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An online payday advance is arguably the most popular type of short-term loans. Payday advances come with small amounts that can range from $100 to $2500 and are typically due within two or four weeks. In reality, these credits must be repaid when the borrower receives his next paycheck. The borrower simply writes a post-dated check to the lender for the salary, and the lender receives a portion of the salary in immediate cash.
Payday Advances are Unsecured Loans
Online lenders do not require collateral because the credit is unsecured. Collateral is an asset that a lender receives as a guarantee for a loan. It serves as a form of insurance for the lender. In other words, if the borrower fails to make payments, the lender may repossess the collateral.
Interest Rates for Payday Advances
Cash advance payday loans are typically associated with high-interest rates. Many states, however, have passed cap laws that limit interest rates and authorize small credits in most areas without increasing "loan sharking." Quick small credits usually have an annual percentage rate (APR) of 400 percent or higher. To borrow $100, the interest rate ranges from $15 to $30. If you want to know how much your credit's annual percentage rate will be, do the following: divide the amount of interest paid by the amount borrowed; multiply by 365; divide by the length of the repayment term; then multiply by 100.
Payday Advances in The States
The availability of this credit via the Internet has significantly increased in recent years. To protect consumers in this area, the Federal Trade Commission (FTC) enforces a number of laws. Moreover, online payday lenders are typically subject to state licensing laws and rate caps in the state where the borrower obtains the cash.
Thirty-seven states have specific statutes that allow payday lending. In thirty-two states, high-cost payday lending is permitted by state laws or regulations. Borrowers in fifteen states are protected from high-cost payday lending through small loan rate caps or other prohibitions. Lower rate caps or longer terms are available in three states for less expensive credits. Some states have laws governing how much payday lenders can lend and how much they can charge for loans, while others, such as New York, outright prohibit the practice.
Payday advances that are due on the borrower's next paycheck are legal in states where legislative bodies have either deregulated small loans or excluded payday advances from the traditional small loan or usury laws or passed laws to authorize loans based on the borrower's check or electronic payment from a bank account.
Shinyloans is Here to Help!
Whatever your reason for borrowing money is, ShinyLoans can help you get it quickly and easily in the form of a payday advance. We work with a large network of reputable lenders who have been carefully selected and are ready to provide the necessary funds. Our platform is secure to use and operates in a transparent manner, and is accessible to all of its clients. Furthermore, we work without any extra fees and our services are completely free of charge.
How to Get a Payday Advance
Payday advances are intended to be quick and easy to obtain if the applicant has a source of income and meets all other prerequisites. They are designed to provide consumers with quick cash to tide them over until their next salary or income arrives.
If you have informed yourself enough about this product by searching and learning about “payday advance near me” and truly believe that it is the right solution to the problems you are currently experiencing, then the only thing left to do is to click the Get Started button. To qualify for a Shinyloans payday advance, our clients must complete three simple steps and have money available to them. Here's what you'll need to do:
Payday Advance Basic Requirements
According to the government's Consumer Financial Protection Bureau (CFPB), payday lenders only require consumers to:
- be at least 18 years of age
- give contact information
- have an active checking account
- be a permanent resident of the US
- provide proof of income
- share Social Security number
Payday loans are available to people with bad credit and do not require a hard pull. According to the Pew Charitable Trust, approximately 12 million Americans use cash advances each year, and the majority of them do not have access to a credit card or a savings account.
When the loan is due, the client should either pay it off or authorize the lender to cash a postdated check or make another withdrawal from the borrower's account.
How to Use a Payday Advance
When an emergency arises and no savings are available, most Americans will take out a payday advance. Emergencies can take many forms, including home or car repairs, medical bills, utilities, or rent. Payday advances are also used to consolidate minor debts.
What is Debt Consolidation?
