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Life is urgent, and sometimes, we need cash fast. That's where payday loans come in. Thankfully in this day in age, you can find a fast payday loan if you need one. Loanza can help you secure a cash advance the next business day. If you can't wait until the next business day, and you need cash really fast, fear not! We can help you find a loan online in as little as fifteen minutes.

Online payday loans can save our skin and help us get out of a tight financial spot fast. Yes, they are a short-term solution but they can help us get back on our feet when we need to when used responsibly. Taking out a payday loan online can be confusing, especially if you are in a hurry and need to get a fast payday loan. We are here to explain everything and help you get the money you need in your bank account or checking account as quickly as possible.

What Exactly Is a Payday Loan?

It is a fact of life that sometimes we need things we can't afford. Needing things we can't afford is, of course, different from wanting things we can't afford. We can cope if we don't get to go on holiday, or buy new clothes, but what do we do if we need to pay for food, electricity or shelter? There are occasions where we simply don't have the cash to cover us and we need to get some. Cars break down, boilers break, medical bills appear out of the blue. That's where payday loans come in.

Payday loans are short term, cash advance loans designed to help us get what we need and then repay the loan amount on our next payday. If this month you’ve been suddenly hit by an unexpected bill or other expense — and it won’t wait, online payday loans could be the solution.

Traditionally payday loans involved heading to a payday loan shop to get in a line, filling out lengthy forms, and then waiting for your loan application to be reviewed and approved. If you were lucky, you could go back to get your cash advance, payday loan the next business day. These days the payday loans online market is booming. There is no more having to get in line when you can make an application online and you could get your cash advance payday loan deposited into your bank account/checking account in as little as 15 minutes. Fast payday loans are far more convenient.

Being able to get a payday loan fast online on the same business day is a real lifesaver. Fast payday loans online that can help you get cash in as fast as 15 minutes are even better.

Another great reason to shop around for a payday loan online is flexibility. Online loans offer more repayment options than traditional payday loans. These days some payday loans give the ability for you to get a higher amount and repay your payday loan over a longer period of time (one month - six months). These short term loan options mean you can get access to the money you need fast, and have more breathing space to repay the payday loan, helping make life a little easier while you get back on your feet financially. These fast online payday loans can also be known as:

  • Cash advance loan
  • Short-term loan
  • Payday advance loan
  • Fast cash or fast loan
  • Bad credit loan
  • Deferred deposit transaction
  • Paycheck advance

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What are the Pros of Fast Payday Loans online?

Let's explore the benefits of payday loans online in more detail!

1) Convenience

The main advantage of fast loans online is that these payday loans are really easy to access. As we have already mentioned, many of the fast payday loan lenders that Loanza works with offer access to cash in as little as 15 minutes. You can apply online quickly 24 hours a day, 7 days a week with immediate lending decisions being given. This process is far quicker and easier than applying for loans with more traditional lenders. If you need to get emergency cash fast this is a great option.

2) Poor Credit Scores Accepted

Payday loans are generally designed with bad credit in mind. These loans are still available to those of us who suffer from a poor credit score. Instead of your application being assessed on your credit score alone, payday loans take into consideration the affordability of the repayments instead.

3) No Hard Credit Checks

If needs be, you can find many fast payday loan providers who will approve your application without the need for a hard credit check or hard inquiry. The ability to get fast payday loans without having your report pulled means that you can avoid further damage to your credit score. If you were to go to a traditional lender,  they would have to perform a full credit check and this would leave a mark on your report and could further harm existing bad credit. You can get access to fast payday loans using a soft check or soft inquiry only.

A soft inquiry is a limited version of a credit check that only you will be able to see, it does not leave a footprint visible to third parties. check your credit in the future.

4) Fewer Application Requirements

Payday loans online have far less stringent application requirements than traditional short-term lenders such as banks and credit unions. Generally speaking, you will only need the following to apply:

Traditional lenders usually require a Social Security number, photo ID, proof of income, a credit check and will verify your ability to repay a loan. Unlike traditional personal loans, most “fast cash” loans have fewer requirements to apply.

Generally, all you need to apply for a payday loan is to:

  • Be at least 18 years of age
  • Have a government-issued ID or Social Security number
  • Have a job or other regular source of income
  • Have an active bank account
  • Have an email address

5) Payday Loans Are Unsecured

Many short term loan options will ask that you put something down as collateral. This could be your car or an expensive piece of jewelry. If you default on your repayments, the lender can keep your property and you will still be responsible for repaying the loan amount, interest, and any other applicable late fees.

There are still risks with payday loans of course. The interest rates can be high and the late payment fees can be rather harsh. Some payday loans companies can ask for access to your bank account as security and debt collections will become applicable if you fail to meet repayments.

What Are The Cons of Fast Payday Loans?

Let's take a look at the cons of payday loans!

1) They Are Expensive

Paid day loans are an expensive way to spend money. Yes, they grant you access to fast cash but you then spend a lot more money than you would have without using a loan. Of course in an emergency, they might be a great option that saves you from a tight spot. However, if they can be avoided they should be avoided. If you can spare some time to save for the payment you need to make the cost will be cheaper overall. Payday loans come with interest rates, late payment fees, and on occasion, other fees involved.

