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If you are reading this article, you probably look for a little financial help. You are here, so it seems like we have to hurry. You try to find the most trusted payday loan but you have no idea where to start? There is a solution for you! By simple research, you can check and compare a lot of different companies that may send you money and that will be a matter of a day or two. But there are few things you cannot forget about if you want to be safe and find the help you obviously need.
What To Look For?
You need a specific aim in order to start your research. We already know that our goal is to find a payday loan with the best terms possible. But what are “the best terms” anyway? How can we know which offer is better?
First thing you should try out is to compare. Choose few companies that offer payday loans and read their offers carefully. Are they similar or different? The aspects you should pay special attention to are:
- Annual Percentage Rate (APR) – we are looking for as low as possible;
- Interest rates – same as with APR, the lowest option possible;
- Way of application – the best nowadays is via Internet (thanks to it, it is simple and fast);
Of course, there are other factors. It might be a good idea to check, how much money you can borrow (usually it is up to $1000, but not less than $100). You may be wondering, when the money will appear on your account – it should be written on the company’s website.
To simplify the whole process, you can visit the following website: Siloans.com. It may help you to find the best payday loan that will suit your needs.
How To Apply For The Loan?
After finding the best company, you probably prepare yourself for the application process. It is not too difficult, yet you need to be very careful and follow the instructions. Don’t miss a single sentence, because it may cost you a lot of money in future. Some documents may be needed, including age proof, income proof and residence proof. This way, your lender can make sure that you are over 18 years old, earn enough money to repay the loan and basically have a good credit profile. It is essential for you to share the correct information about you – any lie in your form may result in instant rejection.
What to do Next?
Your application is sent, so what to do now? Nothing at all! You only need to be patient and wait a while – not too long, it usually takes minutes or rarely hours to get the approval. Stay positive and check your final score.
When you are qualified your only duty is to wait for the money transfer. You can expect it to be on your account in two or three days.
Still not sure? Payday loan is a great option for people who find themselves in an emergency situation and need a quick help. If you see no other way out, send your application. It’s a simple and fast way to get extra money.
Maximum Payday Loan Amount by State
| State | Statutory Citation | Maximum Loan Amount | Maximum Loan Term |
|---|---|---|---|
| Alabama | 5-18A-1 et seq. | $500 | Not less than 10 days and not more than 31 days |
| Alaska | 06.50.010 et seq. | $500 | 14 days |
| Arizona | Prohibited | ||
| Arkansas | Prohibited | ||
| California | Civil Code 1789.30 et seq. Financial Code 23000 et seq. | $300 | Up to 31 days |
| Colorado | 5-3.1-101 et seq. | A lender shall not lend an amount greater than $500 nor shall the amount financed exceed $500 at any time to a consumer. | There shall be no maximum loan term. The minimum loan term shall be six months from the loan transaction date. |
| 4 Code of Colo. Reg. 902-1, Rule 17 | |||
| Delaware | 5 Del. C. §978 | $1,000 | Less than 60 days |
| District of Columbia | Prohibited | ||
| Florida | 560.402 et seq. | The face amount of a check taken for deferred presentment transactions not repayable in installments may not exceed $500, exclusive of the fees allowed under this part. For a deferred presentment installment transaction, neither the face amount of a check nor the outstanding transaction balance may exceed $1,000, exclusive of the fees allowed under this part. | A deferred presentment agreement may not be for a term longer than 31 days or fewer than seven days, except for a deferred presentment installment transaction, which may not be for a term longer than 90 days or fewer than 60 days. |
| Georgia | Prohibited 16-17-1 et seq. | ||
| Guam | Not available | ||
| Hawaii | 480F-1 et seq. | The face amount of the check shall not exceed $600. | No more than 32 days |
| Idaho | 28-46-401 et seq. | The maximum principal amount of any payday loan is $1000. | |
| Illinois | 815 ILCS 122/1-1 et seq. | (1) $1,000; or (2) in the case of one or more payday loans, 25% of the consumer's gross monthly income; or (3) in the case of one or more installment payday loans, 22.5% of the consumer's gross monthly income; or (4) in the case of a payday loan and an installment payday loan, 22.5% of the consumer's gross monthly income, whichever is less. | No payday loan may have a minimum term of less than 13 days and does not exceed 120 days. Except for an installment payday loan, no payday loan may be made to a consumer if the loan would result in the consumer being indebted to one or more payday lenders for a period in excess of 45 consecutive days. A payday loan shall also include any installment loan otherwise meeting the definition of payday loan contained in §1-10, but that has a term agreed by the parties of not less than 112 days and not exceeding 180 days; hereinafter an "installment payday loan." |
| Indiana | 24-4.5-7-101 et seq. | At least $50 and not more than $550 | Not less than 14 days |
| Iowa | 533D.1 et seq. | A licensee shall not hold from any one maker a check or checks in an aggregate face amount of more than $500 at any one time. | Not to exceed 31 days |
| Kansas | 16a-2-404 16a-2-405 | Cash advance equal to or less than $500 | Minimum term is seven days and the maximum term is 30 days |
| Kentucky | 286.9-010 et seq. | A licensee shall not have more than two deferred deposit transactions from any one customer at any one time. The total proceeds received by the customer from all of the deferred deposit transactions shall not exceed $500. | Not to exceed 60 days |
| Louisiana | RS 9:3578:1 et seq. | $350 | Not to exceed 30 days |
| Maine | Me. Rev. Stat. Ann. tit 9-A §1-201; Me. Rev. Stat. Ann. tit. 9-A §1-301 and Me. Rev. Stat. Ann. tit. 9-A, §2-401 | None | |
