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Payday Loans Online: What Are They and How Do You Get the Best Payday Loans Online?

Payday loans can sometimes be the savior you need in times of short-term financial crisis. For that reason, read on to find out what payday loans entail and how you can choose the best payday loans online.

What Should You Know Before Getting Online Payday Loans?

Herein, we delve into the fine details that will help you better understand online payday loans. We will not only define payday loans but we will also show you how to get a safe payday loan online. Hence, you will get to understand how you will choose your next online payday loan as well as some of the ways that will ensure you reap the best from your loan. An example is how you can use the acquired loan to improve your credit score. 

Before you get all excited about the possibility of acquiring a small payday loan online, you must acknowledge the fact that the lender of your online loan is not all out to help you. If you are not careful in your search for the most-trusted payday loans online, some lenders will milk you ruthlessly. Most lenders target clients who require no credit checks or have a bad credit rating.  Therefore, it will be beneficial that you first get an end-to-end understanding of online payday loans.

What Are Payday Loans?

Payday loans are intrinsically intertwined to a person’s income every payday. Undoubtedly, payday loans are offered to individuals who require short-term loans that can be serviced by their paychecks. According to financial experts, a payday loan is defined as a small but high-interest rate loan offered to individuals on the basis of their income for short-term repayment. By short-term repayment, most lenders offering payday loans give borrowers a repayment period of anything between two weeks to one month. Rarely do payday loan repayments last more than a month since in most cases, payday loans are less than $1,000. Payday loans are also referred to as check advance loans or cash advance loans, payday loans can be acquired online. 

Online payday loans are payday loans that a borrower can acquire without having to be physically present at the lender’s location. All online loan lenders have an interactive website or mobile application through which borrowers get to access easy loans that are in most cases either instant or same-day. Given a borrower’s details, payday loans are disbursed in such a way that the loan principal is a portion of the individual’s earnings. 

Payday loans are designed to ensure that an individual is not given an amount that will lead to financial constraints. Mostly, borrowers are required to create free accounts with online loan lenders through which the borrowers’ details are used to prequalify them for a specific loan amount. Due to the high-interest rate nature of payday loans, critical legislation as well as keen regulation and monitoring of lenders’ activities is a necessity. As a consequence, most states have established and implemented protective measures that ensure borrowers are not swindled by witty lenders. 

In as much as most states in America consider payday lending okay, payday loans are outlawed in 12 states. 

Thus, if you live in West Virginia, Vermont, New York, or Arkansas and you were interested in getting yourself a payday loan online, just forget it. In MassachusettsMaryland, North Carolina, New Jersey, Connecticut, Pennsylvania, Arizona, Georgia certain restrictions are imposed on short-term loans.  Apart from the twelve states, payday loans are also outlawed in the District of Columbia. Therefore, you may need to consider other personal loan alternatives that offer the flexibility of payday loans.

How to Get the Best Payday Loans Online

Undeniably, the only way to get the best payday loan online is to know what the best entails. Such knowledge dictates that the borrower should be well informed concerning lending and borrowing. Before you get yourself the short-term high-interest rate loan, be responsible enough to evaluate what the lending market has to offer. Different online payday loan lenders have different criteria that determine who they approve for their instant or same-day loans. Therefore, you will only get the best payday loan by shopping for the best lender. How do you achieve that?

Research

Find out the different payday loan offerings every lender has and the lending requirements. You can be sure that no matter how good you consider a lender’s payday loan to be, you will not be approved if you do not meet the lender’s minimum loan requirements. 

For example, while some online lenders require a good credit rating, others have payday loan options for people with a bad or non-existent credit rating while others offer payday loans online without checks. Also, you may need to find out what identity factors a lender uses to authenticate your identity as a borrower. You may be surprised to find out that some lenders require you to be a registered voter in your state as proof of residence.

Loan Offerings and Transparency 

Only apply for payday loans when the lender’s loan offerings and requirements are in line with not only your paycheck but also with your eligibility. Ask yourself if you are in a position to pay off the loan offered by the lender taking into account the interest, as well as any hidden loan fees. Ascertain that your documentation is in tandem with what the lender requires before processing your loan. 

