Lake City Economy – Lake City Journal http://lakecityjournal.com/ Sun, 16 Jan 2022 14:43:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 http://lakecityjournal.com/wp-content/uploads/2021/06/icon-1.png Lake City Economy – Lake City Journal http://lakecityjournal.com/ 32 32 What you can expect when you take out payday loans http://lakecityjournal.com/what-you-can-expect-when-you-take-out-payday-loans/ Thu, 13 Jan 2022 19:26:49 +0000 http://lakecityjournal.com/what-you-can-expect-when-you-take-out-payday-loans/

Payday loans are a convenient way to get quick cash when time is of the essence.

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The fees are higher than for a classic loan, but that’s the price to pay for a quick and easy transaction.

Additionally, payday loan These are short-term, low-value loans, so the higher interest rates are hardly an issue. For example, if you get an online payday loan in Canada, you cannot borrow more than $1,500.

In Alberta, the maximum a payday lender can charge is $15 per $100. If you borrow $1,500, you have to pay back a total of $1,725 ​​(usually between 42 and 62 days). You can count on these things when you go to a licensed payday lender, so make sure you do.

Here are other things to expect when you take out payday loans.

You have to prove that you can pay it back

Contrary to popular belief, a payday lender will not simply give you a wad of cash for asking. You have to prove that you can pay it back. As a rule, you must prove that you have a regular income, a bank account and a permanent address.

If you go to a physical store, you will need to fill out an application form. You will do the same for an online payday lender except you will fill out an online form. It could look something like this:

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You can expect a response to your loan application within minutes to an hour. The payday lender will ask you to fill out a pre-authorized withdrawal form if you are approved. The form allows the lender to withdraw the loan amount plus fees from your bank account on the due date. Some lenders may require a post-dated check instead.

Only deal with licensed payday lenders, especially if they require a pre-authorized withdrawal form. You’re giving them access to your account, so you have to be careful. Do your research before applying for a loan from an online payday lender.

You can cancel the loan within two days

Depending on the location, you may be able to cancel your loan. You can repay the money without interest within two days of signing the loan agreement. This is also called “Time to think.

Provinces that mandate this include Alberta, Ontario, British Columbia, Quebec, New Brunswick, Manitoba, and Prince Edward Island. Additionally, payday lenders may be required to provide a cancellation form.

You can usually find the revocation form on the last page of the loan agreement.

You will receive your money almost immediately

Payday lenders can send cash or deposits to your bank account once your application has been processed. Some lenders may only deal with a prepaid card, which may mean you have to pay extra to use it. With online payday lenders, you usually get your money through your bank account.

You must read the agreement

The loan agreement regulates all loan conditions. This includes what you have to pay for and when. Make sure you understand all the terms of the agreement before signing it. If you don’t understand something, don’t hesitate to ask.

You should only deal with licensed lenders

Payday lenders in Canada are subject to strict regulations, whether online or in a physical location. However, many are unlicensed and don’t follow the rules too scrupulously. Only deal with licensed payday lenders and pay on time to avoid problems.

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“CashPlease”: Kleine Bank presents an alternative to payday loans http://lakecityjournal.com/cashplease-kleine-bank-presents-an-alternative-to-payday-loans/ Thu, 13 Jan 2022 18:15:00 +0000 http://lakecityjournal.com/cashplease-kleine-bank-presents-an-alternative-to-payday-loans/

This week, Wells Fargo joined the list of big banks launching short-term lending products — and the much smaller OneUnited Bank in Boston unveiled its own version intended as an alternative to payday loans.

OneUnited’s loan, called CashPlease, is designed to help the bank’s $635 million clients manage their cash flow without the hurdles and higher costs that some other lenders may impose. Instead of running credit checks, applicants’ account history and other aspects of their relationship with the bank are examined. Funds arrive within four hours of loan approval.

OneUnited’s launch of CashPlease follows the launch of similar small dollar loans by several major banks. For example, in October 2020, Bank of America introduced Balance Assist, which offers loans of up to $500 for a flat fee of $5 and a repayment period of three months.

Wells Fargo expects this offer his credit by the end of 2022. It will provide amounts up to $500 for a flat fee to be determined and will be repaid in monthly installments.

In June, $174 billion Huntington Bancshares launched theirs in Columbus, Ohio Standby Cash Program, a digital-only line of credit ranging from $100 to $1,000. If borrowers agree to repay it in three monthly installments that are automatically deducted from their accounts, the HD loan is free. Otherwise an APR of 12% will be charged.

OneUnited doesn’t have the deep pockets of a Wells, BofA or Huntington, but it has recognized the need for low-cost, short-term credit in its communities, according to Teri Williams, OneUnited’s president and chief operating officer.

“The reason the payday loan industry is so widespread is because of the huge need for small loans. From a customer perspective, we want to provide a level of responsible and responsive lending that doesn’t leave you trapped in a debt trap,” said Teri Williams, president and chief operating officer of OneUnited Bank in Boston.

CashPlease loan values ​​range from $200 to $1,000. It has an APR of 47% – significantly less than the cost of a payday loan – and is also payable in three monthly installments that are deducted from the borrower’s checking accounts.

“We won’t lose any money [but] We didn’t implement this for revenue,” Williams said. “We’ve tried to find ways that … don’t cost us money, but allow our clients to avoid practices that drive them into the red in ways they can’t come out of.”

Another community bank, the $2 billion Southern Bancorp in Arkadelphia, Arkansas, said it plans to develop an app to provide short-term credit to its customers, CEO Darrin Williams said Tuesday.

Southern, certified as a Community Development Financial Institution, offers its employees an emergency loan of up to $1,000 that is deposited into their checking accounts almost immediately and is payable over 12 months. The goal now is to develop something similar for its customers.

“We’re hoping to use customer data to create some underwriting criteria and figure out how we can give people a small amount of credit over time that will allow us to offer this payday loan alternative to people,” Williams said.

In disadvantaged communities where residents’ banking options are limited, access to affordable small credit is crucial, Williams added. Often payday lenders are the only choice. In fact, a to learn The study, published in April in the Emory Law Journal, found that payday lenders’ advertising was disproportionately targeted at African American and Hispanic customers.

“The reason the payday loan industry is so widespread is because of the huge need for small loans,” Williams said. “From a customer perspective, we want to provide a level of responsible and responsive lending that doesn’t leave you trapped in a debt trap.”

Like OneUnited, Huntington doesn’t expect to see significant revenue from standby cash. Chairman and CEO Steven Steinour said in a recent interview that the company could suffer a small loss in the near term. Over time, however, it should create brand loyalty, according to Steinour, who said Standby Cash was one of the most successful product launches in the bank’s history.

“It’s not something where you say, ‘Okay, I’ll get it [a return on investment] on [this] in the next year or two,’” Steinour said of Standby Cash. “Over time, this will be a brand separator. … This will distinguish our product range. If you look at who has the best checking account pound for pound and you create this product, nobody else has it.”

While Huntington hasn’t released statistics on Standby Cash, “registration and usage of the product continues to exceed our initial expectations,” a company spokeswoman said Wednesday.

OneUnited expects a similar response for its CashPlease product based on early indications from its customer base. OneUnited soft-launched CashPlease on the bank’s mobile app last month, a few weeks before its official release on Tuesday. Even without further marketing, a number of customers have taken out loans, Williams said, adding that she expects more banks to develop competing small-dollar lending products over the next few years.

“We view our experience as – I hate to use that term – like a canary in a coal mine,” Williams said. “We believe banks as an industry need to be leaders in this space. There are so many … solutions that are not healthy.”

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Payday Loans vs Personal Loans: What’s the Difference? http://lakecityjournal.com/payday-loans-vs-personal-loans-whats-the-difference/ Wed, 12 Jan 2022 16:11:58 +0000 http://lakecityjournal.com/payday-loans-vs-personal-loans-whats-the-difference/

If you need money for an emergency, you can borrow it in a number of ways.

One is a payday loan. This type of loan is easy to apply for but can be very risky. Payday loans charge high interest rates and often have hidden fees. This very easily gets you into a debt trap where it becomes very difficult to repay your loan, even if you only borrowed a small amount to begin with.

Another option is a personal loan. These loans are a bit more complicated to apply for, but have much lower interest rates than payday loans. Because of this, personal loans are commonly used for debt consolidation and are a far safer way to get credit.

Here’s what you need to know about the differences between these loans and how to decide which one is best for you.

The central theses

  • If you need money for an emergency, you can borrow it in a number of ways. One is a payday loan. This type of loan is easy to apply for but can be very risky. Another option is a personal loan. These loans are a bit more complicated to apply for, but have much lower interest rates than payday loans.
  • With a simple online personal loan calculator, you can determine what type of payment amount and interest rate best suits your budget.
  • Payday loans are almost always more expensive to borrow than personal loans, and also riskier. If you’re eligible for a personal loan, this option lets you borrow more money, pay it back longer, and charge less interest.

Payday Loans vs. Personal Loans: An Overview

Payday loans and personal loans have some similarities. With both loans, you borrow money that must be repaid with interest at a later date. Both loans can be used to cover emergencies and to cover unexpected bills or other financial obligations.

These loans can vary significantly. Payday loans are generally used to borrow small amounts of money until the next paycheck and are very easy to arrange. These loans do not require collateral and can be very expensive. For this reason, they are often viewed as predatory lending as they have extremely high interest rates, do not consider a borrower’s ability to repay, and contain hidden provisions that charge the borrower additional fees.

Personal loans are a much broader category. This loan is usually offered by a bank, credit union, or online personal lender, and you usually have to show them proof that you can eventually repay the loan. Personal loans are usually for much larger amounts of money than payday loans, but you have much more time to repay that money. The interest rates and fees on a personal loan are much lower than a payday loan, so the overall cost of borrowing is likely to be much lower.

warning

Payday loans can charge high interest rates – up to 400% – and hit you with hidden fees.

How payday loans work

It is usually very easy to get a payday loan. You can walk into a payday lender’s office and walk out with a loan. You don’t have to give the lender anything to secure the loan like you would at a pawn shop. Instead, the lender will usually ask you for permission to electronically withdraw funds from your bank, credit union, or prepaid card account. Sometimes the lender may ask you to write one
Check the repayment amount that the lender will collect when the loan matures.

Payday loans can get expensive. Payday lenders charge very high interest rates: up to 780% of the annual percentage rate (APR), with an average loan being close to 400%. Most states have usury laws that limit interest charges to between 5% and 30%. However, payday lenders fall under exceptions that take into account their high interest rates. Sixteen states — Arizona, Arkansas, Colorado, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, Montana, New Hampshire, New York, North Carolina, Pennsylvania, South Dakota, Vermont, and West Virginia, and the District of Columbia — have outright bans for extremely expensive payday loans. Seven states – Maine, New Mexico, Ohio, Oklahoma, Oregon, Virginia and Washington – have introduced measures such as term limits, fee caps or the number of loans per borrower that offer some protection to consumers.

Payday loans say their high interest rates are misleading because if you pay off your payday loan on time, you will not be charged high interest. That may be true in some cases, but according to the Consumer Financial Protection Bureau (CFPB), 80% of payday loans are rolled over multiple times, indicating that the majority of these loans are not repaid on time.

consolidate debt

You can use a personal loan to consolidate debt. With good credit, you can often take out a personal loan at a lower interest rate than you would pay with your credit card.

How personal loans work

To get a personal loan, you need to contact a lender. Again, this could be a bank, credit union, or online personal lender. As a rule, you first fill out an application. The lender reviews it and decides whether to approve or reject it. If approved, you will be presented with the loan terms, which you can accept or decline. If you agree to them, the next step is to complete your loan documents.

When that’s done, the lender funds the loan, which means they pay you the proceeds. Depending on the lender, these may come through a direct deposit into your bank account or by check. After the loan is funded, you can use the money as you see fit.

Personal loans can be secured or unsecured. A secured personal loan is a loan that requires some form of security as a condition of borrowing. For example, you can secure a personal loan with cash such as a savings account or a certificate of deposit (CD), or with a physical asset such as your car or boat. If you default on the loan, the lender can keep your collateral to pay off the debt.

You can also find personal loans online. Many lenders offer personal loans through their websites. You can apply electronically, receive a decision in minutes and, in some cases, receive funding within 24 to 48 hours of loan approval. With a simple online personal loan calculator, you can determine what type of payment amount and interest rate best suits your budget.

Lenders may have different requirements when it comes to the creditworthiness, income, and debt-to-income ratio that are acceptable for personal loan approval. This can help you narrow down the loans that best fit your credit and financial profile.

main differences

There are several key differences between payday loans and personal loans when it comes to covering emergency expenses:

  • costs. Payday loans generally have much higher interest rates than personal loans and can hit you with hidden fees and charges.
  • Accessibility. Payday loans can be easier to arrange, especially for people with limited credit histories and other financial challenges. With some payday lenders, you can even get an unbanked loan as long as you have a prepaid card account.
  • Impact on your credit score. Most payday lenders do not report to the credit bureaus. This means that only personal loans will appear on your credit report. Taking out a personal loan and paying it on time will increase your credit score, which will help you qualify for better loans and interest rates in the future.

In almost every situation, a payday loan will be more expensive than a personal loan. If you need emergency money, it’s best to apply for a personal loan if you can qualify. If you don’t qualify then you can look at other options. Even then, it may be better to spend money on your credit card, ask your employer for overtime, or borrow money from family and friends.

Is a Personal Loan a Better Alternative to a Payday Loan?

In general, a personal loan is cheaper than a payday loan. Lower personal loans give a borrower more time to repay a loan than a payday loan, and most credit unions offer APR personal loans that are comparable to credit cards, which still charge lower interest rates than payday loans.

Are Payday Loans Hard Or Easy To Repay?

Payday loans are sometimes more difficult to repay than a traditional loan because the lender has not verified your ability to repay before lending you money. Payday lenders generally don’t evaluate your debt-to-income ratio or consider your other debts before making a loan to you.

Do Payday Loans Help Your Credit Score?

Probably not. Payday loans are generally not reported to the big three national credit bureaus, so they are unlikely to affect your credit score. Unless you don’t repay the loan on time and are referred to a collection agency: that will damage your credit rating.

The final result

Payday loans are almost always more expensive to borrow than personal loans, and also riskier. If you’re able to qualify for a personal loan, this option lets you borrow more money, give you more time to pay back, and charge you a lower interest rate. If you need some emergency cash, the first thing you should do is apply for a personal loan.

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Guaranteed Approval Payday Loans Direct Lender for Bad Credit http://lakecityjournal.com/guaranteed-approval-payday-loans-direct-lender-for-bad-credit/ http://lakecityjournal.com/guaranteed-approval-payday-loans-direct-lender-for-bad-credit/#respond Mon, 08 Nov 2021 12:16:02 +0000 http://lakecityjournal.com/?p=2510

When you’re in the middle of a financial crisis and you have bad credit, it’s easy to feel as if there are no other options available to you payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender

It’s during times such as these, though, when an online payday loan can give you the help you need to pull yourself out of a rut. Whether its medical fees, transportation, or a diy project, payday loans have your back.

A payday loan is a type of short-term personal loan that’s usually processed in as few as 1-2 days, usually up to $1,000, but some lenders can pony up as much as $50,000.

And the best part is that with payday loans, bad credit won’t immediately disqualify you.

In this article, we’ve listed the best guaranteed approval payday loans for bad credit, and we’ve included helpful tips for choosing the best lender for you.

What We Looked For In Guaranteed Approval Payday Loans

When reviewing the best guaranteed approval payday loans for bad credit, we took many different factors into account.

First and foremost, it mattered to us that the payday loans we chose don’t include any hidden fees or extra charges. None of these platforms charge any service fees, so you only pay what you have to.

Next, we kept an eye out for short transfer times, since we know it’s important that you get the funds you need in as quick a wait as possible payday loans direct lender

We also took into account each company’s security & privacy policies to ensure that your personal information is kept safe.

Lastly, we understand that payday loans are often needed most by those who don’t have good credit, so we made sure to stick with platforms that consider more than your credit score when considering your application.

Best Online Payday Loans For Bad Credit

1.) Honest Loans

2.) GetFundsQuickly

3.) iCashLoans

4.) Dollar Loan Club

HonestLoans is one of the more vast marketplaces for those in search of a loan, and will even offer up to $50,000 depending on the lender.

Once you fill out & submit your application to HonestLoans, your information will be shared with a network of lenders that might be compatible with your needs and you can expect an offer in as little as 24 hours.

