, title loans, installment loans, and check cashing services at numerous locations across the US.

Please note that this list is not exhaustive, and there may be other reputable brick-and-mortar payday lenders in your area. It's essential to research and compare lenders to find the best option for your financial needs. Also, consider alternatives to payday loans, such as credit unions or personal loans, as these options often have lower interest rates and more favorable repayment terms.

Biggest Payday Lenders in USA

  1. Advance America. One of the largest payday loan companies in the country, Advance America has a significant presence both online and offline, with numerous store locations across various states.

  2. Check Into Cash. With a vast network of store locations and online services, Check Into Cash is another prominent payday loan provider in the U.S. They also offer other financial services like title loans and check cashing.

  3. ACE Cash Express. ACE Cash Express is a well-known payday lender, offering payday loans, installment loans, and other financial services. They have many store locations and provide online services as well.

  4. Speedy Cash. Speedy Cash is a major payday loan provider with both physical stores and an online presence. They offer payday loans, installment loans, and title loans, among other financial products.

  5. Check 'n Go. With numerous store locations and online services, Check 'n Go is another significant player in the payday loan market. They also provide installment loans and other financial services.

Please note that the market can change over time, and newer lenders may have emerged since my knowledge cutoff. It's essential to do your research and find a reputable, licensed lender when considering a payday loan. Additionally, it is crucial to be aware of the high interest rates and fees associated with payday loans and consider other financing options before resorting to payday loans.

Alternatives to Payday Loans in the US

Payday loans can be an expensive form of short-term credit due to their high interest rates and fees. Before considering a payday loan, it's a good idea to explore alternative options. Here are some alternatives to payday loans in the US:

  1. Personal loans. Many banks and credit unions offer personal loans with lower interest rates and more favorable repayment terms than payday loans. Personal loans can be secured or unsecured and can be used for various purposes, such as paying bills or consolidating debt.

  2. Credit cards. While credit cards can have high interest rates, they are often lower than payday loan rates. Using a credit card for short-term expenses and paying off the balance in full each month can help you avoid interest charges.

  3. Credit card cash advance. If you have a credit card with available credit, you may be able to get a cash advance. While cash advances typically have higher interest rates than regular credit card purchases, they can still be a cheaper option compared to payday loans.

  4. Overdraft protection. Some banks offer overdraft protection, which allows you to overdraw your account up to a certain limit without incurring overdraft fees. This can be a short-term solution for covering unexpected expenses, but be aware that this service may come with fees or interest charges.

  5. Borrowing from friends or family. If you have friends or family members who can lend you money, this can be an affordable way to cover emergency expenses. Make sure to agree on repayment terms and consider putting the agreement in writing to avoid misunderstandings.

  6. Employer advance or paycheck advance apps. Some employers offer paycheck advances, allowing you to access a portion of your earned wages before your next payday. Additionally, there are apps like Earnin, Dave, and Brigit, which allow you to access your earned wages early for a small fee or voluntary tip.

  7. Credit union Payday Alternative Loans (PALs). Some credit unions offer Payday Alternative Loans, which are designed as a more affordable alternative to payday loans. PALs typically have lower interest rates and more extended repayment terms compared to payday loans.

  8. Local assistance programs. Check with your local government, nonprofit organizations, or community groups to see if they offer financial assistance programs for emergencies or essential expenses.

  9. Side gigs or temporary work. If you need extra cash, consider picking up a side gig or temporary job to supplement your income. This can help you cover emergency expenses without taking on debt.

  10. Pawnshops. Pawnshops are another alternative to payday loans, providing short-term loans using personal property as collateral. If you own valuable items such as jewelry, electronics, or musical instruments, you can use them to secure a loan from a pawnshop.

Before resorting to a payday loan, it's essential to exhaust all other available options. Payday loans can lead to a cycle of debt due to their high interest rates and fees. Carefully consider your financial situation and explore alternative solutions to address your short-term cash needs.

