Not thinking about money is great, but —sadly — not always possible. Especially if your monthly income is not that high, and you have to rely on a regular paycheck. In such a case, even a relatively minor accident — like an unplanned visit to the doctor or a car repair shop can throw people off balance. Even more so when they have little or no savings in their bank accounts. Unless you’re ready to borrow a few bucks from friends and relatives (which many of us prefer), payday loans can provide reasonable lending solutions to your financial troubles.
The pay day loans term implies that you borrow a small sum of money and return it in full when your paycheck arrives. So, the procedure is very similar to borrowing money from a friend. Sure, you will still be paying interest, but since the sums we’re talking about are minor (usually up to $500), the fees are not that high either. Besides, this is a quick, short-term operation, so you will not have to repay that interest for months or even years.
Before borrowing money from anyone, you do have to understand all the terms and conditions associated with this transaction. So, let’s dig into who can qualify for a payday loan, what it takes to get one, as well as the fees you’re going to pay on such a deal. While it’s true that this lending type has some crucial benefits (which we’ll discuss in more detail below), it may still not be the best option for everyone. And, when money is a concern, people have to choose wisely — so dig right in!
Are Online Payday Loans Legit?
Yes, they are, and anonline payday loan is no different from any other cashadvance you can get locally in one of the lenders’ offices. Sure, there is a crucial difference — you do not have to go anywhere, and you can get the sum you need directly to your bank account. On the other hand, it’s totally understandable that people do not like to share too much personal (and financial, especially) data online. So, let’s answer some of the security questions you must have.
Info You’ll Needto Provide When Applying for Payday Loans Online
Having decided to takeonline payday loans, you’ll be asked for private information, which you need to submit through a web form. Several essential fields to be filled in are as the following:
- Your name and proof of identity: this still a financial operation, so any person or company who’s willing to give you money should know that you’re a real person of legal age. So, there is no need beating around the bush here.
- Your proof of income: this one is important to secure the lender and the borrower. Obviously, the creditorwill want themoney back, and you will want to repay it. Sources of income do not have to be high — as long as you earn something or get at least some kind of benefits, you’re good to go.
- Your bank account number for money transfer: once again, no reason to hide this info because no one can do anything with it. It is, however, necessary to complete the transaction — that’s where the money you borrow online will go to.
- Your phone number: just in case managers have questions or suggestions about your application. But, if you fill all the graphs correctly, they unlikely will.
Any other info is not necessary for the lendersat all, and if you see a site that asks for more than that, you better skip it for good.
Payday Loan Online Application in a Nutshell
- Pick a payday loans online website that meets your requirements. Most terms and fees will be more or less the same, but it never hurts to double-check.
- Fill in a payday loan online form. As long, of course, as it only calls for the essential fields we mentioned above.
- Wait for the managers to approve your pay day loan request. This usually happens within 24 hours or less, so keep your phone at hand just in case — you should get a notification.
- Get the money to your bank account or card. Once the request is approved, the money is sent immediately. The rest will depend on your bank, but most transactions today do happen in seconds — a few hours maximum, depending on the transfer type.
Do I Qualify for a Payday Loan?
Almost everyone does, in fact. Since a typical pay day loan does not imply borrowing huge sums of money, the requirements to the borrowers are minimal. However, they do exist, and to qualify, you’ll have to:
- Be of legal age;
- Have at least some source of income (officially proved);
- Have a valid bank account (when requesting money online);
- Live somewhere in the lender’s vicinity (when requesting onsite).
As you can see, those are the same requirements we already touched upon when describing the required application fields. There are no other rules or restrictions in this matter — practically any person with official income can apply (regardless of how high or low that income is).
How High Are Payday Advance Online Interest Rates?
That depends on how you’re calculating because an interest rate is more of an annual term than a matter of a few weeks. Interest is the amount banks calculate based on a long-term repayment plan, which, by default, is absent from the payday loans concept. So, here it would be wiser to speak of fees and commissions, not of interests, in their classic sense.