Features

Here are some prominent features of Honest Loans to help you decide if the services they provide are suitable for you: No Credit Check

One of the pros from HonestLoans is that your credit score won’t ruin your chance of taking out a loan, and even those with bad credit are still eligible to apply. Of course, it’s important to understand that your credit score can affect your APR.

Terms & Limits

The terms, limits and fees issued by the provider are directly related to the APR charged by the provider. It can’t be given by HonestLoans because it’s not a direct lender, instead they work with over 1,000 lenders looking to loan immediately.

A few different factors have an impact on what APR the lender might charge, such as the loan amount, credit score, and payment timing.

Transparency

HonestLoans is clear about the way they function as a lead generation service, and that lenders pay them to gain info about prospective borrowers.

According to the site, it’s not known which companies will purchase the leads, but you may come into contact with companies you’re not acquainted with.

Pros:

  • Quick application process
  • Lots of different loans
  • Bad credit is not held against you
  • Large lender network

Cons:

  • Not a direct lender (works with over 1,000 lenders!)
  • 7 US states are excluded from this service
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Funding Amounts- $500-$50,000 Time Frame- 24 hours

GetFundsQuickly is a lending platform that can speedily get you in touch with a personal loan, for as much as $50,000.

GetFundsQuickly is one of the quickest and easiest ways to get help in a bind, and it can help pay for all sorts of emergencies, like rent, utility bills, car expenses, and medical expenses. And with automated repayment, GetFundsQuickly can help you prevent late fees, overdraft charges and other penalties.

Features

Here are some of the factors that make GetFundsQuickly stand out:

Wide Borrow Range Loan amounts vary from $100-$50,000, but the official amount for each lender is determined by the provided information and any available payment history.

Easy & Fast Application

Typically, an online application form from GetFundsQuickly will take as little as 5 minutes. This is because it’s integrated with many lenders, which speed up the online decision of your loan request approval.

With the assistance of GetFundsQuickly, you won’t have to wait hours, days, or weeks to get your funds. Instead, the online application process is free, fast and easy, not to mention private and secure.

All Credit History Accepted

It doesn’t matter if you have a poor credit history, have filed for bankruptcy or bounced checks. GetFundsQuickly will make sure you’re connected to a willing lender.

$50,000 Next Day

GetFundsQuickly is fantastic at connecting lenders with borrowers, enabling them to get up to 50K dollars as soon as the next business day. As soon as your application is successfully confirmed and the loan request is officially approved, you can expect funds in your bank account as soon as the next business day.

Pros:

  • Funds as much as $50,000
  • All credit history accepted
  • quick, painless application process

Cons:

  • Terms & APR must be reviewed on lender’s site
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Funding Amounts – $100 – $2,500 Time Frame – 24 hours

iCashLoans.co, takes the work of finding & applying for a loan and combines it into a process that’s easy and straightforward to understand. After completing a quick form on their site, you’ll get connected with lenders who can provide you with the funds you need. There are no hidden fees ever, and they’ll never ask why you need the funds requested.

Features

Here are some of the prominent qualities of iCashLoans:

No Questions Asked

iCashLoans recognizes that personal loans are a private matter, and the reason for applying for one can greatly vary. Whether it’s for an unexpected car repair or a much-needed family getaway, there’s no reason to need funds that iCashLoans will turn you away for.

Streamlined Lender Connection

In just minutes, you can expect to get connected with a lender that’s willing to work with you and fits your needs.

Fast Funding

The turnaround time for funding can vary with every lender. But with iCashLoans, you can expect to see funds in your bank account as soon as within 24 hours of approval.

Automated repayments.

When you set up automated repayments, you can avoid late fees and possible penalties.

Pros:

  • Won’t harm your credit
  • Fast funding
  • Get connected to a lender quickly

Cons:

  • Not a direct lender
  • APRs can be high
  • Lenders vary a lot
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Dollar Loan Club has partnered with over hundreds of lenders, and they’re able to offer their customers a wide range of options.

Applicants for Dollar Loan Club must be a United States citizen over 18 years of age, and they must be employed at their current job for at least 90 days.

Applicants must also have around $1000 a month after income taxes.

Typically, you can acquire a loan between $100 and $5000, which is directly deposited into your bank account—in some cases as quickly as the next day.

And with their Fast Lender-Approval Process, it’s especially helpful in times of financial hardship.

Features

Here are some of the points that make Dollar Loan Club stand out:

Security & Privacy

Dollar Loan Club uses 256-bit SSL encryption while handling your data, so all your private information is kept securely in an encrypted format.

Quick Lender Connection

DollarLoanClub prides itself for connecting applicants to lenders quickly. When using Dollar Loan Club, you fill out a short form before getting connected with one of their 100+ partnered lenders. After your submission, you may be redirected to the lender’s site to review loan’s terms.

Speedy Inquiry Process

Thanks to their tech security, Dollar Loan Club can find a lender within their network that’ll work for you based on the info you submit. Once they’ve selected a lender that’s ready to work with you, the lender will get in touch with you over any additional information they might need.

Automated Repayment

If you choose to authorize automatic withdrawals, you can have your loan payments paid directly out of your bank account, so you can rest easy without worrying about late fees or missing a payment.

Pros: Loans from $100-$5000 Get connected with a lender quickly Funds as quick as the next day Secure technology Cons: New site with few reviews

Factors to Consider When Picking a Website to get a Payday Loan

It is hard to find reliable websites that connect payday loans to users with instant approval and no credit check.

Due to the growing industry with increasing competition, loan options are increasing by the day. Therefore it is important to know how to choose the correct online loan lender who meets your requirements.

The following are some essential factors to keep in mind while making a decision. So if you do plan on getting a loan, following these criteria will make sure you don’t get scammed by bad and fraudulent deals.

Company Reputation

When selecting a site for guaranteed approval payday loans for bad credit, reputation is a big factor. To check out a site’s reputation, you can look up how long the business has been in operation, and if possible, you can check out the customer reviews.

Funding Time

Payday loans are often taken out when emergencies arise, so a speedy fund release can make a huge difference in the loan you choose. It’s also important to avoid companies with a history of not releasing funds.

Terms and Conditions

When applying for a loan on any payday loan platform, it’s crucial that you understand the terms and conditions set out by the lender. Loan platforms aren’t lenders, but networks that put you in touch with one, and they’re not responsible for setting interest rates or terms.

That’s why before you select a loan, it’s essential that you read all of the information provided before accepting it, especially since loans for bad credit scores tend to charge higher interest rates.

Privacy and Security

When applying for a payday loan, you’re most likely going to have to give out personal information about your finances.

It’s especially important to note that some companies have even been caught stealing and selling users’ data to the highest bidder. That’s why it’s particularly important to choose a platform that guarantees safety & security of your data.

When perusing a site, make sure that it uses encrypted data protection, preferably ssl 26-bit.

Applying for a Loan With Bad Credit? Here’s How

See if You Prequalify

Your credit report is going to tell you a lot about your approval odds on a personal loan, but pre-qualifying online will tell you even more.

When you pre-qualify for a loan, this means that the creditor has done a basic review of your credit eligibility, typically with a soft credit check, which doesn’t impact your score. And while pre-qualifying doesn’t guarantee your approval for the loan, it does mean you’re more likely to qualify for it.

Budget, Budget, Budget

A budget is always essential to financial security, but it’s even more imperative when you’re taking on debt. Budgeting for a loan will give you a better idea what you can afford to pay each month, and where to cut costs.

Prepare Your Documents

Most lenders will require the typical documents for a loan: photo id, pay stubs and/or tax forms, and (sometimes) proof of residence. Make sure you have these ready to go so you’re not fumbling around as you apply online.

Consider Co-Signing as an Option

It’s rare for lenders to require collateral for bad credit loans, but in some cases, adding a co-signer can be helpful for your odds. When you have a cosigner, the lenders are assured that payments will be made on time; if you can’t make the payment, your co-signer will.

Submit Your Loan Application

Once your application’s been submitted, it can take anywhere from 1-7 business days for it to be reviewed and assessed by a lender. This process will likely involve a hard credit inquiry, which will have a temporary negative effect. However, you can bounce back over time, and possibly even build credit in the long run (more on this later).

So You Got Your Loan…Now What?

No matter what type of debt we take on, the golden rule is always the same: pay it off in a timely manner, and go in with a plan.

When you map out your plan, your budget should be like your bible. It’s going to be your roadmap of how much you can pay off each month and what spending to cut back on in order to save.

And most importantly, it’s going to keep you from those sleepless nights of stressing over loan payments.

Now is also a good time to consider autopay as an option.

Nowadays, most lenders will offer the option to enable autopay on your portal. When enabled, you’ll be automatically charged your monthly payment at the same time each month. Autopay helps you avoid late fees, and some even offer to lower your monthly payment as an incentive.

Will Personal Loans Help My Credit?

When we need to take on debt for expenses, the only thing better than paying it off is paying it off and building credit while doing so.

But not all loans are necessarily good for credit history, so what’s the case with payday loans? Specifically, what’s the case with guaranteed approval payday loans for bad credit?

In short, such loans may help, but that’s only if you consistently pay on time, and it likely won’t make a dramatic change to your credit score.

This is because personal loans are a type of credit known as installment credit, which can help your credit by adding a history of timely payments.

Personal loans can also diversify your credit. But if you wish to take it further, a truly diverse credit history will have both installment credit and revolving credit.

#1 Guaranteed Approval Payday Loans for Bad Credit


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Best Instant Payday Loans Direct Lender Online: Top 4 Alternatives For Bad Credit And No Credit Check Loans http://lakecityjournal.com/best-instant-payday-loans-direct-lender-online-top-4-alternatives-for-bad-credit-and-no-credit-check-loans/ http://lakecityjournal.com/best-instant-payday-loans-direct-lender-online-top-4-alternatives-for-bad-credit-and-no-credit-check-loans/#respond Mon, 08 Nov 2021 12:12:19 +0000 http://lakecityjournal.com/?p=2577

Are you struggling to get a payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender? Is your bad credit score getting in your way? Well, traditional lenders often reject high-risk applications; however, you can rely on payday companies when you are in need of emergency cash.

You can get online payday loans even if you have a poor credit score, but not all payday companies are reliable, so you should choose a trustworthy option. Since there are hundreds of options to choose from, it can be hard to find a company that offers quality services. Well, there is nothing to worry about, as we have taken care of the research part for you direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender

We have compared different companies and chosen the best option currently available out there. In this article, we are going to review the best sites that you can choose to get a payday loan. We will also discuss the important factors that you should consider while choosing a site for payday loans. Moreover, we will share some safety tips that you should follow to avoid getting trapped in a cycle of debt. So, without any further ado, let’s jump into the list and help you find a suitable payday company.

Best Sites For Online Payday Loans

  1. MoneyMutual: Best Overall For Bad Credit Payday Loans Online
  2. BadCreditLoans: Fast Payday Loans With Bad Credit
  3. CashUSA: Well Known Payday Loan Organization
  4. Personal Loans: Best Personal Loan Rates And Payday Loans

#1. MoneyMutual: Best Overall For Bad Credit Payday Loans Online

MoneyMutual is one of the most popular names in the industry, and it’s a trustworthy option to go with. It’s an excellent option for people who want to get straight to business, as the site allows users to apply for a loan in a few simple steps. The application form is easy to fill, and you can do the job within five minutes.

They approve loans quickly, and people receive the money within 24 hours in most cases. On MoneyMutual, you can borrow any amount between the $100-$5,000 range. They connect clients with multiple loan lenders, and people can choose a suitable option. People can also check the number of online lenders at a given time.

You can check what lenders have to offer without making the deal final, which is a good thing, as you can easily compare different options. The site offers complete transparency to clients, so you won’t have to pay any hidden charges while working with them. They also have a FAQ section on their official website to help new users. All in all, MoneyMutual is a great option for people looking to get payday loans, as it offers quality services.

Highlights

MoneyMutual connects users with lenders, and they do it for free. This makes things easier for borrowers, as they can check out the available options without paying anything. The company doesn’t extend payday loans itself, but you can find the best deals while working with them.

The website is well-designed, and you are going to love the user interface. You won’t have to browse through multiple sections to get the job done, which means you can save time while applying for a loan. You can find almost everything on the homepage.

MoneyMutual prioritizes its client’s privacy and security, so you won’t have to worry about the safety of your data while working with the company. They put in a lot of effort to protect the personal and financial information of each client, and they don’t work with unreliable service providers.

Pros

  • Fast and simple application process
  • You can get money in your account in less than 24 hours
  • A safe and reliable option

Cons

  • Interest rates will vary depending on the lender

Customer Experience

MoneyMutual has a huge customer base of 2 million+ borrowers, and we didn’t find any negative customer reviews while conducting our research. It’s a trustworthy company, and it has been serving people for years now. Clients find the site helpful as they can connect with multiple lenders in minutes.

⇒ Visit the Official Website of MoneyMutual

#2. BadCreditLoans: Fast Payday Loans With Bad Credit

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BadCreditLoans offers a wide range of personal loans, including auto repair loans, medical loans, student loans, and more. It’s a well-known company, and you can rely on it if you need to borrow a huge amount. The company offers personal loans ranging from $500-$10,000, and you can get loans quickly.

In most cases, you will get a loan offer within a few minutes while working with BadCreditLoans. Once everything is verified, you will get the loans within 24 hours; however, it may take up to three days in some cases.

To get a loan from the company, you must be at least 18 years old, have a regular income, and have a bank account. If you meet these requirements, you can fill the form anytime, as they offer 24/7 services. Another benefit of working with them is that their services are 100% free, so you won’t have to spend money to check eligibility. People looking for a big loan amount can choose BadCreditLoans without thinking twice.

Highlights

  • Loan Term Ranges From 3 to 60 months

Getting a loan is easy these days, but repaying the amount can be an issue if the loan term doesn’t suit you. Well, you won’t have to worry about loan terms while working with BadCreditLoans, as they offer a lot of flexibility in this field. You can choose the repayment tenure option that suits you.

You are unlikely to face any issues during the application process, even if you are a new user. After gathering the required documents, you can fill the application on the official website and wait for a response. If you are eligible for a loan, they will inform you.

  • Advanced Encryption Technology

They use advanced encryption technology to protect every user’s data, so you will have a safe experience on the site. If you face any issues while working with the company, you can contact the customer support staff.

Pros

  • Excellent customer service
  • Personal loans ranging from $500-$10,000
  • 24/7 service
  • Users just have to follow three easy steps to get a loan

Cons

Customer Experience

BadCreditLoans is known to offer excellent customer service. They help clients in each step, and if someone doesn’t find a potential lender, they help him in other ways (debt relief and credit repair). Most users get loans fast, and they don’t have anything bad to say about the company.

⇒ Visit the Official Website of BadCreditLoans

#3. CashUSA: Well Known Payday Loan Organization

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CashUSA is a trustworthy place for instant loans. You can get loans ranging between $500-$10,000 while working with them, and the amount will be credited to your account quickly once your application gets approved.

The homepage of the official site doesn’t look too appealing; however, you are unlikely to face any issues while applying for a loan. You can fill the form in minutes, as you will just have to enter basic details. It’s an easy-to-navigate website, and you can explore different categories if you want.

The repayment tenure can be as short as 90 days, and it can rise up to 72 months, depending upon several factors. You will have some flexibility in this field, but you should know that most lenders working with CashUSA have a high APR.

The company ensures a safe experience for users, so you can share your personal and banking information on the site with confidence. If you don’t receive any loan offers while working with CashUSA, you may receive offers for credit repair and debt relief.

Highlights

As mentioned above, the website is easy to navigate, and first-time users can also apply for a loan without facing any issues. However, if you face any issues on the site, you can reach out to the customer support staff, and the trained staff members will guide you with the best solutions. The only problem is that they don’t offer 24/7 support service, so you may have to wait to get a response.

If your loan application gets approved, you will get the money in 1 business day. Some lenders working with the company may offer a line of credit.

CashUSA uses industry-standard encryption to protect the personal information of users, so you won’t have to worry about safety issues while working with them.

Pros

  • Fast and convenient service
  • Industry-standard encryption
  • Get up to $10,000
  • Flexible loan terms

Cons

  • The homepage doesn’t look too appealing
  • They don’t offer 24/7 customer support

Customer Experience

CashUSA is a go-to place for many Americans, and the biggest reason for its popularity is the quality of services it offers. Users can apply for a loan in minutes and get a fast response. Not all users find a potential lender; however, most users leave the site with a smile on their face.

⇒ Visit the Official Website of CashUSA

#4. Personal Loans: Best Personal Loan Rates And Payday Loans

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If you need a huge amount of money, Personal Loans is the right place for you. You can request any loan amount from $1,000 to $35,000, and they will be there to serve you. Their online form is easy to fill, and their service is free to use.

