Getting a loan in today’s world can go two ways. You either get it the hard way which usually involves spending hours on the internet searching for the ideal lender only to find the total opposite. Or, you could do things the easy way by letting loan brokers like US Installment Loans do the groundwork for you.
With these lifesavers on your side, you’re guaranteed quick cash loan offers with same-day funding. How? You say — These brokers already have deep connections with lenders who offer payday loans to bad credit borrowers.
Lenders who understand how dire financial emergencies can be won’t waste your time by doing too much research into your credit history. Instead, they take a peek at your employment and income records, do all the necessary processing, and grant your loan — all on the same day!
So, What are Instant Payday Loans?
Instant payday loans, aka Cash advance, are quick loans offered to borrowers on a short-term basis (usually for a few weeks) and are to be settled over the next few paychecks.
Most times, these loans are high-interest loans and could range from as low as $50 to a few thousand dollars. They can also be used to settle immediate financial emergencies like car repairs, medical bills, and debt.
An applaudable fact about payday loans is that its lenders usually don’t care about credit scores and approve loans very quickly after the borrower’s application comes in. As earlier said, they are only concerned about your making enough money to meet up with the monthly payments.
How Quickly Can I Get the Online Instant Payday Loan?
As long as you meet up with the requirements which usually involve you providing a stable income record and a valid means of identification, you should be getting your payday loan hours after your application.
It all depends on how much you apply for and how quickly your bank processes the deposit. In some cases, your funds can come in the next business day so you need to be patient. All in all, one business day is all it takes for your cash to come in.
Bright & Dark Sides of Instant Payday Loans
As with all realistic businesses in the modern-day, there’s a bright and dark side to payday loans. Take a look at the following bright and dark sides of getting instant payday loans;
- Payday loans are easily accessible: This is easily the number one advantage of payday loans. With a middleman like US Installment Loans, your entire loan acquisition experience may take a few hours from start to completion. Some even take as low as 20 minutes to get processed — unlike the traditional ways of getting a loan which takes days, to say the least.
- They are subject to fewer conditions than other loans: Currently, all you need to complete your payday loan application is; a government-issued ID or Social Security Number, a stable source of income, and a functioning bank account. It’s that simple.
- No credit checks/soft credit checks: Payday loans only run credit checks basically to satisfy regulatory laws, therefore, do not run these checks by the major credit bureaus. These checks are known as soft credit checks and are as good as no credit checks.
- No collateral required: Collateral isn’t a requirement with payday loans. Therefore, it is suitable or ideal for borrowers who have no assets or valuables to turn in as collateral.
- They’re usually expensive to acquire: Depending on your location, the APR (Annual Percentage Rate) of payday loans can soar as high as 500%. For example, a 14-day payday loan of $500 with an interest rate of 20% would require a loan settlement of roughly $602 (approx. 533% APR). That’s why lenders make sure you have the income to settle your loan.
- They don’t help you build credit: Since the lenders neither conduct hard credit checks nor report their findings to the CFPB, payday loans don’t add to your credit report.
- One can easily get trapped in a debt cycle: High-interest loans especially when stretched over a long term can be expensive to repay. Continuous loan defaults also attract late payment fees, pushing up the total cost of the loan. If one isn’t careful, one may get drawn into a vicious cycle of debt.
- They can access your bank account: Borrowers are often required to grant their ideal lenders access to their bank account. This is so they can make legal withdrawals for their loan settlement. Now imagine if your account details were in the hands of the wrong people. We don’t have to tell you how bad things can get.
With all these cons, it’s completely normal to have doubts about applying for payday loans. However, US Installment Loans also frown on loan scammers and would NEVER put your finances in jeopardy. With them, you are assured of a smooth experience.
What Information Should I Supply for Instant Cash Loans?
Although specific to each lender, a typical payday loan borrower should have these documents ready before beginning the application;
- Government-issued ID (e.g. driver’s license or passport).
- Your Social Security Number.
- Your employment record and proof of income.
- A functioning bank account.
- And a valid email address.
Your lender would specify if there are any other documents to be added to the ones above during the application.
How to Apply For Instant Payday Loans Online
Here’s a step-by-step process you can follow to apply for a quick payday loan with US Installment Loans;
- Step one: Choose your desired loan amount in the loan application form. This page should morph into an online questionnaire asking for important information about your loan request. Information like; your credit score, what the loan is to be used for, your email address, name, cell phone number and so on. Once done, submit all the info you’ve provided and proceed to step two.
- Step two: Upon finishing step one, wait for about 5 minutes for them to connect you with one of the 150 lenders on their network. Once your application has been approved, the available lender will provide you with a free, no-obligation estimate that includes details on the approved loan amount.
- Step three: At this stage, you’re required to read through the terms and conditions of the quote tendered by your chosen lender very carefully before making the big decision. If you’re satisfied with their T&Cs, accept the offer and wait to be credited. This should happen in less than 24 hours depending on your bank’s processing speed.
How Much Do You Want?
What do you need to consider before taking out an instant payday loan?
Consider these 5 things before applying to get a payday loan with any lender;
- The purpose of the loan. Payday loans are to be used for financial emergencies. Not clubbing.
- The exact amount you need. Given the expensive nature of instant payday loans, you can’t afford to borrow the cash you don’t need.
- The terms and conditions of the lender’s quote.
- The risks of taking out payday loans.
- And the type of lender.
Are instant payday loans legal?
Unfortunately, instant payday loans are not legal in all US states. As of 2022, only 27 states allow lenders to offer loans to bad credit borrowers. 9 of them permit only store-front lending (no online lending). The remaining 14 strictly forbid bad credit lending.
Can I get quick payday loans with bad credit?
Yes, you can. Payday loan lenders give little attention to borrowers’ credit scores when making approval decisions. Approval instead, hinges on the ability of the borrower to pay back the borrowed cash when due or otherwise.
Is there a way to improve my odds of getting an instant payday loan?
To increase your chances of getting a higher payday loan in the future, make sure you; meet the eligibility requirements before applying for your loan, submit valid documents, borrow what you need and, if possible, raise your credit score.