Do you need some quick cash to sort out your emergency? Well, you may have interest in online payday loans. You will not move an inch from your house or work place-just apply wherever you are.
With a smartphone at your hand plus an internet connection, you will soon have your money. But first, there is something I need you to know.
What are online payday loans?
An online payday loan is a small loan that you apply online and repay in two weeks. In addition, the lender requires you to repay the loan in one turn. I mean, you will pay the principal amount plus the interest all at one go.
So, if you need to take an online payday loan, you have to ensure that you will afford to repay it all at once.
Characteristics of online payday loans
Since the application process is entirely online, the approval time is faster. Hence you can use the money you get for an emergency.
No credit checks
Online payday loan lenders do not conduct credit checks to the borrowers. So if you have a terrible credit score, then you can get an online payday loan.
If you need to apply for a payday loan, then you better be prepared to pay high-interest rates. Payday loan lenders claim to be operating with high-risk clients, hence the high rates.
Short term in nature
Payday loans are usually short-term. In most instances, you will have to repay a payday loan within two weeks. That’s why we call them payday loans—you pay in your next paycheck. Therefore, you have to have a steady job to manage an online payday loan.
Pay in one lump sum amount
This fact about payday loans consists of you paying the whole amount of a loan and its interest all at one go. So, you better be careful when applying for a payday loan.
An online payday will not restrict how you should spend your loan. Therefore, you are free to spend it however you wish to.
General qualifications of online payday loans
You must be having a stable job.
You cannot qualify for a payday loan if you have no income. Otherwise, how will you prove that you can afford to repay?
Be over 18 years.
Indeed you cannot receive an online payday loan when you have less than 18 years.
Have valid identification documents
To get a payday loan, you should provide valid identification documents to the lender.
Provide an actual address
You will still have to provide your lender with billing information directed to your actual address.
Now, where can you get online payday loans?
1. Vivapayday loans
Vivapayday loan is a platform where you will get suitable lenders to give you online payday loans. This site is not a direct lender but a broker. However, you will get the best services here when you need quick cash.
After you fill out your information, Vivapayday loans will give you feedback within 2 minutes. In most cases, you will receive a positive response, and all you have to do is wait for the cash.
In addition, you can get an online payday loan even if you have bad credit of less than 580. However, you have to be receiving a monthly income of more than $1000.
You can borrow from $100 to $5000 and repay within two to 24 months. The APR on this site ranges from 5.99% to 35.99%.,
2. MoneyMutual loans
MoneyMutual is another place where you can get fast online payday loans within 24 hours. This site will match you with a potential lender, and you will access a loan of up to $5000.
You will get a decision from a lender in a few minutes. Lenders I this site can still consider you if you have bad credit.
However, you will not repay it all at once. You will have up to 24 months. In addition, it’s free to use the MoneyMutual site at any time of the day for seven days a week.
3. Greenday online
Greenday is an online payday lender where you can access a loan from $100 to $1000. You will get a pop n approval decision faster as well as the cash into your account. You will perform the application process online, and it’s safe. That ensures that you won’t spend much time walking to a from lenders looking for a short term loan
In addition, you will still get a payday loan on the site even if you have a bad credit history.
BadCreditLoans are not a direct lender but a platform where you get to meet your favorite lender. With this site, it’s easier to get an online payday lender on this site because there are multiple lenders. Furthermore, you will not pay a single coin to use this site.
Once you apply for a payday loan here, you will get access to your funds in less than 24 hours. In addition, you can get a loan of up to $10,000, but that will depend on your creditworthiness.
5. QuidMarket loans
With QuidMarket, you can get a payday loan starting from $300 up to $1500. Furthermore, the lender will give you up to 6 months to clear off your payday loan. This repayment period is more flexible to allow you to make proper budgeting plans.
However, the APR on this site is 292%, which is a bit expensive compared to the lenders, as mentioned earlier.
The bottom line
It’s simple and easy to get an online payday loan. However, if you are not careful with these loans, you may end up in an endless debt trap. But if you have to get an online payday loan, ensure that you make comparisons before deciding. However, remember to take a small amount that you will comfortably repay.
Living debtless life is possible, but you have to work for it. You will have to focus on creating more income sources if you want to gain financial freedom shortly