Find The Best Small Loan Today 25.03.2023

How to Repay a Payday Loan Debt?

While the repayment terms might vary, the customer typically will have to make one lump sum payment since payday loans are not installment loans. When signing agreements and obtaining the loan, the borrower practically decides how they will repay the loan. According to Consumer Financial Protection Bureau, the following options are usually available:

  1. Personal check. Writing a post dated check to take out a payday loan is a common practice. It often serves to "secure" a loan and is redeemed only in case of no payment from the borrower. Sometimes, though, the agreement with the lender can include checks as a main payment method.
  2. Automated Clearing House authorization. ACH authorization allows the lender to withdraw the money of the loan and additional fees electronically from your bank account. Alternative options for withdrawal are prepaid card account or credit union account.
  3. With cash. If your payday lender operates a traditional retail store and you filled out the application at the office, you might need to come to the location and pay off your loan with cash.

Payday loans are short term, so their repayment period can be two to four weeks. If you cannot pay the money back on the due date, the lender can offer you to extend the terms or, if that is prohibited, to reborrow the loan. Consumer Financial Protection Bureau has found that 1 out of 4 loans are borrowed more than 9 times, which clearly identifies how financially unreasonable and exploitative payday loans may be.

Legal Regulation of the Payday Loan Market in the USA

According to Consumer Federation of America, there are three types of states based on how they regulate payday lending: legal, partially legal and illegal.

Legal

There are 32 states that allow high interest payday lending: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

The legal grounds are, however, quite dubious. Some states cannot handle state law loopholes that make payday lending possible and other fail to regulate interest rates. For instance, in 2008 in Ohio a vote resulted in capping rates. But the payday business found state laws that authorize lending and simply switched to them.

Partially Legal

Maine, New Mexico and Oregon are the three states which permit lower interest rates and smaller loan amounts, but ban expensive loans. To detalize: Maine limits monthly interest rate to 30%. New Mexico caps APR that is higher than 175% and has the minimum loan time of 120 days. Oregon has also fixed the minimum repayment period but to 30 days and, additionally, has set a 10$ per 100$ loan fee.

Illegal

In 15 states and the District of Columbia have sufficiently restricted payday loans by capping the APR. These measures are meant to fight usury (unfair and excessive lending profits).

  • Montana, Colorado and New Hampshire have each capped annual interest rates at 36 percent as a result of ballot voting that took place in late 2000-s - early 2010-s.
  • South Dakota passed a similar ballot in 2016 and limited annual rate for car title, payday and installment loans at 36%.
  • New York and New Jersey limit loans to 25 percent and 30 percent respectively on the grounds of criminalizing usury.
  • Arkansas has the lowest annual percentage rate limit of 17 percent.
  • In North Carolina payday lending was legal for several years, but the authorization laws haven't been renewed due to clearly common debt trapping.
  • The District of Columbia also retracted its payday laws.
  • Connecticut, Maryland, Massachusetts, Pennsylvania, Vermont, West Virginia and Georgia never legalized payday lending.

Military service members protection

The Military Lending act of 2007 (extended 2016) states that active-duty service members and their dependants require special conditions of lending. Payday loans are entirely prohibited and for other personal loans a maximum APR of 36% is set.

FAQ

Can I get a cash advance online?

If you are a credit card holder, you can get a cash advance almost immediately. Other options are payday loan companies and other unsecured personal loans.

How can I make money right now?

You can take out a personal loan (they have lower APR) from a credit union, a bank, a peer-to-peer lender or another financial institution. Or self-handle it by borrowing money from your family/ friends and getting a part-time job.

How do you get approved for a cash advance?

To get a cash advance (payday loan), you need to be an adult with a steady source of income and an active bank account.

Why are payday loans APR so high?

The APR for payday loans is high because it is calculated for a year, and a loan duration typically lasts several weeks.