With Find Me A Loan Today, you can request a payday loan across the US - find out more about the different states that offer payday loans below!

What is a Payday Loan?

If you have an emergency expense, you may be searching for payday loan options. But what are payday loans exactly? Essentially, a payday loan is a short loan that’s paid back as a lump sup. This is typically when you next get your paycheck, as the name ‘payday loan’ suggests.

One of the main advantages of a payday loan is that because you only borrow them for a short period of time - usually a few days or weeks - you probably won’t pay back that much interest overall. You only pay interest for the time the loan is open, and you can even save money in interest by paying the loan back early.

Is a Payday Loan the Same as an Installment Loan?

There are two main types of short term loan - payday and installment loans. As mentioned above, a payday loan would be repaid in one full payment, so are typically for smaller amounts of money.

Installment loans, on the other hand, allow you to spread the cost of borrowing. Instead of paying the loan back in a lump sum, you can make monthly repayments over a longer period of time. This way, you can borrow more money if you need to, and the installments are easy to budget for.

Are Payday Loans Unsecured Loans?

Yes - payday loans are unsecured loans, so you don’t need any collateral in order to borrow. The most well known type of secured loan is a mortgage - with these loans, the amount you borrow is secured against the value of an asset, in this case your home. Lots of car finance loans are secured too - your vehicle will act as your collateral with these loans.

While the interest rates can be higher with unsecured loans, one of the main benefits is that you are not at risk of losing your assets should you be unable to keep to the due repayments. With a mortgage, defaulting on the loan could mean your home is repossessed.

Can I Get a Payday Loan From a Different State?

Generally speaking, you can’t get a payday loan in another state - you won’t be able to travel to a nearby state to take out a payday loan, even if they are legal there. Payday lenders can only approve loans in the states they are licenced in, to residents of that state. This is due to both local and national laws and regulations in regards to payday lending.

If you’re a temporary resident in a state that allows payday lending, there may be options available, though you’d probably need to provide additional documentation. The same applies if you’re living in a state that doesn’t allow payday loans temporarily, but the state where you have a permanent residence does permit payday lending. In these cases, it’s best to contact the lender to see whether they’re able to help.

What if My Home State Doesn’t Offer Payday Loans?

If you’re unable to take out a payday loan in your home state, this doesn’t mean you can’t explore other short term loan options! If you’re looking for a cash advance, there are a number of organizations that can help. For more information, you can check out our Loan Alternatives article.

There are also plenty of payday loan alternatives available should you have an unforeseen expense, from bad credit loans to installment loans. Find Me A Loan Today can help you find a suitable lender, even if this is not a payday loan provider.

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