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Ever find yourself in a situation where you’re a little strapped for cash?
We’ve all been there. You think that you’ve budgeted for everything down to the very last cent, then suddenly out of nowhere you’re hit with a bill for car repairs or health insurance, and you’re back to square one. If you’ve only just had your paycheck, then you know you’ve got weeks to wait before you can access some extra money again.
In the past, dealing with situations like these was incredibly difficult. Many of us had to turn to friends and family for help, begging for a handout until we could afford to pay everyone back with our next set of wages. However, in a world where many of us are living from paycheck to paycheck, you might find that your friends and family can’t help either.
That used to mean that you were forced to turn to the bank and ask for a loan. However, if you only needed to borrow a couple of hundred dollars, you were restricted on the kind of deals that you could apply for.
The good news? There are now more options available than ever before for people who need a small loan for a short period of time.
As mentioned above, the only way to borrow a small amount of cash for anything you needed in the past was to ask your bank for a personal loan. Unfortunately, because the minimum on most personal loans usually starts in the thousands, it can be hard to find a provider when you just want to borrow a few hundred dollars.
On top of that, with $300 loans, you have dozens of other hoops that you need to jump through to get your money too. You need to be able to prove that you have an excellent credit rating, as well as meeting with professionals to set up a repayment schedule. By the time you sit down and sort through your loan, you may realize that you’re spending way too much time and effort on getting just a few hundred dollars to keep you afloat until payday.
That’s where payday loans come in. These short-term loans have had a bad reputation in the past. However, new regulations and guidelines means that they’re quickly becoming the preferred small loan solution for millions of Americans.
With Payday loans, you can borrow anywhere between $100 and $4,000, without having to worry about things like credit ratings and long-term payment schedules. All you need to do is figure out if this kind of lending is suitable for your needs, then find a provider that you can trust!
Because you only borrow a very small amount of money with payday loans, they work a little differently to your average personal loan. If you get a traditional loan from a bank, then you’ll usually agree to pay back aw portion of what you owe every month, with extra fees like interest rates and transaction costs thrown in.
Although the interest on these long-term loans seems smaller than the amount you would pay for a short-term loan at first, that’s because you’re paying interest for a long time.
On the other hand, with a Payday Loan, you pay everything you owe back to your lender in one chunk. Usually, you’ll arrange a repayment date after your next payday. On that day, your provider will use a post-dated check to retrieve the money that you owe, including any interest fees.
The result is a much quicker and more convenient lending solution. You get in and out of debt quickly, and there’s no need to change your entire budget strategy around a new repayment scheme. You can get back to your life as normal, with minimal debts to worry about.
Most payday loans are a lot easier to access than a traditional loan because of how small and short-term they are in nature. Because your provider doesn’t have to worry about you suddenly losing your job in the next six months and being unable to make repayments, they can lend you the cash you need without worrying as much about things like credit scores.
Although short-term loan providers will still need to check your credit rating, they’re more likely to take things like your current income and how long you’ve been employed more seriously than whether or not you have a perfect score.
Some people even find that their credit score improves after they use a payday loan. That’s because they have an opportunity to show the credit agencies that they can quickly bor4row money and pay it back according to the guidelines provided by their lender.
The good news for today’s borrowers, is that loan providers all across the United States are beginning to offer more short-term unsecured loans. There are around 27 states in the US that now offer Payday loans. If you’re thinking of borrowing a small amount of cash for a short period of time, the first thing you should do is check whether you live in one of those states.
Notably, there are a few states out there that aren’t fully approved for payday loans, but they may give you a different kind of short-term loan instead. Consider speaking to the financial services sector in your state if you’re not sure what you can borrow.
Once you’ve determined whether you can get a Payday loan in your state, the next step is getting online and looking for a loan company. Remember, you don’t have to go for the first provider you find. There are plenty of companies out there competing for your business, so you have the freedom to look for a company that can give you the lowest interest rates and fees.
Once you know which company you want to borrow from, applying for your loan is as simple as filling out a basic online form. Usually, your provider will ask you from fundamental details, like where you live, how much you want to borrow, and whether you have any existing debts or bankruptcies that they need to worry about.
You may be asked to provide evidence of your current income and how long you’ve been employed at your current workplace. You may also need to give other forms of information and documents to your loan provider. The terms and conditions on the company’s website will give you a better idea of the information you’re going to need.
The simple and straightforward process of applying for a short-term loan makes it an excellent choice for anyone who’s in a hurry to borrow money fast. If you need to deal with an emergency expense, a payday loan provider generally offers a much quicker experience than a traditional lender. Many of these providers can also get the money you need into your account within hours – not days.
However, there are plenty of other reasons besides speed that might convince you to try a short-term loan. For instance, if you’re the kind of person who doesn’t like the idea of being in debt, then a short-term loan will ensure that you only owe money to a provider for a very small period of time.
You can get out of debt very quickly and carry on with your life with minimal stress. This is great if you already have a budget strategy that you like to stick to. At the same time, you could benefit from a small loan if you’re worried about borrowing more than you need to from a traditional bank. While some conventional lending companies have limits on the minimum that you can borrow, that’s rarely the case with short-term loans.
A small loan may also be a good choice for anyone who doesn’t have the best credit situation. Since you’re only borrowing money for a short period of time, your loan provider may be willing to overlook bad credit. Alternatively, if you applied for a cash advance from a traditional lender, you might need to consider guarantor or secure loans instead.
Even then, you may not be able to get the deals on your loan that you had hoped for.
Once you decide whether a small loan is right for you, all you need to do is track down the provider that can give you the best deal. Comparing your options will help to ensure that you don’t pay more than you need to on fees for cash transfers and even interest rates too.
You can learn everything you need to know about the Payday loan companies in your area with a little research online. On the web, you can track down what kind of charges each company will impose on your loan, and how long you’ll have to make your repayment from each company. Some brands will allow you to even rollover the cost of your loan to the next month if you have any trouble.
You can also use your time doing research to check the reputation and certifications of different providers. Checking the reviews and testimonials from other people in your area will inform you of whether you’re getting a loan from a company that can really help you or not.