| Michigan | 487.2121 et seq. | A licensee may enter into one deferred presentment service transaction with a customer for any amount up to $600. | Up to 31 days |
| Minnesota | 47.60 | The cash advance of a consumer small loan is equal to or less than $350. | Not to exceed 30 calendar days |
| Mississippi | 75-67-501 et seq. | $500, including the amounts of the fees | (a) A licensee may delay the deposit of a personal check cashed for a customer with a face amount of not more than $250 for up to 30 days under the provisions of this section. (b) A licensee shall enter into a written agreement for a delayed deposit transaction of a personal check cashed for a customer with a face amount of more than $250 but not more than $500 for a period of at least 28 days but not more than 30 days, as selected by the customer, under the provisions of this section, with the licensee having the option to deposit or collect the check. |
| Missouri | 408.500 to 408.506 | $500 or less | Minimum of 14 days and a maximum of 31 days |
| Montana | 31-1-701 et seq. | The minimum amount of a deferred deposit loan is $50 and the amount, exclusive of fees allowed, may not exceed $300. | |
| Nebraska | 45-901 et seq. 2020 Initiative 428 | No licensee shall at any one time hold from any one maker a check or checks in an aggregate face amount of more than $500. | Not to exceed 34 days |
| Nevada | 604A.010 et seq. | A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan that, in combination with any other outstanding loan of the customer, exceeds 25% of the expected gross monthly income of the customer when the deferred deposit loan is made. | Except as otherwise provided in this chapter, the original term of a deferred deposit loan or high-interest loan must not exceed 35 days. |
| New Hampshire | 399A:1 et seq. | $500 | At least seven days and not more than 30 days |
| New Mexico | Prohibited |
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| North Carolina | Prohibited | ||
| North Dakota | 13-08-01 et seq. | $500 A licensee may not engage in a deferred presentment service transaction with a customer who has an aggregate value of all outstanding obligations from any one customer exceeding $600 which is payable to the same or any other licensee. | The total period of deferral, including the initial deferral and one renewal, may not exceed 60 days. The renewal period may not be less than 15 days. |
| N. Mariana Islands | Not available | ||
| Ohio | 1321.35 et seq. | The total amount of the loan does not exceed $1,000. | (1) Subject to division (B)(2) of this section, the minimum duration of the loan is 91 days and the maximum duration of the loan is one year. (2) The minimum duration of the loan may be less than 91 days if the total monthly payment on the loan does not exceed an amount that is 6% of the borrower's verified gross monthly income or 7% of the borrower's verified net monthly income, whichever is greater. If the duration of a short-term loan is 91 days or greater, the licensee shall determine the recommended length of a loan based on the borrower's verified monthly income as described in division (B)(2) of §1321.39 of the Revised Code. The licensee shall provide the borrower with a written copy of its recommendation, which is not binding on the borrower. |
| Oklahoma | Okla. Stat. tit. 59, §3101 et seq. | $500 exclusive of the finance charge | Not less than 12 days or more than 45 days from the date the instrument is accepted by the lender |
| Oregon | 725.600 et seq. 725A.101 et seq. | $50,000 | Made for a period of 60 days or less or for which the lender may demand repayment within 60 days. Loan cannot be made for less than 31 days. |
| Puerto Rico | Not available | ||
| Rhode Island | 19-14.1-1 et seq. 19-14.4-1 et seq. | The face amount of the check shall not exceed $500. | Not less than 13 days |
| South Carolina | 34-39-110 et seq. | $550 exclusive of fees allowed in §34-39-180(E) | Not to exceed 31 days |
| South Dakota | 54-4-36 et seq. | $500 | |
| Tennessee | 45-17-101 et seq. | The aggregate face value of all outstanding checks from any one customer may not to exceed $500. | A licensee shall not defer presentment of any personal check for more than 31 calendar days after the date the check is tendered to the licensee. |
| Texas | (details) | $1000 | |
| Utah | 7-23-101 et seq. | None | A deferred deposit lender that engages in a deferred deposit loan may not: (b) roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; (c) roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed. |
| Virginia | 6.2-1800 et seq. 2020 Chapters 1215 and 1258 | Effective Jan. 1, 2021 $2,500 | Effective Jan. 1, 2021 A licensee may engage in the business of making short-term loans, provided that each loan meets all of the following conditions: 2. The minimum duration of the loan is four months and the maximum duration of the loan is 24 months; however, the minimum duration of the loan may be less than four months if the total monthly payment on the loan does not exceed the greater of (i) an amount that is five percent of the borrower's verified gross monthly income or (ii) 6% of the borrower's verified net monthly income. |
| Virgin Islands | Not available | ||
| Washington | 31.45.010 et seq. | May not exceed $700 or 30% of the gross monthly income of the borrower, whichever is lower | A licensee must set the due date of a small loan on or after the date of the borrower's next pay date. If a borrower's next pay date is within seven days of taking out the loan, a licensee must set the due date of a small loan on or after the borrower's second pay date after the date the small loan is made. The termination date of a small loan may not exceed the origination date of that same small loan by more than 45 days, including weekends and holidays, unless the term of the loan is extended by agreement of both the borrower and the licensee and no additional fee or interest is charged. |
| Wisconsin | 138.14 | None | |
| Wyoming | 40-14-362 et seq. | None | One calendar month |
See also: 200 Dollar Payday Loan: Should You Get One?
Last updated on
By 
Chris Miller
He worked as an attorney practicing insurance defense and commercial litigation. He covers lenders, bank accounts, mortgage rates, refinance rates, and borrowing and savings tips. You can reach Chris Miller at chris.miller@siloans.com.
