Payday Loans Online
Medical emergencies, unexpected changes in income and car repairs are just a few of the very common reasons that you might need an online payday loan.
Let's be real. It's not fun, but sometimes life happens and you need cash quickly.
Whatever you may need your cash loan for, it's reassuring to know that online lenders are willing to work with all types of borrowers. Lenders want to help you to get the funds you need- even with bad credit in some cases.
What is an Online Payday Loan?
Put simply, an online payday loan is just a short-term cash advance that a borrower agrees to pay back by giving an online lender a personal check to be deposited at an agreed-upon time in the future. Giving a lender electronic access to a checking account to withdraw payment from is also an option.
There are various names for online payday loans, such as paycheck advances, check loans, deferred deposit loans or cash advance loans. However, these types of loans all usually work in a very similar manner.
Individuals in need of payday loans do not have to visit a brick and mortar lending institution to apply for a loan. Rather, the process can be completed from the comfort of home. The application process is quick and simple. Depending on your individual circumstances, the best online payday lenders can transfer funds into your account as soon as the next business day.
The Online Loan Application Process
The application process will vary by lender, but below you can find a list of documents and requirements that traditional payday lenders might ask you for:
- Be a US resident who is 18 years of age or older
- Have a valid drivers license or other government-issued identification
- Have income from gainful employment or another source to meet the minimum financial guidelines
- Be able to provide a verifiable email address and a valid phone number
- Have a personal check handy, or an active bank account that can take electronic transfers
What are the Benefits of Payday Loans Online?
The biggest benefit of payday loans online is convenience and speed. Not only is it a quick application, and short turnaround time to get funds, but you don't even need to leave your home!
Additionally, there aren't as many requirements as some other types of consumer loan products, so there isn't as much of a hassle when it comes to getting your funds.
Will Online Payday Lenders Check My Credit Score?
In most cases, a "soft pull" of your credit is all that's necessary. Meaning that your online lender will verify certain pieces of your credit history, but will not perform a full credit check that could potentially impact your credit score.
Online lenders frequently use income as an alternative option when assessing someone as a loan risk.
Am I Eligible for a Payday Loan if I Have Bad Credit?
You should absolutely still consider applying for a payday loan even if you have bad credit.
Online payday lenders almost always review a variety of data when making a decision about your application, instead of solely focusing on your credit score. The credit score of the average applicant for this kind of loan is generally on the lower side, so you may still be eligible.
How Quickly Can I Get My Payday Loan?
In most instances, you will know whether or not your online personal loan application is approved within a few minutes. At that point, you'll finish the loan process with your payday lender.
The length of time it takes from beginning to end may vary from one lender to the next, but most loans of this type are processed faster than traditional loans, and the best online payday lenders have been known to deposit funds as quickly as the next business day in some cases.
Should I Just Use a Credit Card Instead?
Payday loans online have actually emerged as a savvy alternative to the use of credit cards, and many consumers are turning to this option instead. This is because, in most cases, it takes a long period of time to pay off the credit card, which means a considerable amount of interest must be paid.
When this interest is added up over a long period of time, it can potentially put a significant dent in a person’s discretionary income. Payday advances online have an advantage over credit cards, as they eliminate the presence of a large balance that may be difficult to pay down.
If you do not have immediate access to resources, a payday cash advance is one way to meet urgent and unexpected bills. However, using credit cards for this purpose can quickly snowball into a major financial problem. Because online payday advances are repaid quickly, this issue is eliminated when this option is used.
The Different Types of Online Payday Advances
Not all online payday advances are the same. There's a few different types depending on what state you live in, but typically you will have options based on how quickly you want to pay back your loan, or how many payment installments you're comfortable with.
The Best Lenders for Payday Loans Online
If you're in the market for a loan, chances are you're also researching the best online payday lenders. To help you out with some of that legwork, we've included reviews from the top online lenders.