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Running out of money before your next payday is a fact of life. Many Americans are living from one paycheck to another. Disasters can hit when you don’t have money in your pockets.  How do you survive if your payday is weeks or days away?

Applying does NOT affect

your FICO® credit score!

Like many people, you might consider payday loans that come with high fees. Other alternatives at your disposal include Tanda (informal borrowing), getting loans from associates, applying for assistance programs, working with creditors & debt collectors to establish extended payment plans, etc.  

What is a payday loan?

Payday loans are cash or pay advances. You’re essentially borrowing money from your next paycheck. If today is on the 14th with your $1000 paycheck due on the 31st, (17 days away), the lender lets you borrow a portion of the $1000.

Let’s assume you’re approved to borrow $400 at the average interest rate of 400%. What will be the finance charge and total repayment?

Principal amount Interest rate (APR) Finance charge Loan term Total amount to be repaid
$400 400% $74.52 17 days $474.52

On the 31st the lender will want their cashback.

How will you repay?

If you took out the payday loan at a cash store, you might have to provide a post-dated check. With online loans, you’re typically asked to set up an automatic debit.

It allows the loan company to automatically deduct the total amount due from your bank account. Some savings account don’t support automatic debits or bill payments. That’s why most payday lenders require borrowers to have checking accounts.

Why should I take a payday loan out online?

If you don’t borrow payday loans online, you’ll need to obtain them from physical loan stores. Here are the disadvantages of in-store payday loans:

  • Time-intensive: First, you need to find directions to the business store. Driving to the location eats up a chunk of your time. On arrival, you must fill out an application, submit required documents, and discuss your needs with the loan officer. (Some lenders might allow customers to start their application online to save time when they arrive at their stores)
  • Security: There have been incidences of payday stores getting robbed, for instance, the string of payday-store robberies in West Michigan, 2018.
  • Privacy: People value privacy when it comes to their finances. Despite having valid reasons to borrow a payday loan, you might not want close associates to find out. Having to answer questions about your finances might not be your cup of tea.

Online cash advance loans offer a different type of experience: one that’s fast, confidential, and secure.

What information do I need to provide for a payday loan?

Payday advance lenders don’t request many details about your credit history, financial standing, personal assets, work experience, etc. Their main interest is to find out:

  • If you have enough income to cater for loan repayments.
  • Whether you have a banking account that’s active.

In the loan form, you must provide banking, employment, personal, and security details. For instance, you’ll need to know your bank’s routing number, bank account number, employer’s name & address, your SSN, etc in order to be assessed and approved for online payday loans.

What is the best online payday loan?

1) Offers the amount you need

The best cash advance loan has to cater to your needs.

2) Fair APRs

Interest rates must be acceptable and not too high. Some loan companies may charge rates of over 1000% for pay day loans, which is a predatory tactic.

3) Provide fast funding

Funding speed is critical in emergencies. Look for loan companies offering same day funding, if you need cash within the same day.

4) Positive reviews

Past reviews can tell you a lot about the lender. Most loan companies have pages on TrustPilot. If you want to find complaints people have raised with a particular lender, then check out their page.

How to apply for a payday loan?

Applying for a payday loan is quite easy. Just use our online loan request form. That’s about it, but there are few considerations to keep in mind:

  • You can apply directly on the lender’s website or use a loan matching service like Nation21Loans.
  • Ensure your details are accurate. If errors and inconsistencies are detected, you’ll receive a notice of adverse action from the lender.
  • It’s typical for the lender to request some documents. Payday  companies might need proof of your earnings (paystubs & bank account statements) or identity (government-issued ID)
  • Read the loan agreement before signing it. Pay attention to the principal amount, interest rates, policies on late payments, etc.

Are payday loans dangerous?

Your credit scores are not affected when you submit a loan application.  Remember to practice diligent borrowing by only taking out loans you can comfortably pay-off. Also, it’s prudent to apply for these loans in an emergency only.

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