Financial troubles are a common say in modern society. With a fast paced lifestyle and very little time to save, expenses come unexpectedly.
For example, without a medicare policy, even a minor surgery could create alarming situations.
In distress, looking for places for loans near me is pretty obvious and necessary, at the same time.
But what’s more important, is finding the right place for a loan, be it a short-term personal loan.
If you also find yourself going through a similar urgency for cash, this article is for you. Here you will find the most reliable solution to all your financial troubles.
What are Payday Loans?
Short-term personal loans, which usually are termed for a few weeks, are known as payday loans. As the name suggests, these loans are available from payday to payday. And are usually flat repayment loans.
An interesting feature of these payday loans is that there are no credit checks. Since these loans are generally available from private lenders and are unsecured lending options, there are minimal formalities needed.
Also, it is noteworthy that these loans come with high repayment charges. The amount for the loan could vary between $100 and $2500, along with an interest rate of 15% to 78% flat. Besides, the processing fee is also higher in contrast to conventional lending options.
Perhaps, payday loans are mostly suitable when you need to meet your monthly budget apart from emergency expenses. That is why the name, payday loans.
If you believe payday loans are for you, your next step should be finding a reliable lender.
Where to Look for Payday Loans?
As already mentioned, these loans are exclusively offered by private lenders. For this reason, the hunt for the right lender could be overwhelming. Since there are endless private financial institutes claiming to be the best.
Experts suggest using online money lending networks to access quick payday loans. The reason being, these networks can help you connect with many lenders at once. What’s more interesting is these networks do not offer to lend loans themselves, but only feature other lenders.
As soon as you complete the necessary formalities, your details are shared with the lenders. Further, a basic check is carried out to ensure your credibility.
You can easily find, compare, and send your application to the lenders of your choice.
The best part about accessing an online money lending network is they also share public reviews and feedback. So, you can easily know about customer experience with every lender.
The Application Process…
By now, if you’ve been following carefully, it is crucial that you know the application process for online payday loans. Though the lenders do not carry out intense credit checks, they still need some information on record.
Share your Details
Obviously, the first step would be to share your personal financial details. These are only the basic details, such as your name, your account number, and/or your bank statement. You may also need to share proof of identity and citizenship.
The network would then pull up lenders who can offer you a payday loan.
Choose your Plan
The list of lenders who can offer you a short-term personal loan would also provide other details. For example, there will be a range of loan amount, rate of interest, tenure, and fee details.
It is important that you choose your plan wisely, as you wouldn’t want to be overpaying for a small amount. Justify the amount you need and how long would you take to repay the debt. Only after that would you be able to optimize your finances, despite paying a high-interest and processing fee.
Choose a Lender
Once you’re done with all the necessary formalities and have identified which plan meets your financial needs, it’s time to choose your lender.
As already mentioned, you can easily find public reviews and feedback for every private lender, use it to your advantage. The task of choosing a lender not only needs reviews and feedback but also requires you to consider the plan again.
The wisest choice, of course, would be to find a plan that fits into your budget and look for a lender who has a good rapport.
Submit your Application
The last step is submitting your application with the lender of your choice. When you apply through a money lending network, you can submit your application to more than one lender from one screen only.
While submitting your application make sure to double-check all the information you are sharing. An incomplete application may lead to the rejection of your loan. And, of course, you wouldn’t want that to happen.
Post-application, you can expect to receive an approval message from the lender. It should contain all the necessary details of your loan, such as the amount of the loan, term, and interest, and also the processing fee to be paid. Besides, the message should also have details about how to repay and when.
Repayment of the Loan…
While everything may sound so simple and straightforward, it isn’t in practice. Managing finances and paying debts requires intensive planning and brainstorming.
For payday loans, as already mentioned the repayment is usually to be made in one go. There are no installments. However, there are provisions to extend the term of your loan.
To put this into perspective, you can have a word with your lender and ask them to extend the due date by a few weeks, till you arrange for the money.
Another thing that you must keep in mind is your monthly expenses. Of course, apart from repaying your debt, you’ll also need to ensure that you’re left with enough to cover your monthly expenses.
The best thing about payday loans is quick availability. While you’d be required to wait for days before you receive the loan amount in your bank account, when you apply through conventional banks; this is not the case with payday loans.
You can expect the amount to be credited into your account within 24 hours of your loan approval. Thus, making your life easy when you’re stuck in any emergency.
That being said, it is still advised that you borrow responsibly. After all, even a payday loan is a debt and it needs to be repaid.