While the self-assessment task may seem uncomfortable at first, it is through self-evaluation that you will give yourself the best. Always remember that the lender offers the payday loan based on the potential gains. Therefore, as the target financier of the potential lender’s profit, ensure that you do not obtain an exceedingly expensive payday loan at the expense of your other expenses. 

Legitimacy

After ascertaining that you are comfortable with the loan you want to apply for, check whether the payday online loan is legitimate. While legitimacy may infer legality, it also infers transparency. Some lenders are legal in that they operate within the confines of the law but they are not transparent in their dealings with customers. 

Online Payday Loans from the Best Direct Lenders

As a borrower, you should select a loan from an online payday loan provider who is both legal and transparent. How do you know whether an online lender is legitimate? According to Consumer Ed, Georgia, the following lender checks can help you get a legitimate payday loan online:

  • Upfront fees. If the online loan service provider requires you to pay an upfront fee for a loan, no matter how small, they are most likely not, scammers. Legitimate lenders make a deduction from a loan upon approval of the loan. 
  • Wire transfers. Legitimate lenders will not use wire transfers when transacting with borrowers. Only fraudulent lenders have the tendency of engaging borrowers via wire transfer due to the poor traceability of wire transfers.
  • Contact details and contact process. Can you reach your lender for clarification concerning a loan offer? You need to ensure that the contact details offered by the lender are legitimate with the possibility of engaging someone should a problem arise.
  • Recommendations and reviews. We are in the 21st century – the information age. Do not blindly get yourself entangled with lenders that will leave you in more pain than solutions to the problems you seek to solve. As such, always look for reviews online about a lender and their loan offerings as well as any recommendations you can get from friends or family.
  • Reputation. Because recommendations and reviews are mostly informal and based on user experiences, they may be prone to bias and witch-hunting in the worst-case scenario. That being the case, it may be better than in addition to recommendations and reviews, assert the lender’s reputation through trustworthy organizations. An example of a reliable organization for confirming the reputation of any payday loan online business based in the United States, or Canada is the Better Business Bureau.

Once you have confirmed that you are comfortable with all the above, you can be sure that you will get yourself a most-trusted payday loan online.

What Are the Top Online Payday Loan Lenders?

Due to the relatively high-interest rates and a short repayment period, many financial institutions in the United States offer payday loans. Herein, we will look at a few random picks in no particular order as we discuss some of their features and weaknesses.

1. Advance America

Advance America’s online payday loans offer borrowers simplicity and convenience depending on the borrowers’ residence state. Through their online platform, Advance America offers its clients online payday loans with instant approval as well as same-day bank account deposits. The eligibility for a payday loan at Advance America requires borrowers to submit details of their source of income, email address, ID, a checking account, and the social security number. Even though Advance America checks a borrower’s credit rating, the business does not lock out clients with bad credit as it has several online payday loans with bad credit options. 

2. USA Cash Services Loan Center

The USA Cash Services Loan Center service is rather simple and straightforward to use. Through the firm’s online platform, clients are required to fill an online application for pre-approval. After being pre-approved, the borrower has to make a loan request upon which the loan service credits the borrower’s bank account. As such, the borrower enjoys a same day loan service if he or she makes the loan request during office hours. What’s more, the firm claims that it is committed to protecting the customer’s credit rating.

3. Lend Up

LendUp offers competitive services to clients by basing their operations on transparency. According to the company’s website, payday loans processed online at LendUp guarantee clients instant approval or any other decision with direct bank deposits. Also, LendUp offers the LendUp ladder, which is aimed at giving borrowers lower interest rates for more money as a reward for good loan repayment behavior. Finally, the loan provider assures clients of upfront detailing the terms of a loan for purposes of guaranteeing against hidden fees and loan rollovers.

4. Cash Net USA

CashNetUSA online payday loans are unsecured loans with a maximum limit of $500. However, just like other loan institutions, the amount and terms of the loan vary based on the borrower’s state of residence owing to the varied laws governing loaning in different states. The lender has been in operation since 2004 and prides itself on servicing loans for over three million people. Cash Net USA also offers payday loans online with bad credit even though at exorbitant costs. 

