Gone are the days when people would wait for days to be approved for a loan. Nowadays, there’s a trend of taking out payday loans online. These loans are approved almost instantly when you apply, and the funds are credited within an hour! This post covers everything you need to know about online payday loans and how to get the best ones. However, 64 percent of U.S. citizens live from paycheck to paycheck, and some lenders try enticing borrowers into cycles of debt. Hence we have also mentioned alternatives similar to but better than these payday loans same day.
What are Payday Loans?
A payday loan is a short-term, unsecured loan—meaning you don’t require collateral to take it. Their interest rates are calculated as APR (Annual Percentage Rate), often over 400 percent!
Borrowers must write a post-dated check that covers the principal amount plus interest. The due date is usually on your next payday, hence the name.
Most states have a set borrowing range of $100 to $1000 for these loans. People use these small amounts for a variety of urgent expenses like home repairs, car repairs, medical bills, etc.
How Do I Get My Payday Loan in One Hour?
- Find a Good Lender
The first step to securing same-day payday loans is to find a reputed lender. You can easily spot genuine lenders by taking a look at their loan terms. Have they mentioned all the details transparently? If not, refrain from leaking out your personal details to them.
Check out a trusted lender—MyPayDayLoansOnline. They’re known to approve no credit check loans within an hour. Refraining from the traditional payday loan structure, their loans come with flexible, longer repayment terms (between 61 days and 70 months). Moreover, APRs only range from 5.99 to 35.99 percent. Every little detail is mentioned openly, which makes users rely on them in times of need.
- Make Sure to Meet the Basic Requirements
For getting an online payday loan, you will need:
- To be more than 18 years old.
- A government-issued photo ID.
- Proof of income (pay stubs, bank statements, tax returns, employer letters, etc.)
- An active checking account (the lender can automatically take out repayment on your payday).
- Social Security Number (SSN) for identity verification.
- Fill Out the Online Application Form
Next, go onto the lender’s website and take a look at its encryption. If the site is safe, fill out their application form. Double-check that you’re entering your details accurately; errors may cause delays.
Most lenders offer you instant approval, often under minutes of applying.
- Review Loan Terms and Sign an Agreement
If you’re approved, which most likely you will be, the lender will send you a soft copy of the agreement. It will entail all the terms regarding your loan and its repayment (loan amount, APR, repayment date, etc.).
Once you sign and revert back to the lender, you have a bond with them.
- Receive Funds
If you’re taking payday loans direct lenders online, your loan amount will be credited to your bank account. It usually takes one hour or, at max, a day.
- Use Your Loan Responsibly
Utilize the loan only for urgent expenses. Borrow only what you need and repay on time to avoid additional costs.
Can I Speed Up My Approval?
For faster processing, apply during business hours. All you can do is have your documents ready and provide accurate contact information so the lender can reach you.
Further, choose lenders who offer payday loans the same day, like MyPaydayLoansOnline.
Taking Payday Loans Directly from Lenders
Taking payday loans from direct lenders online has several hidden benefits. Firstly, it speeds up your application since no middleman is involved. You can easily apply for these payday loans online.
Second, any extra charges are dropped off. You will be able to enjoy lower interest rates, smaller amounts, and shorter loan periods. Every reason not to take these no credit check loans then becomes a boon.
Here’s how.
Risks & Precautions
Average APRs for same-day payday loans go as low as 372% (California), and as high as 652% (Idaho). The fees charged for processing your loan are $15 for every hundred dollars in your loan.
So supposing you take out a loan of $300, you’ll end up paying $45 for the same in the span of 2 weeks. If this works for you, go for it.
But statistics point out that 80% of these no credit check loan users end up borrowing another loan within 3 months of their first one. Why would they do that? Because another emergency must have come up and they need more money, right? Wrong. It is to pay off their previous loan!
Forget about taking a loan with an APR more than 40 percent, you’ll only be stuck in debt cycles.
Are There Any Better Alternatives?
You don’t necessarily have to accept skyrocketing interest rates to get fast, no credit check loans. Instead of taking out payday loans online, opt for installment loans.
Lenders like mypaydayloansonline.com offer these loans, approve them quickly, have longer repayment terms, and allow you to pay back in installments.
Even users with poor credit can apply because the approval process takes other factors into consideration.
If you’re employed and have a steady income, lenders will consider you a safe bet for the loan.
Summary
When selected correctly, and used responsibly, taking payday loans online is a great option. As long as you pay off your loans quickly, your financial health will stand strong. Trust only genuine lenders to take out an online payday loan. Look for lower interest rates, otherwise move to safer alternatives like installment loans. Explore MyPayDayLoansOnline for a variety of genuine loan options.
