What are Payday Loans?

Short term loans offered by direct lenders whose dates of repayment are fixed on the borrowers next pay date, are called payday loans. They are mostly unsecured personal loans that do not demand a credit score, and some lenders offering them process these loans in just one business day. These are a quick fix when one is in dire need of finances and can't rely on a traditional lender to provide loans instantly.

Is bad credit a problem when applying for a payday loan?

That depends on your lender. Many payday loan lenders offer loans even to those borrowers who have a poor credit score. That's because they do not depend on one's credit score in order to issue a loan, and therefore do not conduct credit checks.

What criteria does one have to fulfil in order to be able to receive a payday loan?

Most of the lenders mentioned by us, have similar criteria that they require their borrowers to meet in order to issue loans to them, which are:

  • Having a stable source of income that can be proved by sending across your income statement or pay stub
  • Having a checking account and sending its details across
  • Being at least 18 years age
  • Providing their Social Security Number
  • Giving verifiable contact details
  • Being a resident of the state that you wish to apply for a payday loan from

What are the advantages of availing a payday loan from a direct lender online?

If you approach the right lender (such as the ones we have mentioned who are the best online payday loan lenders in the market), a payday loan can have various benefits. Apart from having slightly higher APRs than that of a traditional loan, a payday loan can majorly outdo a traditional loan when one wants cash of just a few hundred or thousand dollars and not a huge sum of money.

  • You can get a loan even with bad credit, from most lenders
  • The application process is very basic, short and fast; most lenders ask for very basic documents like your income statement and a couple of other ones for verification
  • Your information is secure. Legitimate online direct lenders ensure end to end encryption and make sure to keep your information safe
  • No credit checks are conducted so your credit score does not worsen
  • Their approval process and transfer of money is quick, and takes place mostly within just one business day
  • You do not have to provide collateral or any kind of security
  • Online trusted lenders are accessible 24X7
  • You do not have to state a reason as to why you want/ need the loan
Cash amounts

Cash amounts

Most payday loan lenders offer short term loans of a few hundred dollars. Some also offer up to $1000 and how much you can avail will depend on various factors such as the kind of loan you apply for and how much you earn.

Rates

Rates

The rates of interest of payday loans are comparatively higher than that of traditional loans. How high the APR is will depend on the various advantages you can receive from a certain lender and how flexible they are in other aspects.

Legal practices

Legal practices

Rules and regulations laid down by law for payday loans depends from state to state. Most states permit the practice of such loans, but some of them don't. Before applying for a payday loan must do you your homework about the same.

Reviews

Andrei Fredy

Charlotte

client from Ezpayday

I needed some emergency finances but was being wary about which lender to trust and apply for a loan with. PaydayLoanAdvice has definitely helped me get rid of my confusion about which lender to choose. The information provided by this platform about the various short term loan lending websites are apt.

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Andrei Fredy

Cozette Carlisle

client from Ezpayday

The description provided by this site about every lender is totally on point. Finding a loan for bad credit was quite a task for me, back in the day. But after referring to PaydayLoanAdvice's suggested lenders for a loan with poor credit, I managed to get one in the first go! Hats off to their detailed research!

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Andrei Fredy

Alice

client from Ezpayday

This website has done a great job! Their unbiased opinion about every site that's listed is of great help to those facing financial trouble. I've taken two loans in the past from lenders recommended by them and neither of them disappointed me, and I'd like to give sole credit of being able to find a lender to PaydayLoanAdvice.

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