The company offers three different types of loans, and you can request a loan for any occasion. The available options are peer-to-peer loans, personal installment loans, and personal bank loans.

If you go for peer-to-peer loans, the company will pair you directly with potential investors. If you go for personal installment loans, you will be working with a financial institution, and the process will be the same. The third option is personal bank loans, and a bank will offer funds in this case. All options are equally reliable, and you can choose the one that suits you the most.

Highlights

Most companies connect you with lenders who offer loan amounts up to $10,000. When we talk about loan amounts, Personal Loans stands out in the crowd, as it offers loans up to $35,000. The minimum loan amount is $1,000, and it can be an issue if you need a small loan. You will have to pick some other site in such a case.

  • Simple And Straightforward Process

Their online form is easy to fill, and you will just need to follow a few simple steps to apply for a personal loan. You can request a loan at any time of the day and get potential offers. You can review the available offers without paying money and choose the one that looks most appealing to you. Once you make the deal final, the money will be deposited into your account in one business day.

Pros

  • Loans up to $35,000
  • They take special measures to ensure the safety of users
  • Receive the money within one business day

Cons

  • Not the best option for people who need a small loan

Customer Experience

People love the simple and user-friendly interface of the site. Most customers get a potential loan offer while working with Personal Loans. The site welcomes many returning customers, as people trust the company and want to stick to it.

Well, these are the best sites that you can choose to get a loan online. All these sites are trustworthy and offer quality services, so you can rely on them.

Each company is different, and it can be hard to find a suitable option if you don’t know what to look for. Since there are a lot of options to choose from, you can easily get overwhelmed. In the next section of this article, we are going to discuss the important factors that you should consider while choosing a site for payday loans.

⇒ Visit the Official Website of Personal Loans

How To Choose The Right Website For Online Payday Loans?

  1. Company’s Reputation

Reputation is the most important thing that you should consider while choosing a service provider. A well-known company will offer good services, and you won’t have to worry about getting scammed while working with them. They won’t trick you into doing anything. Also, they will keep things transparent, and you won’t have to pay any hidden charges.

Popular sites offer good customer support, and you can rely on their support staff if you face any issues while applying for a loan. You can connect to them via online chat or call at any time of the day, and they would be there to serve you. Moreover, the interface of such sites is user-friendly, and people can apply for a loan fast.

  1. Transparency

A company that doesn’t offer complete transparency to clients isn’t reliable. You should never work with such companies, as you may end up paying hidden charges without even realizing it.

Popular companies never apply any hidden charges, as they don’t have to trick people into earning money. They mention extra charges such as processing fees and taxes clearly, and users can apply for a loan after making the required calculations. Moreover, they mention the interest rates and late payment penalties to help borrowers calculate possible risks. If the site you choose provides such details, you can proceed with confidence.

  1. Terms And Conditions

You should never get a loan without reading the terms and conditions carefully. Whenever you opt for a service, you will have to follow the terms and conditions chosen by the service provider.

In this section, you will find important details such as penalty charges, processing fees, tenure, due dates for each month, and interest rates. You will also find factors like the closure fee on the agreement. If you don’t read the agreement carefully, you can get in trouble, as some conditions may not suit you. Once you sign the agreement, you will have to follow the terms even if you don’t like them.

You can always reject an offer if you don’t like the terms. Since there are many payday companies to choose from, there is no need to settle for a company that doesn’t suit your needs.

  1. Minimum And Maximum Loan Amount

When we talk about money, people have different needs. Payday companies offer a minimum and maximum limit to clients, and you can choose any amount within this range. Some companies offer amounts as low as $200, and some offer a minimum limit of $500.

When it comes to borrowing money, more isn’t always better. If you need $200, you shouldn’t borrow $500, as a small amount can make a difference in the long run. You will have to pay more money as interest in such a case.

You should also keep an eye on the maximum limit while choosing a payday company. If the limit offered by a company doesn’t suit you, it would be better to look for some other option. Getting two loans together won’t be a good idea, as you will have to pay the processing fee, fixed charges, and taxes twice. The sites we have reviewed offer different minimum and maximum limits, so you can easily find the perfect fit according to your needs.

  1. Loan Term (Term Length)

The amount of time the lender gives you to repay the loan amount is known as ‘Loan Term’ or ‘Term Length’. The loan term will be different in different cases, so you should check the details carefully. You should try to repay the loan as soon as possible, as you will save money by clearing the outstanding amount fast.

You will have to pay more interest if you delay things, which won’t be good for your financial condition. However, the term length shouldn’t be too small for you, as it can be hard to repay a huge amount fast. If you can’t repay the amount before the due date, you will have to pay penalty charges. So, you should do the required calculations before getting a loan.

  1. Application Process

People go for payday loans because they are easy to get, and you can fill the form in minutes. However, this doesn’t mean the application process will be the same in each case. On some sites, users can fill out a loan application in minutes and wait for a response. On the other hand, some sites don’t offer a user-friendly interface, and the application process can be time-consuming in such cases. You should choose a site that doesn’t waste your precious time.

  1. Time For Funding

Emergency loans shouldn’t get delayed, as you can get in trouble in such a case. The loan amount should land in your bank account fast, but not all payday companies can do that. You should choose a company that is known to offer instant loans. Such companies connect their clients to lenders who can transfer the money into their accounts within 24 hours.

  1. Privacy And Security

It’s important to choose a site that can protect your data. You will have to provide your personal information while working with a payday company, and you will also have to enter your bank details. If a company doesn’t take the required measures to protect your data, you should stay away from it. Some companies work with unreliable third-party service providers, and your data is never completely safe with them.

You should check the privacy policies of the site to ensure a safe experience. If you choose a site reviewed by us, you won’t have to worry about such issues.

So, these are some things that you should consider while choosing a website for online payday loans. If you follow these tips, you are likely to find a suitable payday company:

  • You can do anything with your funds, and you won’t have to provide any purchase proofs to the payday company in most cases.
  • Payday loans can help you in tough times, but this doesn’t mean you should rely only on them.
  • Many people apply for payday loans multiple times every year, which isn’t a good thing. Such people often get trapped in a cycle of debt.

In the next section of this article, we will share some tips that you should follow to avoid such issues.

Tips You Should Follow To Avoid Getting Trapped In A Cycle Of Debt

  1. Understand The Purpose Of A Loan

You can rely on payday companies in emergency situations, but you should know that these types of loans aren’t designed to be used all the time. Interest rates are high in most cases, and you shouldn’t use the funds to buy things that aren’t important.

  1. Calculate How Much You Need

You should be clear about your needs before applying for a loan. The amount you will need to pay as interest will vary depending upon the principal amount, so there is no point in borrowing more than you need. Once you calculate how much you need, you can enter the amount and proceed.

  1. Understand How Much You Can Pay Back Each Month

If you get a payday loan, you should try to repay the amount as soon as possible. When you know how much money you need, it’s easy to break down the total amount into monthly installments. You should know how much you can afford to pay back each month to avoid late payment charges.

The term length should be perfect for you, and you should ask the lender to make adjustments according to your needs. If the lender refuses to make adjustments to the term length, you should look for another option, as signing the agreement won’t be a good idea in such a case. Once you sign the agreement and make the deal final, you won’t be able to change the terms and conditions.

  1. Understand The Risks

When you get a loan online, you should be clear about the involved risks. If you don’t pay back on time, you will have to pay the penalty charges. Also, if you fail to repay the borrowed amount, the lender can sue you. If you are aware of the potential risks, you would be able to make a wise decision. If you don’t like the terms and conditions chosen by the lender, there is no need to proceed.

Frequently Asked Questions

Q1. Are online loans safe?

In short, yes, online loans are safe. You won’t face any safety issues as long as you work with well-known companies. Popular companies don’t compromise in the field of security and do their best to provide a safe environment to users. However, this doesn’t mean all companies are reliable, as you can easily get scammed if you choose a site that isn’t trustworthy.

Some companies trick people by providing appealing offers and run away with the money they pay as the processing fee. Also, it isn’t safe to share your bank or credit/debit card details on such platforms.

You won’t have to worry about such issues if you choose a site reviewed by us, as we have done the required background check while making this list. You can choose any of the sites mentioned in this article with confidence.

Q2. What are the advantages of payday loans?

  1. Suitable For People With Bad Credit Score

Getting a loan can be hard for people with a bad credit score. Most traditional lenders reject high-risk applications, but things are different in the online world. Payday companies often accept applications that other lenders may reject.

If you have struggled with debt in the past, you will fall in the high-risk category, and applying for a payday loan will be a better option for you. However, this doesn’t mean you should stop worrying about your credit score. You should try to improve it.

  1. Easy Application Process

If you go the traditional way, you will have to visit a bank and fill different forms to get a loan. In this case, the application process will be time-consuming, and the process can also be difficult if you are applying for the first time. Well, the process will be much simpler if you choose a payday company online.

You will just need to visit the official site of the company and make an account. After logging in, you will be asked to choose the loan amount and upload the required documents. You can finish the application process in minutes.

  1. Quick Money For Emergencies

Some people plan ahead for emergencies and create a financial cushion. However, this isn’t the case with everyone, and many people struggle to manage their earnings. Emergencies do not wait, and things can turn ugly if you don’t have a backup.

If your car breaks down or you need to buy something important, it will be hard to wait for your salary to get credited to your account. You can’t rely on traditional lenders in such situations, as they take a lot of time to process a loan.

Payday companies always offer a helping hand in such situations. The loan may get approved in less than an hour if you provide all the required documents. However, it can take up to 24-48 hours in some cases.

  1. You Can Get A Loan Sitting On Your Couch

One of the biggest advantages of payday loans is that you can fill the form sitting on your couch. You won’t have to visit a bank, and you won’t have to wait either.

You can borrow money at any time of the day, as most payday companies offer 24/7 services. Moreover, you can check your application status anytime, which isn’t possible in the offline world. You will have to do everything during traditional banking hours if you apply for a loan offline.

  1. Short Tenure

When we talk about payday loans, the repayment tenure is usually 1-3 months; however, the number can vary, depending upon the company you choose. You can also pay off the whole amount anytime without worrying about any closure fee.

  1. You Won’t Get Embarrassed

Most people don’t feel comfortable talking about their financial problems, and it can be hard for such people to borrow money from a friend or relative. Well, if you need money urgently, you can apply for a payday loan online, and nobody would get to know about it.

Q3. What are the disadvantages of payday loans?

Online payday loans can help you in tough times, as they offer several advantages. But you should be aware of their disadvantages too, as they have both positive and negative sides. Here is a list of the disadvantages of payday loans.

  1. High-Interest Rates

While applying for a loan, you should keep an eye on the interest rates. Payday companies charge extremely high interest rates, and you should be prepared before making a deal. The annual interest rate can be as high as 500%, and it’s easy to get trapped in a debt in such a case.

If you go with other options like credit card loans, the interest rate will be about 40%. People don’t worry much about the annual interest rate while applying for payday loans because the repayment tenure is short in most cases.

  1. Processing Fee

High-interest rate isn’t the only thing you will have to worry about while applying for payday loans. You will have to pay a 1-3% processing fee every time you get a payday loan. The number will vary depending on the company you choose.

You may not be concerned about the processing fee if you take a small loan, as the fee would also be small in such a case. But things will be different if the loan amount is big. You will also have to pay a late payment penalty if you don’t repay on time.

  1. The Habit Trap

You can get a payday loan quickly, which is a good thing. Unfortunately, many people don’t understand that such services are available for emergencies. People often misuse the borrowed money and end up taking multiple loans every year.

Once you realize how easy it is to get a payday loan, you can easily get trapped in a cycle of loans. So, it’s better to use the borrowed money wisely and repay the amount as soon as possible. If you take multiple loans every year, the financial burden will be unimaginable.

Q4. How long does it take to get a loan online?

Things work fast in the online world, and your loan application can get approved in minutes. If your application gets approved, you will get the money in your account within 24 hours.

However, the time period can vary depending upon the company you choose, and you may have to wait for two-three business days in some cases. You can always contact the customer support staff to get updates.

Conclusion

We hope you liked this article, and we were able to help you find a suitable payday company. People with a bad credit score often qualify for online payday loans, so you can rely on payday companies.

Your life won’t turn upside down in tough times, as you can easily get financial help. Payday lenders can help you in emergencies, but you shouldn’t use the borrowed money to cover regular expenses.

The sites that we have reviewed in this article can help you get a payday loan. If you have read this article carefully, you would know which payday company suits you the best. If you are interested in getting a loan, you should be clear about the potential risks. You should know the advantages and disadvantages of payday loans to avoid issues in the future.


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Forget payday loans direct lender, this is Canada’s new generation of high-interest loans – National http://lakecityjournal.com/forget-payday-loans-direct-lender-this-is-canadas-new-generation-of-high-interest-loans-national/ http://lakecityjournal.com/forget-payday-loans-direct-lender-this-is-canadas-new-generation-of-high-interest-loans-national/#respond Mon, 08 Nov 2021 12:11:56 +0000 http://lakecityjournal.com/?p=2538

All Kathleen Zane wanted to do was buy a couch. Instead, she says she ended up with $5,850 in debt and a payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender with an annual interest of 29.99 per cent.

“I was crying,” Zane says of the moment she says she realized how high her interest rate was.

Debt from high-interest installment loans, a fairly new product which has gained popularity in recent years, is becoming increasingly common among Canadians with low credit scores or short credit histories. And critics say the loans can be as treacherous for consumers as payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender

Borrowers can only take out a maximum of $1,500 through a payday loan, notes Donna Borden, a national leader at anti-poverty group ACORN leader and acting chair of the organization’s the East York Chapter in Toronto.

“Now, if somebody wants more … then (lenders) just say, ‘Well, we’re providing installment loans,” she says.

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ACORN says it has seen a 300 per cent increase in the share of borrowers taking out high-interest installment loans between 2016 and 2021.

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Pay $4,300, get $1,750 back after 3 years. One man’s cautionary tale about ‘savings loans’

Payday lenders are exempt from federal rules capping the maximum annualized interest at 60 per cent and can charge interest rates of up to 500 or 600 per cent. But they are also small, short-term loans — and often tightly regulated. Canadians cannot borrow more than $1,500 through a single payday loan and usually must pay the loan from their next paycheque, according to the Financial Consumer Agency of Canada (FCAC).

High-interest installment loans, on the other hand, are subject to the 60 per cent limit on interest. But they also allow Canadians to borrow up to tens of thousands of dollars for terms of up to several years, sometimes resulting in consumers paying more in interest than they received through the loan payout.

The public profile of the lenders that offer high-interest personal loans is also often quite different from that of payday lenders. Zane’s loan, for example, is from Easyfinancial, a division of Goeasy, a Mississauga, Ont.-based alternative lender that counts more than 400 retail locations across Canada.

Goeasy, boasts an A+ rating from the Better Business Bureau, awards for best corporate culture and place to work, and says it has raised more than $3.8 million to support the Boys and Girls Clubs of Canada and Habitat for Humanity. An Easyfinancial airy storefront on Toronto’s trendy Queen Street East features high ceilings, exposed brick interiors and a “Proudly Canadian” sign on the window.

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In an email to Global News, Goeasy said its Easyfinancial loans help credit-challenged Canadians rebuild their credit profile until they can borrow at lower rates from banks and traditional lenders.

“With over 8.4 million Canadians with non-prime credit scores, our customers are hardworking everyday Canadians that have typically been turned down by banks and traditional lenders,” the company wrote. “Often met by life’s circumstances that have negatively impacted their credit, they turn to easyfinancial for financial relief and a second chance.”

Some payday lenders are also offering personal installment loans. On its website, for example, Money Mart mentions installment loans before its “cash-advance” loans, which work like a traditional payday loan.

The company did not respond to several requests for comment.

Traditional lenders, such as big banks, also offer installment loans but at much lower interest rates. However, people with low credit scores are often turned away.

Global News has interviewed borrowers who took out high-interest personal loans and reviewed their loan agreements. The documents all contain plain language that clearly lays out the terms of the loan. They also allow borrowers to repay part or all of the loan at any point as a lump sum without penalties.

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But two of three borrowers told Global News they did not understand that the loans came with such high-interest rates. And two out of three borrowers said their lender proactively contacted them about taking on more debt just months after signing their first loan agreement. A third borrower said he filed a consumer proposal because he couldn’t keep up with his loan.


