How Much Can You Borrow?
Borrowers who have a relationship with the lender could borrow up to $1,500 or more. For those who borrowing for the first time, it is common to see loan amounts of as little as $100. While your credit will not be checked, borrowers who have a steady income will usually get more than those who are unemployed or have other red flags on their application.
How Do You Apply for a Payday Loan?
Applying for a payday loan is an easy process. The first step is to choose a lender that you feel comfortable working with. You can choose to work with a lender at a physical location or with a lender that is based online like cash advance loans site AdvanceLoan.net. If you work with a lender in your community, you have a better chance of developing a good rapport with that lender. When you work with an online lender, it takes only minutes to fill out the application, receive a loan decision and get your money.
Can You Secure a Payday Loan With Collateral?
Although a cash advance loan is an unsecured loan, some lenders may allow you to secure the loan with collateral to lower your interest rate or other fees that you may face. If a low interest rate is important to you, talk to your lender ahead of time about ways to keep your rate as low as possible.
A payday loan is a form of credit available to anyone regardless of their credit or employment situation. If you need to pay a car note, pay your student loan or need cash to tide you over until your next paycheck, this may be an option that you want to look at.