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Frank Glemstone
Frank Glemstone

Frank is a graduate of the Master's program in Economics Sciences. He has been passionate about writing in the financial niche. He enjoys discovering new ways to improve personal wealth and sharing them with his readers. He has published on prestigious sites such as Native News Online, Elephant Journal, State Journal and many others.

As is often the case, financial emergencies happen when we least expect them. Your car may break down suddenly, or you have some outstanding bills that you need to pay before your next paycheck. If you don't have the extra cash, these kinds of situations may require you to seek financial assistance from friends, family, or even the bank.

If you ever find yourself in a situation where you can't get the financial help you need, personal loans may be useful. Payday loans can be the solution to those monetary woes. However, before you take a step towards getting any loan, you need to know there is useful information. Details on how to apply for a payday loan, the requirements needed, and circumstances, and how to avoid spiraling into a web of financial ruin.

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Payday Loans Near Me | Where Can I Get a Payday Loan?

If you are looking to apply for a payday loan, MoneyZap can easily connect you to reputable lenders across the United States. Our lender network contains top lenders who have quick and affordable solutions for all types of borrowers.

Terms and regulations vary depending on your location because each state enforces their own payday loan laws. For example, some states have differing APR and amount caps, while others, such as New York, Arizona, and Maryland, have made payday loans illegal altogether. That’s why the most effective and easiest way to find trusted payday lenders near you is by using our service!

What is a Payday Loan?

A payday loan is a short-term loan that advances cash to borrowers with a payback date that usually coincides with the borrower's next payday. They are also known as cash advance, post-dated check loans, or deferred deposit loans.

These loans don't necessarily require good credit scores, and for this reason, they attract very high rates. The high interest rates that payday lenders charge reflect the high risk involved in giving loans to borrowers without requiring a good credit score or collateral.

Different legislations in the United States (US) dictate how these loan applications, requirements, and interest rates work. These vary by state, so it's vital to check the laws in your area. Payday lending is not allowed in certain States, and some States restrict certain practices related to them.

How Do Payday Loans Work?

Usually, payday loans are short-term in nature and are usually due within your next pay period cycle. This means that lenders expect you to pay it back in as little as 45 to 65 days when you take a payday loan. Payday lenders have to inform you of when your payday loan is due.

Different lenders offer various amounts for these types of loans, ranging from small loans $100 to as high as $1,000. Lenders outside of the Payday market offer higher loan amounts, up to $5,000 in some cases. These products typically offer a longer repayment period.

These lenders usually provide a borrower with cash, either in-person or depositing directly into their bank account. In turn, they request a post-dated check for the loan amount plus a fee or interest on the loan. This check would usually be payable to the lender on the borrower's next payday. Sometimes, your account can be automatically debited with the principal and the interest charges.

Lenders can offer borrowers rollovers or extensions if they can't repay the principal on time. Usually, the fee continues to accumulate on the loan amount until it's paid in full. Lenders have to disclose all the loan details, including terms, related fees, and costs. You would also be aware of the loan's Annual Percentage Rate (APR) before signing any contract.

Some key things to note about payday loans include:

  • Payday loans aren't available in all states, and payday loans' requirements may vary across different States.
  • Payday loans are not necessarily no credit check loans; some lenders would check your credit scores before they approve your loan application.
  • There are certain requirements to be met before your loan application can be approved.
  • These loans have higher-than-average interest rates; they are widely known to be very expensive.
  • There are no requirements for collaterals or deposits for you to get access to them.

How Much Can I Borrow with a Payday Loan in Each State?

To find out more about your state's payday loan limitations, go to the table below.

State Payday Loans Legal? Maximum Loan Amount APR
Alabama Yes $500 456%
Alaska Yes $500 435%
California Yes $300 460%
Colorado Yes $500 214%
Delaware Yes $1,000 521%
Florida Yes $500 304%
Hawaii Yes $600 460%
Idaho Yes $1,000 652%
Illinois Yes $1,000 or 25% of gross monthly income 404%
Indiana Yes $550 or 20% of gross monthly income 382%
Iowa Yes $500 337%
Kansas Yes $500 391%
Kentucky Yes $500 460%
Louisiana Yes $350 391%
Maine Yes $2,000 217%
Michigan Yes $600 369%
Minnesota Yes $350 200%
Mississippi Yes $500 521%
Missouri Yes $500 443%
Montana Yes $300 36% small loan cap
Nebraska Yes $500 460%
Nevada Yes 25% of gross monthly income No limit
New Hampshire Yes $500 36% small loan cap
North Dakota Yes $500 487%
Ohio Yes $1,000 28%
Oklahoma Yes $500 395%
Oregon Yes $50,000 154%
Rhode Island Yes $500 261%
South Carolina Yes $550 391%
South Dakota Yes $500 36%
Tennessee Yes $500 460%
Texas Yes Not specified 662%
Utah Yes No limit 658%
Virginia Yes $500 601%
Washington Yes $700 or 30% of gross monthly income 391%
Wisconsin Yes $1,500 or 35% of gross monthly income 547%
Wyoming Yes Not specified 261%

*source: UStatesLoans.org

Final Thoughts

Payday loans are recommended for short term solutions to financial stress, for moments when you urgently need to repair a household item, fund bills, or even get groceries. However, it is advisable always to pay back these types of short-term loans when due. Payday loans are already an expensive means of borrowing, and defaulting on repayment may lead to even more costly implications.

Use payday loans only to the extent to which you can comfortably make repayments. If you have debt issues, you may need to consider credit counseling or debt consolidation professionals' assistance.

Disclosure: We do not provide loans directly, but we connect you with quick access to top payday loans and similar short-term loan providers.