Each year, more than 12 million Americans turn to payday loans to help them make ends meet. The fact is, payday loans are extremely helpful in many situations.
If you are considering getting your own payday loan, you may wonder how much you can receive from payday loans with no credit check. This is a great question.
Unfortunately, there’s no black and white answer to it. There are several factors that impact the amount a lender is willing to give you.
Keep reading to learn more about these factors and how they can affect the payday loan you are offered.
Your Income Level
A payday loan is considered an income-based small personal loan. This is why one of the requirements from lenders is to provide proof of steady employment.
In most cases, a lender wants to see you have held a job and received a steady paycheck for at least six months. Keep in mind, the time period can vary from one lender to another.
The amount you earn helps in determining what you receive. This is done to ensure the payday advance you get doesn’t exceed what you can afford to pay.
Your State of Residence
There are two ways where you live may affect your payday loan. These include:
The Borrower’s State of Residence
Any CFSA (Community Financial Services Association of America) payday lender abides by the laws of the state where they do business. The laws that regulate the payday loan amounts in the state where you live will be the factor that detracts from or adds to the loan you receive.
In some cases, CFSA lenders will offer the maximum amount allowed by your state. However, if your income is not adequate for the maximum, you will be offered less. The key here is you will never be offered more than what is dictated as the maximum by law.
The Lender’s State of Residence
If you are working with a non-CFSA bad credit loan lender, they may practice what is referred to as the “choice of law.” This allows the lender to apply the rules and regulations of their state to your payday loan. This is done rather than the laws of the state where you live.
This is something that is done by many online lenders. The choice of law may lead to maximum loan amounts that aren’t within your means, which could be problematic. Be sure to be careful when taking out this type of loan.
Getting Payday Loans with No Credit Check
If you are interested in applying for payday loans with no credit check, keep the above-mentioned information in mind. These are the factors that will impact what you can be approved for.
When taking out a same day payday loan, always make sure you are working with a reputable lender. This will help ensure you receive an honest, fair loan that won’t put you in a compromised financial position down the road.
If you want to learn more about same day payday loan interest rates, be sure to check out our blog. We offer a wide array of financial information and resources to help you.