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In Grimsby, Ont., Zane, a now-retired call-centre employee, says when she signed up for financing for a $1,466 couch from Surplus Furniture and Mattress Warehouse in November 2019, she says she didn’t understand she’d taken out a high-interest personal loan with Easyfinancial.

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Her loan agreement shows she borrowed the amount for couch, an additional $395.50 and a fee of $102 for a total of just under $1,965. The loan had an annual interest rate of 29.99 per cent. The annual percentage rate (APR), which indicates the total cost of borrowing including interest and other charges, was just over 39 per cent.


Image courtesy of Kathleen Zane.

Easyfinancial offers unsecured and secured personal loans, auto loans and financing for the purchase of goods and services through over 4,000 retail and merchants such as Surplus Furniture and Mattress Warehouse, the company told Global News via email.

The installment loans provided by Easyfinancial for purchase-financing are separate from a lease-to-own program for household goods such as furniture and appliances that is available through Easyhome, another division of Goeasy, the company said.

Zane says she doesn’t remember receiving communications from Easyfinancial until a few months after she bought her couch. Her first payment was due at the beginning of February.

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In mid-March, though, just as Ontario went into lockdown due to the spread of COVID-19, Zane said she received a call from an Easyfinancial representative saying she’d been pre-approved to borrow up to around $5,000 and inquiring about whether she needed to borrow more.

At the time Zane says she, like several others of her co-workers, had just taken a leave of absence out of concern about contagion in the Barrie, Ont.-based call centre where she worked.

“I’m sitting there thinking, ‘I’m not going to get paid by anybody at my company … the government’s not going to pay me. So I better take out this loan because I have to pay the rent,’” Zane recalls.

At the time the federal government had not yet announced the Canada Emergency Response Benefit (CERB), the first of Ottawa’s COVID-19 income support benefits for individuals.

Zane’s second loan agreement with Easyfinancial shows she borrowed $5,850 with a loan term of 36 months and an APR of around 30 per cent. At the time, she was also dealing with her critically ill mother, who would pass away a few days later, she says. She says she did not realize what the conditions of the loan were until several months later, when she says she asked the company to provide details on the balance of her loan.

For months she says she had “no idea” of how expensive the loan was.

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Easyfinancial said it provides “a copy of the full loan agreement either in printed form, or electronically, to every customer immediately after signing.”

In Scarborough, Ont., Salvatore Costa, who works as a caregiver for mentally and physically disabled adult men, also says he didn’t understand the terms of the high-interest installment loan he took out with EasyFinancial in December 2018.


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Costa says he needed money for a second-hand car and the first and last months of rent on a new apartment after moving to the Greater Toronto Area from Regina. He’d seen a TV commercial for Easyfinancial, so he headed to one of the lender’s retail locations and signed an agreement to borrow just under $7,420.

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The loan had an APR of more than 47 per cent and a term of 3.5 years, according to documents reviewed by Global News. Costa’s total interest obligation was $7,837, more than the principal he had borrowed.


Salvatore Costa.


Image courtesy of Salvatore Costa

Costa says he didn’t check the details of the agreement and felt rushed into signing.

“I didn’t do my due diligence like I should have before signing anything, but everything was like ‘rush, rush, rush,’” he says. 

Eventually, Costa says he couldn’t afford the loan’s $234 biweekly payments and filed a consumer proposal to reduce his debt load. He says he didn’t fully understand the conditions of his loan until the licensed insolvency trustee who administered the proposal explained them to him.

Costa, who says he is still paying down part of his debt to Easyfinancial, says filing the proposal came with a sense of relief.

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“I was overjoyed that there was a deal with the stuff,” he says.

Easyfinancial said that, either in person or over the phone, it verbally walks customers through “all key elements of the loan, including the interest rate and the total cost of borrowing, which are disclosed in plain language on the first page.”

‘They keep telling me refinance your loan’

In North Etobicoke, Ont., Patricia Edwards says her current 36-month loan with Money Mart for $4,850 at an interest rate of 46.9 per cent represents her second refinance agreement with the company.

Edwards, who currently works as a cleaner for a grocery store chain, says she initially took out a $1,500 high-interest installment loan with Money Mart to help her two daughters pay rent while the younger one looked for a job after transitioning off welfare.

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Patricia Edwards.


Image courtesy of Patricia Edwards

Since then, she says, she has received regular communication from the company asking her whether she’d like to refinance and borrow additional funds.

“They keep telling me, ‘Oh, refinance your loan, you’ll save some money,’” she says.

After borrowing the initial $1,500 in the spring of 2019, Edwards says she refinanced and borrowed additional funds later in the year to buy Christmas presents for her family. Then on April 1, 2020, worried about her ability to pay her bills during the pandemic, she refinanced again borrowing just under $2,840 on top of $2,010 to extinguish her previous loan.

“I said, it’s best to have some extra money in the bank,” she recalls.

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Global News has only been able to review Edwards’ April 1 loan agreement, which shows her payment will total just over $9,000 by the end of the term.

Edwards says she’s now borrowing to pay for public transportation to get to work or to cover her rent.

“It’s an endless cycle. It’s like being in a tornado and you’re just whirling around month after month,” she says. “It’s never a catch-up.”

Breakneck growth, little oversight

ACORN’s 2021 report on high-interest loans found that, out of 376 low-income survey respondents across Canada, 70 per cent had used payday loans and 45 per cent had taken out at least one high-interest installment loan.

The share of borrowers with costly installment loans had more than tripled since the organization took a similar survey in 2016, according to the report.

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Between 2016 and 2020, Easyfinancial parent company Goeasy saw its annual earnings after expenses skyrocket from $33.2 million to $117.6 million, a 250 per cent increase.

Boren links the breakneck growth of lenders like Easyfinancial to a lack of regulation targeting high-interest personal loans.

While nine out of 13 provinces have regulations specifically targeting payday loans, “far fewer” provinces have specific rules around other forms of high-cost lending such as installment loans, the ACORN report notes.

Only Alberta and Manitoba have regulations in place for high-cost credit, while B.C. is in the process of establishing stronger regulations protecting financial consumers. Quebec, on the other hand, is unique among the provinces for having set the maximum allowable annual interest rate at 35 per cent, far lower than the federal threshold.

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ACORN is asking that Ottawa lower the federal ceiling on interest rates to 30 per cent from 60 per cent for installment loans.

In its 2021 federal budget, the Trudeau government said it would launch consultations on “lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders.” The Liberal party reiterated that promise in its 2021 election campaign a few months later.

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Easyfinancial, for its part, does not offer payday loans and includes a clause in its loan agreements demanding that its borrowers pay off any debt from payday loan using the proceeds of their new installment and refrain from using payday lenders until they’ve paid off their installment loan.

“We believe that it is in a customer’s best interest to pay off any outstanding payday loans and avoid using them in the future,” Goeasy told Global News.


Click to play video: 'Bank of Canada warns Canadians need to be ‘prudent’ when taking on household debt'




Bank of Canada warns Canadians need to be ‘prudent’ when taking on household debt


Bank of Canada warns Canadians need to be ‘prudent’ when taking on household debt – May 21, 2021

Goeasy and other alternative lenders Global News has spoken to in the past argue they are a better alternative to payday lenders for borrowers who cannot get credit at mainstream financial institutions such as banks and credit unions. Goeasy noted the APR on its loans ranges from 9.9 per cent to 46.9 per cent, adding that the APR for a payday loan is more than 200 per cent.

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Goeasy also said another “key point of differentiation” is that debt repayments made for installment loans are reported to credit bureaus whereas repayment for payday loans are not.

“That is extremely important for consumers with non-prime credit scores, as it helps them rebuild their credit so they can reduce their cost of borrowing over time and get back to qualifying at a major bank,” it said via email.

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The company added that since 2016 it has reduced its weighted average interest rate by almost 30 per cent and now offers the vast majority of its loans at interest rates below its maximum stated rate. Sixty per cent of its customers improve their credit score and a third of them are able to access credit from mainstream lenders within 12 months of borrowing through one of Goeasy’s divisions.

But Canadians who have no credit history or want to rebuild their credit score can do so through a secured credit card, without taking out an expensive secured savings loan, licensed insolvency trustees have previously told Global News.

Global News reporting also indicates alternative lenders don’t always grant a “cooling off” period for installment loans during which borrowers can return the funds and cancel the loan if they change their minds. Many provinces require this of payday lenders by law, according to the FCAC.

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Goeasy said it provides customers with a cooling-off period of 10 days. However, Global News could not find a mention of this in the three Ontario-based loan agreements it reviewed from the company.

The company said that the cooling off period is a standard benefit provided by provincial consumer protection legislation but that not all provincial guidelines require a corresponding clause in the loan contract itself.

Goeasy also said it highlights the cooling period in a new version of its easyfinancial website.

Borden, who says her own experience borrowing through a high-interest installment loan led her to join ACORN years ago, says another issue is a lack of recourse for consumers who have grievances linked to the costly loans.

“I had nowhere to complain,” she says.

© 2021 Global News, a division of Corus Entertainment Inc.

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Top 4 Payday Loans Direct Lender For Instant Loans Guaranteed Approval http://lakecityjournal.com/top-4-payday-loans-direct-lender-for-instant-loans-guaranteed-approval/ http://lakecityjournal.com/top-4-payday-loans-direct-lender-for-instant-loans-guaranteed-approval/#respond Mon, 08 Nov 2021 12:11:15 +0000 http://lakecityjournal.com/?p=2552

Not everyone is lucky enough to have enough money in the bank account to get themselves through any unexpected expenses before the next pay period. Emergencies, accidents, and just bad situations can all result in the need for immediate cash payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender

Online payday loans can be useful since, unlike commercial banks, they do not require a credit check, paperwork, interviews, conferences, or collateral. They can be used to cover a surprise payment or daily expenses when your paycheck isn’t nearly enough.

It’s crucial to keep in mind that such loans typically have higher interest rates, and unethical lenders could try to take advantage of your situation. To prevent this from happening, we’ve created a list of the best loan-lending firms that offer quick cash transfers, user-friendly procedures, and low-interest rates. Continue reading to find out more about our top four options for payday loans direct lender

Best Online Payday Loans [Full Reviews]

  1. Money Mutual : Overall Best For Instant Loans Guaranteed Approval
  2. Bad Credit Loans: Top Lenders To Improve Your Bad Credit Score
  3. CashUSA: Guaranteed Approval On Quick Cash

 

#1. Money Mutual: Overall Best For Instant Loans Guaranteed Approval

MoneyMutual is a website that connects consumers looking for payday cash advances, vehicle equity loans, or other forms of short-term installment loans with lenders.

MoneyMutual.com’s primary function is to match borrowers with lenders. MoneyMutual.com is not a lender, though. Instead, they serve as a go-between for people in need of immediate cash and those who can supply it.

MoneyMutual started their lending network because 40% of Americans couldn’t come up with $400 in an emergency. Over 2 million individuals have utilized this service to acquire immediate money in the event of an unforeseen cost or for any other essential reason since it was created.

Users may access the loan approval procedure through MoneyMutual’s main website, where MoneyMutual searches for a network of over 60 short-term lending firms. They’ll link you to the lender’s website and hook you up with a possible loan arrangement after they’ve connected a borrower with a lender.

The application procedure takes about five minutes, according to MoneyMutual, and there is no charge for this service. You’ll get an answer in minutes because lenders just need a few minutes to evaluate your information and make an approval decision.

You are not obligated to accept an offer once you have received it. In reality, take your time and thoroughly study your loan conditions, including your monthly payments, the length of time you have to return the loan, and the total cost of borrowing the money.

Eligibility Criteria

MoneyMutual has a few criteria, but they aren’t particularly stringent. To begin, you must be a resident of the United States to utilize MoneyMutual.

You must also have documentation of a consistent source of income and a current checking account. Finally, to use MoneyMutual, you must be over the age of 18.

MoneyMutual also demands that people seeking admission earn at least $800 per month, in addition to the aforementioned conditions. MoneyMutual asks you to tell them where you obtain your money, and the source will decide your loan eligibility. Social Security, disability payments, a pension, or normal employment can all provide you with $800.

Features

  • Quick Application Approval

You’ll be glad to see that the loan application procedure on MoneyMutual.com is just as simple to complete after you’ve navigated the website. MoneyMutual.com is a straightforward application that just asks for a few details.

Because MoneyMutual works with a variety of lenders, clients with all credit ratings have a lot of options for short-term loans. When you use MoneyMutual to apply for financing, you will be provided with lenders that are eager to work with you so that you may pick the conditions that best suit your needs.

MoneyMutual.com, fortunately, does not conduct a credit check as part of the application process. Instead, users will be required to disclose more financial information. Many people will like the lack of a credit check, as it will make it easier to get started with MoneyMutual.com.

Pros

  • There are no additional costs
  • Find lenders on this simple website
  • In a few hours or minutes, you might have a loan offer
  • The form that is quick, easy, and safe

Cons

Some states are not eligible for loans

Customer Experience

Money Mutual presently holds an A+ rating from the Better Business Bureau (BBB), indicating excellent customer service. They have a low number of complaints as well. Other review sites may have more Money Mutual reviews. MoneyMutual is a good networking platform for people looking for short-term loans.

#2. Bad Credit Loans: Top Lenders To Improve Your Bad Credit Score

Best Online Payday Loans: Top 4 Direct Lenders For Instant Loans Guaranteed Approval

Badcreditloans.com is an online lending marketplace for those looking for personal loans of $10,000 or less. It is not a lender, but rather a service that links borrowers with a vast network of trustworthy lenders and financial service providers. Auto loans and home loans are among the options available.

The firm accepts applications from consumers with credit ratings as low as 500 and matches them with various lenders. Bad Credit Loans will help you locate alternative financial options if you don’t qualify for a personal loan.

In just a few simple actions, BadCreditLoans.com can assist you with your financial emergency. You’ll fill out an online form and be matched with a lender from a pool of lenders who will examine your application. Following that, a lender will make you a loan offer based on the information you’ve supplied.

If you wish to accept the offer, you must sign the contract electronically and agree to the terms. The cash will be sent to your bank account by the lender. Remember that you are not required to accept a loan offer if the terms are unacceptable to you.

The lenders in the BadCreditLoans network are all prepared to work with clients with bad credit. While this makes getting a loan offer easier, it also implies that the loan terms and conditions are more restricted.

You may borrow between $500 and $10,000, for example, with payback durations ranging from three to 72 months. Interest rates can be as low as 5.99 percent, but those with bad credit can pay as much as 35.99 percent in the annual percentage rate (APR).

Eligibility Criteria

Feel free to apply, even if you have a bad credit score that has resulted in you being refused a loan elsewhere. However, there are a few more requirements you must satisfy before applying.

  • You should be at least 18 years old to apply for a loan.
  • You’ll be required to provide your home and work phone numbers.
  • You must be able to show that you are a citizen of the United States, either by legal residency or possessing a Social Security number.
  • You must prove that you have a consistent source of income, which might come from disability, Social Security payments, self-employment, or conventional work.
  • You’ll need an email address.
  • You must have a personal checking account.

Features

  1. 100% Free to Use

Most firms need a fee from customers to continue in operation, however, Badcreditloans.com does not. You are not required to spend anything to get and compare as many offers as are given to you. The lender pays Badcreditloans.com a modest fee if you pick a loan and finalize it.

A loan term of 3 to 36 months does not provide a lot of flexibility. Even if the loans are less in monetary loan amount than those offered by some other lending sites, it may be difficult for consumers to repay them in such a short period. This is especially true if they are only eligible for a 35.99 percent APR.

  1. Immediate Loans

In most cases, you may obtain a loan offer from BadCreditLoans within a few minutes. You will then receive an email asking you to validate some of the information you supplied.

Although the time it takes to get the money varies depending on the lender, it can usually be done in three business days. You can also obtain the money in as little as 24 hours if you are a well-qualified borrower.

Pros

  • Obtaining loan estimates is completely free of charge
  • You may compare lender alternatives in a side-by-side comparison
  •  The terms of many of the loans are adjustable to make them more affordable

Cons

  •  Repayment time is limited

Customer Experience

Customer evaluations on Badcreditloans.com reveal that this online marketplace has helped many people. It’s a viable option for Americans who want emergency money to pay off debts or cover unforeseen expenses but do not meet the requirements for regular bank loans.

#3. CashUSA: Guaranteed Approval On Quick Cash

Best Online Payday Loans: Top 4 Direct Lenders For Instant Loans Guaranteed Approval

CashUSA is a loan marketplace, neither a lender nor a servicer of loans. Instead, it functions as a sort of intermediary, linking borrowers with a variety of possible lenders.

