Quick payday loans have shorter loan terms & more flexible lending criteria

Quick payday loans is a form of personal loans that is between $100 and $2,000. These loans differ from regular personal loans in that they usually have shorter loan terms and have more flexible lending criteria. Nowadays people can get quick payday loans in 5 minutes online. 

Quick payday loans have shorter loan terms & more flexible lending criteria

In the previous post, Infocreditfree.com introduces people to some of the necessary information that is useful for find your credit rating to get more information people can read the article You can find your credit rating from three credit reporting companies. Now, let find knowledge about quick payday loans in the post today.


Just like a lot of article posts about finding your credit rating, mortgage interest rates, can you get a loan with bad credit, personal loans for people with bad credit rating…. this post about quick payday loans also includes some main parts. They are:

1. Some characteristics of quick payday loans

Payday loans have some of the shortest terms and the highest APR, making them one of the most expensive forms of credit available. These four points are the main differences you’ll find between day loans and other types of credit:

  • Higher rates and fees. Payday loans have a much higher APR than other forms of credit. Most states specify how much a lender can charge, but this can still result in an APR of over 300%.
  • Loan term is shorter. Because day loans are designed to be a short-term solution to a financial gap, you often win won for a loan that lasts longer than six months, although the terms vary by state.
  • Bad credit is accepted. Payday lenders usually do not carry out a credit check through a traditional credit bureau. However, you still need to meet other requirements – for example, a stable source of income.
  • The loan amount is smaller. How much you can borrow depends on the state you are in, but you can usually borrow between $ 100 and $ 1,000.
Quick payday loans have shorter loan terms & more flexible lending criteria

2. Five types of fee need to pay for quick payday loans

  • Late payment fee. Lenders may charge late fees if you cannot pay your debt. The exact amount you may be charged will depend on state law and some lenders even offer short grace periods before late charges.
  • Return checks or insufficient funds. Also regulated by state law, lenders usually charge you if your check is unclear or they cannot withdraw money from your bank account.
  • Rollover fee. If you transfer your loan – that is, you take out an additional loan with the same lender – it can deal with a reinvestment or renewal fee that you need to pay on everything you owe. .
  • Banking fee. While not a direct lender’s charge, you may have to pay an overdraft fee if your lender tries to withdraw and has enough money in your account to pay for it. your repayment.
  • Prepaid debit card fee. Some lenders offer prepaid debit cards, but note that you may be charged application fees, monthly fees and payment fees. Research the total expenses related to the card before you register.

3. Prosper Borrowers offers quick payday loans

There are a lot of reason why people should choose Prosper Borrowers:

  • Lending amounts vary. Prosperity allows you to borrow any amount of from 2,000 to 40,000 dollars.
  • There is no upfront penalty. You can choose additional payment at any time without extra charge.
  • Online account management. You can track your loan progress at any time by logging into the Prosperity online account management system.
  • Quick turnaround. When you submit your application, you may receive your funds within five days of accepting the loan offer.
  • Flexible loan terms. You can choose between 3 or 5 year loan term.

This table about information of Prosper Personal loans:

Product Name Prosper Personal Loans
Min. Loan Amount $2,000
Max. Loan Amount $40,000
APR 6.95% to 35.99%
Interest Rate Type Fixed
Minimum Loan Term 3 years
Maximum Loan Term 5 years
Turnaround Time 1 to 3 business days

There are two programs that Prosper offers for different financing needs and creditworthiness:

Standard Exceptional
Loan amount
Recommended credit score
A few days
A few days

To apply for a personal loan at Prosper Borrowers, customers will need to meet the following requirements:

  • Credit score of at least 640 (Prosper uses TransUnion to get credit score)
  • Social security number
  • Bank account
  • Often thugs
  • Debt ratio from to – below 50%
  • No bankruptcy has been filed in the last 12 months
  • Less than 7 credit room questions in the last 6 months
  • A minimum of 3 open accounts are reported in your credit report
  • Not a resident of Iowa, North Dakota or West Virginia

This post is information about quick payday loans in the USA. Also if you are looking for information about personal loans in Australia, you should read a lot of articles of Loansaustralia.net such as Apply for the Cash Converters Personal Loans in some minutes…

Personal loans in Australia have a different interest rate and fee with personal loans in New Zealand. Therefore, if you want to know about the personal loans in New Zealand, you should read the article from Loansnz.net such as You need to be at least 18 years old to apply loans of Avanti Finance

Hillary (Team Content) – Quick payday loans