People often ask how much money they can actually borrow online? The short answer is that online borrowing has been heavily regulated by the government, which capped any size of payday loan or cash advance at $1500. This makes sense from the practical standpoint. Payday loans are short term loans that borrowers must repay at their next payday. Let’s take an example! You make $1500 every two weeks, which amounts to $3000 a month. You receive your paychecks biweekly. You have some unexpected financial needs, for example, your house got flooded and you need to clean it up and buy new furniture. You have no savings in your bank account and don’t want to wait for insurance money or your next paycheck, which is 10 days away. You don’t have a great credit score and are afraid that your bank can turn you down, so you opt for a payday loan – the maximum amount allowable by law – 1500 dollars.
No Credit Check
You know that a payday lender will not run a credit check and you will get the money fairly easy. Of course, you get the funds quickly and do with it whatever you wanted to but in 10 days you will have to repay the loan. A $1500 loan is a lot of money. When you can your paycheck , you repay the loan and you are left with nothing. That’s not a good thing. You need to have some cash in order to buy food, to pay your bills and so on. A 1500 dollar payday loan can really crash your budget and push you in a circle of debt. Many people don’t realize that they must be reasonable when it comes to payday loans. There is nothing wrong with borrowing money, but you should borrow only as much as you can afford to repay without putting too much of a burden on your finances. In the case above, the best solution would be to borrow maximum of $1000. There is still some money left that allows you to make ends meet until your next paycheck.
Easy Lans And Repayment
The amount would not have been so excessive if it was a personal loan with monthly payments. In that case you could borrow more than that because monthly payments are much more affordable. Some online lenders offer payday loans with monthly payments but it’s a tradeoff. You have to pay additional fee for that service, which makes the loan much more expensive. In some situation, that option might be worth considering.
Cash In 1 Hour
You can expect the funds you need within an hour of your application. The money will be transferred directly into your bank account.