The maximum CashUSA loan you may get is $10,000. The loan amount is determined by the lenders and the state in which they do business. The minimum loan amount is $500. The money may be utilized for a variety of things, including debt reduction, vacations, and home renovations.

CashUSA’s vast network of lenders offers unsecured personal loans, which means you don’t have to put up your vehicle or house as collateral. That also means you may spend the money for whatever you choose, such as paying for unexpected expenses, medical costs, or furthering your education.

Users may apply for a loan by filling out a single form on the CashUSA website. Following that, network lenders examine the loan request and determine whether or not to cooperate with the user depending on the information supplied.

Because CashUSA.com works with a network of lenders, the interest rates can range from 5.99 percent to 35.99 percent. While they may appear to be hefty interest rates, they are far less than payday loans. Loan durations range from 90 to 72 months, giving you plenty of room to choose a monthly payment that works for you.

Eligibility Criteria

First and foremost, you must be at least 18 years old and a citizen or permanent resident of the United States. After that, you’ll need to establish a bank account in your name so that the loan amounts may be deposited.

Your monthly after-tax income should be at least $1,000, and it should be consistent. Finally, you must provide CashUSA.com with three pieces of valid contact information: email and phone number

Features

You have the assurance that your personal information will be kept safe. CashUSA employs cutting-edge encryption technologies. They also run checks daily to ensure that the data is safe and secure.

  • Receive An Offer from a Lender

CashUSA does need a lot of information up front, such as demographic, identifying, and job information. The goal is to match you with a lender who can help you with your specific circumstance.

You can repay the borrowed amount of money with interest (APR) in a set number of payments over an agreed term, ranging from 90 days to 72 months, after you’ve been accepted for a loan and have received your funds.

Pros

  • Service is completely free
  • Loans that are custom-made for you based on your past and current circumstances
  •  All 50 states are serviced
  • Easy-to-understand loan terms

Cons

  • Rates of interest are quite high

Customer Experience

Some users have been really happy with CashUSA’s services, whereas, on the other hand, people whose loan requests got rejected have complaints about it.

The Better Business Bureau (BBB) does not accredit CashUSA, therefore there ain’t any consumer review on their website. The business, however, has a BBB rating.

#4. Personal Loans: Best Online Lenders To Get Personal Loans

Best Online Payday Loans: Top 4 Direct Lenders For Instant Loans Guaranteed Approval

Personalloans.com is a website that connects borrowers with lenders, rather than a lender itself. They provide their clients with access to a marketplace of lenders via their website.

The site is free to use, and there is no need to accept a loan that is made available to you. It’s crucial to remember that taking a loan gives a lender permission to examine your credit, which might lower your score.

They regularly provide loans to those who have bad credit or no credit history at all. This means that even if you don’t qualify for a typical loan, you may get the cash you need for unexpected needs or investment possibilities.

Your information will be shared with lenders in Personalloans.com’s network once you apply. Following that, these lenders may go through your information and make you an offer. The majority of offers are made within 5 minutes of applying.

PersonalLoans.com offers personal loans ranging from $1,000 to $35,000. Depending on the lender, the loan’s conditions will vary. Expect periods ranging from a few months to a few years.

When you receive an offer, you’ll be sent to the lender’s website. Pay close attention to the repayment conditions, annual percentage rate (APR), and the amount is given. If you accept a loan offer, the cash should be in your bank account in 1-5 business days.

The majority of loans will have repayment periods ranging from 90 days to 72 months. Interest rates for Personalloans.com loans typically range from 5.99 percent to 35.99 percent.

Eligibility Criteria

  • You must be a permanent resident of the United States and have a credit score of at least 580.
  • You should be working, self-employed, or receiving government benefits such as a pension, Social Security, or other government assistance.
  • Your monthly income should be at least $2,000, however, it may be more depending on the loan amount you’re seeking, other obligations you owe, and your monthly housing payment.
  • Your loan’s interest rate will be determined by several variables. Your credit score, monthly income, total monthly debt obligations, including the new loan, and the amount of the loan sought will all be considered.

Features

Whereas a direct lender would simply present you with a set of terms to accept or reject, Personalloans.com offers you a variety of options.

Personalloans.com has a large lender network. The tool allows you to compare the terms of several lenders and see how they compare.

  1. Interest Rates & Fees

PersonalLoans.com, like other online loan markets, does not establish its interest rates or fees. Individual participating lenders calculate these depending on your credit background, income, and the loan you want. The actual loan arrangement is the responsibility of the lender you choose, not PersonalLoans.com.

Personalloans.com uses modern data encryption technologies to safeguard the application process. Clients may be certain that their information will not be shared with anybody outside of the lender network due to the high degree of protection.

Pros

  • Money comes in rapidly
  • Loan minimums are quite low
  • A large lending network
  •  The process of applying is simple

Cons

  •  Loan conditions are difficult to estimate because they are not a direct lender

Customer Experience

PersonaLoans.com is the place to go if you need a personal loan in the shortest amount of time, as evidenced by the numerous positive client reviews. They offer unsecured personal loans and work with consumers with a bad credit score. As a result, even if you have a bad credit score, you may submit a mortgage demand and receive various loan offers from lenders. Similarly, creditworthy candidates might receive loans with low APRs.

Factors to Consider Before Choosing an Online Payday Loan Website

Reviews of customer service

It is critical to read prior user reviews. There will be some unhappy consumers, but this is most likely due to their failure to read the loan conditions carefully.

Aim for a loan lender with the highest amount of good ratings. It would be much better if you could look up consumer reviews at the Consumer Financial Protection Bureau.

Eligibility

To begin, you must go through the numerous loan alternatives and select the most appropriate one for you. This is because online money lenders have eligibility requirements that must be met to get emergency funds.

Many lenders set a minimum amount that the borrower receives regularly, whether it’s income, alimony, or other government assistance. In general, they only want to know that you have a steady source of income.

Privacy

When you fill out an application form for an online lending platform, you must provide a lot of personal information. They may ask for personal information, such as your name, phone number, and address. Your loan request can include financial statements to determine your financial soundness. You can’t dodge these common processes.

All of this information is confidential and must remain so. As a result, you should check to see if the online lending platform respects your privacy and does not reveal personal information.

Penalties and Fees

If you do not repay the loan within the specified period, you may be charged fees and penalties. Return checks, origination costs, prepayment fees, late fees, insufficient funds fees, and processing fees are just a few examples.

Origination costs are paid to the lender for the loan to be processed. This cost is not charged by all lenders, though. Those that do charge it often do so at a rate of 1% to 6%.

The prepayment penalty cost may wipe out your savings. However, it is dependent on the lender, and the amount is generally a percentage of the previous months’ extra interest costs.

Terms and Conditions

The loan agreement contains all of the fundamentals as well as crucial information that the borrowers should be aware of before applying for the loan. All elements of the agreement must be carefully scrutinized by the borrowers. However, the terms and circumstances deserve careful attention.

Before signing the agreement, you should be cautious and read it completely. Only sign the loan agreement if all of the terms and circumstances appear to be advantageous to you.

Annual Percentage Rate

The annual percentage rate (APR) is the rate of interest you pay on a loan. When you apply for a loan with a best online lender, you’ll have to sort among several different lenders with varied annual percentage rates.

There are a variety of money-lending platforms available, some of which charge a set interest rate and others that charge a variable interest rate. So, sort through the lenders on the list and choose the one with a reasonable APR.

Repayment Terms

The best time to pay in installments is 30 days. While most lenders provide payback terms ranging from six to seven years, it is better to pay off your debt sooner rather than later. A longer payback time means more payments on your loan, as well as higher interest rates and monthly payments.

Benefits of Online Payday Loans

One of the primary benefits of online payday loans is that they do not require a lot of time and effort to complete. Your application will be processed as quickly as possible by a reputable online payday lending company. The amount of time it takes to complete a payday loan online is determined by the company you pick.

If you’re lucky enough to have selected the finest online payday loan, you can obtain your money the same day you apply. If you choose a traditional loan, however, you may have to wait a few days or even weeks.

  •  Stress-free Qualification

One of the most common stumbling blocks for many people is loan application rejection. Payday loans, on the other hand, do not fall under this category. To qualify, you simply need to supply basic personal and financial information. Even if you have bad credit scores, you may usually be approved.

When you apply for a payday loan online, the lender will inform you of your repayment choices. In truth, this sort of loan is solely meant for short-term funding, ranging from two weeks to a month. Some lenders, on the other hand, allow for payback in as little as three months.

Unlike other forms of loans, online payday loans will not have a long-term impact on your finances because they are short-term loans. In any event, because the payback time is shorter, the interest rate is greater.

  1. Increase the LoanAmount

Many lenders limit the amount that new customers can borrow. You are only entitled to a certain amount, based on your income and the creditor’s ability to pay. When you pay off your original payday loan in full, your lender will be able to raise the loan amount you can borrow in the future.

FAQs about Payday Loans

Q. How do I apply for a Payday Loan?

Applying for a fast payday loan is easy and takes very little time. You may complete and submit your application in less than an hour. On the lender’s website, there will be a section containing a series of forms that you must complete in full. It’s a simple and painless procedure. You won’t have to deal with mounds of papers to submit.

Q. If you’re Unemployed, can you get a Payday Loan?

Yes, it is true. Even if borrowers do not have regular work, they may be eligible for an emergency loan.

When you take out a loan from an online lender, they want to make sure you have enough money to pay it back. Some internet lenders need traditional employment verification. However, many internet lenders make loans depending on sources of income such as:

  • Government Assistance
  • Retirement Savings Accounts
  • Renting a Home
  • Alimony
  • Investments
  • Annuity
  • Financial Assistance to Students
  • Aid to Children

If a borrower has a regular source of income, an emergency loan can be obtained to guarantee that the borrower is financially secure.

Q. How Can You Tell if an Online Lending Platform is Legit?

When it comes to taking out a loan from an online lending site, most consumers face this problem. They appear to be fantastic until you discover you’ve been duped by the platform.

You can, however, verify that your online money-lending platform is legal by following these simple procedures.

  •  Before deciding on an online lending platform, do your homework and read a variety of evaluations.
  • Ascertain if the platform has been registered with the federal or state governments.
  • If the platform doesn’t verify your financial statements at all, it’s a red flag that it’s a con.
  • Keep an eye out on the platform for contact details. In general, insecure platforms don’t give any network information.
  • You should not trust a platform that is not open about its rules and terms and conditions.

Q. Will Payday Loans Affect Your Credit Score?

It largely depends on the lender you select. Your credit scores won’t get affected if they do not report your bank account to the credit bureau. However, if the lender decides to report your bank account, it might result in one of two consequences.

The impact will be determined by how you manage borrowed finances. It will either improve or harm your credit scores. Your outstanding expenditures grow when you take out a new loan.

Credit reporting companies keep a close watch on your financial transactions. If you have an existing personal loan and apply for another one within a few months of the previous one, you will be denied.

The effect of emergency loans on your credit scores is determined by your entire financial history. Your credit scores won’t get affected if your accounts demonstrate that you are managing your debt and making timely payments. Your credit scores may even be improved if you make on-time payments.

Q. How Much is the Time Period to Pay Off a Loan?

The length of time you have to repay your payday loan is determined by the loan amount you borrow as well as your lender. In most cases, larger payments over $10,000 are eligible for installment plans. This implies you’ll be able to repay the money you borrowed over weeks or even months. Smaller sums are generally due in two weeks, so you may cover them with your next paycheque.

Q. What is the Maximum Amount I can Borrow on a Payday Loan?

You may borrow smaller and bigger sums with payday loans online, which is one of its best features. You might borrow many thousand dollars with a single loan, depending on your salary. Your proof of income will be scrutinized by the lender to assess if you will be able to repay the loan on time. This is one of the most important criteria in determining whether you will be accepted or not.

Q. How do I Pay Off a Loan?

The most common credit terms are five, ten, and thirty days. Some services are willing to take debt even if it is more than 180 days old. When deadlines are approaching and it is time to repay the loan, the most essential consideration is to pay the interest first, followed by the loan amount.

Almost all businesses offer loyal customers delayed payment terms. However, the client may be rejected the following time unless he or she pays the whole loan amount.

Q. What Can I Use the Payday Loan Money for?

You may spend the money you obtain from a payday loan for whatever you choose. Unlike a bank account or credit union, no private lender will ever inquire about the purpose of the funds. This allows you to utilize it for whatever you choose.

It is unquestionably one of the most flexible financing alternatives now offered to customers. You won’t be subjected to the same irritating restrictions as you would with a loan from a typical financial institution.

When it comes to obtaining a payday loan, information is unquestionably superior. Some people are still afraid to apply for these loans online because they are unfamiliar with them. Don’t allow your lack of knowledge to keep you from taking advantage of a fantastic loan offer.

These loans online are especially beneficial to people who are in financial distress. This is an option to consider if you need money urgently for whatever reason. Payday loans have helped a lot of individuals in a lot of different situations throughout the years.

Q. Can I Get a Payday Loan Online Instantly?

When you apply for finance online, many online lenders provide fast approval (if you qualify). A quick loan approval, on the other hand, does not imply immediate access to your loan funds.

Once you’ve been approved for a loan, the lender may ask you to do some extra procedures. You may, for example, be required to submit paperwork proving your identity and income. Before money is issued, you may need to e-sign your loan agreement.

Q. What Interest Rate Can I Expect if I Have a Bad Credit Score for Payday Loan?

Your credit score is quite low if it falls below 580, and lenders have certain requirements for loan acceptance and price. As a result, when you apply for a personal loan with a negative credit score, it’s difficult to estimate their APR.

Personal loans, on the other hand, often have interest rates ranging between 5.5 percent and 36 percent. You may expect to pay greater rates on those tiers if you have a low credit score.

Conclusion

The convenience of loans online is that comparison shopping for the best offer is straightforward. In one afternoon, you may evaluate various payday lenders and fill out prequalification forms. You may be able to save hundreds of dollars (often thousands) in interest rates and fees over the term of your loan if you take the time to look for the loan that best suits your situation.

Obtaining a loan is considerably easier now than it was previously. Furthermore, because these internet payday lenders already know that your credit isn’t ideal, there’s no need to have that awkward talk with a bank account or credit union.

From the list above, we recommend MoneyMutual, BadCreditLoans, and CashUSA as the most reliable payday lenders. The best part is that these are legitimate loan institutions, so you won’t have to worry about scammers obtaining your personal information.

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Best Online Payday Loans Direct Lender for Instant Cash Advance 2021: Top Direct Lenders for Same-Day Loans with No Credit Check and Guaranteed Approval http://lakecityjournal.com/best-online-payday-loans-direct-lender-for-instant-cash-advance-2021-top-direct-lenders-for-same-day-loans-with-no-credit-check-and-guaranteed-approval/ http://lakecityjournal.com/best-online-payday-loans-direct-lender-for-instant-cash-advance-2021-top-direct-lenders-for-same-day-loans-with-no-credit-check-and-guaranteed-approval/#respond Mon, 08 Nov 2021 12:11:09 +0000 http://lakecityjournal.com/?p=2549

Making ends meet is no easy task. With everything from utilities, groceries, rent, doctor’s appointments, or a well-deserved treat, money seems to disappear quickly. However, this is where simple and reliable online payday loan networks that can have your back in those dire times can come into play payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender

But, what are online payday loans? payday loans direct lender or cash advances are short-term and relatively small loans to help you fulfill all surprise expenses from month to month. These loans are a fast and easy solution to provide you with some much-needed extra cash from the comfort of your home. Best of all, they come without overly complicated processes that often have the tendency to hinder your day-to-day life. The online modality allows you to reach for assistance from a vast network of lenders. That way, you can rest easier with a wide range of ready solutions to your problems.

So, you can forget about the traditional ways of driving endless hours to find a broker or pawnshop willing to make a deal that is fit for you. Online, you can have a wide network of registered lenders at easy reach.

Before applying for a payday loan, there are a few things you need to know first. For starters, what is the difference between in-store cash advances and online lenders? Online lender networks — such as those discussed below — offer 24/7 information and a comfortable option to request loans at your leisure.

Likewise, are you opting for a quick loan to pay off at once or something more evenly distributed? Installment loans are usually short-term and debited monthly. These are great options for all kinds of loans, as they allow your payment flexibility to juggle your monthly expenses better and avoid a debt cycle trap of roll-over loans.

Overall, the online payday loan networks listed below all generally take into consideration people with low credit scores, making loans more accessible. However, they tend to come with noticeably higher interest rates than other available options.

You can borrow as much or as little as you need with loans that fit your specific situation and income. The main issue comes from knowing which network is genuinely reliable and responds to your necessities with ease.

