Why Wait in Line? Get Your Payday Loan Online!
Today's payday loans aren't what you might think. You don't have to drive to the seedy part of town and die of embarrassment in the application interview. You can get a payday loan today without leaving your home. And with the quick and easy online application process, you can have your cash advance directly deposited into your checking account within 24 hours.
Shopping for Payday Loans
To ease your anxiety over shopping for a payday loan, here are some tips to ensure that you are getting the best deal on your loan:
- Know that trustworthy online payday loan companies always post their APRs (annual percentage rates) and other applicable fees on their websites.
- Do not only focus on APR, also look at payment options to make sure that you can afford the repayment plan.
- If you have any questions regarding your rate, repayment options, fees, or other concerns regarding your payday loan, you should be able to contact a representative or reference your chosen company's FAQ website to answer all of your questions.
The Online Loan Application Process
Online cash advance companies have streamlined their application process so that you can have your approval within an hour. In addition to the quick turn times on the application process, payday loan companies do NOT pull your credit! In fact, the whole application process is paperless-- no need for you to fax paycheck stubs or forms. You need only have 90 days of steady employment and supply your payday loan company with the following information:
- Your contact information
- Job history
- Checking account information-- for your cash advance direct deposit
Getting Your Cash Advance
Since your cash advance is deposited electronically into your account, you don't have wait in line at the bank nor do you have to wait for your check to clear. The funds are there for you to use at your discretion within 24 hours.
Loan Repayment Options
Again, this whole process is paperless -- from start to finish. Payments are handled online and most payday loan companies will set up an automatic payments from your checking account on the specified due dates. At the beginning of your repayment period you are mainly repaying finance charges. Like most loans, as it amortizes, or is paid off, a greater portion of the payment will be allocated towards retiring the principal. At any time you can arrange to pay more towards the principal on your loan or pay off the entire balance.
Payday Loan Pitfalls
Payday loans may be your best option if you have a financial emergency. They can help you avoid high bounced check fees, late charges, and dings to your credit. However, payday loans are also characterized by relatively high interest rates, origination fees, late fees, and other charges. Avoid getting trapped into an expensive and protracted payday loan repayment by determining exactly when and how you will repay the loan, and then sticking to that plan. If you find yourself making repeated use of a payday loan service you probably have a debt management problem -- one that might be better relieved with some credit counseling and some fiscal discipline.
Payday loans have their place in the credit world, and have functioned as a bulwark against financial catastrophe for many. And now they are easier to get and more convenient to repay thanks to automated servicing and application processes.
Federal Trade Commission