What are Payday Loans?

Payday loans are short-term loans presupposed to cover unplanned financial shortfalls that can happen to an individual. They differ from regular loans both by their extreme short-term unsecured nature as well as higher interest rates.

What Are the Application Terms?

Individual, third party lenders have different minimum requirements, but the following constitute typical minimum requirements: Be at least 18 years of age or older, Be a U.S. Citizen, Have a checking or savings account with direct deposit, Have regular income of at least $1,000 per month, Have a fair credit rating (for personal loans only), Must Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps, or Navy (or a dependent thereof), serving on active duty under a call or order that does not specify a period of 30 days or less.

How do Payday Loans Work?

200CashNow.com matches a potential borrower with lenders from our database. The approval is granted by a lender. Then the loan money is transferred to a borrower’s bank account. If matched, funds are available as soon as next business day.

Are Roll-overs or Extensions Possible?

It depends on the state you apply from. Some states’ laws allow them, others do not.

What Is the Maximum Loan Amount?

Payday loans are usually between $100 and $1,000. Installment loans range between $100 and $5,000 and Personal loans are usually between $500 and $35,000. You will make a request for a loan amount. If you receive a loan offer, it may not match the amount you requested. Loan offers may vary for several reasons including the individual lender, employment, income and other factors.


Taking into consideration the nature of payday loans, it is strongly recommended that you should apply for them in cases when you really need cash urgently. Besides, it is also very important to understand that such loan option is pretty expensive and it is wise to make sure that repayment won’t be a strain and a problem. Payday loans are meant to help getting out of a financial crush and not create a new debt circle.

Get Started Today!