Are you short on cash? Want instant money to bear extra expenditure? Need to repay a loan that you cannot write off? 

In any case, instant payday loans online guaranteed approval can work in your favor. Well, it is not recommended to take a loan to repay another loan. But if the previous loan is damaging your credit score, then an instant payday loan is your only option. 

Read the post and learn all there is to know about instant payday loans online guaranteed approval service. 

What Is an Online Payday Loan?

An instant payday loans online guaranteed approval is a company or lender that lends you a small loan. The loans are typically for $500-$1000, depending on your state law, as every state has a decided limit on payday loans. 

A payday loan is often repaid in a single payment on the borrower's following payday. Usually, the loan's due date is two to four weeks after the loan's origination date. The payday loan agreement specifies the precise due date.

How Can I Become Eligible for A Payday Loan?

Typically, payday lenders demand that you possess:

• An active bank account, prepaid card, or credit union
• Evidence of stable income or confirmation from a job or other source
• Having a valid ID and being at least 18 years old

What Are the Fees and Costs of Payday Loans?

For every $100 borrowed, payday loans often impose a percentage or flat fee. Depending on your state's laws and the maximum amount you can borrow, this cost might be anywhere from $10 to $30 for every $100 borrowed. 

This translates to a two-week loan with an annual percentage rate of close to 400 percent. Therefore, assuming a price of $15 per $100, if you needed to borrow $300 before your next payday, it would cost you $345 to repay.

How to Repay an Online Payday Loan?

The online payday loans service provider usually demands a personal check or an ACH (Automated Clearing House). 

This will allow the lender to electronically withdraw money from your bank, prepaid card, or credit union account on the repayment day.

Your lender may deposit the check at your bank for repayment, or they may take money online from your account.

Is Applying for Instant Payday Loans Online Safe?

There are hazards involved whenever you provide sensitive personal or financial information online. Applying for payday loans online might increase that danger. If you're seeking a payday loan online, consider the following:

• How much will the loan cost you?
• How much interest is the lender charging?
• Will you be able to repay the loan plus the interest on time? 
• Does the lender have a good reputation in the market?
• How will the lender like to be reimbursed? 
• What happens if you cannot pay the loan on time? 
• Are you signing on a lead generation or a lender's personal website? 
• Are the lender's contact details, including their street address, phone number, and email address, mentioned clearly on the website? 

What Happens If I Can't Pay Back My Payday Loan on Time?

Firstly, you can ask your lender for an extended repayment schedule if you're having trouble paying back your payday loan. 

If the lender agrees, you can pay back the loan over a more extended period of time in fewer payments. 

Your state's laws or the payday lender's policies will determine whether you can acquire an extended repayment plan or not. 

Take note that this payback schedule might come at an additional cost.