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Payday Advance

A payday advance (also known as a payday loan, salary loan, payroll loan, small-dollar loan, short term loan, or cash advance loan) is arguably the most popular type of short-term loans. Payday advances come with small amounts that can range from $100 to $2500 and are typically due within two or four weeks. In reality, payday advances must be repaid when the borrower receives his next paycheck. The borrower simply writes a post-dated check to the lender for the payday salary, and the lender receives a portion of the loan in immediate cash.

Payday Advances are Unsecured Loans

Payday loan lenders do not require collateral because the loan is unsecured. Collateral is an asset that a lender receives as a guarantee for a loan. It serves as a form of insurance for the lender. In other words, if the borrower fails to make loan payments, the lender may repossess the collateral.

Interest Rates for Payday Advances

Payday advances are typically associated with high-interest rates. Many states, however, have passed cap laws that limit interest rates and authorize small loans in most areas without increasing "loan sharking." Payday advances usually have an annual percentage rate (APR) of 400 percent or higher. To borrow $100, the interest rate ranges from $15 to $30. If you want to know how much your payday loan's annual percentage rate will cost you, do the following: divide the amount of interest paid by the amount borrowed; multiply by 365; divide by the length of the repayment term; then multiply by 100.

Payday Advances in The States

The availability of payday loans via the Internet has significantly increased in recent years. To protect consumers in this area, the Federal Trade Commission (FTC) enforces a number of laws. Moreover, online payday lenders are typically subject to state licensing laws and rate caps in the state where the borrower obtains the loan.

Thirty-seven states have specific statutes that allow payday lending. In thirty-two states, high-cost payday lending is permitted by state laws or regulations. Borrowers in fifteen states are protected from high-cost payday lending through small loan rate caps or other prohibitions. Lower rate caps or longer terms are available in three states for less expensive loans. Some states have laws governing how much payday lenders can lend and how much they can charge for loans, while others, such as New York, outright prohibit the practice.

Payday advances that are due on the borrower's next paycheck are legal in states where legislative bodies have either deregulated small loans or excluded payday loans from the traditional small loan or usury laws or passed laws to authorize loans based on the borrower's check or electronic payment from a bank account.

Shinyloans is Here to Help!

Whatever your reason for borrowing money is, ShinyLoans can help you get it quickly and easily in the form of a payday advance. We work with a large network of reputable lenders who have been carefully selected and are ready to provide the necessary funds. Our platform is secure to use and operates in a transparent manner, and is accessible to all of its clients. Furthermore, we work without any extra fees and our services are completely free of charge.

How to Get a Payday Advance
with ShinyLoans

Payday advances are intended to be quick and easy to obtain if the applicant has a source of income and meets all other prerequisites. They are designed to provide consumers with quick cash to tide them over until their next salary or income arrives.

If you have informed yourself enough about payday advance and truly believe that it is the right solution to the problems you are currently experiencing, then the only thing left to do is to click the Get Started button. To qualify for a Shinyloans payday advance, our clients must complete three simple steps and have money available to them. Here's what you'll need to do:

Go to the loan request form and fill out all the required fields. Our request form has been carefully designed and does not require any attachments or paperwork. The entire procedure will take no longer than ten minutes.
When you submit your application, we will send your information to our third-party lenders, who will review your case at the same time. The lender then sends you an email or calls you to discuss the further details of the loan. If you want to work with him, he sends you a loan agreement, which should be signed and returned to him as a sign of consent.
As long as the lender receives the signed agreement, he directly deposits money into your active checking account the same or next business day. You must repay your loan once you receive your next paycheck.

Payday Advance Basic Requirements

According to the government's Consumer Financial Protection Bureau (CFPB), payday lenders only require consumers to:

  • Be at least 18 years of age
  • Give contact information
  • Have an active checking account
  • Be a permanent resident of the US
  • Provide proof of income
  • Share Social Security number

Payday loans are available to people with bad credit and do not require a hard credit check. According to the Pew Charitable Trust, approximately 12 million Americans use payday advances each year, and the majority of them do not have access to a credit card or a savings account.

When the loan is due, the client should either pay it off or authorize the lender to cash the postdated check or make another withdrawal from the borrower's account.

