When you require cash for expenses quickly, a payday loan is often a great option to consider. They are easy to apply for and the application process can be completed from the comfort of your home. Even those with little or bad credit can get approved for a payday loan from a lender. In short, a payday loan is a short-term loan option that can get you up to $1,000 sent to your bank account in as soon as one business day.
Obtaining A Payday Loan
No one is completely safe from running into financially difficult times here and there. It is a fact of life. The difference between the people who come through strong and those who don’t are having financial methods of getting back on your feet. There are a variety of online lenders to choose from and most can get you approved quickly.
Loan terms will vary between lenders and can range from paying back with your next paycheck to repayments that are not due for 45 days.
Payday Loans With Bad Credit
For those who have bad credit and need a short-term loan, payday loans can be a good option. You can apply and get a decision within minutes. Some of the common questions customers ask before applying include:
1. Can a payday loan be an option for those with bad credit?
Even customers with bad credit histories can easily get approved for a payday loan. Many online lenders work with multiple funders and most don’t rely on the use of credit bureaus when determining eligibility. When applying through a payday loan website, you are often matched with multiple lenders based on your information, income and ability to repay.
2. Do lenders run credit checks on customers who apply?
Payday loan lenders will run some types of credit verification. While some will perform traditional credit checks, others will verify a customer’s creditworthiness in other ways. Lenders will work with different types of credit situations.
3. How to get approved for payday loans?
You can get approved by simply filling out an online application with some basic information. You will submit your personal information and source of income for repaying the payday loan.
4. How long does approval take?
Approval is quick and easy. You will not have to wait days or weeks like with traditional loan types. Your application decision can be received in minutes. The actual length of time it takes will depend on the lender in question.
5. Can I qualify for a loan?
There are minimum requirements for any payday loan, no matter which lender you apply with. You need to be at least 18 years old, a resident of the United States and have consistent income for repayment purposes. You will also need a valid checking or savings account.
6. What reasons would cause me to get denied a payday loan?
The most common reasons customers get denied payday loans include lack of a checking account, proof of employment and incorrect information included in the application.
Information Regarding Houston Payday Loans To Consider:
APR- Payday loans do not compound the interest they charge. Instead, the interest is expressed in an annual percentage rate. It can seem very high at first glance, but it is best to view the costs of a loan as a whole. In reality, most payday loans will cost between $10 and $15 per $100 you borrow.
Collection Practices With Most Lenders:
When loans are extended to customers by lenders, there are efforts they will take to get the money repaid. The first will be an internal collection effort. Phone calls and emails will be made first. If the customer works with the lender, alternative repayment agreements can be created. If all collection efforts fail, third-party collection agencies may be hired by the lender.
How To Get A Houston Payday Loan Application Started
The process of applying for a payday loan is quick, easy and painless. Simply fill out the online application and submit it through a secure and safe network. Most decisions are given within minutes of sending your application.
Being A Smart Borrower of Houston Payday Loans
It should be reminded that customers only use payday loans as a short-term solution to their financial issues. If you have big financial issues, seek help from a professional advisor. Borrowing money to get out of financial problems will never be a long-term solution.
Facts About Online Houston Payday Loans:
•Credit Cards Cost More Overall
An advantage of payday loans over the use of credit cards is that they don’t continue to accrue interest on the balances. Payday loans can offer you the money you need to cover an emergency financial problem without needing to go deep into debt. You will borrow and repay the money quickly so you can move on with your life.
•Cheaper Than Costly Bank Overdraft Fees
Some customers choose to overdraft their bank accounts instead of applying for a payday loan thinking it will be easier and cheaper. However, a few overdrafts can tie up your money and the fees can add up to much more than the fees for a payday loan.
•Credit Score Protected
While each lender has its method of evaluating risk with a borrower, it can be better for your credit to take out a payday loan instead of defaulting on a traditional loan. Each time you apply for traditional loans, your credit score will go down automatically by a few points. If you default on that loan, your score could end up taking a significant hit.
•Easy Repayment Options
Getting a longer repayment term for your payday loan is often easy with most lenders. They are easier to work with regarding extending your payments than traditional lenders. Most states require payday loan lenders to offer customers longer repayment options if they need it. Even if the online terms state your payment will be due in 30 to 45 days, a simple conversation with the lender’s representative will lead to extra time to repay if you need it.