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What is Payday Loans online?

What is a Payday Loan? A payday loan is a fast, and easy way for you to receive funds in a timely manner. By applying for a  loan, you will have access to capitol to help you in your time of need. Many people use these short- term loans for emergency’s, special occasions, or to pay bills. Cash loans can be obtained easily, and in most cases only require a proof of income, and a payment agreement.

Once you're approved, funds can be deposited into your bank account in as little as two hours.

Should I Apply for a Payday Loan?

Before you apply for a loan, take a step back and ask yourself if this is your only option. If this is an emergency, and you have no other source of income to meet your financial need at the time, then a cash loan may be your best option.

Who Uses These Types of Loans?

Usually anyone with a checking account and a steady source of income can obtain a short-term loan. However in most cases borrowers who don't have access to credit cards, a savings account, or other sources of emergency income will typically turn to this type of a loan to solve their short-term financial needs. Since most cash loans do not require a credit check, people with a bad credit score or financial issues in general often use them as well.

What are the Benefits of a Cash Loan?

A cash loan can be a great tool to quickly and easily borrow cash in the event of an emergency if you have no other financial options at your disposal. Some people might use a loan to pay for repairs on their vehicle, or a one time emergency expense. Because these short-term loans do not require a credit check, a payday loan is especially helpful to those with existing credit or financial problems.

A Few Things to Remember

Few Things to Remember
  • If you are going to get a cash loan, then use this website. We will look for a trusted lender that will offer you the best rate, and lowest fees.
  • Only borrow what you can pay back. Too often individuals borrow outside of their means. This causes undo financial burdens.
  • Do not be afraid to ask questions. This website was designed to help you answer any questions you may have, and give you the best information possible before getting a loan.
  • Pay your loan on time. By paying your loan back in a timely manner you will prevent undo penalties and fees. This will also allow you to take another loan in the future, if the need should arise.
  • Some states do not allow payday loans, so it is important to check before you apply.

States with a High Percentage of Cash Loan Borrowers

Payday Borrowing By State as a Percentage of the Total Population

The exact number of payday borrowers is unknown but it could be as high as 20m, 6% of the U.S. population. Each year, Americans borrow roughly $7bn from payday lenders with an average loan size of $375 and an average loan period of 18 days.
The Top Five states for payday lending are: 1.Oklahoma 2.Washington 3.Missouri 4.Ohio 5.Louisiana
Across these five states, 11% of the total population have used payday loans within the last year.
The average borrower is female and between 25 to 44 years old.
Borrowers Graph
What Do Borrowers Use Payday Loans For?
What do borrowers use cash loans for The majority of payday loans are used to regular recurring expenses such as utility bills, car payments, and credit cards. The remainder of payday loans are used to pay for exceptional expenses.
The vast majority of payday loan borrowers say that if they were unable to access payday loan credit they would not raise funds from financial institutions:
Graph describing the reasons borrowers apply for short term loans

What is a Credit Score and How Does it Affect Cash Loan Borrowers?

What is a good credit score? How are they calculated? And can you still get a loan if your credit score is low? Today, I am going to explain to you step-by-step what your credit score is, how it is calculated, and what this means for your cash loan application.

Your credit score is a three-digit number that represents your creditworthiness to borrowers. When you borrow money, lenders want to know whether you will pay them back on time. Using reports provided by the major credit reporting agencies, lenders will look at your credit history, put the data through an algorithm, and calculate your credit score. Lower credit scores signal that you may be a risky borrower for lenders. High credit scores mean you are a “good credit” deserving lower rates of interest. If you want to pay lower rates of interest on your credit cards, your auto loans, and even your mortgage then you need to have a good credit score.

What is a Good Credit Score?

The most common scoring model is FICO which rates your credit between 300-850.

What is a Credit Score and How Does it Affect Cash Loan Borrowers

  The majority of the population have scores in the 600-800 range.

A score of 720 or higher is usually considered excellent by lenders. 630 or lower is considered bad credit.

  What if My Score is Below 630? Can I Still Get a Payday Loan?

Yes.

