“Can I use a payday loan to get 5000 dollars?” To answer that question quickly, it is not possible to find such amounts as these type of unsecured non-bank personal loans are usually meant for small-amount borrowing and besides, payday loans are highly regulated and many lenders are not licensed to provide short term loans for more than 1500 dollars. In certain states, the maximum payday loan amount is only 300 dollars.
Nevertheless, even though you may not be able borrow 5000 dollars for 6 months, you can always learn more about how a loan until your payday works. This is a cash advance that is borrowed against your future earnings. Payday loan providers offer these unsecured small cash loans to assist people who have bad credit and not able to get a loan from traditional lenders. A 1000 dollar payday loan can be useful for emergencies and it is not difficult to get them.
To get approval for a small personal payday loan of 250 dollars, most loan lending companies require proof of employment with verifiable income. You also need to have a checking account so that you can write a post-dated check and use it as a form of collateral. If you are going online for 500 dollar cash advance with a payday lending website, you should have direct deposit facilities set up in your bank account so that the lenders will be able to electronically transfer the money to you.
Using a payday loan to get 5000 dollars or not, this type of non bank personal loans are not cheap. High APR is almost synonymous with them and it is easy to fall into the debt trap as they have a high interest and short repayment term which combine to make it hard for low income borrowers to repay on time. If you default on an online payday loan of 400 dollars, the loan company can take legal action and sue you within 6 months if payment arrangements are not settled.
A short deadline payday loan has its benefits as well as disadvantages. A bad credit loan for 5000 dollars may not be the solution and if you need to borrow large sums of money, you should approach your bank to see if they are able to offer you any low interest loans with an easy repayment term.