Are you in a financial tight spot that a quick $255 payday loan can get you out of? Why not engage the right people now? $255 payday lenders can process funding as soon as the same day, and their eligibility requirements aren’t as strict as those of traditional bank loans.
Get started with US Installment Loans and get connected with credible, licensed $255 payday lenders. These lenders should approve you for a loan once you meet their basic eligibility requirements. Their terms and conditions aren’t cut-throat ones either and should be easy to meet.
In this article, we’ll be walking you through all you need to know about $255 payday loans and how you can get them.
Let's get right into it!
What Are $255 Payday Loans?
$255 payday loans also known as $255 cash advances are short-term loans obtainable from California lenders between the borrower’s paydays. Like the traditional payday loans, they may be unsecured. You do not need to turn in collateral, bring a guarantor, or have a good credit score to qualify for one. They may also be processed within the same day or the following day, at the most.
The ‘$255’ idea stems from the fact that the payday loan credit ceiling as per the California Payday Loan Law is $300. However, since lenders are allowed to charge a maximum fee of $15 on the approved $300 loan amount, this effectively drops the lending cap to $255, which is what you eventually get.
While this limit was set to guide against predatory lending within the state and can be seen as good, it makes it more difficult to access higher payday loan amounts.
Are $255 Payday Loans Only Provided in California?
No, $255 payday loans aren’t provided in California alone. However, they are not obtainable in all states of the country. Generally, there are 37 states that allow $255 payday loans, among which are Indiana, Iowa, Tennessee, Colorado, California, Illinois, Texas, Alabama, Louisiana, Ohio, Maryland, and Texas. Read through the lender’s website to verify that they are licensed to operate within your state before signing off anything with them.
Just like in California, the requested cash can be processed within the same day even if you’ve got bad credit. The caveat is that you must be employed at the time of applying, and so, have a steady source of income.
How Can I Apply for $255 Online Payday Loans With Same-Day Funding?
Getting a $255 online payday loan with same-day funding can be pretty straightforward, depending on who you ask. US Installment Loans’ application process is particularly easy to get through even for newbies to the loan clime. Here’s how it works:
- Fill out the short, simple form that pops up
- Enter the correct information, then submit and you will be connected to lenders - within US Installment Loans’ network - with loan offers for people in your financial position
- These lenders will assess your ability to take on more debt by reviewing your employment history, debt-to-income ratio, and current paycheck, then make a funding decision in under five minutes
- If approved for a loan, you will be sent a quote highlighting the approved loan amount, terms and conditions of the loan, and loan term.
- Review the offers from different lenders and sign the one that suits you best. At this point, you might also be required to supply a little more information like your bank account number. Supply this too.
- Sit back and relax. Your cash is on its way and should get into your checking account within the same day. If any delay, it shouldn’t take more than the following business day.
How Much Do You Want?
Alternatives to $255 Payday Loans Online
$255 payday loans, though a great deal, with their characteristics like quick funding and unparalleled convenience, might not be exactly ideal for you depending on how much you need or the interest rates you are looking at. Before settling for a loan offer, it’s best to consider the options available to you. Here are some of the alternatives worth looking at:
You can request a paycheck advance from your employer. This is not considered debt and so, doesn’t attract any interest rates or incur any hidden fees. It is only gaining access to your next paycheck in full or in part ahead of the usual payday.
Credit union loans
Credit unions are member-owned financial organizations set up to help cater to the financial needs of their members. Therefore, the interest rates on credit union loans are usually little compared to loan offers from online lenders. Loan eligibility is dependent on a number of factors, including that the applicant is a member of the credit union.
Title loans are loans taken out with a car title as collateral. The obtainable amount is usually about 25-30% of the car’s value. Since it is a secured loan, the interest rate charged is usually smaller than with an unsecured loan. Hence, it’s a good alternative to explore if you have a car title you can use as collateral.
Installment loans are loans obtained within the same day or the next and to be repaid in three to seventy-two months. The total cost of the loan is spread evenly over the repayment window to make repaying less burdensome for the borrower. Installment loans are ideal for large cash borrowers.
What are the Advantages of Getting an Online Payday Loan?
They are too numerous to mention. Let’s begin with the most obvious of them all. They are processed quicker than traditional banking loans. Also, they may be available to people with poor credit and may be secured or unsecured.
Is it Possible to Get $255 Payday Loans with No Credit Checks?
Not by literal definition, but something really close. All financial regulators in the US need lenders to run credit checks on the profiles of loan applicants. However, to avoid the dip in credit ratings that follow these checks, some lenders choose to do soft credit checks. These checks are as good as no credit checks.
Can I get $255 Online Same-day Even With Bad Credit?
Yes, you can! Fast funding is guaranteed with $255 payday loans. This is the case regardless of your credit ratings. On approval, you should get paid within the same day depending on your bank’s processing speed and what time of the day you submitted the loan request.
What are the Requirements for Payday Loans up to $255?
They are the most basic eligibility requirements which include that the applicant is at least 18 years old, a resident in, or a citizen of the nation where the chosen lender operates and has a regular source of income, such as a job or a long-term deposit at a bank, as well as a checking account where the requested sum may be deposited.
How Quickly Can I Expect to Get Approved For an Online Payday Loan of $255?
Usually, approval decisions come in very quickly. US Installment Loans partner lenders in particular make funding decisions or approvals in under five minutes after running affordability checks on the applicant’s profile.
What if I‘m Not Able to Pay Back My Loan?
It’s best to get in touch with the lender as soon as you see you won’t be able to pay back the loan as planned. Depending on the lender, late payment fees may be waived and they may work together with you to develop an easier-to-follow repayment plan. However, you may attract debt collectors if you fail to remit payments after all deadlines and extensions have passed.