Getting a payday loan can often be an impulsive decision. However, it is extremely important that you consider some factors before you make the decision to get a loan.
Whilst contemplating getting a payday loan it is important to consider:
- Is a Payday Loan Right For Me?
- What Should I Use A Payday Loan For?
- Where Can I Get a Payday Loan?
- How Much Does a Payday Loan Cost?
- How Much Should I Borrow and How Long Should I Borrow It For?
Is a Payday Loan Right For Me?
A Payday loan could be right for you if you are facing a financial struggle and cannot make it until your next paycheck. If you need a quick loan in order to pay for a car repair or a mortgage payment before your next payday then a payday loan could be right for you.
If you need same-day funding a payday loan may be the quickest way to get cash into your account. To be eligible for a payday loan, you must be a U.S. resident over the age of 18. You also need a steady income of at least $800 per month and a live checking account for the loan to be deposited into.
You can even get a payday loan if you have bad credit, Dollar Hand accepts people with all types of credit histories. As the broker, we find the most suitable lender for you that it most likely to accept your payday loan claim.
What Should A Payday Loan Be Used For?
Payday loans are designed to assist those who have a stable income in urgent cash crises. You might consider using one to cover a hospital or veterinary bill, get your car repaired, or fix your boiler. Whatever difficult circumstance you face, a payday loan can get you the money you need to tide you over until payday.
Payday loans are not designed to be used for shopping or frivolous spending and should never be used to make repayments on other loans.
Where Can I Get A Payday Loan?
With Dollar Hand, you can request a payday loan online. There are no fees for submitting a form, and it takes just a few minutes.
Once you have provided your details and information about the loan you are looking for, Dollar Hand will work to find the best options for you. While banks can sometimes take weeks to decide, with Dollar Hand, you can instantly see whether your loan has been approved.
You may even be able to have the funds in your account the same-day you apply!
How Much Does a Payday Loan Cost
Payday loans in the USA will typically cost around 300% to 500% APR depending on a number of things, including the amount you need to borrow, how long you need it for and the rate your lender is able to provide you.
The rate your lender will provide you will be determined on your credit score, and by using a service like Dollar Hand you will be sure to get a good rate as we will find the best rate for you from a wide range of lenders.
However, with so many variables it can feel difficult to know how much your payday loan will cost you and how that compares to other ways of borrowing money.
How Much Should I Borrow and How Long Should I Borrow It For?
With Dollar Hand, you can get a payday loan from $100 up to $35,000. Remember that payday loans are designed for one-off emergency payments.
For more significant amounts, consider an alternative loan. Make sure you will be able to afford your loan repayments and review your income when choosing how much to borrow. Over-borrowing may make it difficult to meet repayments on time.
It would be best to consider how long you need the loan to get you through your financial difficulties. You can choose a period of just 2-4 weeks, which will allow you to reach your next payday!
You can then repay the money in one final repayment. You can repay the amount early at any time, and this will also save you money on interest.