Payday Loans in the US: Everything You Should Know
Payday loans are always a convenient way to take care of bills and emergencies. They are provided by lenders who make it easier and faster to get cash advances. These loans are meant to be short-term, which is why they carry higher interest rates. Let's have a close look at some of the most important things to consider about payday loans online.
What Are Payday Loans Online?
A payday loan is designed to help meet your financial needs with a temporary cash advance that is usually expected to be repaid on your next payday. Some lenders ask for your bank account information and electronically debit your account when the payment is due. Others collect post-dated checks that return the cash on the due date. These loans can be used for any type of urgent cash need like car repairs, roofing repairs, medical emergencies, or to clear off credit card, telephone, or energy bills.
How Payday Loans Differ from Traditional Loans
The main difference between a payday loan and a traditional loan is the time it takes to process. While traditional loans may take over a day, a payday loan can be approved in less than an hour. Conventional loans are slowed down by a more complex review process and credit checks. The advantage of traditional loans is lower interest rates, but if you plan to repay the loan in a few weeks, interest rates will not have much impact.
Better Than Other Loans?
There are several advantages of online payday loans, such as eligibility, quick processing time and flexible repayment plans. The fact that you can research online for quick loans instead of driving around, makes payday loans more convenient for borrowers with tight schedules.
How to Qualify for Online Payday Loans
The main requirements are that you are employed and are a resident in the country where you are applying for the loan. Once you complete the online application, it's important to review all your information to make sure it's accurate. Then review and accept the loan agreement terms and conditions and use your electronic signature.
Depending on the lender, you may need to fax or email additional information, such as proof of employment. When you are approved, the lender will send funds electronically to your checking account.
What About Credit Score?
Payday loans are available even to individuals with bad credit as long as they have a steady income from a job. Unlike conventional loans, online payday loans usually do not require a credit check. A lender uses their own risk assessment tools to determine if you qualify for the loan. Payday loans are designed to help people who find it difficult applying for regular bank loans.
Amount You Can Borrow
Each lender sets their own limits on the amount you can borrow. Most payday loans range from $120 to $1500. Usually the more you earn, the more you are able to borrow.
By law, the loan agreement must state all terms and applicable fees, including penalties for not paying on time. The lender must follow all federal and state regulations, so make sure the lender is licensed in your state.
Most payday loans have higher than conventional loan interest rates that spike higher when the balance is not repaid by the due date, which must be explained in the loan agreement. Payday loans cannot roll over or be refinanced, but you can take out a new loan once the first loan is repaid.
CashOne – The Reliable Name for Payday Loans Online
CashOne is a premier name for getting emergency cash advances and payday loans at the time of need. We help you find a licensed lender in your state of residence without any hassle. We have built an efficient platform, where your loan application finds the best lenders for a personal emergency loan. We aim to get you through all kinds of financial emergencies by matching your loan requirements with our licensed lenders.
For all your emergency cash needs, CashOne helps you borrow between $100 to $1000, depending on your needs. All you need to do is - complete our 5-minute loan application process, which is easy and confidential. You need to provide us with information about you, your employment details, bank account, and references. Once your loan application is successfully received, our licensed lenders will contact you and the funds will be transferred to your bank account.
You may have to send additional supporting information to lenders via email or fax if needed. Upon your request, you can have the cash credited to your account on the next business day. You can select the most suitable way to pay back your loan on the due date. Once paid, you can make a new loan request.
Eligibility for Online Payday Loans
- U.S. Citizenship
- At least 18 years old
- At least 90 days of employment in current company
- Net income (after taxes) should be at least $1200 per month.
- Applicant should have a checking or savings account at a bank or credit union.
- A telephone number and valid email address
Why CashOne Is Better Than Others?
Trust With years of experience in the payday loan industry, CashOne has emerged as the most trusted name for finding a licensed payday loan lender. We have been successful in building a satisfied customer base by helping them at the time of need.
Licensed Lenders Our database includes a long list of licensed lenders, who are always available for your emergency cash needs. All our lenders are premier lenders with different APR rates and eligibility criteria. Once you submit your loan application, we match your application with those lenders who can fulfill your cash needs, depending on your profile.
Although we represent a number of lenders, we strive to find the best lenders for you, who comply with best and fair practices. As a result, we are successful in funding a higher percentage of loan applications compared to other online lenders.
We Comply with the Online Lenders Association CashOne complies with the Online Lenders Association, which ensures best and fair practices throughout. Also, full disclosure is a part of this process. We ensure that complete transparency is followed in our day-to-day business processes.
No Collaterals Needed Unlike other online lenders, you don’t need to submit any collateral for getting a payday loan. CashOne is known for assisting people with unsecured personal loans at the time of financial emergencies.
Low Rates The interest rates quoted by our certified lenders are comparatively lower than other payday loan sources. Our lenders charge you only for the actual days you borrow. However, the rates and fees may vary depending on how fast you need the cash, how much you need, and for how long you want to borrow. We ensure that APR rates, fees and other charges quoted by our certified lenders are reasonable and comply with the industry standards.
Experienced Backend Team We have an experienced backend team, which closely monitors the complete loan application and lending process. Our team ensures that fair practices are maintained during the lending process, and the lending policies don’t exploit the loan applicants by wrong means.
Quick Application Process The loan application process being followed by CashOne is quick, simple and hassle free. You don’t need to wait for long hours to apply.Nor do you need to submit a dozen documents, which is common with the bank loan application process. All you need is 5 minutes to fill a simple form and apply for a payday loan with ease.
Want more information on payday loans or the application process? We at CashOne will be more than happy to answer all your queries. Give us a quick call at 800-482-0150 or fill our online payday loan form today!
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