Top 4 Best Online Payday Lenders for Fast Cash Approval

  1. MoneyMutual: Overall Best Online Payday Loans with Guaranteed Approval
  2. BadCreditLoans: Trusted for Installment Loans & Payday Loans Online
  3. CashUSA: Most Recommended for Fast Cash Loans Online
  4. Personal Loans: Top Choice for Same-Day Loans & Speedy Cash Installment Loans

#1. MoneyMutual – Overall Best Online Payday Loans with Guaranteed Approval

MoneyMutual is our number one choice.

When it comes to online payday loan options, this platform has a perfect balance between affordable, reliable, and lenient. If you are struggling with money and want an efficient solution to pick yourself up, this is the one. Besides, it is widely trusted and highly rated by its over two million customers.

This marketplace offers a wide variety of loans, including payday loans, installment loans, and bad credit loans. Through this marketplace, you have a minimum loan amount of $200 and up to $5,000. Of course, the availability of lenders for the amount you require will also vary depending on your credit score and credit history, and requests for smaller funds are more likely to be approved.

Do keep in mind that a lower credit score will generally result in higher interest rates from lenders. But just because of a bad credit score, at least in Money Mutual, you will not be denied the options you need to meet your needs.

In addition, interest rates vary significantly from loan to loan, as MoneyMutual is not a direct lender itself. Instead, it is a network that connects you witha lender that can better answer your needs. This means that while you may be quickly put in contact with a potential lender, it is up to you to revise their information and rates to make sure you are truly getting into a beneficial deal.

Highlights

  • Minimum monthly income of $800: The service is entirely free and offers a network of licensed lenders that can provide you a short-term loan with a low base income as a requisite. In contrast, most online payday loan sites will request a monthly income of at least $1,000.
  • Minimum loan request amount of $200: If you are looking for an especially small loan, MoneyMutual allows you to request funds of as little as $200, which is considerably lower than other lenders’ marketplaces.
  • Easy request form: It is as simple as filling out the website form, and all it takes is three simple steps. First, provide your information, from basic contact information to the amount to borrow. Lenders will then review the information provided and connect with you within minutes of filling in the form. You can then review the lender information, repayment terms, and more and decide if they are the right fit for you. If they are not, simply search for another option. After the loan is approved, get your money within the next 24 hours (depending on the lender).
  • Valuable educational resources: This online payday loans website has plenty of educational information available. With this, you can ensure you make an intelligent choice when requesting your loan online.

Pros

  • Request funds from $200 to $5,000
  • Free to use service
  • Quick and easy to fill online form
  • Connect with potential lenders in a matter of minutes
  • Once approved, you can receive funds in as little as 24 hours

Cons

  • Unavailable in New York and Connecticut
  • Upper loan amount limit is small

⇒Visit the official website of MoneyMutual

#2. BadCreditLoans – Trusted for Installment Loans & Payday Loans Online

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BadCreditLoans offers business loans, auto loans, student loans, mortgages, and debt consolidation loans. This network is particularly open to applicants with low credit scores, which makes them otherwise incapable of accessing other forms of easy cash for emergencies. Their minimum loan amount starts at $500 and goes up to $10,000. While these are relatively small loans, they are an excellent solution to handle emergencies.

BadCreditLoans is committed to offering good financial options. So, if you are looking for a fast and trustworthy loan, the BadCreditLoans platform hits the sweet spot between fast money and reliable lenders with reasonable interest rates. If you are someone who would otherwise struggle with getting a quick loan, this website is an excellent tool for you.

Highlights

  • Especially lenient with bad credit holders: As the name suggests, BadCreditLoans’ lending options are specially made for those whose options are cut considerably due to their credit score and history. If, for whatever reason, you have accumulated a bad credit score through the years, BadCreditLoans is a platform that can help you increase your options tenfold. Are you struggling to pay rent? Need to pay car maintenance? Not enough money to make a decent grocery shopping trip? Whatever your need, with BadCreditLoans, all you need to do is a quick and straightforward process, and you will be ready to go.
  • Free service all over the U.S.: This network connects you with lenders all over the United States. The loans and repayment terms are small, so you can comfortably borrow the money you need with little fear of falling into a debt cycle trap.
  • Accessible and easy to use: You can connect with as many lenders as you need to before finding the right match for you by filling in the request form only once. That way, you can quickly review the terms and policies of each lender and compare the interest rates, repayment terms, and overall trustworthiness. The best part is that you hardly need to walk out of the house.
  • Easy-to-use website: This website can save you hours of driving around and considering different options. In just one click, you have at your disposal an entire directory of licensed lenders in the U.S.
  • Specialized in short-term loans, with repayment terms under 36 months: With BadCreditLoans, you can find a quick and reliable solution through which you can make sure you do not end up paying more in fees and interest than the original amount borrowed.

Pros

  • Request funds from $500 to $10,000
  • Service is free to use
  • 36-month repayment term
  • Swift funds disbursement
  • Accepts bad credit holders
  • Easy to use
  • Easy connection with multiple lenders

Cons

  • High interest rates to compensate for low credit scores
  • Relatively small loan amounts

⇒Visit the official website of BadCreditLoans

#3. CashUSA – Most Recommended for Fast Cash Loans Online

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As an online payday loans marketplace, CashUSA puts at your disposal a vast network of licensed lenders in the U.S. Once you have provided your information, you get paired with a lender that can supply your needs. Best of all? It is a fully free service.

If you feel insecure with the lender at any point in time in your request, you can always just say no, as simply perusing the proposed lenders puts you in no compromise at all. So, before you agree to anything, be completely certain you know precisely what you need, and make sure to pick an option tailored to your needs.

Once connected with a lender, just make sure you read through their terms and conditions thoroughly. As a lending network, CashUSA does not control fair interest rates or payment terms, as those vary from lender to lender.

So, do not rush into anything that does not feel right. If a deal is not convenient for you, feel free to say no without guilt. Avoid a bad experience and do your research to choose what is best for you and your specific situation. The research in question includes reviewing repayment terms, annual percentage rates (APRs), lenders’ policies, and more.

With this online payday loans website, you are not restricted to essential expenses when applying for a loan. Go big, go small, or go home. With Cash USA, it is entirely up to you to decide what is worth the risk.

Highlights

  • Request loans up to $10,000: With CashUSA, you can apply for loans starting at $500 and up to $10,000. The minimum monthly income requested to apply for a loan at CashUSA is $1,000. Once the loan is approved, you can receive the requested funds straight into your bank account within the following business day.
  • Educational resources provided: The CashUSA website has many educational resources and articles that can help you choose the right lender. Not only that, but they also offer valuable material that can help you efficiently spot any predatory lenders.
  • You can request a loan for practically any purpose: On some other lending platforms, it is practically impossible to get money for certain things. For example, if you apply for a loan and you state you would like to use it to renovate your home, you would be expected to do just that with the money. Even if another emergency comes up along the way, it will be unnecessarily difficult to get the approval required to divert the funds. However, one of the most significant benefits CashUSA offers is its leniency in the purpose of the loan requested. What one considers an emergency can be very subjective, so you can connect with lenders for all types of reasons with this marketplace. This flexibility gives you ample room to strive for any big purchase that you might not be able to make under different circumstances.
  • Multiple loan options: The loan options available on the CashUSA website include debt consolidation, business, emergencies, vacation, car repair or purchase, taxes, rent or mortgages, moving expenses, weddings, home improvements, medical bills, student loans, and major purchases. Essentially, it offers loans for a little bit of everything.

Pros

  • Request funds from $500 to $10,000
  • Free service
  • Quick funds disbursement after loan approval
  • Direct deposit into your bank account for easy access
  • Multipurpose loans

Cons

  • Relatively small loan amount
  • High interest rates
  • Multiple fees may complicate the repayment process

⇒Visit the official website of CashUSA

#4. Personal Loans – Top Choice for Same-Day Loans & Speedy Cash Installment Loans

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With the help of Personal Loans, you can apply for — and get — loans for a wide variety of reasons. Plus, this online payday loans website offers a notably higher loan amount than any of the platforms listed below. If you are looking for a considerable sum, Personal Loans offers a good balance between immediacy, security, and affordability.

As with most online payday loan marketplaces, Personal Loans can put you in contact with lenders with interest rates ranging from 5.99% up to 35.99%, depending on your credit score. Keep in mind, however, that a lower score will likely mean higher interest rates.

If you are undecided about applying for a loan at all, you do not have to worry about damaging your score just by looking. A match does not mean a hit to your credit score, as that can only be affected if you fail to keep up with any incurred payments.

Highlights

  • Request loans up to $35,000: Through Personal Loans, you can request funds starting at $1,000 and up to $35,000. Then, upon approval, the lender can deposit the funds directly to your bank account as soon as the next business day.
  • Minimum credit score of 500: This score falls on the upper side of a bad credit score (around 300-579). Any lower than that, and you will not be able to apply to any lenders within its networks. This means that unlike other networks in this online payday loans list, it is not as lenient to people with especially bad credit scores.

If your score falls on the fair-to-excellent side, you might want to consider other lending options with better interest rates. You can do some research on personal loans, credit union loans, bank loans, or others, and they might be a better fit for you and easier to handle. However, if all things are considered and an online lender seems like the better option, simply make sure to check all of the available information before making your final choice.

  • Easy accessibility to licensed lenders. Like many other listed platforms, Personal Loans offers accessibility benefits that in-person cash advances or pawnshops simply do not provide. The best is the ability to get a general overview of all available lending options.

Pros

  • Request funds from $1,000 up to $35,000
  • Free to use service
  • Get in contact with potential lenders in just minutes
  • Funds available the next business day
  • Loan repayment terms from 3 to 72 months
  • Multipurpose loans

Cons

  • High interest rates
  • Minimum credit score of 500

⇒Visit the official website of Personal Loans

How We Made This List

When looking for an online payday loans marketplace, you will undoubtedly come across a multitude of sites. One carefree search of “online payday loans” will offer thousands upon thousands of results. But, just because it is there does not mean it is trustworthy. That is especially true if we are talking about online services. So, how do you know the ones to trust?

When looking for a loan online, it is not only a matter of finding a website with a presentable design and legitimate-looking interface, as you also need to do a thorough inspection, checking to see if everything is in order. Because we have you at the forefront of our minds, we took care of that and curated a list of the top four most trustworthy online payday loans networks in the market right now. These websites offer a well-nourished directory of registered U.S. lenders that can answer your needs in a legitimate, secure, quick, and simple way.

What We Looked For

After an extensive search, we picked our winners based on the following standards:

  • Reliability: The same benefits online transactions offer — ease and accessibility — makes them equally vulnerable to deviant manipulation. In current times, it is far too easy to fall for a well-disguised trap, especially on the topic of money loans and other delicate information, as there are online predators and scammers abound. That is the reason you need to be even more careful, as protecting your information and your income is vital, especially if you are already in the middle of an emergency. We made this list taking into consideration the reputation and legitimacy of the networks we rounded up. So, these marketplaces all have broad networks of licensed lenders to fit your specific needs.
  • Availability: In most cases, the networks listed operate all over the United States without issue so you can get in easy contact with lenders in your state.
  • Functionality: These marketplaces all have user-friendly interfaces that allow easy and quick solutions to your problems. In addition, they let you actively compare all lender offers to make an educated bet on the best option for you.
  • Security: The lender networks all comply with industry-standard encryptions for higher security, ensuring your privacy and the correct handling of your delicate information.

How to Choose the Right Online Payday Loans Network

Each one of these four online payday loan marketplaces is a bridge between you and your potential lender. As such, they have no control over specifics, including interest rates, repayment policies and terms, and many more factors that come into play. As a result, it is up to you to verify the legitimacy of the lender.

The main advantage of payday loans is clear — immediate cash. But, the risks are many, so be careful when accepting an offer. You should dive into the how, when, and why of online payday loans.

Set Your Priorities

First and foremost, it is essential to have your financial priorities clear from the start. That way, you will know the sacrifices you are willing to make and when a risk is worth taking. Being honest with yourself upfront can save you a lot of trouble and stress and, perhaps more importantly, allow you to avoid falling into a debt cycle. So, before you accept an offer, exhaust all other options. Is there anyone you could ask for a personal loan? Could you request a credit union loan? Is the money you are looking to borrow genuinely essential?

Research Interest Rates

Online payday loans, overall, tend to come with higher interest rates. This is because most of these platforms serve people with lower credit scores, which is relatively riskier than lending to those with higher credit scores. Therefore, the lenders decide to hedge their bets on higher interest rates.

Aside from high rates, and in some cases because of them, taking on a payday loan can make meeting your monthly necessities even harder by creating an extra expense for you to meet. To top it all, if you are unable to meet your loan payments, this can further negatively affect your credit score, too. Since most of these loans are due to be repaid quickly, it can be way too easy to be late or altogether miss a payment. Most borrowers eventually renew their loans or finalize them only to return looking for a new one the following month.

The important thing is knowing how much or how little to take on. Remember, smaller amounts are more likely to be approved and also much easier to repay.

Military Service

If you are actively serving in the armed forces, are a veteran, or are related to one, you must provide this information. If not, make sure to make it known, as special requirements and accommodations apply to loans for people with military service.

Check the Lender’s APR Policies

One of the fastest ways to identify a bad deal is the little to no focus on the APR on the lender’s website. A trustworthy lender will be honest and upfront with you about the gross amount of your loan. If you cannot find the interest rates easily on a lender’s website, that is usually a big, bright red flag.

Incidentally, if the focus is on a long-term loan, that is usually a pretty good sign you should be looking at another option. Longer repayment terms — especially considering higher interest rates — can most certainly mean you will end up paying twice or even three times as much as you originally borrowed in interest alone.

Beware of TooGood Deals

Does your lender promise absolutely no credit checks? Are they offering the ideal amount and then some, with little to no inquiries? If a deal seems like it is too good to be true, that is probably because it is.

While these platforms are suitable for a fast and easy way to acquire money, you should still be wary of lenders trying to rush you into a decision or that are just a little too insistent you take their deal.

Many people online will take advantage of your desperation about wanting to handle an emergency. They will paint an ideal picture and then keep you hooked, in many cases driving you into a seemingly inescapable debt cycle — emphasis on seemingly. There are many ways to get out of a bad deal. But trust us, it is better to avoid them altogether. So, do not let your stress get in your way, and really do your research before accepting any deal.

FAQs

After reading this article, we are sure you still have questions. This is understandable, as incurring debt of any kind is a hassle all in itself. Adding to that, the fear of scams, predatory loans, and other risks makes you second guess everything. But, as they always say, knowledge is power, so make sure you find out as much as you can before making any decisions.

Q1. What are the basic requirements to apply for an online payday loan?

Requirements will vary from lender to lender, but most online loan networks follow a basic list of requirements. For starters, you have to be a U.S. citizen or permanent resident of at least 18 years of age with a valid bank account. Depending on the network you choose, you will need to present proof of a monthly income of $800 or $1,000. Aside from that, you will need to provide a valid phone number and/or email address as well.

Furthermore, there are other specific requirements, such as credit history and other pertinent, additional information, to be finessed once you are in contact with a potential lender.

Q2. Do I need a checking account to apply for a loan?

Requirements vary. However, a valid checking account is almost always a must, especially if you are putting in the request online through one of the online payday loan networks listed above.

Once you have connected with a potential lender after filling in the form on the website of your choosing, you may verify the specific requests of the lender. This includes not only whether you need to have an active checking account but also other pertinent information such as rates, terms, and policies.

Remember, you are not obligated to accept any loan offer that does not fit your needs. If you have any reason to mistrust or be uncomfortable with the terms of the lender provided, you can always try with another one that offers you a better deal.

Q3. Can I apply for a loan if I have a low credit score?

Yes. In fact, online payday loans are generally more lenient for people with bad credit scores.

Do keep in mind, however, that with a lower credit score (580 or less, on average in the U.S.), you are more likely to get higher interest rates. These fees are the lender’s contingency to ensure their revenue from the loan. But beware — just because your score is below average does not mean you have to take on an excessive load. Always check all available options, and do not let desperation get the best of you. If you fail to do this, you may end up paying in interest more than twice as much as the amount you initially borrowed.

Q4. What if I cannot make my loan payment?

If you believe, for any reason at all, you will not be able to make the payment on your loan, you should contact your lender ASAP. Let them know your situation, and you may be able to arrive at a compromise. Alternatively, you may get a different due date that works for you.

The job of a lender should be to make your life easier, and as such, they should be able to accommodate you reasonably. Either way, it is better to be upfront about your budget to avoid any major issues.

