Small Payday Loans Online

What Are Small Online Payday Loans?

A small online cash advance is a sum of money, usually up to $1,000, that a customer can get promptly and pay back on their next payday. The main characteristics of a small payday loan are small amounts of money you can borrow even with bad credit, a simple application process, no hard credit check, a fast approval process, same-day deposit if you qualify, and short repayment terms.

Payday loans are meant to help you obtain the money you need urgently within a short term, such as one business day. These loans are for urgent, unexpected expenses, and it is risky to resort to them as long-term financial solutions.

How Do Small Cash Advance Loans Work?

Payday loans work straightforwardly. When you apply to get cash fast, you typically go through a 4-stages process:

1. Application. At this stage, you complete the online payday loan application form with your information and loan amount details. Your request goes to a network of professional lenders. They assess your eligibility for the requested loan amount. The process is quick, as it doesn’t focus on a hard credit check.
2. Approval. Once one of the loan providers has an approval decision, they contact you directly for more information. They ask more qualifying questions, and you learn about the loan fees and terms. Credit scores are not a reason for lenders to reject applications for cash advance loans. A customer with poor credit has good chances of getting their emergency cash.
3. Funding. After you sign the online payday loan agreement, the lender transfers the funds into your bank account. You should be able to access the money in one business day. Sometimes the process takes less time.
4. Repayment. This stage is automated to help borrowers repay the loan on time. With your prior consent, the lender withdraws the money from your account on the agreed-upon due date. 

How Much Can a Customer Borrow from Payday Lenders?

On average, payday loan amounts vary from $100, or $255 to $1,000. However, the exact ranges depend on state laws and regulations. For example, payday loans in Illinois are limited to $1,000 and have interest rate caps, while Michigan sets the maximum payday loan amount at $600.

Another factor determining the maximum loan amount is your income. Lenders that offer payday advance loans are trained to estimate if you earn enough money to afford to repay small cash loans. They look into how much you make, how much you spend, and go through your payment history. For instance, if you have more current debts and unpaid bills, your chances of receiving approval are slim. In the best-case scenario, a payday lender could offer you a smaller payday loan amount. 

Will a Direct Lender Grant Instant Approval?

When applying for a small payday loan, you will get an almost instant decision. Payday lenders will first quickly assess your qualification for the payday advance. As mentioned above, a poor credit score will not usually influence their decision. In case of approval, the customer will immediately receive an email from the lender detailing the loan terms and conditions. On average, if you apply during regular office hours, you will have a decision in 10-15 minutes. The timing depends on the workload and the accuracy of the details that you have provided.

How Can I Find Small Payday Loans Near Me?

If your search query includes “small payday loans near me“ you’re in the right place. 1F Cash Advance can help you find the right option. Our network of direct lenders will gladly consider your loan application. All you need to do to access their services is submit an online request. From that point, your details are securely shared with top industry professionals specializing in payday loans. You don’t have to look for stores in your area or research lenders online hours on end to make sure they’re legit. Simply submit the request and wait for a decision. If everything goes well, you could get the money in on the next business day. 

How to Get a Same-Day Deposit Payday Loan?

If you need same-day cash, it’s recommended to apply early in the morning on workdays. It’s easy to apply through 1F Cash Advance. Inquiries accepted before noon Monday to Friday increase the borrower’s chances of getting the requested amount in their bank accounts on the same day. If an application is approved later, the funds will most likely hit your bank account the next workday. Once you submit the online form, payday loan providers do their best to process your information fast. They compete with one another for you by constantly improving their processes. 

What Do I Need to Qualify for a Payday Loan Online?

The eligibility requirements for small payday loans are simple. To qualify, you need to:

• Be a US citizen or a permanent resident
• Be at least 18 years old
• Provide valid identification information
• Have a verifiable recurring income source
• Have an active checking account
• Share accurate contact information (valid phone number, active email address)

There may be more requirements for payday loans, depending on state regulations. In some cases, state authorities limit the loan amount. Others forbid payday loan services on their territory. 

Will an Alternative Income Source Count for a Payday Loan?

Yes, financing that you receive from sources other than employment can count as a source of income. As long as it is an alternative option that brings you money regularly, it shouldn’t be an issue. The most commonly accepted non-traditional sources include: 

• Social benefits
• Savings account 
• Disability benefits
• Alimony
• Child support
• Royalties
• Investment payments
• Retirement income

How Much Does an Online Cash Advance Loan Cost?

The cost of a small cash loan depends on several conditions, such as state laws, your qualification, whether you can repay the lender from your next paycheck. On average, the fees for a payday loan range between $10 and $30 for each $100 that you borrow. For example, if you get a loan of $500 at a rate of $15, you will have to pay back $575 when you receive your paycheck. For a loan term of two weeks, the APR would be 391%. 

What If I Can’t Repay the Loan on Time?

When signing the loan contract, you agree to repay the money on time. The funds are generally automatically withdrawn from the borrower on their next payday, based on a previous agreement between parties. If there are insufficient funds on the due date, the lender may be authorized to apply an additional fee.

Penalties for delayed payments depend on state laws. In some areas, you could obtain an extension. One way or another, you must always notify the loan provider as soon as you become aware of your difficulties repaying your debt. They will advise you on the most suitable option and inform you about any additional fees. 

What Alternatives to Payday Loans Do I Have?

Payday loans may not be the right solution for your financial needs. For that reason, it’s worth considering payday loan alternatives and making an informed decision. 

Savings Account

Before looking into payday loans online, see if you can tap into your savings account. Unlike other loans, this option comes without additional fees, as long as you have free access to the money. The main goal of a savings account is to serve as a financial safety net for you in case of an emergency. That’s why a savings account is also called an emergency fund. If you don’t yet have one, it’s a good idea to start setting some money aside regularly, thus preparing for unexpected expenses and avoiding loans. 

Credit Cards

You can access credit card loans by borrowing money when using your credit card. Their interest rates are typically on the high end compared to other loans. Credit card debt is only recommended for emergencies. 

Installment Loans

Installment loans are loans that you repay in fixed amounts. Since the total debt is equally divided into monthly payments, these loans are usually easier to handle. Auto loans, mortgages, and personal loans all fall under the category of installment loans. These are popular with consumers due to their availability and convenient repayment time frames.

Will I Get Guaranteed Loan Approval for Payday Loans Online?

A lender cannot guarantee they will approve your small payday loan without first examining your application. The rule applies to all types of loans, not only small cash loans, regardless of state. However, payday loans are easier to qualify for, and you can have the funds in your bank account within 24 hours on workdays. 1F Cash Advance has a rate of over 80% of approved applications for payday loans. With us, you can reach real and legit online payday loans from legitimate companies even with bad credit.