Payday loans can help you in covering for expenses that crop up in between payday schedules or during least expected times.
Obtaining cash from payday loan companies is now made easy.
Although payday lenders located in physical stores can be of service to you, applying for a cash loan online is undoubtedly a better option among the majority of prospective borrowers.
Top ten reasons to apply for payday loans online
1. Easy lending process
Online loans offer you the convenience that traditional loans from banks cannot offer. Banks require borrowers to meet strict guidelines to be eligible for a loan.
With online loans offered by payday lending companies, it is relatively easier and faster to submit the requirements even within short notice.
2. No collateral required
A borrower’s future income is considered as collateral when you apply for a payday loan. There’s no need to present any form of an asset just so you can be approved for a loan.
Why risk losing your most cherished possessions when you can simply pay the full cash amount in your next pay schedule?
In addition, since you will only be granted up to $1,500 there simply is no need to put down expensive assets as a form of collateral for such a small loan.
3. Secure money dealing service
Processing a cash loan request online is made safe and secure by payday loan lenders. You can easily find the most trusted lenders in your city through SolidCashHelp or similar websites and apply in-store or online.
Personal information provided to lenders is treated as confidential and is not shared with third party companies.
You can be confident that your financial information is kept in private and are eventually deleted from the system once the transaction is completed.
Reputable companies treat each and every client special, and one way to show this is by ensuring that all information is always kept in confidence.
4. Avoid late fees and NSF fees
Overdrawn checks will never be your worry again if you decide to make use of online cash advance during tight and tough financial problems.
Instead of paying unbelievably high fees due to NSF charges, you can definitely reduce unnecessary costs by applying for cash advance online.
An average of 1,700% APR is paid back on top of the loan amount among borrowers who decide to request a traditional loan. Just imagine the savings that you can get by sticking to using payday loans instead.
5. Available for people with bad credit
Individuals with less than stellar credit status can take advantage of online payday loans.
Payday lenders do not consider a person’s credit status as important before a loan application can be approved.
Individuals who have had a history of bad credit or those who currently have a not-so-perfect credit score are eligible for payday loans.
Provided that a borrower has a stable source of income, credit status will become useless and irrelevant.
6. Quick Process
One of the aims of online loans is to offer financial relief to customers in the fastest way they can.
Loans obtained from traditional lenders may take weeks before it can be approved. When the time comes that the funds are released, there wouldn’t be a need for money anymore.
Once the application has already been sent and the criteria have already been submitted, borrowers can make use of approved loan request right away.
The speed of approval also depends on the responsiveness of borrowers in meeting requirements. If you need cash within hours after the request, be prepared with the needed documentation before applying for a cash loan online.
7. No visits
You don’t need to do an appearance when requesting a payday loan. In a traditional loan, banks and similar lenders will require borrowers to visit the bank for assessment and interview.
With cash advance, you need not go out of the comfort of your own home. You can apply and get approved simply by going online as you relax at home.
8. Save Money
The interest rate associated with payday loans is relatively high, considering that it is categorized as a short term loan.
The interest rate is fixed, thus making it easier for borrowers to pay it on the next salary schedule. Most lenders even provide extension without having to hike up the interest rate further.
With payday loans, you have financial resources to pay for emergency bills, products, and utilities on time, thus preventing you from incurring unbelievably high late fees and charges.
9. Maintain an excellent credit score
Since there are no credit checks involved during the screening and application process, a borrower’s FICO score will not be negatively affected by taking out a cash loan from payday loan lenders.
10. Paperless Application
A large percentage of cash lenders do their business online. Their website is the portal for receiving requests and approving loans.
All the information is typed into their system and is safely organized in their database.
The paperless application process seems to be a very convenient option among potential borrowers who do not have the time to go inside a payday loan office or fax in documents to the lender.
In addition, all you need to type in and submit with your paperless application are the following:
- Proof of income
- Proof of US citizenship
- Checking and/or savings account number
Payday loans have been used by millions of people in hardship. Do not be left behind and experience the perks of being approved for a loan the next time you encounter urgent money needs.