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Your approved loan amount will depend on your stateís laws and income level. $500 is a typical loan amount, but in some cases you can borrow up to $1000. Once your application is approved, you can decide on your loan amount which will then be electronically deposited into your checking account.
Choose Your Payment Option
Once you have been approved for a payday loan, you will also need to choose best payment option. By default most payday loan companies will charge you only a finance charge on your next payday. However, you can choose to pay part of your loanís principal or all of it. The longer you take to pay back your loan, more you will pay in finance charges. Decide ahead of time how soon you can pay back loan amount and set up payment plan at beginning.
To view our list of recommended payday loan companies online, visit this page: Recommended Payday Loan Companies Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and information about various types of loans.