10 Most Important Payday Loan Questions Answered HereYou’re thinking about getting a payday loan, but you’re a smart shopper. You have questions. And we have answers. Before you jump into a type of loan you have never used before, it makes sense to learn about them and learn about loans generally. We’ve gathered ten of the most common and important questions that people ask about payday loans so that you can get all the information you need in one place.
1. Are there any good payday loan companies?
Yes, there are some very reputable and reliable payday loan services that borrowers come back to over and over again. And, they can be found online. Try out QuickCashToGo.com, NationalCashCredit.com, and GreenLeafLending.com. These are lending services that take your information, everything a lender would need to get you approved, and match you to a payday loan lenders. They use exclusive networks of lenders that have been pre-selected to provide the best and safest online service with the fastest and easiest approval.
2. Why would you use a payday loan?
There are a lot of reasons that people turn to payday loans, and you are likely to have your own reason if you are already thinking about it. Many people use them for various typical expenses during weeks when they run short of money before payday. Because these kinds of loans are small in size and quick, it’s easy to get a few hundred dollars to tide you over until your next paycheck comes into your bank account. Some people also turn to payday loans during times when they have unexpected expenses, like family or medical emergencies, but no real savings to cover the costs. You can use payday loans for anything you want, but they are generally smaller than bank loans.
3. How do I get payday loans online?
There are payday loans available in storefronts and shops, like check cashing stores, but the easier way to get them is online. You can go to the websites mentioned above, and you’ll find the application for the loan there. It’s easy to access and takes just a few minutes to fill out and submit. You can also access these payday loans by using a mobile app. Just look for the app on your phone, download it, complete the application and submit it, and you will have the same lender access as you do through the website.
4. Are bad credit payday loans real?
Yes, these are for real. You actually can get a payday loan even with bad credit or with no credit. The reason this works is that the lenders who work with these online sites use a different type of formula for calculating and approving loan applications that most traditional lenders do. This doesn’t mean that your credit doesn’t have any bearing at all on getting approved, but it matters much less. Generally, the lenders who offer these loans don’t do the typical credit check with the three major reporting agencies. Instead, they put more emphasis on factors like income, job history, and previous experiences with payday loans.
5. Is there an instant approval payday loan?
There is no such thing as instant approval with payday loans, but these online options come as close as you can get to it. When you apply online for one of these payday loans, your approval takes 90 seconds or less. Unless there is some issue or question to clarify on your application, you won’t have to talk to anyone on the phone, fax anything, or even email. Just submit the application online or through the app and you will get that quick answer. Better yet, the process of getting cash to you typically takes less than 24 hours, depending on when you applied. There is no instant loan, but these loans come really close and are faster than any other type of loan you can get.
6. Can I get a payday loan with a debit card?
Unfortunately the answer to this is now. You can’t get a loan like this without actually having a bank account that the cash can get transferred into. Lenders don’t offer to put the money on a debit card or prepaid card. The reasons for this are complicated, but the requirements for getting approved for a payday loan are still pretty simple and do include having a checking or savings account. This makes it really easy for you because you can access the cash right from your account as soon as it’s available, whether that means using your bank card, writing a check, making a transfer online, or even going to the bank to get actual cash.
7. Is a payday loan online safe?
A payday loan online is extremely safe, as safe if not safer, than a bank loan. The information you provide is kept safe with encryption software and can be deleted permanently once the loan has been processed. If you choose to, you can also opt out of marketing opportunities so that your information won’t go to any third parties, and you won’t get spammy emails and texts. Unlike traditional loans, there is no actual paperwork here, so your information won’t be floating around a store or a bank for anyone to pick up and steal.
8. What are the pros and cons of payday loans?
Payday loans, especially these loans that are available online, work for just about everyone. The pros are impressive:
• Fast approval
• Bad credit or no credit OK
• Quick cash in about 24 hours or less
• Cash sent directly to your bank account
• Apply online or through an app, without going anywhere
• Safe online access
• Easy and convenient process
• Reliable, pre-screened lenders
• Small loans that are affordable
• Repayment is automatic on due date
So what are the cons? There aren’t many, but if you can’t afford to get a loan at all, then any type of loan could put you in a difficult financial position. And, if you need a larger loan, of ten thousand or more, an online payday loan isn’t bad, it just isn’t the right choice for your needs.
9. Do unpaid payday loans affect credit?
The benefits of a payday loan can be really great. You get the cash you need to pay your bills, to cover weekly expenses until payday, or to take care of things that come up unexpectedly. You can even help improve your credit score when you take out one of these loans and use it responsibly, which means repaying it on time. With these online payday loans, the lender automatically deducts what you owe on the due date, making it hard to forget to repay.
But, if you don’t have the cash in your account when repayment is due, it can be problematic. You need to anticipate this and roll over the loan so you aren’t late with paying. All loans need to be used responsibly to avoid negative consequences. If you make a repayment late or miss it, the repercussions could affect your credit score and bring it down lower.
10. Where can I get payday loans near me?
The best thing about these payday loans is that you can get them near you at any time of day or night, any day of the week, including weekends and holidays. They are always near you because they are online. Whenever you’re wondering where you’ll find a loan, just look at your computer or mobile device. That’s where they are. All you need to do to get access and get these loans is complete the online application or the mobile app. Don’t bother to leave the house or try to fit in getting a loan between work and home or picking up the kids. Instead, use your phone or your computer or tablet from wherever you are to apply and get your cash.
The next time you’re wondering where the cash will come from to pay your bills, stop worrying and just go online for a payday loan. There are so many good reasons to get this kind of loan, and now that you have had your questions answered you have all the information you need to feel good about it. You know how easy it is to apply and get approved, how convenient the whole process is, and why other people rely on these loans. So, when you need cash, turn to online payday loans to make your life easier.