How to Use a Payday Advance

When an emergency arises and no savings are available, most Americans will take out a payday advance loan. Emergencies can take many forms, including home or car repairs, medical bills, utilities, or rent. Payday advances are also used to consolidate minor debts.

What is The Procedure for Consolidating Payday Loans?

When a payday loan borrower is unable to repay the loan, he or she may obtain a new payday loan to repay the original one. This process is known as "rolling over" the loan. A rollover, on the other hand, will result in additional fees and an increase in the cost of borrowing.

How to Avoid Payday Loan Consolidation

Payday loan debt consolidation is not the best option for all borrowers. Fortunately, it is possible to obtain payday loan relief without incurring new debt. Here are a few ideas to consider:

Contact your lender for an extended payment plan.

Many payday loan lenders are members of the Community Financial Services Association of America (CFSA) and are able to offer borrowers an Extended Payment Plan (EPP). This plan allows borrowers to repay the loan over a longer period of time without incurring additional fees or interest.

Seek advice on debt management with a non-profit credit counselor.

When you consult a nonprofit debt counseling agency, you will work with certified credit advisors who will help you determine your financial situation as well as all of the debt-reduction options available to you. Most notably, nonprofit credit debt counseling services are usually provided at no cost.

Do Payday Advance Loans Aid in Credit Building?

Even if you make your payments on time, payday advances will not improve your credit score because they are not reported to any of the three national credit bureaus — Equifax, Experian, and TransUnion. As a result, these payday loans will not help you increase your credit scores.

Do Payday Advance Loans Have a Negative Impact on Your Credit Score?

Borrowers do not have to undergo a hard credit check to obtain a payday advance loan, thus it doesn not have a negative impact on their credit score unless the borrower fails to make payments on time. If the clients do not repay a payday loan on time, the lenders may send the case to a debt collector. These agencies provide information to credit bureaus, which may result in their payday advance appearing on the credit reports. Accounts sent to collection agencies surely have a negative impact on credit scores.

What Else Can Happen in Case of Default?

Depending on where you live, payday lenders can also:

  • Attempt to contact you by calling your family, friends, and employer
  • Sue you
  • Garnish your wages

What is a Wage Garnishment?

Wage garnishment is a court order that requires you to transfer a portion of your income to pay off a debt. Wage garnishment occurs when a court orders a portion of your wages to be withheld and sent directly to the creditor or person to whom you owe money until your debt is paid off.

What are The Advantages of Payday Advance Loans?

Easy online access

Easy online access

The most significant benefit for many borrowers is the ease with which payday loans can be obtained. Unlike traditional banks, you can apply online in a matter of minutes, and funds could be transferred to your bank account the same day.

No paperwork

No paperwork

Online applications save your time because you are not required to wait in lines, discuss the details with bank assistants and the most important aspect of applying online is user convenience: the process requires no documentation.

Eligibility with bad credit scores

Eligibility with bad credit scores

Many borrowers choose payday loans because the acceptance criteria are frequently less stringent than in other types of lending. Borrowers with bad credit and low incomes are commonly approved by online payday lenders, regardless of the fact that they do not meet the basic eligibility criteria of banks or credit unions.

Easy online access

Zero collateral requirements

Some major high-street lenders demand borrowers to put up their car, home, or other valuable possessions as collateral to secure the loan. Payday lenders, on the other hand, provide unsecured borrowing, which means you are not required to put your personal property at risk.

Payday Advance Loans Come with a Cooling-off Period

In general, you can cancel your payday loan agreement within two business days of signing it. Payday loans, like all forms of borrowing covered by the Consumer Credit Act of 1974, have a cooling-off period. This means that if you change your mind, you have the right to cancel the agreement within two days. This is known in the industry as the "cooling-off period." Maybe a friend or family member can now lend you the money instead. It doesn't really matter why you want to cancel because you aren't required to tell your lender why. Simply state that you have changed your mind and wish to suspend your contract.

Summing up, payday advance loans allow you to borrow the amount of money you need in a matter of hours. Thus, payday advances will be a valuable option because being denied for other types of credit may have a negative impact on your credit.

To summarize, payday advance loans, if obtained under the right conditions, can help you in a short-term financial crisis.