If you find yourself in a financial sticky point and have exhausted your other borrowing options you might find yourself wondering; 'How could I get a payday loan' and 'Where can I get a payday loan?'. Thankfully you have found yourself here. We can explain how to get a payday loan, where to get a payday loan and everything else that you need to know in between. Loanza can also help you secure the cash loan you need.
From time to time we all suffer from money trouble and can't afford to pay for things we need. In these situations, we know that if we could find a little bit of money in our bank account to help us out short-term then we may be able to meet our financial needs. A little help getting back on track could make all the difference. Perhaps we are fully overdrawn and maxed out our credit cards. When an emergency payment crops up, a payday loan could save the day.
Let's get started...
Payday loans do exactly what they say on the tin... there are short term, cash advance loans designed to be paid back on your next payday, with your next paycheck. Simple. Payday loans are an alternative to bank loans, overdrafts, title loans or credit cards.
Going way back to the start payday loans used to be taken out in person at a payday loan shop, you would give the company a pre-dated cheque so that they could take the loan amount plus interest on your payday. In exchange for the cheque, you would get the fast cash advance you need. These short-term loans were designed to tide us over in times of need. These types of cash loan products quickly developed a bad reputation due to their high rates of interest and expensive late fees. They were considered to be irresponsible for giving money to people with existing debt.
Payday lending has come on leaps and bounds since then. These days payday loan companies are far more responsible and tightly regulated. There are responsible companies available and there's no more visiting stores and queuing up. Instead, you can find cash loans online and get money in your bank account or checking account without even leaving the house! These short term financial lifelines are designed to get the help you out in a short term financial sticky spot and help you fix your financial needs.
Being upfront, payday loans will come with a higher interest rate and harsher fees attached than traditional loans or credit cards. They are designed to help customers with existing debt and poor credit access money. The lender does have to protect their interest and therefore have to charge extra for the increased risk, that's where the higher amount of interest comes in and how direct lenders earn their money.
Taking out a loan is always more expensive than spending your own money, that's how loans work. That's why you should seriously consider the state of your finances and check if you can manage without a loan or on your income alone as you may cause further damage if you do not borrow responsibly. If you can you should always spend your existing cash, before resorting to a loan. It is also important to make all agreed repayments by the due date to avoid unnecessary fees.
If you are wondering 'how can I get a payday loan online, where do I start'. Don't worry. It's more simple than you think. There are thousands of online lending companies promising to give you and a cash advance loan amount to pay for things in an emergency. A quick search will find hundreds of lender options. Many of whom will promise potential customers that they are the best lender. They will promise to be the best lender for debt, they will promise the amount of cash you need, they will promise quick access to cash and the lowest fees. So how do you know which lender to choose? Who to trust and which loan to choose? With so many payday lenders promising so many big things, it gets confusing.
It's best not to fill in a request for every loan that catches your eye because every time you make a loan request you do risk damage to your credit score while they check your credit history it leaves a mark and, if your loans refused could harm your score. For this reason, it's best to carefully consider if you want to go ahead with the lender before you fill in a loan request. Having to research lenders and loans may be the most confusing part of the process. With every lender having entirely different criteria, cash available, income requirements, and fees involved, they can be hard to compare.
That's where companies like Loanza come in! We proudly work with the best direct lending companies in the USA. We can find our customer's loan by searching through the products offered by the trusted lenders in our network. All you have to do is make a quick loan request via our website and we will search hundreds of lenders to try and connect you with a loan offer that's best suited for your financial needs. It takes seconds for our search to complete and it won't harm your credit score.
If you're in a hurry for more money in your bank account or checking account then you may be thinking ' how long does it take to get a payday loan?' or 'how do you get a payday loan fast?'. The quickest way to secure a payday loan fast, is through a direct lender online. It's the quickest way to access cash to meet your short term financial needs.
The process can be made quicker by using Loanza's free services to get connected to payday lenders and loans available to you. If you make your loan request through us we can save you valuable time on confusing research. Save time, and find a cash advance faster by letting us search through our database of payday lenders and payday loans!
A direct lender is a financial company that provides loan products to customers. They offer payday cash loans and other short term or long term financial products. As the word, ' direct' suggests, you go to the lender directly and they provide you with the approved amount by putting the cash into your bank account. There's no third-party involvement which often makes things much faster for customers and may save cash on fees. When we talk about direct lenders in terms of payday loans they are the online lending companies that you borrow money from the pay it back.
