The first step for you if you are thinking to get an online payday loan is to analyze if it is that much necessary to borrow money? If your situation is really bad? If yes, then only take this.
When is the right time to take payday loans?
You must opt for this when there is some really urgent work to do (as its rate is very high) so you must be prepared for it.
best online payday loans
Here are several reasons or situations that occur when you don’t have sufficient money and you have to repair your car or you may have to pay bills for some emergency medical issues of yours or your family. Either you can take it to pay your utility bills which have last day tomorrow or it can be for your credit card bills also.
There are so many facts that you can check in any lender while choosing. So, by the following qualities you can judge:
- Customer Reviews: You must check the reviews and ratings of old customers of that lender. By which you can get a rough idea about their services.
- Experience: That how much time that a lender is in this industry and how old that company is?
- Customer Service: Check if their customer service is good in the market. In case you’ll have any doubt then how you can contact them and how early they can solve your query.
- Easily understandable contract: There must not be any complexity in an understanding of agreement and details should be transparent so that there are no hidden details.
- Personal detail security: The lender who do not share your data with anyone and uses a secure database to keep all your information.
- Uncomplicated and fast funding: If you get loan money after so long when you are in need today then that is totally waste. So, online payday loans are the best way for the fastest funding. The process is really simple and no requirement of a bundle of paperwork.
- No worries about credit check: The creditworthiness of yours can be checked by your employment status only and a score of credits is not essential for that.
- Secure online process: From application to funding and repayment, the whole process is online and there is the full security of your personal details.
Selecting criteria for online payday loan companies:
- The very first thing is if you are above 18 years old.
- Your citizenship is required for the place where you are applying.
- The working bank account is must (where you’ll get your loan amount and also your lender can deduct money directly on your next paycheck)
- Other docs like id proof, earning proof (or employer details)
If you have all these genuine things then you can get your approval within a few minutes. And cash in your account within one day.
The best online payday loan you can get if you choose the best lender according to your requirements. That time when some financial crises occur then the online payday loan can help even if you have a bad FICO score. The best lender is that who can fund money to your account quickly. You should opt to direct lender for the fast process in which there is no third-party involvement included.
But the main thing you must be prepared for is its cost. These loans are highly expensive as compare to other loans.
The laws related to a payday loan are stated by the state government which can vary. So, it depends on your area that what’s the maximum rate over there and the limit of loan also. At some places this loan is ban- so if you are thinking to borrow, first check if it is legal at your place or not.
Following are the few best online lender, whom you can consider:
- CashNetUSA: The limit of the loan amount for the customers who are borrowing the first time is $100-$3000 (Also it depends upon the state where you live). This lender is special in providing instant loans and funding amounts.
- LendUp: This lender is best among all for a bad credit customer. Online application for payday loans is available with which you can get money in your account. Its APR is around 391% which is the same as CashNetUSA.
- Rise Credit: As the name suggests, this lender is a very good option to choose if you want to improve your credit scores. Along with that, you can get financial resources online without any cost.
- Speedy Cash: It is the best option if you want a low amount of money to borrow, between $100-$500. Also, they offer very good customer service for their customers to solve every query.
What if you don’t get able to pay off your debt on time? Have you ever thought about its consequences before applying for the payday loan?
If you get failed due to some reasons and if you communicate with your lender regularly and built a good relationship then firstly, they will try to co-operate with you and provide you some options for paying off. In which they can provide you an installment option or to roll-over your loan (that means to get your loan open again) but with much higher interest charges plus extra heavy fees.
If you are thinking about some other preference from payday then you should know first that if it is important to get money today only? If you get cash after 7-15 days, can it work for you?
If you can wait, then personal loans are the best option for you even if you don’t have a score or collateral. It also charges high fees as compared to secured personal loans but its APR would be lower than payday loans.
But for instant help, the best option is only online payday loans which can provide you money at the same day.