Get Easy Payday Loans Online
When individuals find themselves encountering financial emergencies, they often look towards loans as a source of funding. Though personal loans are still available to some, those who have exhausted all other financial options may look to payday loans to make it through monetary crises between paydays. The question does remain for many, though, as to exactly how attainable “easy payday loans” really are.
Comparisons to Traditional Loans
When most people discuss whether or not it is easy to get payday loans, they are generally discussing the process of getting one of these loans as it compares to the process of getting a traditional loan. While there are certainly state-specific rules and regulations, payday loans may have fewer restrictions than more traditional personal loans or conventional loans from banks and credit unions might have.
A great deal of this has to do with what payday loan requirements lenders need from the applicant versus what the traditional lender requires.
A traditional loan might require the following:
- Tax records
- Pay stubs
- Credit checks
- Multiple forms of identification
- Lengthy applications
While short-term loans typically require credit checks and forms of identification, they generally do not require lengthy applications and tax records. In addition to considering an applicant’s credit history, most lenders may also take an applicant’s debt-to income-ratio into account, to determine if they will meet loan terms and conditions. In this way, there are no such things as “payday loans online with no credit check” or “online payday loans for bad credit”. While instant approval payday loans are not possible, unlike traditional personal loans which can have lengthy approval periods even when the individual borrower is well-qualified for the loan, the application process for payday loans can take as little as 15 to 60 minutes.
The Process of Applying
Getting a loan online generally involves going to the relevant site and inputting a bit of personal information – name, address, and contact information – followed by some kind of proof of income. If an applicant is approved, the lender will then offer a loan for a specific amount, along with repayment terms. If the borrower chooses to accept the loan, funds will generally be dispersed within two to three business days.
While requirements typically vary from lender to lender, most borrowers will need to present the following items:
- Pay stubs/proof of income
- One to two forms of ID
- Proof of residence
- Banking information
Borrowers should note that disbursing a payday loan is predicated on an individual’s ability to pay in addition to an individual’s payment history. This means that an applicant’s credit score does have weight in determining an applicant’s chance of getting approved.
Individuals who have poor credit scores and histories can still apply for a short-term loan to see if they are approved.
Likewise, consumers who do not have a bank account or who receive income from alternative sources are still eligible to apply for shorter-duration funding. Alternative forms of income may include social security benefits, welfare, VA benefits, disability payments, and other entitlements, self-employment income, royalties for intellectual property, such as books and songs, trust fund payments, income from investments, and child support and alimony payments.
It is important to note that it can be more difficult to get payday loans in some states. Because of issues involving high-interest rates, sixteen states have taken steps to effectively ban typical payday loans. Of these states, eight states have banned payday loans outright while the other eight have capped the interest rates on these loans. Three other states allow payday loans, but still, cap the interest rates lower than the industry average. This means that only citizens of the remaining thirty-one states (Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming) can take out these payday loans online.
For those in states that allow payday loans, payday loans might be viable resources for borrowers who would otherwise find themselves unable to get traditional loans. While the process of applying may be less strict and have fewer requirements than conventional loans, it is still incumbent upon the borrower to remember that a payday loan is still a loan that must be paid back.