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A payday loan that you pay back in one week can be convenient if you’re in a financial bind and don’t have the credit to qualify for a traditional loan. But when you only have seven days to come up with the money, it can be hard to repay your loan and its high fees.
If a one-week loan term is legal in your state, you can find lenders both online and at a physical storefront. However, most states require a minimum loan term of two weeks. Double-check that a one-week payday loan is even legal where you live before you start comparing lenders. If it’s not, you’ll want to consider payday loans with a longer term — or look into your short-term loan alternatives.
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While the exact application process will vary by lender, you can generally expect to go through the following steps:
If approved, it may take online lenders anywhere from one to two business days to transfer your loan funds to your bank account. If you want to speed up the process, consider applying at a local storefront — you can often leave the store with cash in hand.
When you apply for a one-week payday loan, expect to provide the following:
Depending on the lender, you may be able to repay your one-week payday loan through direct debit from your bank account or a postdated check.
Before signing your loan documents and agreeing to either repayment method, ensure you’ll have enough money in your account to repay your loan when it’s due. Otherwise, you risk additional fees and an overdraft charge from your bank.
Although a payday loan with a seven-day term can be convenient, it comes with quite a few risks:
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A one-week payday loan may be helpful in an emergency, but such a short term can leave you struggling to repay what you borrow. You can learn more about how it all works with our guide to payday loans.
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