What Is an Online Payday Advance?
Payday advances, also known as payday loans, are short term loans taken out by borrowers who need little advances or cash to tide themselves over till their next payday. These loans may range from $100 to a few thousand dollars.
Since these loans are short-term and lenders need to make some profit before the payment deadline, the interest rates charged on these loans are usually higher than those on long-term loans like installment and personal loans.
However, they are most times considered a bargain because of their low credit score requirement and the ability to get one without collateral or co-signer. It is especially a good deal if you get a good payday loan offer with competitively low APRs.
Apply for an online payday advance on US Installment Loans to get connected to loan deals with borrower-friendly APRs, and loan terms and conditions.
How Do Online Payday Advances Work?
Meeting a lender's eligibility requirements is key to getting approved for a loan. Generally, to qualify for a payday advance offer, you must:
- Be a US citizen
- Be at least 18 years old
- Be able to provide a name, address and contact information at the time of applying
- Tender a government-issued ID
- Have a checking account
- Provide documents verifying your income. These documents should contain your employment and income information
Payday advances are mostly approved quickly and can be gotten without collateral, co-signer and no hard credit checks. While payday advances are a widely used financial relief in emergencies, it's important to know that they are not allowed/available in all states. So, it's recommended to check with your state's lending laws or do a simple web search to see if it's available in your state of residence.
How Can I Apply for Payday Advances Online?
Applying for payday advances online is easy and simple. The first step usually involves finding a reliable lender with a decent interest rate. However, locating these lenders can be quite a hassle. That's why most people recommend using a broker. Here's how to apply through a broker like US Installment Loans.
- Fill out the short, simple form with the requisite answers. The questions border mostly on your basic personal, contact, and financial information. Supply only correct answers and you should be connected to its network of lenders in no time.
- A willing lender reviews your submission and assesses you for approval. They typically make approval decisions in under five minutes and should send you a quote if you successfully pass their evaluations. There's nothing to worry about; these lenders generally have a high approval rate.
- Review the quotes from these lenders, paying special attention to interest rates, loan terms, late payment penalties, and other fees that could potentially increase the total cost of the loan. Choose the quote that works best for you and e-sign it.
- The lender should get your e-signed quote and begin to process your funding soon after. In most cases, you should get funded as soon as the same day or the following business day.
How Much Do You Want?
Why Should I Choose US Installment Loans?
There are so many reasons why you should choose US Installment Loans. Chief among them are:
- Multiple offers in one application: Approaching a broker like US Installment Loans unlike a direct lender connects you to multiple offers in just one application. Your chances of landing a loan offer, and a good one at that, are quite high this way.
- Competitive interest rates: Its partner lenders charge competitive interest rates. Their rates are about the industry or market average.
- Quick approval decisions: Approval decisions are made quite quickly, most times, in five minutes or less.
- Lenders run soft credit checks: Hard credit inquiries can negatively affect your credit ratings. If you already have bad credit, you should avoid this at all costs. US installment Loan partner lenders understand the negative impacts of hard credit inquiries and so, run only soft credit checks on applicants.
How Does US Installment Loans Compare?
|How much do I qualify for?||Up to $35000||Competitive rates|
|What's the max loan length?||Up to 36 months||Fast decisions|
|Do lenders check my credit?||Yes||Soft credit checks|
|All credit levels accepted?||Yes||Bad credit doesn't matter|
|Chances of approval||Good||High approval rates|
|When am I allowed to apply?||24/7 online||Easy application|
Alternatives to Online Payday Advance Loan
Personal loans are loans taken out by a borrower for a wide range of reasons. They are usually larger than payday advances, have smaller interest rates and may be used for just about anything. They are mostly borrowed for debt consolidation.
Bad Credit Loans
Bad credit loans are loans specially designed for bad credit borrowers. If you have a bad credit score, your chances of getting approved for a loan are highest with a bad credit lender. They may have high-interest rates. However, the fact that they are quickly processed makes them very useful in financial emergencies.
An installment loan is probably the best for you if you prefer to spread the total cost of the loan over a longer term. Installment loans are lump sums of money taken out by a borrower and paid as small sums (installments) each month over the life of the loan.
Payday Alternative Loans
Payday alternative loans are short-term loans offered by federal credit unions. Their interest rates are usually lower than a payday advance. However, to qualify for one, you must have been a member of the credit union for at least one month. The maximum loan amount is limited too; pegged at about $2000 for most lenders.
Things to Watch out for Before Getting a Payday Advance
It's important to make a few considerations before taking out a payday advance. Only after these considerations can you conveniently and confidently say that it is the right step for you to take.
Firstly, payday loans are high-interest loans. They also have a short term. Review the interest rates and other fees associated with the loan to determine if the total cost of the loan is worth it. Secondly, defaulting on payments could attract heavy interest rates and affect your credit score.
But there are many pros to look at too; don't you think? For instance, if you have bad credit, you still have a very good chance of landing a payday advance compared to a bank loan. Also, you can get one without collateral. They may be secured with an asset or totally unsecured.
How much can I borrow?
This depends on the lender and their evaluation of your profile. Your state's lending laws also have a role to play in this. A lender will generally carry out affordability checks on you to determine how much you can conveniently afford. US Installment Loans can connect you to lenders that can provide you with payday loans up to $5000.
Can I take out a payday advance even with bad credit?
Yes, you can. Payday advance lenders are not biased against bad credit borrowers. Good and bad credit borrowers can take out payday loans. Eligibility and approval for payday loans hinge on other factors like how much you earn, and how long you've been at your current job other than what your credit rating says.
Can I get a payday advance loan with no credit check?
Yes, you can. However, no credit check doesn't mean zero credit checks. It simply means soft credit checks, that is, checks that are not done via the major credit bureaus. Some lenders run only soft credit checks on their borrowers so they do not suffer the usual credit score dings that come with hard credit inquiries.
When can I expect to get funded?
In general, this depends on what time of the day you applied, the lender's funding policy, and your bank's processing speed. You can get the cash the same day of applying if you apply early enough. Otherwise, your requested cash should be deposited as soon as the following business day.
How can I qualify for a payday advance online?
Usually, the requirements for a payday advance online are basic. They include that you are at least 18 years old, make a monthly income of at least $800, have a checking account, contact information, and a government-issued ID. Your chances of qualifying for a payday advance online are higher so far than they are legal in your state and you meet these basic eligibility requirements.