The act of taking out a new loan to pay off debts is referred to as debt consolidation. Multiple debts are combined into a single debt, such as a loan, with more favorable payoff terms. Debt consolidation can help you manage your student loan debt, credit card debt, and other liabilities. Payday advances are also used to pay off previous debts. Debt consolidation entails borrowing money to repay multiple loans, with the goal of breaking the cycle of re-borrowing high-interest debt.
What is The Procedure for Consolidating Payday Loans?
When a borrower is unable to repay the loan, he or she may obtain a new credit to repay the original one. This process is known as "rolling over" the loan. A rollover, on the other hand, will result in additional fees and an increase in the cost of borrowing.
How to Avoid Payday Loan Consolidation
Contact your lender for an extended payment plan.
Many payday loan lenders are members of the Community Financial Services Association of America (CFSA) and are able to offer borrowers an Extended Payment Plan (EPP). This plan allows borrowers to repay the loan over a longer period of time without incurring additional fees or interest.
Seek advice on debt management with a non-profit credit counselor.
When you consult a nonprofit debt counseling agency, you will work with certified financial advisors who will help you determine your financial situation as well as all of the debt-reduction options available to you. Most notably, nonprofit debt counseling services are usually provided at no cost.
Do Payday Advance Loans Aid in Credit Building?
Even if you make your payments on time, it will not improve your credit score because the information will not be reported to any of the three national credit bureaus — Equifax, Experian, and TransUnion. As a result, these credit options will not help you increase your credit scores.
Do Small Loans Have a Negative Impact on Your Credit Score?
Borrowers do not have to undergo a hard pull to obtain a cash advance loan, thus it does not have a negative impact on their credit score unless the borrower fails to make payments on time. If the clients do not make timely payments, the lenders may send the case to a debt collector. These agencies provide information to credit bureaus, which may result in their payment information appearing on the credit reports. Accounts sent to collection agencies surely have a negative impact on credit scores.
What Else Can Happen in Case of Default?
Depending on where you live, lenders can also:
- attempt to contact you by calling your family, friends, and employer
- sue you
- garnish your wages
What is a Wage Garnishment?
Wage garnishment is a court order that requires you to transfer a portion of your income to pay off a debt. Wage garnishment occurs when a court orders a portion of your wages to be withheld and sent directly to the lender or person to whom you owe money until your debt is paid off.
What are The Advantages of Payday Advance Loans?
Easy online access
The most significant benefit for many borrowers is the ease with which these loans can be obtained. Unlike traditional banks, you can apply online in a matter of minutes, and funds could be transferred to your bank account the same day.
Online applications save your time because you are not required to wait in lines, discuss the details with bank assistants and the most important aspect of applying online is user convenience: the process requires no documentation.
Eligibility with bad credit scores
Many borrowers choose this credit because the acceptance criteria are frequently less stringent than in other types of lending. Borrowers with bad credit and low incomes are commonly approved by online lenders, regardless of the fact that they do not meet the basic eligibility criteria of banks or credit unions.
Zero collateral requirements
Some major high-street lenders demand borrowers to put up their car, home, or other valuable possessions as collateral to secure the loan. Online lenders, on the other hand, provide unsecured borrowing, which means you are not required to put your personal property at risk.
Payday Advance Loans Come with a Cooling-off Period
In general, you can cancel your loan agreement within two business days of signing it. Payday loans, like all forms of borrowing covered by the Consumer Credit Act of 1974, have a cooling-off period. This means that if you change your mind, you have the right to cancel the agreement within two days. This is known in the industry as the "cooling-off period." Maybe a friend or family member can now lend you the money instead. It doesn't really matter why you want to cancel because you aren't required to tell your lender why. Simply state that you have changed your mind and wish to suspend your contract.
Summing up, this credit allows you to borrow the amount of money you need in a matter of hours. Thus, it may be a valuable option because being denied for other types of credit may have a negative impact on your credit.
To summarize, payday advance loans, if obtained under the right conditions, can help you in a short-term financial crisis.