Money running out, and your payday is still weeks away? You could go for a loan, but those that take weeks for approval and funding just won’t do. Here’s what you should do: get a payday loan.
That said, online payday loans can be risky if the lender is shady. But with the right platform and a licensed lender, the process is smooth as silk. If you choose to get payday loan options through WeLoans, you won’t need to go anywhere else. Here’s a guide to get you started on knowing payday loans on that broker.
What is a Payday Loan?
A payday loan is like most short-term loans that need to be paid within 4-6 weeks and don’t need collateral. The loan amount is usually up to $100-1000, but some lenders may offer as much as $5,000.
As far as the repayment period is concerned, it goes after the loan’s name. Payday loans were initiated as a means of urgent funds until an individual’s next paycheque. Unlike long-term loan types, such as installment loans or title loans, payday loans need to be repaid in a single deposit, not a monthly repayment plan.
For more information on a payday loan, refer to WeLoans, where you can find some financial posts written by authors like Nabila Yusuf, and you will learn useful tips on her page.
Can I Get a Payday Loan Without a Credit Check?
Moving forward, a common question among bad credit score applicants or those who have no credit history is whether it’s possible to get a payday loan without the lender going through your history.
For starters, there’s no such thing as a loan without any sort of credit check. In fact, no credit check loans are actually those where lenders don’t conduct a hard credit check. However, they do perform a soft credit check.
A soft credit check is similar to an overview of your credit history. It has an upper hand compared to hard credit checks because it doesn’t impact your credit score and bring it further down. Any lender that says they don’t do a credit check at all, even a soft credit check, is most likely a scam and not a licensed lender.
What Do I Need to be Eligible for a Payday Loan?
We’ve established that online lenders offering payday loans without credit checks don’t go for hard credit checks. We’ve also gone over the fact that bad credit score applicants have a 90% above chance of getting their applications approved. So, what do you need to be eligible for one?
- Legal Age: An applicant needs to be of legal age, i.e., at least 18 years old, for any financial applications. Under 18 are not considered adults and, therefore, cannot apply for a loan.
- US Residency: US-based online lenders have jurisdiction only to lend money to US citizens. If you’re not one, it’s best to look for lenders in your home country.
- Active Bank Account: Lenders need an official bank account that’s active to deposit the loan. It’s also how they get repayments from the applicant. Therefore, an active US bank account is essential.
- Sustainable Income: You can’t get a loan without a stable income source that helps you repay it. Savings aren’t an option since they can deplete rapidly under financial troubles. Show a consistent income source to your lender to get your application approved quickly.
Pros and Cons of Payday Loans
Borrowing a loan is a huge decision, which is why it needs to be carefully considered. It’s possible that a certain loan type doesn’t work for you, while another one does. If you’re thinking of getting a payday loan, here are some factors to look into:
Those looking for urgent funds should consider payday loans. While it may take 2-3 days, payday loans can still work if you don’t need the cash for the next few days. Besides that, the process is quick and simple and doesn’t need hours of your time.
Tired of having to explain your need for a loan? Some lenders aren’t a fan of getting loans for anything except absolute critical emergencies. If you need one for utility bills, groceries, or daily expenses, WeLoans’ direct lenders won’t reject you on that basis.
Traditional lenders with requirements like $5,000 monthly earnings or a 600+ credit score don’t work for most people. If that’s you, online lenders with payday loans can help you. Refer to the above-mentioned eligibility criteria. e, with the lenders asking only for a handful of minimum requirements.
Payday loans are notorious for their incredibly high APRs, more so than any other loan type. Interest rates can go as high as 400%, and this doesn’t include the fee included by the lender.
Due to the APR rates associated with payday loans, some states in the US have banned online lenders from offering this loan to applicants within that state. Search for your concerned state laws regarding payday loans before moving ahead.
How to Apply for a Payday Loan Online?
If you think payday loans are what you need for your financial distress, why wait to apply? Don’t know how? Not to worry, these step-by-step instructions make it simple as possible:
Fill Out the Application
On the WeLoans website, you’ll find multiple service offers in the upper tab, one of which is payday loans with no credit check. Move the scale to an amount between $100-5,000. You’ll be prompted to fill out an application form for your loan.
WeLoans has lots of direct lenders on its network. These lenders send offers once they’ve gone over your required loan amount. You can decide between them after evaluating each offer from your end. Complete the process and wait for approval.
Receive the Deposit
If your application is approved, you’ll receive funds within 2-3 working days. Lenders may take a while in some cases to review your application.
Say goodbye to going here and there for urgent financial solutions now that you know about payday loans. By now, you should know everything that you need to get a payday loan without any trouble. Not to mention, applying through WeLoans makes the process even easier.