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 Do I need an online loan?

The first thing you need to decide is whether you want to apply for a online loan. The question that is probably going through your mind is what is the interest and fees associated with borrowing an online loan are worth it and whether those costs justify taking out a loan.

The second question that you may be considering is whether the interest cost and loan fees outweigh any potential loss by not having the money.

If your answer in both cases suggests that you may be better off with a loan, then head over to GreenDayOnline.com and do the following:

1) First, check our terms and rates page (insert link) to understand the costs associated with the loan and whether the loan products that you seek are offered in the state where you reside.

2) If your state is one of our approved locations, then you can do a deeper dive into understanding the terms and conditions associated with borrowing an online loan from GreenDayOnline.com.

GreenDayOnline.com offers lines of credit, installment loans, and online loans.

You must understand that online loans are a solution to short-term financial problems or unexpected financial requirements. They are not a long-term financing option. Such loans have high costs associated with them. Therefore, you must use these loans appropriately or try asking family and friends for financial assistance.

Step 2: Fill out the loan request form on our website

If you do decide to go for one of our online loans, then head over to GreenDayOnline.com and open the loan request page (insert link). The loan request process is quite simple and will ask you for some basic personal information like your name, address, phone number, and date of birth.

You will also have to provide information that allows GreenDayOnline.com to verify your identity and evaluate your capacity to repay the loan. The information requested will generally include your employment details, your income details, and your bank account information. A functional checking account is a must to be considered for a loan. After all, we need an account to send the approved loan amount to you.

Once all the information is received by us, we instantly evaluate your profile and give you a quick decision as to whether you have been approved or not. We do not conduct any hard credit checks during this evaluation stage.

Step 3: The credit check process

Traditional financial institutions and loan providers look at every loan requestor’s credit scores (FICO score). Their credit scores are compiled by one of the major credit bureaus. However, not every borrower has excellent credit scores. So, many loan requests often get rejected because of low credit scores. Besides, getting your credit score checked through credit bureaus can also lower your credit score.

GreenDayOnline.com uses a different method to evaluate a loan requestor’s profile. We use data points like your financial history, your income levels, and your ability to repay the loan.

Thus, even if you have a less-than-perfect credit profile, you can still avail of a loan from GreenDayOnline. We are looking for responsible financial behavior and on-time repayments in your past dealings.

Step 4: Decision on your loan request

Once we have evaluated your profile, we will communicate our decision to you. Because of our alternate process on credit check and profile evaluation, we give out our decision quickly. The decision could be one of the following:

Accept: If we find your profile to be eligible for our loan product, then we will communicate the same with you. You will then be asked to review the terms and conditions under which we are offering you the loan.

The amount of loan that you are eligible for is also communicated to you. All information will be sent to you by email and you will be able to accept the contract online as well.

Reject: If you do not meet our requirements for a loan, then we communicate to you that we have turned down your loan request. We also give you details as to why your loan request was not successful. This correspondence is sent to you within 30 days from the day when your loan request was rejected.

More information required: If we realize that we need additional information or documentation from your end, then we will communicate the same to you.

We will provide you with all the instructions on how to send us the requested information. In many cases, we will ask for documents like pay stubs or some other clarifications.

Step 5: You sign the loan contract

If you are approved for a loan and find the terms and conditions alright, then the next step will be to sign the contract so that the loan amount can be disbursed to you. Before you sign the contract, you will review the interest rate, fees, charges, repayment schedule, the loan amount, and all other details concerning the loan. The loan contract can be signed electronically.

Step 6: Loan disbursal and repayment

If you receive a loan approval before 10:30 am CT on a working weekday (Monday to Friday), and if you accept the loan offer and sign the contract, then there is a good chance of the loan amount getting transferred to your bank account via ACH on the same business day.

The repayment of the loan is to be completed as per the schedule in the terms and conditions of the loan offer. This repayment is done via ACH. In some cases, we allow loan repayment through a personal check.

A word of caution about bad credit loans

There are quite a few lending companies that offer cheap loans with attractive terms to borrowers who may have “bad credit”. Some loan companies also advertise themselves as providers of “no credit” loans.

Please be careful of such lenders because there is no such thing as “no credit”. Such lenders might be operating as an unlicensed business or they may be part of some illegal operation.

GreenDayOnline does not offer any no credit loans. These terms are used to entice borrowers who are worried about their low credit scores and who fear that no one will offer them a loan.

Some FAQs about our Online Loans

Which online loan is considered to be the best? 

Every borrower has a different need. Hence, an online loan is best when it suits the specific purpose of an individual borrower. By the way, not every borrower qualifies for the lowest interest rate. A borrower can simply search for loans and find the best possible offer for which he/she qualifies.

Is it safe to request for an online loan?

Yes, online loans are safe. There is no harm in requesting for an online loan and then receiving it. However, that does not mean that every online lender is genuine. You still have to do your due diligence and work with credible lenders. We have shared some tips on online security here. (insert link)

Is it possible to get an online loan without a credit check?

The short answer is no. Every lender performs some form of credit check. They have to evaluate every loan requestor’s profile. The credit check may be a soft check which does not involve pulling up the requestor’s credit report from a major credit bureau.

In many cases, a hard check may be conducted later on in the loan approval process. The one thing that you can hope for is that a soft credit check is performed which does not lower your credit score.

Can I get a loan in excess of $5000 at GreenDayOnline?

GreenDayOnline only offers loans up to $5000. However, GreenDayOnline.com has a sister concern by the name of Green-Touch which offers loans up to $10000.