Everyone deserves a second chance, which is why certain lenders offer an improved method of analyzing and approving your application based on your current and future financial profile rather than your credit history. Unlike most traditional banks and financial institutions that base their decisions on your past, payday loan lenders tend to focus on the human side of the equation and take an interest in your future to give you the financial support you need.
Who Can Apply for a Payday Loan?
No one is immune to financial contingencies. That’s why most payday lenders are committed to helping you, regardless of your financial situation. You can apply for a loan without investigation whether you have good or bad credit, as many lenders offer a flexible range of endorsements for personal loans.
Simple, fast and confidential, the online application process usually results in a response within a maximum of a few hours, and sometimes even within the hour, which is appealing to everyone. In some instances, it is also possible to have your deposit request processed directly into your bank account on the same day, which differs significantly from financial institutions with their wait of several days or even weeks!
Payday Loan Advantages
1. REPAYMENT FLEXIBILITY
Although many people believe a payday loan must be paid back on or before their next payday, this is a misconception. After receiving your deposit, you will generally have anywhere from 3 to 6 months to repay your personal loan. Of course, it’s always possible to pay your loan back sooner if you do have the funds. Keep in mind that the faster you pay your loan back, the less interest you’ll accumulate.
2. QUICK DEPOSIT
Depending on your specific file and application, receiving your requested funds can be very quick. Thanks to online technology, your application and deposit can be processed as quickly as within the hour. In most cases, a loan is deposited directly into your bank account within 24 hours. No matter why you’re applying for a loan, receiving the funds quickly is usually highly appreciated.
3. GUARANTEED APPROVAL
Regardless of your credit rating, you can be accepted. When it comes to applying for a payday loan online, it doesn’t matter whether you have an excellent or poor credit score. Payday lenders look at other factors to determine the level of risk in lending to you, such as income and employment.
4. RESPONSIBLE LENDING
Online lenders are much more qualified than most tend to think. With a little research, it’s possible to find a lender that will equally educate you on loan repayment, healthy ways of staying out of debt, and even guide you towards the loan that best suits your needs and your current repayment capacity.
Why Choose an Online Payday Loan?
Did you know that an online payday loan doesn’t have to be a “last resort” option? Yes, you read right! In reality, there are plenty of reasons why an individual can request a payday loan, and payday lenders offer many more services than just emergency funds.
Here’s a short list of a few other services offered by payday lenders:
- Quick Cash Advance: Want to buy your significant other a gift, but your budget doesn’t allow it? Surprised with a few extra days off vacation but don’t have the extra funds to have a little fun? A quick cash advance, slightly different from a loan, is the right option for you! Payday lenders can allow a borrower to withdraw funds via their credit card, allowing for extra fast access directly. When you need cash fast, no matter your financial standing, a payday lender offering a cash advance is the way to go. Applying is as easy as 1-2-3!
- Quick Cash Loan: If ever you find yourself in a tight financial situation and simply need fast money, a cash loan can be a solution for you. Contrary to a traditional banking institution, payday lenders can deposit the requested funds within 24 hours – and sometimes much less. When requesting financing from a bank, you have to wait for an in-person appointment as well as several days before receiving funding. When your situation is a little urgent and doesn’t allow for a waiting period, there are other options available. The application process takes no more than a few minutes, and everything can be completed from the comfort of your own home.
- Rebuilding Credit Score: Did you know that an online payday loan can actually help restore your credit score? It’s true! Credit can be built in several different ways, but one well-known method is by respecting your payment engagements. In other words, if you request a loan and respect the terms of repayment, you can better your credit score little by little.
- Debt Consolidation: Payday loans are also great for helping someone in a difficult financial situation get out of debt. In many cases, someone in debt will owe money to several different companies and institutions, making repayment difficult and hard to track. An online payday loan can allow you to receive a lump sum and consolidate all your debts with one loan, allowing you to focus on repayment in one place! If you’re looking to consolidate debt, all while keeping things simple, you can contact a qualified payday lender to learn more about your options.
- Bad Credit Loans: Last but not least, payday loans are great for individuals with a poor credit rating because lenders don’t necessarily perform credit checks. Your past shouldn’t affect your future, and with this in mind, payday lenders take a look at other factors, such as rent or car payments as well as salary and employment to determine whether or not they should lend money to you. This means that you can be accepted for a loan no matter your credit score!
It’s time we take the stereotypes and misconceptions away from payday lending and take a look at the numerous advantages and services offered by online lenders. You don’t need to be in debt, have bad credit, or need a “last resort solution” to apply for a payday loan – times are changing!
