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Have you ever wondered if there was a better way to borrow money short-term than a personal loan?
Perhaps you only want to borrow a very small amount of cash or you only need to access that extra money until your next payday arrives. When that happens, a personal loan might not be the best way to get the emergency cash that you’re looking for.
While personal loans have their benefits to consider, including flexible repayment rates, they’re not designed for those in need of quick and convenient emergency lending. When you want to borrow money fast, without the headache of a traditional bank or credit provider, you need a payday lender.
While, in an ideal world, we would all have enough money in our pay checks and our emergency savings accounts to cover any issues that might come our way, the truth is that life is often unpredictable. You might suddenly have an emergency fee in your life that you aren’t prepared to pay, such as a healthcare bill, or a repair for a broken car.
While excellent budgeting can be helpful most of the time, it’s difficult to be prepared for every eventuality. In the US, there are now 27 states that support all forms of payday lending and another 9 states that offer some form of short-term lending with stipulations.
It’s time for a new kind of borrowing.
A payday loan company offers a short-term way for people to access money quickly and easily for emergencies. The biggest benefit of borrowing this way is that you can avoid many of the hoops that most traditional lenders make you jump through, such as:
On the other hand, in exchange for all the benefits that come with a payday loan, you’ll need to make sure that you’re prepared to pay back everything you owe as quickly as possible. Usually, your lender will expect you to repay your cash, plus any interest payments within thirty days of receiving the money. The good thing about this is that it means that you’re out of debt as quickly as possible.
Indeed, paying off a payday loan could actually improve the financial standing of some people with poor credit ratings. After all, if you have a poor credit score, there’s a good chance that you’ll have a harder time successfully getting a loan from certain providers in the first place.
However, payday companies are happier to offer cash to people with bad credit, because they’re not taking as much risk as they would be with expensive long-term loans. If you pay back everything that you owe on time, then credit agencies will see how responsible you can be with your money.
The more you prove yourself by paying back loans efficiently and on-time, the more your credit score will go up, improving your chances of being accepted for additional loans and lending opportunities in the future.
If you decide that borrowing money with a payday loan is the best option for you right now, then it’s worth noting that your lending experience can differ depending on where you’re applying for your loan. Different states in the US have different regulations regarding payday loans. Depending on where you live:
More often than not, however, you’ll find that loans from payday providers are easy to access. You can sign up for an account online, request your loan, and find out if you’ve been approved within a matter of hours.
Additionally, unlike many other lending opportunities, this kind of loan will allow you to access the exact amount of cash that you need and nothing more. This means that you won’t be paying over the odds on a bigger loan than necessary just so you can adhere to the minimum requirements of your lender. Many loan providers can offer anything from $50, to thousands of dollars.
While there are many distinct differences between check advance loans and other traditional borrowing options, the most common difference to note is how you pay back what you borrow. Though conditions can vary, you will generally be required to pay back your loan with a single payment the next time you receive money from your job.
You could be asked to use a postdated check during your loan application, or you may need to send a check when you’re paid next. You can also apply online for a loan through the lender’s website and send the money owed from your bank account via a direct debit.
Sometimes, if you don’t repay your loan automatically when it’s due, you may need to agree that the lender has the right to withdraw the money from your bank account. If you do have any concerns about paying your money back on time, however, there are some companies that provide you with the option to rollover what’s owed. Rollovers can come with small fees that allow you to move the date of your repayment back a little further.
Make sure that you read up about the terms and conditions of your payday loan when you’re comparing your lending options online. You should be able to find plenty of information on your lender’s website, or you can contact the company to find out more.
The most important thing any customer can do when applying for a payday loan is make sure that they are properly educated. The more you know about short-term lending in your state, the easier it will be to get the money you need quickly, and for the right interest fee.
For instance, if you’re an active member of the military, or you’re a dependent of someone in the military, you might be protected by the military lending act, which allows you to apply for specific interest rates.
What’s more, doing your research will allow you to make sure that the lender you choose in your state is properly regulated and licenses according to the laws of your area. Choosing the right lender based on their regulations and licenses will help protect you from any dangerous lending.
Other things to look for in a payday loan provider include:
Additionally, if you have any issues with your credit history or financial circumstances, it might be a good idea to look for a specialist lender who can offer the best support and interest rates to someone in your position.
Crucially, it’s important to remember that just because you’re looking for a payday lender to give you money quickly for an emergency, doesn’t mean that you shouldn’t’ consider your options carefully. There are a lot of different payday providers out there to support people just like you who need a short-term and low-cost loan.
Taking your time to think about what you really need from your lender and do your research into the different options on the market will help to ensure that you get the best deal. At the same time, plenty of research should help you to avoid any lending providers who might claim to offer excellent deals but actually end up providing terrible service.
The good news is that if you do your due diligence and look for a lender properly, you should be able to find a range of companies that are specifically suited to your needs. You can find lenders that are designed to provide help to people in specific states. Additionally, there are plenty of payday companies that can assist with things like flex loans and atypical lending too.
All you need to do is decide what you need.