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What is a Payday Loan?

Cash-strapped families with an immediate need for money oftentimes choose payday loans for help. Available to adults 18 or older who meet a few minimum qualifications, the payday loan works by postdating a check to the lender in the amount of money borrowed, plus interest. The check is deposited on the agreed-upon date. People take advantage of this loan when they need money to cover the electric bill, an emergency dental visit, or even to stock the fridge until payday.

What is a Payday Loan?

A payday loan is a type of loan borrowers use to resolve short-term financial problems. An active checking account is required to borrow money via a payday loan. It works by writing a post-dated check to the lender who holds the check until this date. On the date the check, or loan, is due, the lender deposits it into your bank account. Lenders add a small interest fee that’s added to the amount you’ll repay on the check due date.

The Best Loans Online

Personal Money Network works with numerous lenders in the area. Once you complete an application, we’ll connect you to the best lenders ready to supply you with money. It is easy, simple, and takes very little time. Many of our lenders require loan repayment within a two-week period. However, more and more lenders offer longer payment options for certain situations, sometimes extending the loan to 30 days or 45-days. Whatever your needs, we’ll connect you with the right lenders at the right time. Being short on cash is no fun; we’ll turn that situation around.

Bad Credit Loans

Payday loan lenders offer borrowers as much as $1,000 deposited into their account the same or next day after applying. Complete an online application by providing a few simple details about yourself and the situation. Lenders work with all credit types, including bad credit. Never let poor credit stop you from applying for a loan in your time of financial need. Although other lenders may offer cash only to borrowers with the best credit score, payday loan lenders understand that bad things happen to good people. The numerous lenders we work with increases the odds of approval for cash.

Will I Be Denied?

It’s a myth that everyone who applies for a loan is approved. It is true, however, that lenders are more apt to approve loan applications. Furthermore, requirements for a payday loan are less restrictive than other lenders. Payday loan lenders work with all credit types and require applicants to meet simple qualifications. However, your application is at risk of denial if you are not a U.S. citizen, are under 18 years old, have unpaid payday loans out, lack a bank account, and for numerous other reasons.

How to Complete an Application

Online applications are available 24 hours per day, 7 days per week. Complete the application at your convenience. It takes only a matter of minutes to complete and we’ll process your information quickly to let you know if you are approved. With our variety of lenders, finding a provider to help in your time of need is fairly simple.

To process the application, we’ll need a few simple details about yourself and the current situation. This includes name and address, of course, as well as other personal details such as social security number, employment information, income amount, and a reference or two. Your information is secure, so eliminate those warriors from your mind.

Why use a Payday Loan?

Times are hard and we sometimes find ourselves short on money as a result. Rather than endure the headaches that come going without the things that you need, the payday loan is there to help. Qualifying for a payday loan is fairly simple and many lenders offer financial help when it’s needed.

A payday loan is cheaper than overdraft fees as well. Thinking about swiping the credit card to cover the debt? Again, the payday loan is cheaper than this option. Although some people think payday loan interest rates are excessively high, the truth is that the rates aren’t drastically different from other common sources of financial help.

You won’t hurt your credit score when payday loans are used. It is imperative that you maintain a good credit score. Credit is important in all aspects of our lives. It’s used to determine auto insurance rates, mortgage approvals, and elsewhere. Without a good credit score, getting the most important things that you need may not be so easy or affordable.

No Long-Term Commitment

Many loans are repaid over the course of several months. This creates weeks-long worry and stress since borrowers must ensure they remember their payment dates and that the money is readily available. A payday loan is repaid on your next payday, alleviating long-term commitment and worry.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

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