  Lenders offer loans based on your employment status and sources of income. The security for your loan is typically a post-dated check covering a future paycheck from your employer. Therefore, lenders won’t run a credit check when assessing your application and the loan will have no immediate effect on your credit score.

Does This Mean That cash Loan Will Never Effect My Credit Score?

No.

In most cases, Advance loan will not show up on credit reports. However, some specialty reporting agencies do collect this information. In most cases, including the three largest agencies, cash loan won’t appear on your credit report.

If you default on your loan then your debt may be sold to a collection agency. The debt collector would report this information to the credit reporting agency damaging your credit score.

A lender might also bring a lawsuit to collect on unpaid balances. If you lose, this could negatively affect your credit score.

Payday Loans with Bad Credit

Payday Loans with Bad Credit If you have bad credit, you can still qualify for a loan. Over 15m people used payday loans last year each borrowing an average of $375.

To qualify you only need to meet the following criteria:
  • Have been in employment for one month or more.
  • Have an active checking account.
  • A citizen or permanent resident of the United States.
  • At least 18 years of age (21 in MS and 19 AL and DE).
The security for your loan is a check dated for you next payday or a store authorization to debit a checking account. The only information that is important is whether you are employed or not.

Some lenders do perform credit checks as part of the application/approval process but this doesn’t mean that you won’t be offered access to credit.

FICO stores range from 300-850 with a score of 630 or lower considered bad credit. If you have a credit score under 600, you could still get a loan though. As lenders take your future pay check as security for the loan and offer small amounts of credit, they can still offer credit to borrowers with low credit scores.

FICO stores range from 300-850 with a score of 630
So even if you have bad credit, you can still get a cash loan.

Responsible Borrowing Guide for Consumers Applying Online

Responsible Borrowing Guide for Cash Loans



We have constructed this helpful Responsible video Borrowing Guide in order to raise consumer awareness concerning the importance of taking borrowing commitments seriously. Read this guide and you can help others

Why Use Our Services?

Trusted lenders Comparison to get the best rate

To get the best rates, most consumers trawl through tens of sites filling out many long application forms. If you fill out our short application form, our comparison engine will bring you offers from our panel of carefully selected lenders securing you the lowest fees, the lowest rate of interest from a safe lender.

No trawling through websites. You don’t have to fill out hundreds of application forms. We can bring you the best deal every time.

Greater chance of approval

Our comparison engine checks the offers available to you from our approved pool of lenders. With us, you have the greatest chance of approval as you can survey the widest range of offers available to you.

Don’t need good credit with no effect on credit score

All you need to obtain a loan is a post-dated check on your next payday. Some lenders may perform a credit check but even if your credit score is low, you can still get credit. Payday loans don’t feature on most credit reports so shouldn’t affect your credit score either.

Trusted Lenders

Our approved pool of lenders have been selected after a rigorous screening process. We ensure that they are fully compliant with all state and federal laws, as we all as our own Responsible Lending Policy. Our screening process helps protect you from unethical tricks and unfair practices offering the safest possible lending service.

Quick

Our comparison engine quickly brings you the best offers from across the lending market. To access these offers, you only need two minutes to quickly fill out application form.

Once approved, your loan will be quickly processed. The majority of loans are processed and credited within two hours of application.

No obligation

If you fill out our application form, you are under no obligation to any lenders. Our service works for you, not them. Completion of the application form represents an expression of interest and you aren’t committing to anything.

How it Works?

How it Works?

All you need to do to get your loan is follow these three steps:

  1. Fill out application – this should only take two minutes
  2. Check the offers – Once the application form is completed, you should receive quotes from our panel of approved lenders. Remember you are under no obligation at this stage with no obligation to borrow.
  3. Get approved – Once you have selected the best deal available from our approved lenders, your application will be approved and processed.
  4. Get cash – Once you have been approved, you can receive the cash within two hours.

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Questions and Answers

  • Can I apply for a payday loan in all states?
  • How do I apply ?
  • Will I have to pay a processing fee?
  • Will I have to provide collateral or a cosigner?
  • How much money can I borrow?
  • Will I be able to qualify for a loan ?
  • Will my personal information be safe?
  • How will I get the money?
  • Will I have to fax or mail any documents to you?
  • What rates and fees apply?

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