Instant Payday Loans Online
Unexpected financial distress is a common thing in our daily lives. With a poor credit score, getting a traditional loan may be impossible. Near instant loans in such circumstances come in handy because they are readily available online and have an almost instant approval. Such a supply of cash can be a good solution to an emergency that can’t wait.
So what are instant loans?
These are short-term unsecured loans that offer a quick fix during emergencies. This kind of near instant cash has gained popularity over the years because, unlike traditional loans, they are easily accessible. They are available online. The terms of the loan are also quite clear. You don’t need to go through the long and invasive credit checks to get approved for funding.
The online application process is simplified and with almost instant approvals, you can get your funds, in certain cases, as soon as the next business day. The online process is time efficient and you can receive the funds in your bank account without delay.
Once you meet the requirements of the lender, he will approve your online loan request, take you through the terms of the loans, and if you agree to their conditions, you append your signature and the funds are disbursed to your bank account.
What makes our loans fast?
Our software connects many lenders to your online application. Due to this you can receive an answer if your online application was approved. The online system makes everything time efficient.
Who qualifies for instant payday loans?
To qualify for almost instant cash funding, you have to:
- Be at least 18 years old.
- Be a permanent resident of the state you are borrowing from.
- Have active contact details. You have to produce a working phone number and email address.
- Have a source of income, whether it’s from employment or business.
- Have an active bank account
It is important to note that eligibility for these loans vary from lender to lender. The loan amounts you can borrow largely depend on your monthly income and lenders in most cases are not interested in your credit history.
Benefits of instant loans?
Payday loans are a blessing during emergencies because:
They have a relatively fast approval time – unlike a low-interest personal loan from a traditional bank that takes a long time to be approved, these loans are approved almost immediately. Most of the process is online with almost no physical contact.
No credit checks (soft check performed) – you don’t have to worry about your poor credit history. Lenders don’t perform hard credit checks and will base your eligibility for a loan on your current capacity to pay back the loan and not your past credit reports.
No collateral – these are unsecured loans so you don’t have to give up your property as security to receive funding.
No restrictions on use – you can use the loan cash for anything. You are under no obligation to explain to your lender (or online lending business) what you intend to use the money on.
Disadvantages of an instant payday loan
Despite the numerous benefits of payday loans, these loans can become a debt trap that is difficult to get out of. The high interest and APR charged on these loans makes them expensive and worth avoiding.
Imagine an average borrower who depends entirely on their paycheck. Taking off a cash lump sum amount from their salary will force them to either borrow again or roll over their loans into a new one.
Rolling over their loans comes with extra charges that entrap them in a cycle of debt. It is, therefore, important to explore other funding options instead of depending on these loans.
Are these loans a good solution to your financial problems?
Near instant loans/ cash advance/ payday loans are good for emergencies only. They offer short-term financial solutions when you are stuck and can’t wait for your payday. Using this cash source as a long term solution can lead you to more debt.
Since these loans are unsecured, the interest rate and APR charged are usually very high. The loans provided range from $500 – $1000 or higher depending on the lender. The interest rate charged is usually 15% for every $100. If you have to pay the principal, interest and all the associated fees from your paycheck, it leaves you with nothing to survive on and this will force you to borrow cash again to get by.
They are, therefore, not a good solution to your financial problems.
What you need to consider before taking out an instant loan
- Shop around online for lending business companies who offer affordable rates. It’ll make your loan cheaper.
- Borrow whatever cash you are comfortable paying back.
- Explore other options of financing instead of depending entirely on payday loans for your cash needs.
Instead of worrying about getting cheap lenders, let us ease your cash pain by matching you with trusted lenders who are licensed by the Department of Business oversight who follows the borrowing regulations pursuant to the California financial laws.
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