Financial Issues
Payday Loans Washington DC | Easy and Fast Online Cash Advances
Today, to get a small loan, you do not need to go anywhere, call someone, have conversations. Payday lenders have developed the most convenient lending scheme – they lend money automatically via the Internet. The client submits an application, the system makes a decision and, if approved, immediately transfers the funds to the borrower’s bank account.
This is the easiest and most convenient way to borrow money. For this reason, consumers contact microfinance institutions. Their products are small short-term payday loans that can be obtained 24/7. And there is no need to contact relatives and friends talking about your situation.
Loan repayment
The loan requires repayment according to the established schedule. If the borrower fails on loan repayment, penalties will be imposed. Therefore, it is better to pay the debt on time, and if it is not possible to deposit funds on time, you can use an extension option – transfer the payment date to a more convenient one.
A short-term payday loan is closed on a one-off basis, a long-term one – gradually in equal payments (installments). It is convenient to make payment through the borrower’s personal account, paying from any bank card. You will see all the cancellation options on the lender’s website. Typically, you can pay the debt through various cash payment options, for example, through terminals.
Eligibility criteria
Loan requirements vary by state and lender. In most cases, to get accepted, you must:
- be a U.S. citizen or legal resident;
- be at least 18 yo;
- have a checking account in your name;
- have a valid email address and phone number;
- be employed and have a steady income.
You are not obliged to have good credit and you may be even eligible for a cash advance if you have no credit.
Amounts, terms, rates
When applying for a loan through Social Protection Company, you will need to specify the desired amount, the repayment period, the method of obtaining the loan, its additional parameters. As a result, the search will be significantly narrowed, the system will show only the options that are relevant to you.
Payday loans in Washington DC differ from traditional bank offers in all respects. These are completely different products with the following characteristics:
- Amount. You can typically get a payday loan in the amount ranging from $100 to $1,000. Some companies however offer higher loan amounts- up to $5,000.
- Lending term. Cash advances are usually short-term. You should be ready to pay off your loan within 1-3 weeks or close to the date you get your next paycheck. In some cases, you can get an extension. Consult your lender about loan extension in advance.
- Interest rate. Payday lenders usually charge interest of $15-$20 for every $100 borrowed. APR typically ranges from 391% to 521% for payday loans. Each lender from our network has its own policies, rates and terms, which means we cannot quote the precise interest rate you will be offered.
