How to Use Payday Loans to Cover Unexpected Costs in 2022

Payday loans are a great solution to life’s most pressing problems. Some bills are just too high between paydays, water or electric or even cable, and many just want to make ends meet. By applying for a payday loan via MaximusMoney.comanyone can pay those pesky bills in their spare time.

With MaximusMoney, borrowers in need can request up to $5,000! The application process takes less than 10 minutes and recipients can complete it online from the comfort of their own home. Say goodbye to long lines at payday stores and hello to a new way to get cash fast. With MaximusMoney, almost everyone has access to a affordable loan.

How it works in 3 simple steps:

  1. Payday lending is simple and MaximusMoney makes it even simpler. First, any potential candidate should make sure they are qualified. In all states, applicants must be at least 18 years old and reside in the state from which they wish to borrow. Second, they need ID, a social security number, and proof of income. Proof of income is essential in the application process as it gives lenders an idea of ​​how they may be reimbursed. Not only will proof of income be a deciding factor in how much a bank lends, but it will also decide whether or not they approve the loan! Finally, most lenders will ask you for contact information. An email address and phone number will usually work, just in case they need to reach you.
  • Once a potential lender has gathered all the required information, they can head to the application. MaximusMoney has a simple application that anyone can complete in minutes. Simply answer the questions posed, those directly related to the documents and IDs collected, and borrowers can request up to $5,000! MaximusMoney has a high approval rate, which gives applicants flexibility in the loan they want.
  • Once the application is submitted, the borrower should start receiving offers. MaximusMoney gives borrowers plenty of options so they can choose the loan that’s right for them. Finally, the request is approved and the loan is selected. With the correct checking account and routing numbers, MaximusMoney can direct funds directly to your bank account!

Alternatives to a payday loan: positives and negatives

While payday loans are a great solution to emergency expenses that arise between pay periods, there are alternatives.

  • Charities or nonprofits: Charities and nonprofits often help Americans pay their bills. These charities will usually provide emergency financial assistance for essential bills such as medical bills, water or insurance. Just bring a copy of a bill to one of these institutions and they should be able to help you.
    • Although charities are always good, their uses are very specific. Medical and water bills need to be paid, but many people have phone or internet bills that need to be paid as well. Nonprofits will only help in the most difficult times, leaving some wanting more freedom.
  • Ask friends or family: Some people are lucky enough to have wealthy friends or family, which gives them the opportunity to contact someone they know rather than a traditional financial institution. This can be the best for anyone who has the option.
    • As noted, few people are lucky enough to have friends and family in this position. Even if someone has a rich uncle, he might not feel comfortable asking for a loan. Asking for money can be a very difficult thing to do, this alternative is definitely not for everyone.
  • Cash advances from a credit card: If a borrower has a credit card, they can sometimes borrow money at a higher rate than their purchase rate. Credit card cash advances can be a very quick process, usually borrowers can go to an ATM or their bank and withdraw cash immediately. This is an excellent solution in terms of speed.
    • Cash advances can be quick, but they can also be very expensive with some of the highest interest rates. Unlike payday loans which are supposed to be paid off in one or two pay periods, interest rates and cash advance fees can stay on a credit card bill much longer.
  • Medical Debt Reconsolidation: If medical debt is the problem, many clinics and hospitals will work with their former patients to reconsolidate the debt into more manageable monthly payments instead of one large lump sum.
    • This is a great option for anyone with this debt, but this alternative can only be used for someone with this type of debt. If you are not someone with medical debt but another type, this may not be the best option.

Different types of payday loans:

Payday loans are great for a variety of reasons, including the different types of payday loans. Since payday loans are designed to be a quick payday tool, there are different options available to borrowers. First, there are same-day payday loans, loans designed so that applicants are approved and paid on the same day. MaximusMoney’s goal is to process and hopefully approve requests quickly and securely, making it a great option for any consumer. Many applicants worry about bad credit, thinking their credit history will negatively impact their ability to get a loan in the future. With bad payday loans, history can remain in the past. Having a less than perfect score is not a problem, even with bad credit, borrowers can still submit an application. Payday loans can also come with high approval rates. Some lenders don’t look at credit at all, so credit won’t be a factor.

What to expect: annual percentage rates

Payday loans are regulated differently in each state, which means rates and pricing can vary. Typically, lenders can be expected to lend at rates above 300% APR. Payday loans are meant to be paid off in one or two pay periods, so the interest doesn’t take long to accrue.

Loan terms for payday loans usually fall within this time frame, normally between 14 and 31 days. These short terms reinforce the fact that payday loans are great for quick, sometimes urgent solutions. Things like medical bills or unexpected expenses that you can recover the next payday. Ahead, we’ll cover some sample rates and fees by state:

Legal status Maximum loan amount Loan conditions Maximum APR NSF fees Credit requirement
Iowa Legal $500 Up to 31 days 337% A $15 fee No credit required to apply
Michigan Legal $600 At least 14 days, up to 31 369% A $25 fee No credit required to apply
North Dakota Legal $500 Up to 60 days 487% A $40 fee No credit required to apply

Payday loan laws are simple, giving borrowers the ability to use online calculators and see exactly how much they’ll owe and when they’ll have to repay their loan. In Iowa, for example, payday lenders can charge up to $15 on the first $100 borrowed and $10 on the next $100. With these regulations, we can conclude that if an Iowa payday loan borrower wanted to borrow $200, he couldn’t expect to pay back more than $225! Iowa renters have up to 31 days to repay their loan, more than enough time between paydays. Payday loans are a great option for those looking for a quick cash flow to make ends meet.

Frequently asked questions about payday loans:

While payday loans are simple and safe, many still have questions. Here we have answered some of the most frequently asked questions:

  • Can I get a payday loan for bad credit?
    • Yes! Even with bad credit, many lenders will work with you to find the best possible loan. Some lenders even sell payday loans without credit, payday loans where credit is not a factor. At MaximusMoney, every credit score is welcome! Just use the website to apply and they will work hard to find the right loan for everyone’s situation.
  • What if I’m afraid of not being approved?
    • Don’t worry, with high approval payday loans, the odds have never been better. MaximusMoney considers more than credit score when making its decision, giving peace of mind to anyone looking for a loan.
  • How much can I get on MaximusMoney?
    • On MaximusMoney, borrowers can request up to $5,000! This is more than enough for any unexpected expenses, giving financial freedom back to borrowers. Not everyone needs such a large sum and not everyone has to ask for it, MaximusMoney gives hopeful borrowers the chance to ask for as little as $200 for any reason.

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