A: A typical payday loan will be between $100 and $1,000.

However, there are a number of criteria that will affect how much your lender actually approves you to borrow. There are the basic requirements you will need to meet in order to be approved, but you may find that some lenders might have additional criteria they evaluate in their loan application. These requirements will vary from lender to lender and can generally be found in their Terms and Conditions. The loan amount you apply for will also affect the loan approval decision.

It is highly recommended that you apply for the smallest loan amount that you need. If you need $500 to fix the water heater, only apply for a $500 loan. The cycle of debt that some payday loan customers find themselves in starts with applying for a loan that you will be unable to pay back in full when it comes to term. Keep your credit score safe and your finances in order by learning some money management skills that may keep you out of debt father down the road.

Once you establish a reputation of being able to repay your loans on time, you may find that you will be able to apply and be approved for loan of amounts up to $1,500. However, just because you are eligible for loans of that size does not mean that you should apply for them. Payday loans can be an effective tool for people who need help making ends meet every once in a while, but if they are used irresponsibly they can create a web of debt that you may not be able to get yourself out of. For loans that are larger than $1,500 you will need to contact your bank for information on a traditional secured loan.