While the actual fees may differ slightly from one lender to another, most companies expect you to repay an additional $10-15 on every $100 you borrow. Once again, such an advance type does not presuppose lending more than $500, so the total commission you’ll pay will not be that high.
What Are the Repayment Terms on Payday Advance Loans?
We already mentioned that a payday loan is a fast lending type, so the repayment should happen quickly, too. Usually, people are given a timeframe somewhere in between a week and month, but the actual details may differ on the company you’re consulting.
Another question a lot of people ask is what happens if they cannot repay the whole sum in full. In such a case, people can either ask for an extension (that, unfortunately, involves the second round of interest) or try to renegotiate repayment terms. For example, some companies will give you a chance to cover the debt in several payments instead of one, but you’d better double-check this opportunity before applying.
Finally, the best word of advice is to consider your financial situation and only go for this crediting type if you’re sure you can repay in full — after all, that’s what it is designed for. If you cannot not, there are other lending options that do not imply a single-time repayment.
Are Payday Loans Online Often Rejected?
Not often at all — in fact, this hardly ever happens. If you meet all application requirements — which are not strict, to begin with — and make sure to fill all fields without any mistakes, the money you need should hit your bank within 24 hours. There is absolutely no reason to reject your request in such a case.
Are Payday Loans Bad Credit Conditions the Same?
Yes, absolutely. Your previous bank history has nothing to do with payday loans. No one is even going to look into that, so if you are considering this crediting option because your bank history is not too bright, you can count on the same conditions as any other person. Good or bad credit plays no part here, and it does not affect your fees or repayment terms.
Are Pay Day LoansFinancially Wise?
That, once again, depends on where you’re standing — but often, payday loans online offer some of the most reasonable solutions to urgent financial issues — especially for people who have a bad history with the banks. All in all, those lending types are great if you know for sure you can repay. If you can, they are financially wise because they offer a couple of other significant benefits.
Even anOnline Payday Loan Remains Confidential
Even though you share some of your personal details with the lenders, no credit check is needed, so the whole transaction remains anonymous. All information is secured on HTTPS servers, and any details you share with the prospective lender remain between the two of you. No collateral or references are requested, and the whole procedure is always 100% confidential.
Unlike Installment Loans, These Credits Are Repaid Quickly
Payday credits are quickcash loans online, and they are repaid equally fast. Usually, it happens within a couple of weeks, and after that — you can forget about the whole procedure completely. Unlike longer-terminstallment and personal online loans, payday advances happen in an instant.
They Leave No Trace on Your Bank Score
Most importantly, borrowing money from direct lenders does not affect your credit history — not in a bad way, at least. Later on, you can choose to share information about borrowing and repaying the money — that could leave a positive trace on your score. Or, you could keep it private, just as we discussed above.
Getting Started With Lending: How We Can Help?
Well, that’s simple — our service can offer you some of the most reasonable online payday loans conditions that will improve your finances instead of putting you in more debt. And here is why:
Only Safe Online Payday LoansWith Our Team
Whenever you get a loan online, you are required to submit proof of income — the rule applies to our team, as well. However, we ask for it so we could figure out the best repayment conditions for you because sometimes, a payday scheme is not the best solution for low-income individuals. When you needmoney, contact our managers for more info, and they should help you choose the right plan for you.
Full Anonymity on Every Pay Day Loan
There is no way any info you share with us will leak to your bank managers or employers. We don’t share your data with third parties, and we never ask for recommendations from other people. No one even needs to know you borrowed money in the first place.
Quick Approval Without Red-Tape
There is no more need to look for offices near me because we approve all online requests promptly — often, in less than 24 hours. You can live anywhere around the state, and we will still be able to help you out!
So, whenever you think, “I need a loan right now,” you know where to get started. Our friendly team will help you out, and you do not even have to live near our offices!Don’t be alone with your problems!