2) Payday Loans Have a Poor Reputation

Taking out a payday loan comes with a stigma attached. Paid day loan lenders have a bad reputation for taking advantage of borrowers who have no other option in financially difficult times. It used to be the case that they would lend money to people who they knew were unable to make repayments and that would become trapped in a debt cycle. These days the loans are far more tightly regulated. While the loan market can be a minefield so we do recommend that you do your research before making an application to a lender and read all fine print carefully. There can still be a few lenders out there charging higher rates than you need to be paying.

This is where Loanza comes in, we work with the most reputable lenders in the USA. Searching for a loan with Loanza will help you find the best possible rates available to you and will help cut through the noise and cut out the risks!

3) They Won't Help You Build Credit

Although it's good that you can access a loan with poor credit, they won't help you build credit either. Unless you take out a loan that does offer a hard inquiry credit check. Taking out traditional loans and making the repayments on time can help you improve credit score over time, however, if you do not have a full credit check you cannot build points this way.

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We can connect you to a lender in minutes, even if you have bad credit.

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What Are My Other Options?

The loan market is booming, there are plenty of alternatives to fast payday loans available...

Bank Loans

It might be worthwhile to apply for a bank loan. The application process will take considerably more time and the requirements are strict. Most banks will require that you have a stable income and a good credit score. Bank loans will have lower interest rates and fees attached which makes them a cheaper option. The application process isn't particularly fast and you will have to wait for the application to be approved.

Credit Cards

Credit cards are like rolling credit that you can use time and time again once approved. If you have a good credit history you can apply for a credit card with a traditional bank. Credit cards offer more flexibility but can also come with high-interest rates attached and lead to long-term debt. When the application is approved you will have to wait for your credit card to arrive which can take up to 10 working days so if you need fast cash it's not the best option.

Installment Loans

You may wish to apply for something longer term than a payday loan. By spreading a loan over 3 months or longer you could buy yourself more time to make the repayments and perhaps borrow more cash if required. If you don't need more cash then we do advise against it. Why be in debt for 3-6 months if you can pay it off and start over?

Pawn Shop Loan

While slightly outdated, pawn shops do still exist. If you need cash in an emergency you can visit a pawn shop if you have something valuable to offer. This type of loan is not ideal. You have to give up one of your belongings as collateral for the high-interest loans so you are a risky losing and important item for far less than it's worth.

In Summary

Fast payday loans can help bail us out of a sticky financial situation or unforeseen expense. There are alternatives out there to consider but nothing that can get you access cash as quickly. If time is of the essence then this type of loan is a lifesaver. Here are some examples of when a fast payday loan might come in handy;

  • Emergency dental care
  • Emergency medical bills
  • Emergency home repairs
  • Emergency car repairs

As with any kind of online loan, it is an expensive way to borrow and spend money. Loans should not be used to purchase non-essential items as that risks long term financial harm. If you find that you are looking to borrow money to meet everyday living costs then it might be an idea to reach out to a local money advice services as payday loans are not a long term solution to general financial problems

Here are some examples of where you could use a payday loan:

  • You accidentally break a tooth, and you have no funds to pay for your emergency dental treatment
  • Your boiler breakdowns in winter and you need some money to fix it temporarily until you get your salary at the end of the month
  • Your car needs two front tires, and your parents cannot lend you the money until the end of the month to get them replaced

 Let Loanza help you explore the loans available to you within a few easy minutes!

Looking for a Fast Payday Loan?

We can connect you to a lender in minutes, even if you have bad credit.

Get Started Now

How Do I Know Which Loan To Choose?

Whatever life emergency has left you in need of a fast loan should be your main focus at the moment. Unfortunately, when you start looking at loans it can become a bit of a minefield. It's a bit of a nightmare, isn't it? There are hundreds if not thousands of online loans out there. They all promise big things but can they really deliver? More importantly, are they safe?

At Loanza we are here to help, with our expert knowledge. We proudly work with all the best direct lending companies in the USA and we can help maximize your chances of getting the loan you need, quickly and at the best interest rates available,

Is Loanza A Direct Lender?

No, we are a service provider who can introduce prospective borrowers to prospective lenders. In one quick and simple online process.

So, How Do I Apply Online?

To apply online with a loan through Loanza you simply enter a few details in our two minutes application. Loanza then quickly searches through our trusted lenders and loans to find the best option for you. You will then be redirected to the lender's website to complete their online application. The loans online application process does vary as each direct lender will have its own specific loan application. Please make sure that you review the fine print and detail and make sure that you are happy with the terms before signing. They will also be the ones confirming how quickly you get your cash so check that too! Most of our ethical lenders promise the following!

  • 3-minute online application form
  • Instant decision
  • Same day funding
  • High approval rate for people with poor credit
  • Flexible repayments
  • No guarantor needed

How Much Does It Cost?

Nothing, Loanza's service is 100% free to use. Be wary if you choose to use a broker service as many of them do charge an extra fee on top!

We are simply a service provider connecting those who need a loan to the best loans on the market! Simple.

Please Remember . . .

Payday loans are designed for emergencies such as;

  • Unexpected repairs or emergencies
  • Paying off medical bills
  • Unavoidable financial needs

We recommend against the use of short-term or payday loans to finance luxury items.

Looking for a Fast Payday Loan?

We can connect you to a lender in minutes, even if you have bad credit.

Get Started Now