Do you have a question about getting online payday loans in 2021, we have the answer!
What is a payday loan and how does it work?
A payday loan is a type of cash advancement being dispensed for a short term to cover up in between paydays. It involves a borrower issuing out a postdated check to the lender for his or her payday salary, but receives a part of that payday amount in quick cash from the lender.
A payday loan can also be referred to as: cash advance, paycheck advance, payroll advance, deferred deposit, or check advance.
Payday loans can be requested in the case of an emergency, or just to help deal with regular purchases until your next payday.
Note – Payday loans are legal in the state of Louisiana!
What are the basic requirements for a payday loan?
The following are required when applying for a payday loan:
- Applicant must be older than 18 years old
- Applicant must provide an up-to-date federal or state identification. This includes proof of current place of residence
- Applicant must provide proof of employment status
- Applicant must provide his or exact income amount
- Bank account details or a checking account that accepts electronic transfers
- Social Security Number
PS: Depending on the amount of loan you are apply for, and your current loan term, we may evaluate your ability to pay back the loan to ensure that you don’t get stuck in paying for a loan that you never could afford.
What is Annual Percentage Rate (APR)?
An APR defines a percentage figure for the annualized interest rate often associated with a loan offer. The concept is quite similar with that of interest rates with differences being seen in their calculation.
The concept of APR is important in evaluating the cost of a line or line of credit.
Annual percentage rate (APR) is the sum total of the nominal interest rate and some additional fees involved in getting a loan offer. These fees may include rebates, broker fees, discount points, and closing costs.
To calculate the APR on your loan offer, simply divide the annual payment for the loan offer by the original loan amount.
APRs may vary for the different types of personal loans. For installment loans, the APR ranges from 6.63% to 225%, and for cash advance loans, APRs range from 200% to 1386%.
APRs also depend on the loan term as described by the lender, and based on certain factors such as your credit history, income and others, your loan APR could be higher or lower.
Why choose instantpaydayla as your #1 payday alternative?
Spoiler alert: WE ARE THE BEST!
instantpaydaylais a socially responsible solution that offers payday loans in Louisiana, helping residents meet their short-term needs.
Learn more about InstantPaydayLA
Our payday loan solutions are:
- Quick to access
- And do not require a credit check
- It doesn’t stop there!
Here at instantpaydaylais, we give users total control of how much funds they can borrow from us in a more conducive and user-friendly manner. You also have the leisure of requesting funds from your home or while on the go.
We offer free and transparent services with no hidden fees or charges on our part, with users not having to worry about any further obligation(s) or threats to their data security.
How fast does it take to get a payday loan?
The process usually takes nothing more than 24 hours.
It starts with you filling out the online application form which usually takes about 5 minutes. Once that is done, the review process takes about 24 hours, after then your funds will be credited direct to your account.
Why do I keep getting denied for payday loans?
This often implies a state of too much debt by a borrower, not necessarily lack of consistent income.
According to payday lending laws, it is illegal for a lender to dispense loans to a borrower under certain financial conditions. You can check your state’s payday lending laws and try and apply again for your desired loan offer.
You may also be denied for a payday loan if the state or current place of residence which you are applying from isn’t approved for payday loans.
Can I get a payday loan with bad credit?
Luckily, you can still be able to get a payday loan from instantpaydayla is even with a bad credit rating.
As stated above, your current credit rating is not a major factor that determines your loan approval with Us. Although, we may go as far as partnering with credit reporting companies, but this is just to ensure that you improve on your credit rating while still taking part in our loan offer(s).
This is because our financial expertise doesn’t just stop at offering online payday loans; we also place so much emphasis on financial education and improving the financial health of all our fabulous customers.