Payday Loans are also referred to as Same Day Loans, Payday Cash Advance Loans, or simply cash advances. They are short-term, small-dollar personal loans that are typically paid back on your next payday. The loan is paid in full along with a loan fee, and the average term of a Payday Loan is about two weeks or 30 days depending on your employer's payday schedule.
Payday Loans are offered by brick and mortar stores however online direct payday lenders are the preferred choice by consumers for their convenience, security and speed.
What are Payday Loans Used For
- Payday Loans are typically used for short-term financial relief
- If you're short on cash between paydays and need to pay bills on time or cover small unexpected costs such as minor auto or home repairs, then payday loans may be the ideal solution
- An online payday loan can also help you avoid late fees, overdraft fees or bounced checks.
It is important to keep in mind that a payday loan is not meant to be used as a long-term financial solution and we encourage you to use a payday loan responsibly.
Are Payday Loans Good For Me
Depending on your financial situation, cash payday loans may offer you the ideal solution. For example, if you are short on cash until your next payday and need to cover expenses such as a bill payment (that will result in late fees if not paid on time), then same day payday loans may be the right answer.
However, a cash advance payday loan is not meant to be used to pay your bills every month. If you are struggling to pay your bills month over month, then we encourage you to seek other financial solutions.
What is the Process When Applying for an Online Payday Loan
Before applying for a Payday Loan with an online lender, make sure you understand when and how to utilize them. Using a payday loan responsibly and choosing the right lender is not only important, it's vital to ensuring that you make the best financial choice possible.
The process to apply for an online payday loan is simple:
You typically need to complete the online loan application and after submitting this loan application, you will know within seconds if your application was accepted by the lender. The immediate response is a huge benefit of getting your payday loans online with a trusted online payday lender.
When your application is accepted, an online lender will need to verify some information with you to make sure you meet their minimum requirements. Online lenders may also require you to send documents to verify source of income and determine if you can afford the product. Unfortunately, not all loan applications will be approved.
Does MoneyKey Offer Payday Loans
MoneyKey offers a similar product called a Single-Pay Loan in selected states. It works similar to a traditional Payday Loan where it is typically paid back in full on your next payday.
Peerform, based in New York, New York, is a new entrant to the peer-to-peer lending market. Like Lending Club and Prosper Marketplace, Peerform is a platform that facilitates loans between lenders and borrowers. It offers 3-year unsecured personal loans from $1,000 to $25,000. The interest rates for the loans range from 4.56% to 27.08% (as of...
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