Always make sure you are responsible for your loans. Do not enter a deal you know or think you may not be able to fulfill, as that will only serve to put you in a tighter spot financially.

Q5. Do payday loans affect my credit score?

Late payments or refusing to pay entirely can and will affect your credit score. Failing to make a payment will not only result in additional fees, but it will also reflect poorly on your credit. But, inversely, making your payments in time can also help you improve your score, thus opening up more options to you with every well-handled loan.

However, it is interesting to note that online payday loans are not all automatically listed in credit reports. It is up to your lender to report it, and most of them do not tend to. However, if you do not pay them, they may report it as a result. So, it is more likely a payday loan will affect your score negatively than positively. As stated, it is of the utmost importance to enter any loans responsibly, as you do not want to end up getting yourself into even more financial trouble than with what you started.

Q6. What counts as an income to apply for a loan?

There are many ways you can receive the minimum required money ($800-$1,000) without having a regular job, as payments related to social security, disability, pension, military, and more count as an income. It just needs to amount to the required minimum, which may vary depending on the platform you chose and your lender.

Likewise, if you are an independent worker, you can apply as well. You simply need to provide the legal name and phone number of your business.

Final Thoughts: Choose a Trustworthy Online Payday Loans Network

An online payday loans network can be your biggest ally in times of need. But, in the end, payday loans will only serve you if you know how to handle them. If you are not careful enough, you might fall into the trap of shady deals that can get you into an even deeper mess than you were in the first place.

So, it is important to remember that loans are not something to take lightly — however big or small they may be. If you are already struggling with expenses on a monthly basis, adding the payment of a loan will make it harder on you. The only thing these four marketplaces do is offer trustworthy solutions for you when nothing else seems like a good choice. But, they are not and should not become your go-to.

With these four online payday networks, you have a directory of licensed U.S. lenders that can help you get a payday loan in an emergency. However, you sould use the service wisely, and always double-check the lender’s policies before accepting any deal to save yourself the extra stress.


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Instant Payday Loans Direct Lender Online Guaranteed Approval | Borrow $100 http://lakecityjournal.com/instant-payday-loans-direct-lender-online-guaranteed-approval-borrow-100/ Mon, 08 Nov 2021 12:09:43 +0000 http://lakecityjournal.com/?p=2580

Payday loans refer to small, short-term loans provided by financial firms which are to be paid back when the borrower receives their next paycheck. payday loans direct lender are a relatively new financial product that provide many individuals relief from complex financial situations. However, there are a lot of misconceptions regarding this financial product with many consumers having questions about how to apply and how to repay the loan. The following guide on guaranteed payday loans aims to address these doubts payday loans direct lender

#1 Payday Loan with Guaranteed Approval – Viva Payday Loans

How Can I Get an Instant Payday Loan Online with Guaranteed Approval?

Most payday lenders offer an easy-to-understand online platform from where their financial products can be easily accessed. While the exact method may differ a bit from lender to lender, the basic steps remain more or less the same. Let us take the example of applying with Viva Payday Loans, which is a lending broker. The broker provides a completely transparent system that can provide loans to applicants within 15 minutes.

Guaranteed instant payday loans online can be applied by following four easy steps as mentioned in this brief guide below.

  1. Visit a reputable loan provider – Use a reputable lender or loan finding service such as Viva Payday Loans. The official website contains details on the APR rates of the loans provided.
  2. Complete the application form – Viva Payday Loans provides a quick application form that asks for the loan amount preferred by the borrower. Loans can be found in the following denominations: $100 – $5000. Loan terms can range from 3 to 6 months.
  3. Get your decision – Once the borrower decides how much to borrow, some additional information related to personal information is required. Viva Payday Loans guarantees complete confidentiality when dealing with personal information.
  4. Receive your loan – Applicants will typically receive a decision within a couple of minutes of applying. The success rate of getting loans is high with Viva Payday Loans, as credit history requirements aren’t as stringent. If approved, receive your loan within 60 minutes.

What Are Instant Payday Loans?

Instant payday loans are short-term financial credit products that allow financially struggling individuals to cover their immediate cash needs until they receive their next paycheck. Compared to traditional loans, these loan products typically come with high, double-digit APRs (annual percentage rate) with terms ranging from three and six months.

Compared to other personal and consumer loans, payday loans work a bit differently. An individual may have access to instant payday loans via a physical broker or an online broker, depending on where they live.  In the United States, there are a number of payday loan brokers and lenders that provide online payday loans. However, payday loans may be subject to different state and federal laws which limit how much interest the lender can charge you, or the amount you can borrow.

Once approved, you will receive the loan in cash or check or the money is sent directly to your specified bank account. The loan is to be repaid within the pre-agreed loan period along with the finance charge, which can typically be up to 6 months. The finance charge is based on the loan amount and the lenders. Payday lenders have steep APRs to offset the risk they are taking to provide the loan to the individual.

Most individuals who seek payday loans guaranteed approval have limited options when it comes to accessing lines of credit. They usually have poor income, poor credit scores, and histories that disqualify them from traditional loan products from banks. They may not be comfortable asking their relatives for financial help and resort to these reliable, confidential, and instant lenders that provide short-term financial relief. Many people also choose payday loans because they are easy to get and involve little to no paperwork.

Guaranteed payday loans from direct lenders usually have fewer requirements when it comes to credit scores and histories, which allow them to be approved quickly. Most lenders do not run a credit check and simply require valid identification documents and the presence of a bank account. Brokers that work with a lot of lenders increase the chances of an individual getting payday loans. Choosing a lending broker gives the borrower a lot of access to different loan products from lenders offering preferable rates. It also saves the individual the hassle of applying for payday loans with individual lenders which saves a lot of time and energy.

5 Best Instant Payday Loan Providers Reviewed

Recognizing the demand for such loan products, online lenders and brokers for payday loans have increased in the past 5 years, with a number of reliable names coming forward. Here are some of the top brokers that can provide guaranteed payday loans no matter what.

1. Viva Payday Loans – Overall best payday loan provider

Vivapaydayloans.com is a reliable online payday loan provider under Payday Ventures Ltd. It is not a lender itself but works with a network of lenders using a matching service. It does not take any credit or loan decisions itself and offers a straightforward application process. You can get loans ranging from $100 to $5000 in several denominations as per your choice. The typical repayment term can range from 90 days to 6 months depending on your preferred terms. APRs for the loans can range from 5.99% to 35.99%.

Pros

    • The broker provides an easy-to-navigate website.
  • It is available in most states of the United States.
  • Their decision time is one of the fastest in the market at 2 minutes.
  • It has an extensive network of lenders which increases the chances of finding suitable payday products.
  • It does not charge users to use their search tool.

Cons

    • Viva Payday loans are not available in certain U.S. states.
  • It is not a direct lender which some borrowers prefer.

2. Credit Clock – Best for quick funding 24/7

Creditclock.net is another payday broker that uses a unique algorithm to match the borrower’s requirements to their panel of lenders. They make this match based on the applicant’s details, and preferences. The broker does not charge a fee for this.

Pros

    • It provides an easy-to-understand application form that can be filled up in minutes.
  • You can apply for a maximum of $5000 as a payday loan.

Cons

    • The broker does not provide its services in Montana, South Dakota, Vermont, West Virginia, Montana, South Dakota, Vermont, West Virginia, Arkansas, Connecticut, New Hampshire and New York

3. Money Lender Squad – Best for a wide range of lending options

Moneylendersquad.com is a payday loan broker which provides lines of credit in a matter of minutes. The website is a pretty simple one, with easily navigable options to input your preferred loan terms. The maximum term of loans provided is 6 months. It works with a large number of lenders under its network which may conduct individual background checks on borrowers.

Pros

    • Allows any borrower to apply and receive the loans in a few hours.
  • It does not conduct credit checks itself.

Cons

    • The website does not provide much detail about the lenders under its network.

4. Very Merry Loans – Best for guaranteed decision within 2 minutes

Very Merry Loans is a USA non-charging broker that connects borrowers to potential lenders while charging no extra fee. They make their money by receiving a commission from the lender every time a successful connection is made. Offering loans from $100 – $2000, the top rated broker provides funding for a wide range of needs. Very Merry Loans work with over 30 lenders and loan providers, increasing your likelyhood of acceptance.

Pros

    • The chances of getting a loan granted are high as it works with lenders having varied qualification criteria.
  • 24/7 customer support available with fast response times.
  • Very Merry Loans operates even on weekends and bank holidays offering round-the-clock application processing.

Cons

    • Borrowing costs cannot be guaranteed and can vary hugely from lender to lender.

5. Heart Paydays – Best for wide range of installment loan options

Heartpaydays.com is a bad credit loan provider specifically for less creditworthy individuals who have been turned down elsewhere for loans. They typically offer lenders with APRs ranging from less than 4% to more than 35%. The success rate of this depends on the quality of lenders that are matched with the borrower.

Pros

    • It takes anywhere from a few hours to a few days to get the loan amount depending on the lender chosen.
  • Applicants can easily choose from their preferred terms and conditions and loan term periods.
  • Loans are typically approved within one to two days.

Cons

    • The broker does not provide much information on the team behind the broker as well as other aspects such as registration.

Features of an Instant Payday Loan with Guaranteed Approval

While the exact legal definition is not clear, instant payday loans are short-term, high-cost loan products that range from a few hundred to about $5000. Payday loans are subject to several state and federal laws which may limit the amount one can access. While many of the features of guaranteed approval payday loans are similar to traditional loans, they differ in some key aspects as highlighted in brief below.

Smaller amounts

Payday loans are granted in much smaller amounts compared to other forms of loans such as mortgages and installment loans. For instance, Viva Payday loans provide loans of up to $5000.

Loan structure

Payday loans are typically repaid in a single or multiple payment structure depending on the terms of the lender in question. The due date for every month’s payment is also set according to the terms and conditions presented to the borrower before the loan is taken out. Some lenders allow repayments to be made before the schedule, letting them save a substantial amount on interest payments.

Repayment

Repayment is usually made when the borrower allows the lender the authority to electronically debit the funds from the borrower’s bank account or another source. They can also choose to repay the loans by themselves according to the repayment terms.

Credit requirements

These lenders do not take an individual’s repayment ability into question while granting the loans as these products are specially aimed at individuals struggling with low credit scores and bad credit histories.  It is thus up to the borrower to ascertain whether you can repay the loan amount on time.

Higher interest rates

These payday loan lenders usually provide loans that charge higher interest rates than normal. This is to offset the risk these lenders are taking while providing lines of credit to financially struggling individuals.

States Available for Instant Payday Loans with Guaranteed Approval

Not all U.S. states allow payday lending as the state law does not provide sufficient leeway. There are many states that simply do not allow payday lenders to function as they charge higher interest rates than the ones permitted by state regulations.

16 states prohibit extremely high-cost pay lending:

  • Georgia
  • New York
  • New Jersey
  • Arkansas
  • New Hampshire
  • South Dakota
  • Arizona
  • North Carolina
  • Connecticut
  • Maryland
  • Massachusetts
  • Pennsylvania
  • West Virginia
  • Vermont
  • District of Columbia

Advantages and Disadvantages of Guaranteed Payday Loans Online

Payday loans provide many people with the financial support they need when they encounter hard times. Sometimes these individuals are disqualified from accessing regular loans from banks and financial institutions due to some technical factors such as a dip in their credit score or bad credit history. Guaranteed payday loans for the same day help such individuals free themselves from financial burden. While there are critics of this form of lending, payday loans also provide some pronounced advantages which we will discuss in brief below.

Quickest access to credit

Easy accessibility is the most attractive feature of payday loans. Borrowers do not need to wait for long periods to access the loans and they do not involve complicated paperwork. In fact, borrowers receive the loan amount within the same day of applying in most cases. Payday lenders take instantaneous decisions after the borrowers submit their online applications. As its online, most of these services are available on a 24/7 basis. While traditional loans require you to submit multiple documents for identity verification, the entire process gets streamlined and condensed into two or three steps by using payday loan lenders.

No risk of seizure

Payday lenders provide fast cash in fewer amounts which provides instant financial relief. These loans are unsecured in nature and are not associated with any of the borrower’s assets such as a home or car. This gives a degree of peace of mind to the borrower knowing that his/her assets cannot be repossessed if any delays are made in payments. In case of any default, lenders will not be able to repossess your house as in the case of some mortgage loans.

Less rigid requirements

Traditional loans from banks and other financial institutions require the borrowers to submit documents such as social security numbers, photo IDs, proof of income, and credit score details. Additionally, borrowers must provide proof about their ability to repay the loan before they can receive the amount. Payday loans, on the other hand, require minimal paperwork. Many brokers just require a bank account, proof of citizenship and a valid email address.

Credit checks

Traditional financial institutions such as banks reject a lot of applications from people simply based on their poor credit history. Payday loans are the only way out for such individuals, protecting them from credit inquiry. While some lenders may access your credit details and history, the requirements for granting the loans are low.

However, like every form of loan, payday loans do come with their own set of disadvantages as well.

Debt cycle

If one doesn’t plan one’s repayment schedules properly, the borrower can end up getting trapped in a debt cycle where you have to take new loans to repay existing ones. This is quite the possibility in the case of payday loans as the interest rates and APR figures are quite high. Some lenders also charge additional fees to provide the service can also put a strain on one’s repayment ability.

Legal hassles

Payday loan borrowers have at times been embroiled in legal battles which can be a drain on one’s finances, time, energy and reputation. Not only does it have a negative effect on your credit score, but it also can drag the borrower to court for lengthy legal battles. In extreme cases, this can also lead to heavy fines and imprisonment.

Eligibility Criteria

The eligibility criteria for payday lending brokers such as Viva Payday Loans are less rigid to allow financially struggling individuals to receive money quickly. Almost all FICO scores are eligible for a payday loan. The three main criteria for getting a payday loan are as follows.

  • Be at least 18 years of age when applying for a loan at Viva Payday Loans.
  • Be the holder of valid citizenship documents in the United States and a bank account.
  • Have a valid phone number and/or email address.

Application Process

The application process at Viva Payday Loans is simple and straightforward. The website is very professionally designed and easy to navigate, providing all the details of the different loan amounts available. The online form is simple and can be filled in within a matter of minutes.

The broker requires some additional information to evaluate whether the applicant is qualified to receive a payday loan. The information the applicants sent will remain confidential and will only be shared with respective lenders. Once done, submitting the form will begin the process of loan approval.

Viva Payday Loans is a broker that is known for providing a decision within 2 minutes. This is handy for applicants who want instant financial relief. Regardless of credit history, almost all applicants are matched with a third-party lender. When connected with the lender, the borrower receives the fund within the next business day along with detailed instructions to access it.

FAQs

Is a payday loan right for you?

Can payday loans damage your credit?

How much can I borrow as a payday loan?

What are the costs associated with payday loans?

About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.

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Best Online Payday Loans Direct Lender | Top Quick Loans & Instant Loans to Borrow Money [2021] http://lakecityjournal.com/best-online-payday-loans-direct-lender-top-quick-loans-instant-loans-to-borrow-money-2021/ http://lakecityjournal.com/best-online-payday-loans-direct-lender-top-quick-loans-instant-loans-to-borrow-money-2021/#respond Mon, 08 Nov 2021 11:54:02 +0000 http://lakecityjournal.com/?p=2592

Are you facing a financial emergency and do not have the cash to deal with it? Managing your life from one paycheck to another is hard enough, and any unexpected expense added to the situation is definitely not the sort of thing you would want to catch you off guard.

In such cases, online payday loans direct lender"}” data-sheets-userformat=”{"2":512,"12":0}”>payday loans direct lender are a great option that helps you get quick short-term cash.

Read the guide to know more about online payday loans and the trusted places where you can apply for them.

Top 4 Best Online Payday Loans To get Loan Today in 2021:

  1. MoneyMutual – Overall Best Online Payday Loans
  2. BadCreditLoans – Best Customer Service
  3. CashUSA – Easiest Same Day Loan Approval Process
  4. Personal Loans – Best Personal loans for Bad Credit Scores

#1. MoneyMutual – Overall Best Online Payday Loans

Overview

MoneyMutual is one of the best online platforms for finding payday loans direct lender and is widely popular for finding the fastest loans online. MoneyMutual has connections with numerous lenders, and they provide you with payday loans up to $5,000.

They can even help you find cash in as little as 24 hours if the process goes smoothly. The online application is very easy and will not take up more than five minutes.

Once you fill out the form, a lender will approve your loan, sometimes within minutes.

