Payday Loans Near Me
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What is a Payday Loan?
A payday loan is a short-term loan that you must repay as soon as your next payday. This loan generally offers only a small amount of money and its requirements tend to be easier. In exchange for the lenient requirements and quick process, lenders apply high-interest rates on this type of loan.
Although transaction by cash is possible, many payday lenders these days, prefer to do it by setting up auto-draft and withdrawing money from your active checking account (if you apply online) or receiving a cheque from you that will be cashed on the due date (if you apply in-store)
How to Find Payday Loan Stores Near Me?
Physically visiting lenders around your location is tiring. Searching lenders online would be a better way. While you can do it by putting in simple keywords on Google, it may still be too time-consuming, especially if you are in an urgent financial situation.
In this case, CocoLoan may offer you a faster way. Our website is equipped with a search bar at the top of the page. If you input your city and zip code in the search bar, it would limit your search to only lenders which are located around your location. This way, you can easily track down potential payday lenders.
Find Payday Loan Stores By State
Although the practice is very common in the loan business, payday loans may not be available everywhere. Due to the high interest, they are illegal in several states. Check the list below to see if a payday loan store can be found near you.
Can I Find Payday Loans Online?
Yes, you can. In fact, doing it online may give you more benefits compared to doing it in-store. Doing it online would save your energy and time as you don't need to physically go somewhere else or even wait in a queue.
If you work on a daily basis, doing it in-store means that you're gonna have to sacrifice your work time to visit loan stores, while if you do it online, you can conveniently carry on the whole process from your workplace without any disadvantage to your work situation.
How to Get Payday Loans Online?
The fastest way is by using the service of loan brokers like CocoLoan. CocoLoan is an established payday loan broker that helps you connect to potential reliable lenders. How? You can simply follow the steps below.
- Fill out our form: Send your loan request on our website
- Receive offers from our lenders: CocoLoan connects you to potential lenders and you can start comparing the rates.
- Enter into the agreement: Often, this can be done online through a secure web portal. Only sign the contract if you agree with all the requirements.
- Get your money: You may receive the funds within 24 hours or around 3 business days depending on the lenders.
What Are the Basic Requirements For Payday Loans?
The requirements may vary by lenders depending on where you live. However, according to the Consumer Financial Protection Bureau (CFPB), to qualify for a loan, you must fulfill the following conditions.
- Age: You must be at least 18 years old.
- Residence: You must be a U.S resident. This can be proved by showing your ID or other related documents.
- Have an active checking account: Many lenders don't give cash and prefer to directly deposit the funds into your checking account.
- Address, phone number, and email: In case you miss your due date, lenders will want to know how to contact you. Many of them also ask for contact information for reference.
What Is Needed For a Payday Loan?
While the documents needed for a payday loan are generally very basic, it's still a problem if you miss one or two of them. So, before applying, you may want to prepare the following documents:
- Government Issued ID
- Social Security Number
- Proof of Income
- Active Checking Account
- Personal Check (If you apply in-store)
- Valid and Active Email Address (If you apply online)
Frequently Asked Questions
Is borrowing from payday loans confidential?
Online payday loans can be quite confidential as you don't interact with anyone in the process. However, some lenders need to know about your employment information and the verification for this may involve people from your workplace. In-store payday loans, on the contrary, are not confidential as the applying process is normally done in an open space so people can clearly see what you're doing.
What are the risks of payday loans?
The main risk is probably miscalculating the total cost and you end up not being able to pay back on the due date. Keep in mind that, aside from the interest, you also need to include the loan fees in your calculation, and make sure that your income is enough to pay back the total cost.
How can a good payday loan broker like CocoLoan help you?
We help by connecting you to lenders from our networks. CocoLoan's service provides the following benefits:
- Easy and fast process: Our whole process is designed to be smooth.
- Reputable lenders: Find offers from our long-listing lenders.
- Bad credit friendly: Many of our lenders offer loans for bad credit.
What are the differences between online and in-store payday loan lenders?
Online payday loans tend to be easier as the borrower can do it conveniently from wherever they are. This is especially advantageous for people who work on a daily basis because they can carry on the whole process without leaving their workplace and affect their work situations. On the contrary, in-store payday loans may take up much of your energy and time, as you need to physically visit the loan stores or even wait in a queue.
How can you find a trustworthy payday loan store?
The best way is to learn and understand the regulation applied to payday loans and see if the requirements and rates given by lenders obediently follow the regulation. Keep in mind that the regulation may vary by state.
Looking For Payday Loans Near You? Try CocoLoan!
With our huge network of lenders, getting access to a payday loan has never been easier! Get started with our payday loan services today!Get a Quote