Payday loans are essentially a small and unsecured short term loan (can also be referred to as an installment loans, quick loans and personal loans) but a payday loan offer you the chance to borrow money to be repaid over 1 repayment. The great thing about a payday loan is that they are designed to be quick and easy to access and help in the event of an emergency to cover an unexpected expense. LoanPigUSA will help you find your next payday loan from its panel of lender in the US
Sometimes despite our best efforts, we may find ourselves in need of a little extra cash to help tide us over until our next payday. While trying to save and manage our finances is something we all strive for, occasionally emergencies do crop up and can leave us worrying about how we are going to cover the unexpected expense- this is where LoanPigUSA comes in.
Are Payday Loans Unsecured?
The beauty of a payday loan is that they are unsecured in comparison to other loans which typically are secured. Unsecured loans are popular for the fact that they do not require you to place collateral on your loan, which means that should you miss a repayment or fall behind on payments, you may not be put in a position where you could lose your home or car.
How Do Payday Loans Differ To Other Loan Types?
The biggest difference between payday loans and other loan types such as mortgages, consolidation loans and bank loans is that they are relatively lower in value and offer a shorter repayment period. LoanPigUSA offers some great payday loans through its panel of lenders, as they allow you to borrow up to $2500 and pay that amount back over a month.
Can I Get A Payday Loan Online?
Finding a payday loan could not be easier with LoanPigUSA as we not only utilise advanced technology to match you with someone from our leading US lenders panel, but offer an online only form to process too. This means you can search quickly and easily without the need to pick up the phone!
What Can I Use A Payday Loan On?
Once you have secured one of our lender’s payday loans, you can use your cash for a number of different causes and purposes. Here are just some of the ways you could spend your cash advance payment:
• Managing your rent and bill payments
• To help tide you over when dealing with an illness
• To avoid having to deal with costly bank overdraft charges
• Assist in consolidating debts and reducing monthly repayments on the whole
A payday loan from LoanPigUSA could transform your life and help you to not only manage your money better but also help to get you out of some tricky financial situations.
How Is LoanPigUSA Different To Other Payday Loan Lenders?
LoanPigUSA is dedicated to helping our customers find the best possible payday loan and strives to stand out among other payday loans lenders as we are not a lender or a broker. We welcome those with all credit backgrounds and our lenders offer very high acceptance rates as we understand how frustrating it is to be turned away from other sources.
Does LoanPigUSA Offer Installment Loans?
Installment loans are a great payday loan alternative as they offer a repayment option for those who feel that they cannot make repayments over a period of a month. Installment loans help to spread loan repayments out to ensure everyone has the chance to seek financial help in the form of a payday loan. Here at LoanPigUSA we offer you a wide range of flexible loan options, through our lenders, that could see you borrow up to $2500 and pay back over an extended period of time.
Will LoanPigUSA Consider Someone With A Poor Credit History?
If you have ever been rejected from a loan application in the past based on your credit rating you will know how helpless it can make you feel. Here at LoanPigUSA we believe that an individual is more than just their credit rating and while a poor credit rating may mean that you found it harder to manage your repayments in the past, this should not influence your future payday loans offers.
How Does An Payday Loan Work?
Every payday loan lender operates in a slightly different way, but here at LoanPigUSA, you can rest assured that the loan finder process is straightforward and can be completed in a matter of minutes. Once you fill out all the necessary information about yourself, such as your personal details, income, expenses and bank details, our lenders will conduct a background check and should reach an instant decision about whether you are applicable to receive the money you need. Following this decision, we then go on to match you with one of our leading US lenders and you could then see the money you need sitting in your bank account the very same day!
Are Payday Loan Lenders Regulated?
Payday loans are small loans subject to state regulation. Traditionally states have capped small loan rates at 24 to 48 percent annual interest and required installment repayment schedules. Many states also have criminal usury laws to protect consumers.
Payday loans at triple-digit rates and due in full on the next payday are legal in states where legislatures either deregulated small loans or exempted payday loans from traditional small loan or usury laws and/or enacted legislation to authorize loans based on holding the borrower’s check or electronic payment from a bank account.
