Everyone needs cash now and then, but not everyone has enough savings in their bank accounts or a chance to quickly borrow a hundred or two from friends and relatives. On the other hand, absolutely every US citizen of legal age can make use of payday loans — simple cash advances (usually up to $500) that can be returned within a relatively short time frame — usually, around two weeks.
Unlike many other types of credits that call for a thorough bank history check, proof of employment, and plenty of other legal details, pay day loans are accessible to everyone. These types of quick credits got their name for the simple logic behind the whole operation. So, when you face urgent expenses before your monthly check comes in, anyone can receive the emergency cash from the creditor and return the sum in full once you get your income.
The whole procedure of receiving such a loan is incredibly simple — not only because you are lending a minor sum that can be returned in a single bill. Another advantage of a PAYDAY LOAN is that people do not need any through bank investigation. More than that, they do not even have to go anywhere because anyone can fill in an application form on the webpage and get lending to their debit card.
An online payday loan is no different from any other lending you can get physically, in a bank or a creditor’s office. It follows the same logic, rules, and conditions. The only difference is that you do not have to go anywhere physically because the whole process happens online — as the name kindly suggests.
Depending on a particular lender, as well as the borrower’s state of residence, some application details may vary slightly. But as a rule, they go down to four simple steps:
As an option, you receive the sum you want in cash —in one of the lender’s local offices. Most companies will offer you such an opportunity, but surely, you’ll need to look for lenders in your particular city or neighborhood.
To qualify for a pay day loan, whether online or onsite one, you only need to meet three simple criteria:
Note that the sum you earn a month is not that important — after all, the borrowed amounts are usually quite small. Also, if you are applying for lending online, you’ll need a bank account for the transfer to come in.
Most of the time, people are scared of applying for payday loans because they think that interest rates are just too high. Mathematically speaking, they are indeed higher than average. If, however, you consider the actual sums involved, the amount of interest will no longer be intimidating. For example, when you borrow $500 for a couple of weeks, you’ll be expected to prepay around $550-565.
Literally anyone can apply, and literally anyone does. Here are just some social groups who make use of a payday loan now and then:
Whenever someone’s application is denied, people tend to blame their previous credit history. However, in case of payday lending, it is hardly ever the reason — most of the time, it’s either a mistake in the application form or lack of employment proof.
Many borrowers wonder how can a bad credit score not interfere with your application process. In the case of payday credits, the answer is very simple — lenders usually offer no more than $500, so no credit check is performed for such small sums.
The creditors do have to verify your identity to make sure you are a real person who can pay back. So, a single typo in a name or social security number can make a difference between a successful application and a denied one.
Even though payday lending does not require you to be rich (obviously), you still need at least some proof of income or employment. This practice has two ground reasons: securing the lenders who can get their money back; and securing the borrowers to make sure they can repay instead of getting in even more debt.
We already mentioned some obvious, pretty much self-explanatory benefits of receiving payday loans online — those are quicker, easier, and safer for your credit history than getting an advance from a bank. However, payday loans have another, less obvious benefit — they are simply some of the most beneficial ways to receive a minor sum of money you need it urgently. They are simply more affordable than most other means of borrowing small sums of money, such as the good old-fashioned credit cards, cheque overdraft fees, or long-term installment loans.
Credit card debts tend to accumulate over time, and even though the interest rates do not change, the amount of debt does. This system is nothing but a vicious circle, designed to put people in ever more debt and make the bankers ever richer. In contrast to these, debts on most payday advances do not accumulate and do not put you in more financial trouble.
Installment loans are long-term credits that deal with large sums. Student lending is one of the most common examples, and we all know it takes years of employment to repay such a debt. Any delays in payment may negatively influence your bank and borrowing history, preventing young (and still low-paid) professionals from borrowing minor sums of money on urgent, unplanned expenses. Quick cash credits, on the other hand, are designed to help people facing a financial emergency.
Just like credit cards that tend to accumulate debt, putting people in more finial trouble, overdraft fees stack up over time. This, once again, affects a person’s credit score, preventing them from getting more money when they need it most.
If you took time reading all the above, the chances are — you need cash now. Luckily, we are always here to offer a helping hand to any person in need. Our online payday loans are some of the quickest, easiest, safest means to get the advance you need so urgently. And it only takes a couple of simple steps!
In some cases, it might take up to 24 hours to have your advance approved, but usually, it happens way sooner than that. As already mentioned, we do understand that you need money now and are quite happy to oblige. Usually, it takes less than 24 hours to go through the entire process — from filling in an application form to getting your advance to a bank account.
One of the reasons we ask for employment proof is to make sure you’re not putting yourself in more financial trouble. If banks don’t approve your lending requests because of a bad credit score, we will. And, when you repay in time, you will actually have proof that you’re not such a risky borrower as some institutions think.
More than that, our managers review all applications manually and can offer a couple of useful tips on how to improve your financial situation. So, you can always count on our expert advice.