How Do Payday Loans Work?
A payday loan is a small amount of money issued by financial organizations. Its features are speed of application and funding, minimum of documents. You don’t have to go to the lender’s office to get a short-term loan online. You can get it without going anywhere.
A payday loan is suitable for the following purposes:
- purchases of goods and services: for example, household appliances, electronics, gifts;
- treatment and purchase of medicines;
- repairing a car or a house;
- paying rent if your paycheck is delayed, etc.
Unlike banks, the interest rate is charged daily. The maximum loan term is usually 4 weeks, while banks can issue a loan with real estate collateral for up to 20 years.
Advantages of payday loans over bank loans
- A loan can be obtained via the Internet without leaving home;
- You can get a loan even with bad credit history;
- No paperwork;
- Issued without collateral and surety;
- Speed: money is transferred to the account quickly, at any time of the day or night.
- High-interest rate;
- Small amounts;
- Short term of crediting;
- Large fines for delays.
Conditions for obtaining a payday loan online
Online lenders usually offer clients the following conditions:
- In the amount ranging from $100 to $1,000;
- For a period not exceeding 30 days;
- With any credit history;
- Funding is same day or next day;
- No hidden fees;
- No commissions for issuing funds;
- No collateral and guarantors required.
Basic requirements for getting a payday loan:
- Be at least 18 years;
- Be a U.S. citizen or legal resident;
- Have a valid ID;
- Have a regular income;
- Have a valid phone number and e-mail.
Payday loan repayment methods
- in your personal account using a bank card;
- in self-service terminals and ATMs;
- transfer from a bank account;
- in the mobile bank or Internet bank.
5 tips to know before taking an online payday loan
- Make sure to provide accurate information in the application form. Check for errors;
- Choose companies with the lowest interest rate. Use promotions and special offers to reduce the percentage;
- Apply for a payday loan only if you can repay the debt;
- Carefully read the terms of the agreement, including the text under the asterisks, footnotes.
We will help you get an online payday loan
We are a referral service that connects consumers to the right lender. Our database contains hundreds of reliable creditors. You create a loan request, and the site selects suitable companies.
Such a “search engine” allows you to choose a payday loan organization with more favorable conditions. You don’t have to surf the Internet for hours, read reviews. We will find a convenient and reliable company, we have collected lenders only with a good reputation in the lending market.
Our users do not pay commissions, many become regular customers. Convenient functionality and speed of application processing distinguish our website from similar aggregators.
We work 24/7 without breaks, holidays and weekends. You can be 100% sure that you will receive a payday loan with no credit check instantly at any time of the day or night.
What you need to do to get a payday loan:
- Fill out a short form on our website;
- Check out a selection of the best deals;
- Receive money to your bank account in a few minutes.
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