What is a Payday Loan?
A payday loan is a type of loan given to a borrower until their next payday. Typical loans are repaid within two weeks, although many lenders offer longer periods of repayment. Some lenders offer up to 45-days to repay the loan. A payday loan borrower writes a post-dated check to the payday loan lender who holds it until the agreed-upon date. The check is, at this time, deposited into the individual’s account and processed as a normal check. A small interest fee is added to the loan amount.
How Much Money Can I Borrow?
Many factors determine the amount of money a borrower may receive via a payday loan. This includes the source and amount of your income. Lenders offer up to $1,000 in loans for qualified borrowers. Never borrow more money than you need or that you can afford to repay on the loan maturity date.
Online Loans: Easy & Convenient
We work with many area lenders, ready to approve every application for a payday loan they possibly can. Unlike other types of loans, the payday loan has few requirements for approval. Even people with bad credit may apply for and receive cash via a payday loan. Are you 18 or older? Are you employed or have a reliable source of income? Are you a U.S. citizen with an active bank account? You may already be approved for money. The next step is to complete an application.
How to Complete a Payday Loan Application
Complete an online application anytime you’d like, day or night. It takes a matter of minutes to complete the application and we offer an answer to your loan needs just as fast. Since we work with numerous lenders, you’re more likely to hear ‘yes’ to your loan application. Gather all of the necessary information to complete the application before you begin.
Your name, address, requested loan amount, social security number, and employment information are a few pieces of information needed to process your application. Your information is confidential and safe with us. We use encryption tools to protect all of the details you provide to us. An active bank account is also required to transfer money into your account.
How Long Does it Take to Get Money?
The entire payday loan application is quick and easy. Most people have money in their bank account the following day after they apply. However, many factors impact this timeframe. Money is transferred quickly into your account, nonetheless, oftentimes considerably quicker than you’d get approved from other loan lenders.
Causes for Denial
Everyone’s heard those ads that promise ‘everyone’s approved for a loan’ or ‘no credit checks’ from payday loan lenders. Some of these ads are misleading, however, since lenders use a variety of tactics, sometimes including a credit check, to determine your worthiness for a loan. What is true about payday loans is that most people are approved for money. Since we work with a variety of lenders, someone is there to work with your specific situation. However, certain situations cause applications to be denied. Those situations include:
– Unpaid payday loans
– Lack of income/sufficient income
– Extremely poor credit
– You’re under the age of 18
– You’re not a U.S. citizen
– No bank account
Lenders approve as many loan applications as possible, but there are disqualifying factors such as those above.
Money in Your Time of Need
Payday loan benefits attract many cash-strapped individuals to lenders in their time of financial woe. Although the loan type received a bad rep over the years, the truth is many people find them beneficial when other loans aren’t plausible or when they need immediate cash.
Payday loans are cheaper than credit card fees and bank overdraft fees. Why not apply for a loan and save yourself money? Approval for a payday loan is easier than approval with other loan type and repayment is easy, since there is no long-term commitment. There is no impact to your credit score, which is important since credit affects our lives in so many incredible ways.
If you are short on cash, complete a payday loan application today and get the cash you need in-hand quickly.