An alternative to going to a direct lender is to use a broker or service provider (like Loanza) when you are looking for a loan. A broker is a middle man who works between you and the loan lender. They are an agent for a customer who helps them find a loan and assists them in the process. Brokers are a third party who helps you through the entire process until the loan amount is in your bank or checking account. Using a broker certainly has its advantages for customers. Instead of you having to spend a long time online researching payday loans and payday companies, they can help save you time. The disadvantage is that they charge the customer a commission or fees for the services.
Loanza is not a broker, but a service provider. It is quite similar to a broker, although we don't handle the loan request on your behalf. You simply let us know the loan amount you need, your short-term financial needs, and other personal details like income and employment status (that lenders ask for), and we then search through our trusted payday lenders and payday loans to try and find a good fit for you! We do not charge you for this service, it is completely free.
Once you have reviewed all of the loan options, by yourself or with help, you can make a quick online request for your payday advance loan. The lender will then review it, check your details, and check your credit history. Usually, you will be given a decision in few minutes' time. Occasionally, the request for cash can take a little longer, and they may ask you for additional information or offer you a different amount. Once approved the lender will deposit the amount into the customer's bank account or checking account. Customers should read the terms of the loan carefully before signing the loan and receiving the cash. The terms of the loan will confirm the amount, the loan term ( long term or short term loans). Once the cash is in your bank you can access it any time and use it to meet your financial needs. The loan terms and conditions will confirm when you have to pay the debt. Some loans will be paid with your next paycheck on your next payday. Some loans may be longer-term allowing you to pay the debt over a few months. The terms and conditions will be confirmed and the lender will also confirm the interest rate that they will charge on the loan. Payday advance loans may come with fees that you have to take back on top of the interest. Late fees may also apply so you must pay the credit back, on the due date as agreed when you signed your loan agreement.
If you find yourself looking for payday loans, chances are you may not be eligible for more traditional loans or a credit card due to existing bad credit. Often you will find companies offering to pay out without a credit check. Unfortunately, there's no such thing as a loan without any kind of check, but you can find loan companies who carry out what's known as a soft check. A soft check doesn't show up on your credit history when third parties take a peek. It's important to check the terms and conditions first if you are really trying to avoid full credit checks.
You could consider an auto title loan, but then you would risk losing your car which doesn't seem worth the risk!
So, if you were wondering how to get a payday loan without a check, you will now be wondering 'how do I get a payday loan when I have bad credit' Fear not. There's no need to worry about how to get approved for a payday loan with bad credit. You can still get a loan. Loanza works with many direct lending companies who specialize in bad credit. They are still likely to let you access a cash advance loan and will work out your eligibility based on affordability. They will look at your proof of income to work out how much cash is safe to lend you. Many of our lending partners will also offer a 'soft' credit check which is a less intrusive version of a full check and will not show on your report! It's a soft check that Loanza uses to try and find the best payday advance loan for you.
As we mentioned, payday loans are much safer than they used to be. Although the rules are different in every state.
Let's use California as an example. The California Department of Financial Protection and Innovation Advises Caution for Payday Loan Consume. In California, licenses are given to lenders. The Department warns potential borrowers to take extra caution when dealing with Internet payday lenders who are not licensed by the Department of Financial Protection and Innovation. They also have a payday lending law, called California deferred deposit transaction law, which state that the maximum fee a lender can charge is 15 per cent of the check amount.
Different laws and regulations for credit access business are implemented through the USA, you can check online by state to find out what applies to you!
So you're finally ready to fill in your loan request but you will be wondering 'What do I need to qualify for a payday loan'? So let's run through what is required to get a payday loan.
Direct Lenders will set their own requirements which you can view online before starting the process. This means that the information required may differ slightly from lender to lender. However, you can expect to be asked for the following personal information as standard:
Personal Details - Name, date of birth, home address, email address, phone number, a copy of valid ID.
Income Details - Employment status, proof of income amount, how often you are paid, employer s contact details.
Bank Account Details - You will be asked to provide the details of any banks you have open along with details of any savings.
The information you supply will be used to confirm your identity, carry out a credit check (remember to find a loan with a soft check if preferred), assess your eligibility, confirm your proof of income and process your advance payment. You may be asked for further details. When you request loans online, payday loans direct lenders ask for slightly more information, to begin with as a standard.
When requesting a pay day loan with Loanza online we will first ask just your name, email address, what you will use your loan for and the amount you want to borrow. Further details (such as your address, employment and bank details) will be asked as you fill our form.
Remember payday loans should not be used as a long term financial solution, they are short term cash advance loan options designed for one-off use. Continuous use of payday loans may impact your credit score. Please make timely repayments to avoid extra fees.