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Payday Loans Online: How They Work and How Much Can You Borrow

Payday loans online are a great alternative for individuals in need of some quick cash, as long as you have an income to pay it back. These loans are generally fairly small, around $500, but some companies can offer you as much as $1,000. It is recommended that you do some proper research on the company before settling with them.

How Do Payday Loans Work?

When applying for a payday loan, a lender will ascertain whether you have the necessary income to cover your payment or not. Once they receive your account information, you can receive the payment as early as in 15 minutes (if you have a cash store around) or as late as the next morning (if you go for an online transaction).

In return for this money, the lender will ask for permission to access your account and withdraw the money when your pay kicks in. The repayment will be done right after you receive your paycheck, generally in two weeks - but it can also be extended up to a month.

Online payday loans can go through two different mediums: a direct lender who will make his or her own decision regarding the loan, or a broker who will sell your information to the highest bidding lender. The best option for you, however, would be to go to a direct lender.

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How Much Can You Borrow with Payday Loans Online?

Generally, the amount you borrow will be dependent on your monthly income. Sure, the company may offer you a maximum of $1,000 - but if your paycheck can't handle it, then you most likely won't get the money. Generally, you can only take up to 25% of your monthly income - but that also depends on the lender.

Some lenders will allow you to get the highest income and calculate some means for you to pay your debt in accordance with your income. Deciding this from the early stages is far better than being late on your payments.

What Can Prevent You from Getting a Payday Loan?

Again, this also depends on the lender - but sometimes, despite having an income, you may not be given a loan. Here are the situations that may prevent you from getting www.payday loans online:

- You do not have enough income to fit the lender's requirements. Some may ask for as little as $500, but there are also lenders who will ask for more.
- You already have a significant loan to repay. Some lenders see it as a risk, which is why you may want to make sure you aren't already swimming in debt.
- You are in the military. This is particularly because of certain state laws that only allow lenders to offer military personnel loans of maximum 36% APR.
- You've recently gone bankrupt.
- You haven't been employed long enough.
- You have a number of recent checks that have been bounced.

It's advised that you do proper research on the lender before applying for payday loans online- to make sure that both your requirements match. Some are fairly strict, but there are also lenders who are very lenient.