Eighteen States and the District of Columbia Prohibit Extremely High Cost Payday Lending
States protect their citizens from usurious payday lending by prohibiting the product or by setting rate caps or usury limits.
Georgia prohibits payday loans under racketeering laws. New York and New Jersey prohibit payday lending through criminal usury statutes, limiting loans to 25 percent and 30 percent annual interest, respectively. Arkansas’s state constitution caps loan rates at 17 percent annual interest.
After permitting high-cost payday loans, New Hampshire capped payday loan rates at 36 percent annual interest in 2009. Montana voters passed a ballot initiative in 2010 to cap loan rates at 36 percent annual interest, effective in 2011. South Dakota voters approved a ballot initiative in 2016 by a 75 percent vote to cap rates for payday, car title and installment loans at 36 percent annual interest. Arizona voters rejected a payday loan ballot initiative in 2008, leading to sunset of the authorizing law in 2010. North Carolina tried payday lending for a few years, then let the authorizing law expire after loans were found to trap borrowers in debt. The states of Connecticut, Maryland, Massachusetts, Pennsylvania, Vermont, and West Virginia never authorized payday loans. The District of Columbia repealed its payday law.
Three States Permit Lower-Cost Payday Lending
Small loans secured by access to the borrower’s bank account are authorized in three states at lower than typical rates. Maine caps interest at 30 percent but permits tiered fees that result in up to 261 percent annual rates for a two-week $250 loan. Oregon permits a one-month minimum term payday loan at 36 percent interest plus a $10 per $100 borrowed initial loan fees. As a result, a $250 one-month loan costs 154 percent annual interest for the initial loan, and 36 percent for any subsequent loans. Colorado amended its payday loan law in 2010 to set a minimum six-month term for loans based on checks held by the lender. A Colorado payday loan may include charges of 45 percent per annum interest, a monthly maintenance fee of 7.5 percent per month after the first month, and a tiered system of finance charges, with 20 percent for the first $300 borrower and an additional 7.5 percent for amounts from $301 to $500. Loans can be prepaid at any time with a rebate of unearned fees, repaid in installments, or repaid in one lump sum.
Thirty-Two States Authorize High-Cost Payday Lending
Thirty-two states either enacted legislation authorizing payday loans, failed to close loopholes exploited by the industry to make high-cost loans, or deregulated small loan interest rate caps.
Payday loan states include: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Payday lending is legal in Ohio despite a ballot vote in 2008 that capped rates. The industry switched to lending under other laws which was upheld by the courts and not corrected by the Ohio legislature.
Some authorizing states somewhat limit debt-trap risks. For example, Washington limits borrowers to eight payday loans per year. Virginia requires loans to be payable in two pay cycles; however, lenders evade protections in Virginia by structuring loans as unregulated open-end lines of credit.
The above information was brought to you by https://paydayloaninfo.org/, please visit their site for a better understanding of the lending industry in the USA and remember Payday loans are extremely expensive cash advances that must be repaid in full on the borrower’s next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, un-affordable repayment terms, and coercive collection tactics made possible by check-holding.
How Do I Get A Payday Loans With LoanPigUSA?
Finding a payday loan with LoanPigUSA couldn’t be easier. Simply choose how much you would like to borrow, enter your zip code and email address and then click the ‘Get Started’ button to be taken to our simple online form. After filling it in with your personal information and bank details you can send it our way and we’ll start the search to finding your perfect short term loans lender. It only takes a few minutes and we’ll get back to you as soon as we can to get your funds to you when you need them.
How Secure Is it when applying for a LoanPigUSA Payday Loan?
The great thing about searching for payday loans with LoanPigUSA is that we ensure that all of the details you supply us for the registration process are not stored with us so there is no chance of your information being stolen or put in the wrong hands. Our encrypted site also ensures that the information we transfer to our panel of lenders is safe to.
If you are looking for a payday loan then why not head over to our online form? Our straightforward online process could see you with some extra cash in the bank in no time! Alternatively feel free to contact us here.