Editor's choice: Check Into Cash Payday Loan
- No application fees
- Loans up to $1,000
- Receive funds as soon as next business day
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A legit payday loan is a short-term loan from a lender that follows state and federal regulations. These can vary by state. Many have maximum loan amounts, rates, fees and terms for payday loans. Some also limit how often you can renew your loan.
With that said, even legit short-term lenders have more relaxed criteria than other providers. You’ll can get a short-term loan if you have bad credit, have low income or rely on government benefits.
Lenders are legally required to make sure you can afford repayments before you take out a loan. That’s why legit lenders ask about your income, and monthly expenses when you apply. If a lender doesn’t ask you for any of that information, it probably isn’t legit.
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
The following should help you find legit short-term loans easily:
You can — states generally don’t require lenders to check your credit when you take out a loan. But you might not get the best deal. That’s because lenders that don’t check your credit typically assume the worst and offer less favorable rates and terms than those who do.
Even if your credit is far from perfect, a lender that checks your credit is often a better bet. Look out for other red flags like guarantees and upfront fees before you apply.
|Lender||What borrowers say|
|Check ‘n Go|
|Ace Cash Express|
|ACE Cash Express|
|Check Into Cash|
|SWIFT Money Loans|
As with every lending option, always be sure you can repay what you borrow.
Take some time to go through the loan’s terms and conditions, as this document tells you how much you may have to pay in different circumstances such as rollovers and late payments. Some states don’t allow you to refinance a loan or take out more than one within a given period of time.
You’ll also have to pay additional fees if you make a late payment, and your lender may report your missed payments to credit bureaus. Reconsider applying if you think you may have troubles repaying your borrowed funds.
Knowing what to look for in a legit lender is just as important as understanding common scams. Once you’ve checked over your state laws, know how much you need to borrow and have an idea how to repay, start comparing your options to be sure you’re getting a good deal.
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