Do you need easy payday loans? Find out 6 things to look for in lenders
It’s common knowledge that no conventional lender would lend money to a borrower with bad credit. Even with good credit ratings, the loan approval process by banks is painfully slow. Coupled up with less-than-perfect credit scores, so many people can’t stand the waiting process. They then resort to easy payday loans that are readily available.
Payday loans, therefore, are short-term, unsecured loans that help borrowers through unexpected emergencies until their paychecks arrive. Since these loans are unsecured, the interest rates charged are usually high, and this makes them ideal for short-term financial emergencies only.
What makes these loans easy?
Life is unpredictable, and sometimes things don’t go as planned. Emergencies can pop up when you least expect them. A cash advance could help you out during such times. It may be an urgent medical bill, a leaking roof that needs fixing, or even a debt that needs to be paid off.
Whatever your reason is for taking out a payday loan, you’ll still get funding without having to wait forever. Unlike traditional lenders, payday lenders use your income to make a decision on how much you are eligible for. The lender doesn’t perform the lengthy credit checks neither do they care about your bad credit reports.
They make instant decisions, and you can receive your funds as soon as the next business day.
Requirements for eligibility
- For you to get easy payday loans, you must have a source of income either from business or employment. You’ll have to produce updated payslips or bank statements as proof of your income history.
- An active bank account where the funds will be availed.
- Active contact details for communicating details about your loan. You can give out your valid phone numbers or email address.
- You must be a permanent resident of the state you are borrowing from.
How much you can borrow
The loan amount you are eligible for will vary from lender to lender and where you come from. States have put restrictions on how much borrowers can borrow. In states where payday loans are legal, lenders can only take payday loans in the range of $500 – $1000. Lenders will also lend you money based on your income and ability to pay.
Since the interest rates charged on these loans are higher than your ordinary loans, borrowers should be careful when using this mode of financing. The repayment period is also short for an average borrower, and this means that they could easily be entangled in a cycle of debt if they are not careful.
What to look for in an easy payday loan lender
To get the best funding experience, it’s important to work with a trusted and affordable lender. So, how do you identify a good lender?
Below are some of the things to look out for:
- Interest rates – several states have regulations in place on how much lenders can charge as interest for their loans. Predatory lenders, however, charge higher to take advantage of vulnerable borrowers. Go for lenders who charge the accepted rates, or even less to ensure you end up with the most affordable loan.
- Adherence to state’s lending laws – does the lender you plan to work with stick to the lending rules and regulations of your state? The laws are made by the department of business oversight pursuant to the deferred transaction law to protect both the borrower and lender, therefore, ensure that your lender does not violate those rules.
- Does the lender have a physical address – most payday lenders work online. While it’s convenient to apply online and still get your loan, it’s easy to get scammed. Find out if the lender has stores in other states, and if you notice anything suspicious, it’s important to do a little research.
- Check out their terms and conditions – apart from affordable interest rates; find out how flexible the lender is. What are their policies on late payment? Do they charge late fees? Do they roll over their loans and what are the penalties?
Easy payday loans are readily available to individuals with poor credit scores and can’t get funding from banks. Before taking out an online payday loan, however, ensure you are able to pay back the loan.
When looking for lenders, think of us as a bridge between you and trusted lenders. Fill out our loan application forms today, and rest easy because we make it our business to ensure you receive funding as soon as you want it.