Payday loans are a great solution to life’s most urgent problems. Some bills are just too high in between paydays, water or electric or even cable, and many just want to make ends meet. By applying for a payday loan through, anyone can cover those pesky bills on their own time.

With MaximusMoney, borrowers in need can apply for up to $5,000! The application process takes less than 10 minutes to complete and loanees can fill it out online from the comfort of their own home. Say bye to long winding lines at payday stores and hello to a new way of getting money quickly. With MaximusMoney, just about anyone has access to an affordable loan.

Credit: Igal Ness

How It Works In 3 Simple Steps:

  1. Payday lending is simple and MaximusMoney makes it even simpler. First, any potential applicant needs to make sure they are qualified. In any state applicants need to be at least 18 years of age and a resident of the state they wish to borrow from. Second, they need an identification, a social security number and proof of income. Proof of income is essential in the application process as it gives lenders an idea of how they’ll be able to be repaid. Not only will the proof of income be a deciding factor in how much a bank will loan out, but it will also decide if they approve the loan at all! Finally, most lenders will ask for some contact information. An email address and a phone number usually work, just in case they need to reach you.
  • Once a prospective loanee has collected all of their required information, they can head to the application. MaximusMoney has an easy application that anyone can fill out in just a couple of minutes. Simply answer the questions asked, the ones directly relating to the documents and identifications gathered, and borrowers can request up to $5,000! MaximusMoney has a high approval rate, giving applicants flexibility in the loan they desire.
  • After the application has been submitted, the borrower should begin receiving their offers. MaximusMoney provides borrowers with many options so they can choose the loan that best fits them. Finally, the application is approved and the loan is selected. With the correct checking account and routing numbers, MaximusMoney can guide the funds directly into your bank account!
Credit: Josh Appel

Alternatives to A Payday Loan: Positives and Negatives

While payday loans are a great solution to emergency expenses that arise between pay periods, there are alternatives.

  • Charities or nonprofit organizations: Charities and nonprofits will oftentimes help Americans with their bills. These charitable institutions will usually provide emergency financial aid for essential bills such as medical, water or insurance. Just bring a copy of a bill to one of these institutions and they should be able to assist.
    • While charitable institutions are always good, their uses are very specific. Medical and water bills need to be paid but many people have phone or internet bills that need to be paid as well. Nonprofits will only help out in the direst of times, leaving some wanting for more freedom.
  • Asking friends or family: Some people are fortunate enough to have friends or family with wealth, giving them the opportunity to reach out to someone familiar over a traditional financial institution. This may be the best for anyone with the option.
    • As stated, not many are lucky enough to have friends and family in this position. Even if someone has a rich uncle, they may not feel comfortable asking for a loan. Asking for money can be a very tough thing to do, this alternative certainly is not for everyone.
  • Cash advances from a credit card: If a borrower has a credit card, they can sometimes borrow cash against it at a higher rate than their purchasing rate. Credit card cash advances can be a very quick process, usually borrowers can head to an ATM or their bank and withdraw cash immediately. This is a great solution in terms of speed.
    • Cash advances may be fast, but they can also be very expensive with some of the highest interest rates going. Unlike payday loans which are meant to be repaid within a pay period or two, cash advance interest rates and fees can sit on a credit card bill for much longer.
  • Medical Debt Reconsolidation: If medical debt is the issue, many clinics and hospitals will work with their former patients to reconsolidate the debt into more manageable monthly payments instead of one large lump sum.
    • This is a great option for anyone with this debt, but this alternative can only be used for someone with this type of debt. If you are not someone with medical debt but some other type, this may not be the best option.

Different Types of Payday Loans:

Payday loans are great for a variety of reasons, namely for the different types of payday loans out there. Because payday loans are engineered to be a tool for quick fixes, there are different options for borrowers. First there are same day payday loans, loans designed to get applicants approved and paid on the same day. MaximusMoney’s goal is to process and hopefully approve applications in a quick and secure manner making them a great option for any consumer. Many applicants are worried about bad credit, thinking their history will negatively impact their ability to get a loan going forward. With bad credit payday loans, history can remain in the past. Having a score that isn’t perfect isn’t a problem, even with bad credit borrowers can still submit a request. Payday loans can come with high approval rates as well. Some lenders don’t look at credit at all, so credit won’t be a factor.

What to Expect: Annual Percentage Rates

Payday lending is regulated differently in every state meaning both rates and fee scheduling can vary. Typically, lenders can be expected to give out loans at rates above 300% APR. Payday loans are intended to be repaid within one to two pay periods, so interest does not have a long time to accrue.

Loan terms for payday lending are usually within this time frame, normally between 14 to 31 days. These short terms reinforce the fact that payday loans are perfect for quick, sometimes emergency fixes. Things like medical bills or unexpected fees that you can recover from in the next payday. Ahead, we will cover some examples of rates and fees by state:

 Legal StatusMaximum Loan AmountLoan TermsMaximum APRNSF FeeCredit Requirement
IowaLegal$500Up to 31 days337%One $15 feeNo credit required to apply
MichiganLegal$600At least 14 days, up to 31369%One $25 feeNo credit required to apply
North DakotaLegal$500Up to 60 days487%One $40 feeNo credit required to apply

Payday lending laws are straightforward, giving borrowers the ability to use payday calculators online and see exactly how much they will owe and when they will be expected to repay their loan. In Iowa for example, payday lenders can charge up to $15 on the first $100 borrowed and $10 on the next $100. With these regulations, we can conclude that if an Iowa payday loan borrower wanted to borrow $200, they could expect to repay no more than $225! Loanees in Iowa have up to 31 days to repay their loan, more than enough time in between paydays. Payday loans are a great option for anyone looking for a quick cash influx to make ends meet.

Frequently Asked Questions About Payday Loans:

While payday loans are simple and secure, many still have questions. Here we have answered some of the more commonly asked questions:

  • Can I get a bad credit payday loan?
    • Yes! Even with bad credit, many lenders will work with you to find the best loan possible. Some lenders even sell no credit payday loans, payday loans where credit is not a factor. At MaximusMoney, every credit score is welcome! Just use the website to apply and they will work hard to find the right loan for anyone’s situation.
  • What if I’m worried that I won’t be approved?
    • Don’t fret, with high approval payday loans chances have never been better. MaximusMoney takes in more things than credit score when making their decision, giving anyone looking for a loan peace of mind.
  • How much can I get on MaximusMoney?
    • On MaximusMoney borrowers can request up to $5,000! That is more than enough for any unexpected expense, giving financial freedom back to borrowers. Not everyone needs such a large sum and not everyone has to apply for it, MaximusMoney gives hopeful borrowers the ability to apply for as little as $200 for any reason.

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