Mypaydayloan.com is an online only direct payday loan lender that offers loans in most of the states where it legally can. Because it can take up to two business days to get your money, if you need it immediately a storefront lender like Speedy Cash or Check Into Cash may be a better option. It has a quick online application and approval process. Getting an online payday loan can take longer to receive your funds than an in-store payday loan, but it can be more convenient.
To apply online you’ll need to meet Mypaydayloan.com’s minimum requirements. You need to be at least 18 years old, be currently employed and able to verify your employment and have an active checking account. Mypaydayloan.com also has an option apply with Facebook, which will use your Facebook account to fill in your personal information, which makes for a quicker application, and they claim, a quicker approval.
A payday loan is a short term loan, and the average term is 14 days. With a payday loan, you’ll know when you sign up how much you’ll pay when the term expires. The total amount will be deducted from your checking account when the loan comes due, so make sure you have enough in your account or you may get hit with overdraft fees.
Mypaydayloan.com posts its rates on its website. Since state laws regulating the costs associated with payday loan vary from state to state, you will want to check the rates before applying for a loan. As an online direct lender, the rates offered by Mypaydayloan.com are more standard than that of other lenders.
If you are unable to pay off the loan when the term expires, you may be able to extend the loan by paying off the fees and signing another contract to extend the loan for another term. Be aware that by doing this you’ll have to pay the principal you borrowed as well as an additional set of loan fees. Extending loans can be costly and may end up being more expensive than the original amount you borrowed. Some states have restrictions on the amount of times you can extend a payday loan.
A payday loan can be an easy way to get a cash advance if you have bad credit or need money in an emergency. We recommend using them only as a last resort and exhausting alternatives. A personal loan through a credit union has less stringent credit requirements than larger banks and may be a good option as those tend to have lower interest rates.
Mypaydayloan.com offers online payday loans with a quick application and approval process. You can also apply through Facebook for an even quicker approval.