If you are thinking about borrowing not much money for a rather short period of time, there is one great recommendation we can give you to opt for a payday loan. Below, we will explain in more detail what a payday loan generally means and what are the conditions and prerequisites for taking it out. However, the most important issue we will discuss is for how long such payday loans can be borrowed.
First and foremost, let us explore the basic meaning of the microloan and why is it so popular nowadays. In general, this term stands for the short-term and usually costly money borrowing to be repaid with the next paycheck. However, the conditions can obviously differ just as the needs of lenders. What also impacts for how long can a certain loan be taken is the regulation of the state where you are planning to do it. That is exactly what we are going to discuss below.
Short-term Online Money Borrowing
For those having financial struggles right here and right now online lending is definitely the best option. Apart from convenience and availability, this is also a good motivation to manage finances more consciously and responsibly as there is no way you cannot return money once the payday loan payment period finishes. These periods range significantly and in majority of cases these ranges are determined by the legislation of each state of the U.S.
Below are the minimum and maximum periods of borrowing money online under payday loans conditioned in several states of the U.S. to give you a rough idea of the typical loan terms:
- Wyoming: this state allows you to take out the loan for a period not exceeding one calendar month;
- Washington: for residents of the Washington state the regulation is pretty complicated as it also depends on the licensee who is setting the due date of a small loan on or after the date of the borrower’s next pay date. The maximum amount of money one can get in this case is $700;
- South Carolina: here, the period shall not exceed 31 days with the minimum period being up to the borrower. When it comes to the amounts available for borrowing these shall be not more than $550;
- Rhode Island: surprisingly enough, but this state has the minimum period limitation of 13 days only. Apparently, it is up to a borrower when to pay such a loan back;
- Oklahoma: Oklahoma allows its citizens to enjoy the privileges of payday loans for at least 12 days and not more than 45 days from the date the sum is issued by the lender;
- Ohio: Ohio unlike a majority of other states establishes the lower limit of days being 31 and does not restrict borrowers in terms of repaying. And the maximum amount of money one can take out in this state is $500.
- Another vital thing to consider is that microlending is not available in all states across the U.S. Among these prohibiting this financial instrument are Arizona, Arkansas, District of Columbia, Georgia, New Mexico, as well as North Carolina. As we have seen from above, each and every state has its own regulations when it comes to repayment periods as well as the maximum amounts of money to be borrowed. Therefore, all these issues are to be considered properly.