Payday Loans
Expert guidance on short-term cash advances and online payday loans within the BroMoney licensed U.S. lender network. Find verified information on state-specific usury caps, loan terms, compliance with CFPB rules, and repayment options for low FICO® scores.
What is a payday loan, and how does Bromoney work? Answer:A payday loan is generally a short-term, high-cost loan that is commonly due when the borrower receives income. The CFPB explains the common features and costs of payday loans. With Bromoney, you complete the form, then review any available options in your account and choose whether to continue with a lender or partner.
The form may ask for identifying, contact, income, employment, and banking information. A lender or partner may request supporting information before deciding whether to continue. Requirements and the information accepted can vary by lender, partner, state, and the option available to you.
A lender or partner decides what information to review when making its credit decision. Checking available options with Bromoney does not require a credit-bureau inquiry and does not affect the consumer’s credit score. If the consumer selects a partner and continues, that partner may perform a hard credit inquiry that can affect the score.
Payday loans are typically repaid over a short period. Because APR annualizes interest and mandatory fees, a charge over a short repayment period can result in a high APR. Before choosing a loan, review the APR, repayment date, payment amount, fees, and total amount you would repay. Learn more from the CFPB.
No. Payday lending rules and product availability vary by state. Before choosing an option, review the lender’s terms and check information from your state regulator or attorney general. The CFPB also explains that state law affects where payday loans are available.
Active-duty servicemembers and covered dependents have protections under the Military Lending Act for covered consumer credit, including limits on the Military Annual Percentage Rate. For guidance on how those protections apply to a specific loan, contact a military legal assistance office. Whether another loan may be available depends on the lender and applicable law. Read the CFPB’s Military Lending Act overview.
You compare. You choose. Free to start.
You know the drill: one loan request, then waiting for the calls to start. Here you stay in control — we treat your information with care, you compare the options available to you, and you choose which lender or partner to move forward with. We can't speak for every partner, but we do our best to keep unwanted calls down.
Submitted over a secure connection
What alternatives should I consider before a payday loan? Answer:Depending on your situation, alternatives may include asking a creditor about a payment plan, checking whether a bank or credit union offers an option, or looking for local nonprofit or community assistance. Compare the total cost and repayment terms of each option before deciding. The CFPB outlines additional alternatives to consider.
Funding timing depends on the lender or partner you select and on your bank’s processing schedule. Review the timing details provided by the lender or partner before you accept any loan terms.