$300 Payday Loan, How to Borrow Online

Lisa Iannucci

Written by

Lisa Iannucci
Katherine Fan

Edited by

Katherine Fan
Paul Sisolak

Reviewed by

Paul Sisolak

Sometimes, you might find yourself short on cash until your next paycheck. But what can you do if you need, let’s say, $300 for an emergency expense — or just to pay a bill?

A payday loan, otherwise known as a payday cash advance, can be a solution in a pinch. But the fees and extremely high interest rates can cost more than the loan itself to pay back. So before you apply for a $300 payday loan, here is what you need to know.

What Is a $300 Payday Loan?

A payday loan is exactly what it sounds like: A small, short-term loan designed to tide you over until you receive your next paycheck.

You will be required to pay back the loan about two to four weeks later, in a single repayment sum, when you receive your next paycheck.

Typically, such loans range from $100 to $1,000, depending on each state’s limitations. Here’s what you should know about borrowing $300 against your next paycheck.

Eligibility Criteria for a $300 Payday Loan

What information will you need to provide in order to determine if you’re eligible for a payday loan?

Most payday loan lenders require that applicants meet the following criteria:

  • Employment history of 90 days or longer;
  • Be at least 18 years old;
  • Be a U.S. citizen or a permanent resident;
  • Have an income of approximately $1,000 per month after taxes, either from employment, pension, or Social Security;
  • Have a valid email address and phone number.

If you meet these requirements, you can be approved for a payday loan.

Can I Get a $300 Payday Loan if I Have Bad Credit?

Yes, you are likely to be approved for a $300 payday loan even if you have bad credit. Since payday loans are designed to assist people who need money quickly without having any other financial options, lenders typically do not evaluate your credit history and score when considering your application.

Most applicants for a payday loan have low credit scores, yet are typically approved if they meet the minimum requirements listed above.

How Much Does a $300 Payday Loan Cost?

Payday loan lenders typically charge many steep fees, so be prepared to pay significantly more than $300 when your loan comes due.

These fees can include:

Origination/Acquisition Fee

This is the fee you pay the lender for processing your loan, and the rate varies depending on your state’s requirements.

For example, lenders in Colorado can charge up to 20 percent of the first $300 loaned, plus 7.5 percent of any amount loaned in excess of $300. Thus, you could end up paying back $300 for the original loan, plus $60 in origination fees.

But for lenders in Iowa, the fee is capped at no more than $15 on the first $100. As a result, a $300 payday loan in Iowa will come with a fee of $15 for each $100, for a grand total of $345 owed to your payday lender.

Rollover Fee

What happens if you can’t pay the loan when it’s due? You may be able to roll over the payment for a few more weeks to buy yourself additional repayment time. However, you will be charged a rollover fee which varies depending on the lender, on top of the origination and acquisition fees.

Late Fee

If you don’t pay what you owe on time, you will be charged a late fee. Typically this charge is around $20 in addition to the fees you already owe.

Insufficient Funds Fee

Payday loans are set up to be automatically repaid at the end of the loan period. This is done by providing the lender with your checking account information or a post-dated check. If you don’t have sufficient funds available in your checking account for the lender to withdraw when the payment is due, you will be charged an insufficient funds fee, which also varies depending on the lender.

Can I Get a $300 Loan With Extremely Fast Approval?

Most payday loan lenders can verify your identity and approve your loan quickly so you can have your funds in your bank account within 24 hours. When you apply, ensure you have all your paperwork on hand for easy access. You’ll definitely need to provide accurate and complete proof of your identity, employment, and income in order to be considered.

What To Consider Before Getting a $300 Payday Loan?

You might need money quickly, but consider more affordable options before applying for a high-interest payday loan. Here are some alternative options to consider getting the money you need:

Pick Up Additional Work

Try finding a side gig, overtime hours or other ways of coming up with the money you need before seeking out a $300 payday loan, since the steep fees will quickly balloon your debt beyond the original amount. Could you drive for Uber or Lyft, bake cookies to sell or offer to clean someone’s home for pay?

Any of these options — and many others — would help you stay ahead of your debt instead of falling deeper into the hole.

Friends or Family

Do you have a friend or family member who can lend you $300? If so, you can probably create a payment arrangement with a lower interest rate than a payday loan.

Credit Card Advance

If you have room on your credit card, consider taking out a cash advance at a lower interest rate than a payday loan. Before you do, check the limitations on your card. You will be charged a fee and must pay interest if you do not pay it back in full on your next due date.

Paycheck Advance

Can you arrange a payday advance at your job? Some employers offer this option so if your company allows you to do so, reach out to your human resources contact for guidance, and be sure to read the fine print on the payment arrangement before signing.

Can You Afford To Pay Back the $300 Payday Loan?

If you do not have $300 extra now, will you have that amount plus more by the time your payment is due? If not, consider alternative options before taking out a payday loan. It might seem easy to repay $300. But those steep costs can add up quickly if you cannot pay back the full amount of the loan as well as your fees and interest, and you will end up in further financial trouble.

Payday loans can be helpful in a pinch, but may well cause you significantly more financial distress than they are worth, especially for a $300 loan. Make a financially responsible decision and consider all of your options before signing up for a loan that may well cause you more trouble down the road.