Introduction to Online Payday Loans
Most Americans today are still feeling the effects of the credit crisis and mortgage meltdown that occurred a few years ago. The lending market is still tight and for people who have less than perfect credit or perhaps no real credit history at all, finding much needed cash quickly and securely can be a stressful and exhausting process.
But luckily there are options available! OnlinePaydayLoans.net can assist you during this difficult financial period by helping you get the emergency cash funds you need. This website is not a lender and we don't actually lend money or broker any type of loans. What we offer is a free referral service to a vast network of online lenders who specialize in short-term loans. This type of loan is designed for people who are facing an unexpected financial emergency, such as a car repair or unplanned medical bill.
OnlinePaydayLoans.net has kept the application process simple and straightforward. Here is a brief summary of what you can expect when you apply for an online payday loan.
The first thing you will need to do is fill out the application form which you can find on our secure website. You can avoid delays in processing your loan request by filling out all the information correctly and honestly. Most lenders will not consider an application that does not contain verifiable information.
You should expect that lenders will verify your personal information including name, address, and social security number. If possible, list a second contact phone number as this makes it easier to confirm the information on your application. Usually you will be asked to provide proof of income, such as a recent paystub. You should be aware that it is a crime to knowingly give false information on any loan application.
Once you have completed the application form and submitted it for consideration, OnlinePaydayLoans.net then shares your information with one or more lenders in our network. Not everyone will qualify for a payday cash loan. While we try to match every applicant with a suitable lender, we cannot guarantee that you will be matched successfully. This website simply forwards your application to short-term lenders. We have no role in the approval process whatsoever.
There are some basic requirements which most lenders adhere to when considering a loan application. These are:
Be a U.S. Citizen Be at least 18 years old Be currently employed with a monthly income of at least $1000 Have an active checking or savings account
If you have other verifiable sources of income, you are encouraged to list them also. An important note: Active-duty members of any branch of the U.S. Military are not allowed to apply for a payday cash loan.
Payday loans are generally available in amounts ranging from $100 to $1000. When you apply for a loan, there is no guarantee of how much cash funds you will be approved for. Lenders normally will factor in your current financial situation, including income level and the amount of outstanding debt you presently have, when determining how much you may borrow.
Most lenders will run a routine credit check on an applicant but having bad credit does not necessary disqualify someone from being approved. The entire approval process usually takes about 90 seconds. Once you are approved for a payday loan, your lender will transfer the funds directly into your bank account. On average, this takes about 24 hours but transfer times can vary depending on when your loan is approved. Some lenders offer one hour transfers but this expedited service will typically add an additional fee to your loan.
There are things you can do to make the entire process go smoothly and quickly. Some suggestions are:
Fill out the application form completely Submit easily verifiable information Apply for a loan during normal banking hours, Monday-Friday Remember that applying over a weekend or on a bank holiday can delay both approval of your application and cash transfer times
Any time you borrow money it is a serious matter. Payday loans are short-term loans. This means they are meant to be repaid in a very short amount of time, normally within two weeks. Be certain that you will be able to fully repay your loan when it is due. Extensions are not always permitted and every lender sets their own terms and conditions.
Read and understand your loan contract thoroughly before committing to it. If you have any questions, contact your lender directly. By law you must be notified in writing of all rates, including APRs, penalties, and fees, and all terms and conditions of your loan before you sign your loan agreement.
You are under no obligation to accept a loan offer, if approved. If you are not satisfied with the terms of the loan, you may simply refuse to sign the loan agreement. You may then reapply with another lender.
Finally, payday cash loans should only be used for true financial emergencies. Short-term loans are not designed as a solution to long-term debt problems. OnlinePaydayLoans.net encourages you to investigate all your borrowing options. These might include a small personal loan from your bank or credit union, a cash advance on your paycheck, or perhaps borrowing from a trusted friend or relative.
Whatever you decide, always borrow responsibly!