5. Check into Cash

Founded in 1993, Check into Cash has grown to have a representation of more than 1100 branches in thirty states. As a result of the relatively lengthy experience, Check into Cash offers borrowers an encrypted and secure payday loan online application process through a simple online application. To qualify for a payday loan at Check into Cash, a borrower is required to submit a proof of income, which is mostly in the form of a paystub. 

Do Online Payday Loans Have Any Advantages?

The major advantage of online payday loans is the convenience it offers borrowers. Given the fact that most we feel less motivated to borrow money from friends and family, online payday loans offer the convenience of completing a loan process remotely. Also, some online platforms have integrated pre-qualification tools in their payday loan online application that ensures borrowers can find out the estimates of choosing a loan without any adverse effect on an individual’s credit rating. 

Moreover, debt consolidation is also allowed by some lenders in that a borrower can apply for a payday loan online and have the money sent to creditors directly. Through such actions with care, borrowers get to use online loans to improve their credit ratings. Therefore, online payday loans are effective in cases where an individual is in a hurried need for a small loan for a short period or an emergency including loan repayment.

Are There Any Disadvantages of Online Payday Loans?

Contrarily, online payday loans have the main disadvantage of being exceedingly costly. The reason payday loans in some states are banned is their exorbitant interest rates. Due to the ease of lending through online platforms, predatory lenders have taken advantage of the low credit scores among many people and advertised that they do not consider the credit rating of an individual in approving a loan. The lenders then make up for the high loan risks by sometimes charging APRs (annual percentage rates) in excess of 400% compared to ordinary lenders who have APRs that rarely exceed 36%.

The Bottom Line

Payday loans offer employed individuals an opportunity to sort out emergencies between paychecks. Numerous lenders seek to see that every individual in need of a payday loan gets one irrespective of credit rating. Therefore, due to the numerous options lenders give borrowers, individuals may end up taking payday loans online recklessly. 

To avoid recklessness, you ought to learn more about the nitty-gritty of the payday loan. What is the repayment period of the loan? What are the loan alternatives and the allied requirements? What are the interest rates? How legitimate is the lender? Do I need a credit check? Are the loan approvals instant or the same day? Therefore, learning to assess a payday loan online and the lender will go a long way in guiding your financial decisions.

Consider other options rather than Payday Loans.

As Payday Loans are meant to be only a temporary solution which may turn out very expensive if you are unable to pay it back on time, you'd better take into account other options. Consider all the possibilities before applying for a payday loan:

  • Peer-to-Peer lending.

  • Help from family and friends.

  • Use your own savings.

  • Apply for an advance from your employer.

  • Consider a Personal Loan or a loan from a bank or Credit Union.

  • Get a Credit Card.

  • Ask for credit counseling.

Avoid Payday Loan high costs, rollovers, extensions with these useful tips:

As short-term cash advance is likely to be rather expensive you'd better consider all pros and cons before applying. Find our expert advice on Payday Loans, how to find a reliable lender and how to avoid debt and additional fees.

  • Compare different offers to find the one with the lowest rates and fees.

  • Choose an affordable repayment plan: in a lump sum or in installments, frequency of payments, length of repayment terms

  • Plan your budget, and figure your monthly and daily expenditures. Avoid unnecessary purchases - even small daily items.

  • Build some savings to avoid borrowing for emergencies, unexpected expenses or other items. 

  • Get overdraft protection on your checking account. 

  • If you need help working out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service to ask for free credit guidance. 

  • If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.

Get your money NOW!

PAYDAY LOANS ONLINE -
REQUEST FORM

Get Cash $100 - $1000+ Today

  • Available even for bad credit applicants.
  • Applying doesn't affect your credit score!

Get Your Money in a Few Clicks

We keep your personal information secured!

By submitting my information, I acknowledge I have read, understand, and agree to the terms of the Privacy Policy and the Terms of Use,I understand that by submitting my information, I may be contacted by telephone by one lender.