PAYDAY LOANS

Table of Contents

A payday loan is a short-term borrowing that can assist you to meet your immediate cash demands until your next payday arrives. Payday loans provide cash advances ranging from $100 to $1,000, which are normally payable on your next payday. People take out payday loans for a variety of reasons, one of the most common being an unexpected or sudden need for money. For example, on a regular afternoon, your son called from college to say he needed new clothes for his graduation; while dealing with that, you discovered that the medications you take every day got exhausted. Your expenses have recently grown, but a payday loan is a trustworthy solution to deal with them.

You can get a Payday Loan Online regardless of your credit score or income. A payday loan has a period of approximately (14-31 days). A fantastic benefit of a payday loan is that you do not need collateral or a guarantor to apply for one, making the financing procedure faster and less stressful.

DIFFERENCES BETWEEN PAYDAY, INSTALLMENT, TITLE, AND PERSONAL LOANS

Before the tabular differences between a payday loan and other types of credit, it is imperative for you to have an extensive explanation of their meaning . 

  • Payday Loan

Payday loans are short-term loans that can be used to meet immediate and pressing requirements. You can acquire a Payday Loan Online no matter what your credit score or income is. It is normally repaid with your following payday. Repayment is as simple as applying for a payday loan. Payday loans are well-known due to the ease with which they may be obtained. In comparison to banks, payday loans do not have any severe requirements such as collateral security, a strong credit score, and so on. Payday loans is also accessible on weekends. Regardless of your credit score or income, you can obtain a Payday Loan Online.

  • Installment Loans

An installment loan is a credit with a fixed amount of money. The borrower agrees to pay a predetermined number of monthly payments in a predetermined sum. Even if you have terrible or no credit, you can get an installment loan.  It can be secured for up to $5000 even if you have bad credit and no credit check. Simple monthly payments are available without the requirement for a guarantor.

From reputable direct lenders, you can obtain an installment loan with a maximum term of 60 months and assured simple acceptance. Begin right away for same-day funding.

  • Title Loan

A Car Title Loan (also known as a pink slip loan, title pledge, or title pawn) is a small cash advance issued in exchange for your vehicle title as collateral. Most moneylenders will lend you money ranging from 25% to 50% of the value of your car. Title pledges typically have hefty interest rates, so borrow only what you need.

You can borrow up to $50,000 and repay it in one month. A Title Loan’s cost is determined by the APR plus a charge. The average annual interest rate is 300 per cent. So, if you don’t repay it on time, you’ll go into debt and lose your car.

  • Personal Loan

A personal loan is money that you can borrow for a variety of reasons. For example, you may use it to consolidate debt, make home upgrades, and so on. Borrowed cash can be repaid over a period of 6-60 months.

 

TYPE OF CREDIT CASH ADVANCES CREDIT CARD REQUIREMENT TERM COLLATERAL OR GUARANTOR
Payday Loan $100-$1,000 Available for Bad credit 14-31 Days None
Installment Loan $1,000-$5,000 Available for Bad Credit 6-60 Months None
Title Loan $100-$50,000 Available for Bad Credit 10-31 Days Needed (Your Car)
Personal Loan $5,000-$25,000 Available for Bad Credit 6-60 Months None

 

AVAILABILITY OF PAYDAY LOANS IN DIFFERENT STATES

 

STATE AMOUNT OF PAYDAY LOAN
Alabama $100-$500
Alaska $100-$500
Arizona $100-$1000
California $100-$300
Colorado $100-$500
Delaware $100-$1000
Florida $100-$500
Georgia Not Allowed
Hawaii $1-$600
Idaho $100-$1000
Illinois $1-$1000
Kansas $1-$500
Kentucky $100-$500
Louisiana $100-$350
Lowa $100-$500
Maine $1-$2000
Maryland $100-$1000
Massachusetts $100-$1000
Michigan $100-$600
Mississippi $100-$500
Missouri $1-$500
Nebraska $100-$500
Nevada Any amount, not more than 25% of monthly income
New Jersey Not Allowed
New Mexico $1-$2500
North Carolina $100-$1000
North Dakota $100-$500
Ohio $100-$500
Oklahoma $100-$500
Oregon $1-$50,000
Pennsylvania $100-$1000
Rhode Island $1-$500
South Carolina $1-$550
Tennessee $100-$500
Texas $100-$1000
Utah Not Limited
Virginia $100-$500
Washington $1-$700
Wisconsin $1-$1500
Wyoming Not Limited

 

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