What are Payday Loans Online?

According to the most commonly accepted definition, issued by CFPB, a Payday Loan – is a “short-term, high cost loan, generally for $500 or less, that is typically due on your next payday”.

Wikipedia defines it as “a small, short-term unsecured loan, regardless of whether repayment of loans is linked to a borrower’s payday”.

Investopedia sees Payday loans as a type of short-term borrowing where a lender will extend high interest credit based on a borrower’s income and credit profile.

As you can see, rates and other lending conditions are varied, which sometimes makes the borrowers confused. That’s why it would be wise to compare all the lenders ready to offer you money and choose the one most suitable for you. This opportunity is given by the Finance Guider with 300+ Payday Loan direct lenders as well as in-store companies.

How do Online Payday Loans Work?

One can take out a Payday Loan as well as an Installment Loan in-store or online. The process consists of three easy steps:

  • Online application
  • Get approved in a few minutes
  • Get Your Money in 24 hours or even today

Online borrowing is definitely faster, easier and more convenient. You spend only a couple of minutes filling out an loan application. It’s free and doesn’t affect your credit history. And you get the chance to compare the most reliable licensed companies or we match you with any of 300+ direct lenders from USA that suit you.

The process is:

  • Fast (a minute for applying, a couple of minutes to get approved, less than a day to get the money);
  • Easy (no driving, waiting in lines, doing paperwork, looking for a guarantor or collateral is required);
  • Safe (your private information is secured and all your rights are protected as we only work with legal state authorized companies).

Can I Get Payday Loans with Instant Approval?

Most borrowers choose Payday Loans as they need cash fast. That’s why instant approval is likely to be very important for them. Is it really true that you are guaranteed to be approved for a loan in some minutes? What the direct lenders do promise is an instant decision. Online application process is really quick and easy. You are required to fill out only some simple information including your personal data, phone number, e-mail address, etc. Besides, you may be sure it’s absolutely safe

What concerns approval it depends first of all on the lender, and secondly on your following all the eligibility criteria. Whether a lender does a credit check, whether it’s hard or soft, whether you have good or bad credit, will affect the time necessary for approving you or not.

Luckily, in most cases Online Payday loans USA are available even with bad credit and therefore they can get the money the same day, or even in an hour if they borrow in-store.

How much do Payday Loans cost: Rates and Fees?

$100 – $1,500 Payday Loans are often avoided because of high interest and APR. But if you get into details, you find out they are not so expensive as it may seem. Short-term cash advance is due with your next paycheck, which means not later than 31 days usually. Even with the APR of 400% the total cost of the loan borrowed for a month won’t be more than $33. It’s only about $1 a day! Don’t believe? Prove it by counting the cost of your cash advance using our calculator


What do I need to qualify for a short-term cash advance?

Independent lenders have their own individual requirements that must be met, but typical minimum requirements include, but may not be limited to:

  • US residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
  • If applying Online, you must provide a valid Social Security Number
  • If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
  • If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.

Cash advance loan application provides you with emergency cash funds when you need it most … usually between paydays! Simply complete the fast two-minute online form above. Once approved by our lender, accept the loan, sign the lending document online (typically no documentation needs to be faxed, but that varies based on each individuals application) and your cash should be on the way, typically within the next business day!

The cost of your cash advance loan is dependent on many factors, such as the lender and how you manage your financial obligations. Your fees are less than the cost of not having the cash you need when you need it – overdraft fees, bounced check charges, taxes, even losing your job because you can’t get to work! Actual fees are determined based on the information you provide when you submit your loan request. Typically, you will be charged between $10 to $30 for each $100 you borrow, which can amount to an annual percentage rate of 261 to 1,304 percent. The total cost of the loan and its APR can vary among lenders. A representative example: With a minimum 14 day loan term (regardless of early loan payoff), we estimate that the fees and finance charges offered by members of our lending network range from $12 per $100 borrowed each 14 days (two weeks) up to $30 per $100 borrowed each 14 days (two weeks). The corresponding Annual Percentage Rate (APR) for this estimated range would be between 391.07% and 782.14%

Your repayment is the best part. The minimum required payment will be deducted from your bank account. You get cash when you need it most and repay when you have it! Still a little short on payday? No problem! Your loan will typically be due in full on your next pay date, however in most cases, you will have the opportunity to roll your loan over to your next pay date for a small fee. Generally online customers are automatically renewed every pay period. Just let your lender know when you are ready to pay in full, and your loan plus fees will be deducted from your bank account.

The payday loan / cash advance is wired directly into your bank account by your lender. Payday Loan Tree works with a network of lenders, some of which can have money in your bank account in as little as 1 hour!

Payday lenders typically process the loan immediately so that it will be available in your account the following business day after the loan is approved. Some lenders can wire the money to your bank account immediately. If you apply on a weekend or holiday, the money will be sent to you by your lender the next business day.

Finance Guider works with a network of lenders whose payday cash advance fees are among the lowest in the payday loan industry. The fees will vary depending on which lender you are matched with.

Finance Guider works with a vast network of payday loan lenders; however, we cannot guarantee that you will receive the loan you need. We do our best to match your application with a lender likely to provide you with a loan. However, payday lenders utilize proprietary criteria to evaluate applicants and may not approve all accepted applicants.

Finance Guider is not involved in the loan approval process and therefore we do not have knowledge of the status of your loan. Please contact your lender directly for loan approval status.

Finance Guider works with a vast network of payday loan lenders; however, we cannot guarantee that we can find a lender for you. If you are not matched with a lender, here are a few suggestions to improve your chances if you chose to re-apply:

    • Time of Day: Many lenders do not accept applications outside of normal business hours. You may want to re-apply during regular business hours – Monday through Friday 8 AM to 5 PM EST.
    • Direct Deposit: Many lenders favor customers whose paycheck is directly deposited into their bank account by their employers. If you do not have direct deposit, please ask your employer to enroll you in their direct deposit program and then come back and re-apply.
    • Outstanding Payday Loans: Many lenders will not issue payday loans if you have too many current loans outstanding. Once you have paid off your other loans, come back and re-apply.

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