Pros

  • Part of a large network of lenders
  • No minimum credit score required
  • No upfront fees
  • Quick and easy application process

Cons

Highlights

No Minimum Credit Score

You do not need a minimum credit score to apply for online payday loans with MoneyMutual. Sometimes, individual lenders can conduct a soft check of your credit history, but this typically does not impact your credit score.

Quick Availability of Funds

MoneyMutual prides itself on being the fastest company to approve loans. In many cases, the loans are approved within 24 hours, which is very impressive. The efficiency of MoneyMutual’s services is great for those who need cash quickly for an emergency or unexpected event.

Variable APR

APRs depend on the individual lender and are not specified by MoneyMutual. MoneyMutual acts as a platform where you can connect with several lenders. Depending on your eligibility and requirements, the lender will decide your APR.

Through MoneyMutual, you can search through multiple lenders and see which offer suits you the best.

⇒ Click Here to Visit the Official Website of MoneyMutual

#2. BadCreditLoans – Best Customer Service

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Overview

BadCreditLoans is a customer-friendly platform that connects you to multiple lenders. It is part of a network of reputable financial institutions and direct lenders who can provide you with loans.

They can help you search for loan offers of between $500 and $10,000. Even though BadCreditLoans does not set interest rates, interest rates on offers through their service generally fall somewhere between 5.99% and 35.99%.

The company uses high-end encryption technology to ensure your data stays safe with them. BadCreditLoans has been operating in the market since 1998, which makes them an experienced and reliable platform.

Even people who have bad credit can apply for their online loans. However, a lower credit score usually results in offers with higher APR rates.

Pros

  • Presents multiple loan offers
  • Suitable for people with bad credit
  • Loan offers of up to $10,000

Cons

  • APR rates may be high
  • Personal info required to get loan approval

Highlights

Options to Compare

BadCreditLoans provides you with multiple options. You can compare each of these options before you finalize the deal. This helps you understand the different interest rates and loan terms that each lender is providing.

Direct Payments

BadCreditLoans is a platform that provides you with access to multiple lenders. They are not directly involved in the transactions that take place between you and the lender. This means any payment you make will be directly to the lender and not through the platform.

Personal Loan Calculator

You can use the personal loan calculator if you want to know about your payment amount, loan term, or interest rates. Though the calculator will provide you approximate results, it can help you understand how many monthly payments you will need to make and of what amount.

⇒ Click Here to Visit the Official Website of BadCreditLoans

#3. CashUSA – Easiest Same Day Loan Approval Process

image2

Overview

CashUSA is a lending platform that gives borrowers access to multiple lenders. These lenders can provide you with online loans of up to $10,000. The approval process is very easy, and you can get your cash within the next business day.

The funds are directly sent to your account without any hassle. CashUSA has a very simple application process. Once you fill the application form, the lender will conduct a soft credit check. However, this will not have an impact on your credit score.

If you qualify for your loan, the lender will send the fund to your account within 24 hours. This is the easiest way to get emergency funds from a reputable platform.

Pros

  • Large lender network
  • Dependable and secure platform
  • Excellent customer support
  • Easy application process

Cons

  • Interest rates up to 35.99%
  • Maximum loan amount of $10,000

Highlights

Quick Loan Decision

With CashUSA, you will not have to wait for days before getting your loan approved. If your information is correct, the lender can approve the loan within a few minutes. This means you get your funds within one business day. People looking for quick emergency cash will find this option favorable.

Soft Credit Check

CashUSA conducts a soft credit check to understand your credit situation. A soft credit check will not affect your credit history and lower your credit score. This soft check and some basic personal information are all that is standing between you and some fast cash.

⇒ Click Here to Visit the Official Website of CashUSA

#4. Personal Loans – Best Personal Loans for Bad Credit Scores

image4

Overview

Personal Loans is another lender network that provides you with loans from $500 to $35,000. It provides a safe space for customers to apply for quick online loans. The lenders on the platform are open to working with people who have bad credit scores.

Your loan may get approved within a few minutes of your application. This ensures that you get the funds quickly, sometimes within 24 hours. Personal Loans is one of the best lender networks for emergency funds.

They offer loans for many different needs, including educational expenses and debt consolidation. It is always better to opt for a lower loan amount, so you can pay it off easily when you get your next paycheck.

Pros

  • Loan offers from multiple lenders
  • Quick and easy online process
  • Soft credit check
  • Fast funding

Cons

  • Strict eligibility requirements

Highlights

Variable Annual Percentage Rate

APRs will depend on the lender you are working with; however, it may range from 5.99% to 35.99%. It also depends on the loan amount and your credit situation. You have the liberty to compare different lenders to see who provides you with the most affordable interest rate.

Easy Application

The application process does not take more than a few minutes. Since it is an online platform, you can fill out the application form from home. To start the loan approval process, you will need to provide your personal information like age, name, credit details, etc.

⇒ Click Here to Visit the Official Website of Personal Loans

How We Made This List

Numerous companies provide online loans; however, not all of them are legitimate. To help you make the right choice, we have curated our list keeping certain factors in mind.

Below are the factors we took into consideration while providing you with the best online payday loan companies.

Differentiating legitimate companies from scammers can be hard for some people. Many companies provide attractive offers to lure customers in. However, eventually you will find yourself in deep waters with high-interest rates.

We found all the top companies providing instant payday loans with same day approval; from these we shortlisted those brands with a good reputation. For this we checked the reviews of previous customers and their experiences using products from these brands.

Generally, a company that has been in the market for a while is our preferred choice. This shows they have been able to satisfy the requirements of their customers and have not been involved in any fraudulent activities.

That being said, some newer companies have already made a good impression within a short time. These companies are also the ones you can approach for loans online.

The interest rates for online payday loans may seem high; however, this is why it is important to research what typical interest rates are for payday loans. Legitimate companies maintain a very moderate rate of interest as per the market requirements.

While making our list, we found that the best online same day loan platforms usually presented customers offers with similar interest rates.

Through extensive research, we were able to shortlist four of the top companies that offer relatively good interest rates.

Most people avoid reading the terms and conditions when applying for loans online, but these details are crucial for understanding the agreement you enter into with a loan. The terms and conditions are legally binding, and the company may take harsh actions if you do not follow them.

Some companies even include terms and conditions that may not be in favor of the customer. Once you have read the fine print, you can find out those points and understand whether the company is acting in your best interest.

To make the task easier on you, we have shortlisted platforms that provide customer-friendly terms and conditions. Even then, you should read the contract carefully before you finalize your loan. This ensures clear communication between the company and the customer.

Using these factors, we were able to list out for you with the best companies for online payday loans.

What is a Payday Loan?

Payday loans are short-term loans with high interest. Generally, these loans are given in small amounts as emergency funds. This type of loan is supposed to last until you get your next paycheck, after which you repay the amount.

Most online lenders offer high loan amounts, but it is always best to accept the smallest loan amount that will cover your emergency expenses. Since the interest rate is high, it could create financial problems when trying to pay it back.

Most people may apply for payday loans of $500 or so. Depending on the lender, your interest rate and loan term would vary. There may also be a fee for every $100 you borrow from your lender.

How Do Payday Loans Work?

The standard loan term is about two weeks; however, this is flexible. Payday loans offer you very fast money without any credit check.

They are unsecured loans; this means you do not have to provide any collateral to your lender. Due to the unique nature of loans, the application process is also different. You will need to provide details for personal identification for the application process.

The lender will verify your personal details along with your bank account details. They will further check if you have the means to pay back the amount. Most lenders conduct a soft credit check to understand your credit situation before they approve your application.

Once the application is approved, you get your money within one business day. If any issues emerge, the payment might get delayed and the lender will notify you of this.

What Are The Benefits of a Payday Loan?

If you have run out of money and need emergency funds to take care of a few things before your next paycheck, online payday loans can help you out. Below are a few benefits of online payday loans that will help you understand whether they are the right choice for you.

Few Requirements

The application process for loans is very easy. There are not too many requirements that you need to meet to get approval. You need to provide proof of your income source along with some personal information for verification.

People over 18 years old and who have a steady flow of income are usually eligible for online payday loans.

Quick Process

The best thing about online loans is they are processed very quickly. Once you fill in the application form, the lender may approve your application within a few minutes. However, the exact processing time depends on the lender and the lender network platform you choose.

If you are lucky and the verification process goes smoothly, you will get your funds the same day or the next business day.

Flexible Repayment Terms

When you apply for online loans, the lender informs you about the repayment terms. Most online networks provide flexible repayment terms ranging from two weeks to about three months.

It is always advisable to choose a repayment term that you are most comfortable with. High interest rates could create issues for some people. Hence, with flexible repayment terms, you can pay back the money without putting undue stress on your monthly budget.

No Collateral Required

You will need to provide collateral when you apply for traditional loans. However, this is not something you need to worry about with online payday loans. These are unsecured loans and do not need any collateral.

The lenders do have access to your account details and personal information. This means in case of failure of payment, they can take strict actions if needed.

Get Higher Loan Amounts Over Time

People who borrow for the first time are normally given a small borrowing limit. This helps you pay back the loan on time. However, the lender increases your limit with time, given you can gain their trust.

You can do this by repaying the loan amount on time. This ensures the lender that you are serious about repaying your loan. This also makes it easier for you to get higher loan amounts in case of bigger emergencies.

Easily Manageable

After being approved for a payday loan, your account will be opened with a lender. Here, you can check your next reimbursement date and outstanding balance.

There will be no confusion regarding your payment details, and you can check them on your own.

Facts to Know Before You Apply for Payday Loans Online

Online payday loans can help you out of the financial emergency you may have fallen into. However, many people go for loans without comprehending the situation they are getting into. Below are some facts about a payday loan you should know before taking the option.

Instant Cash

With online payday loans, you get instant cash within a day or two. This helps you take care of any emergency, like electricity bill payments or some major plumbing issue. It would normally be impossible to get instant cash except from close family or friends.

People who do not have that option or do not want to take that option will find online loans very helpful. However, read the lender’s policy before you finalize the deal.

Temporary Arrangement

It is crucial to remember that online payday loans are short-term loans. They are a temporary arrangement that saves you from a dire situation. People opt for these loans if their paycheck has not yet arrived and they require emergency funds.

It is advisable not to take loans unless necessary. This is because the interest rate is quite high, and not everyone can afford to repay the money plus additional fees incurred.

Check Your Eligibility Criteria

Before you apply for the payday loan, ensure that you are eligible. You must be above 18 years old to be eligible for a payday loan. Secondly, you need to be employed or have a steady source of income. Beyond this, you must also have a bank account in your name. These factors will improve your chances of securing a loan.

Know Your Financial Status

Payday loans help you out when you are temporarily out of funds. Even then, you must assess your financial status before you borrow the money. You need to be able to pay back the money that you have borrowed.

Hence, you should only apply for a loan if you are sure that you will be able to pay it back.

Understand the Process

The process for online payday loans is different from offline payday loans. Generally, the online process takes less time, and it is very simple. You will need to provide a few details for the approval process, such as your identity proof and proof of income.

The whole process is done online, starting from the application form to the approval. Moreover, online payday loans do not take up much time to get approved. Lenders will ideally approve the loans within a few minutes and transfer the funds in 24 hours.

Compare Interest Rates

When you talk to different lenders, they will provide information about the interest rates and repayment terms. Compare these interest rates and check which one is the best. Research is essential when you are applying for online loans.

You can check out different platforms and see which interest rate is the most feasible for you. This is an important factor because a high interest rate can create issues for you.

Are Online Payday Loans Legitimate?

The online payday loans we have reviewed in the article are legitimate. There are multiple lenders in the market, and it can be hard to differentiate between scammers and legitimate ones.

A real lender will have a license and will have permission to operate in your state. Before you associate with a lender, check their website and see if they operate in your state. Lenders who do not operate in your state and still agree to lend you money are scammers. You should always avoid these lenders.

Do not ever operate with a company that does not have a legitimate license. If you are unsure about the legitimacy of your lender, you can check for information from the state attorney general’s office. They will have details about the companies or lenders, and you can see if you have chosen the right lender.

Is It Possible To Get A Loan With 450 Credit Score?

Yes, it is possible to get a loan with a 450 credit score. These lenders provide you with online loans even with bad credit. However, the lower the score, the higher will be your interest rates. On the other hand, if your credit history is good, you might get a considerably lower interest rate.

Payday loan rates are generally higher since they are short-term loans. A 450 credit score is below average, so the interest rates will be considerably higher than normal.

When applying for payday loans, your income source matters more than your credit score. You can easily apply for loans despite having a 450 credit score if you have a steady income.

Are There Any Alternatives to Payday Loans?

Due to the higher interest rates in payday loans, many people search for other alternatives. If you are not comfortable paying such high interest rates, below are some personal loan options you can choose from.

Peer-to-Peer Lending

When you borrow money directly from the lender, it is called peer-to-peer lending. There is no middle man in this type of lending, and the interest rates are much lower. If you are unable to afford high interest rates, this is the option for you.

Paycheck Advance

You can ask for an advance on your paycheck from your employer. You can share your issues with them and ask for the exact amount you need.

Your employer can provide you with the cash up front, which will not be a debt on you. There are no interest rates or repayments involved. You will be using your own money for emergencies. This is great if you have a steady income and will be able to manage your budget for the next month.

Credit Card (0% Interest)

A 0% interest credit card can help you take care of emergency expenses. There will be no interest rates for a certain time, giving you enough time to arrange the money. Use this credit card only for emergencies since there will be an inquiry when applying for a new card.

The inquiry will reflect on your credit history and affect your credit score.

Is It Necessary to Have a Bank Account for Payday Loan Approval?

Yes, you will need to have a bank account to be eligible for payday loans. Lenders will ask for a checking account in your name where they can deposit the loan amount. There are other requirements you need to fulfill for being eligible for online loans.

You need to be more than 18 years old and a permanent U.S. citizen. There should be a steady source of income, without which you will not be approved for the loans. This income should be a minimum of $1,000 per month after taxes.

You will also need to provide personal information like your name, email address, work number, and home number. The lenders might also ask for your social security number in some cases to verify your information.

Ensure that you provide the information correctly to connect with a lender.

People who do not have a checking account can also use their savings account. You still might get the loan in some cases, even if you do not have a checking account. However, this depends on the terms and conditions of the lender.

If you do not have a bank account, the lender may send the money in cash, check or debit card via mail. You will also have to be clear about how you will be making the payments to your lender.

FAQs Regarding Online Payday Loans

Q. What happens if I fail to make the repayments?

If you cannot make the payments, you will need to first communicate with the lender and ask for an extension. In most cases, the lender might give you a few days of extension. However, if you still cannot make the full payment on the due date, the lender might work with you and reduce your monthly payments by extending the repayment period.

In such cases, you will need to pay a late fee or due fee to your lender. This might be harder on you if you are struggling to make ends meet. Lenders will take legal actions against people who are unable to make payments at all.

That is why you must take online loans only if you can make the payments. If not, it might become an extra burden on you and engage you in a legal battle that you cannot afford.

For people unable to afford the payments but needing emergency funds, one of our alternative options may be the most suitable choice.

Q. Will the payday loan get affected based on where I live?

Whether online or offline, the rules and regulations about payday loans are different for every state. Even online payday loan companies will have to adhere to the laws of the state they are functioning in. Many platforms avoid operating in certain states if they feel the rules are not aligning with their business terms.

For example, MoneyMutual does not function in New York due to the same issues. Moreover, many states ban payday loans altogether. Even online platforms cannot function in those states without legal implications.

The states that allow payday loans might also have some restrictions. These restrictions may be about the number of loans one individual can take or the interest rates.

Q. What are the primary requirements of a payday loan?

Online payday loans do not have too many major requirements. There are just a few criteria that you need to fulfill to be eligible for online payday loans. They are:

  • 18 years or above
  • Valid and open checking account or savings account
  • Proof of income
  • Valid email address, work, and home phone number
  • Social security number

Lenders will also conduct a soft credit check in most cases. This will not reflect on your credit report but will help the lender determine your credit situation.

Conclusion

Emergencies requiring extra money may occur now and then. However, people with a strict budget may not always have emergency funds at their disposal. Similarly, asking for money from friends or family may not always be an option for certain people either.

In such cases, online payday loan platforms can offer a way out, and connect you with a range of reliable lenders. These platforms have a large network of lenders who can provide you with the best loan terms.

You can compare the loan terms, interest rates, and repayment period of each lender. Depending on which conditions suit you the best, you can make your pick. However, make sure that you read the terms and conditions carefully before you accept the final offer.

We found MoneyMutual and BadCreditLoans to be the best online payday loan platforms. With online payday loans, you will get quick financial assistance for any unfortunate situation.


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