Online Payday Loans up to $1000
In tough economic times, many individuals and families are finding themselves living on a paycheck-to-paycheck basis. It can be difficult to make ends meet and to get bills in on time every month. If this is the case with you, there is no need to worry! An online payday loan can ensure that your payments are made on time, with no late fees or penalties to deal with and no blemishes threatening to mar your credit report.
Since online payday loans are awarded on a short-term basis, you will not need to worry about debt looming over your head for years. An Online payday loan is typically taken out for around two weeks and is designed simply to tide you over until your next payday. Therefore, as soon as your check comes, you can pay off your loan and move on with your life.
There are quite a few reasons that many people prefer applying for payday loan online instead of applying for one at a local storefront loan agency:
- Convenience - There are no long lines to wait in and no traffic jams to wade through when you apply for an online payday loan. You can apply for an online loan any time, day or night, at your leisure.
- Discretion - When you apply for a payday loan online, there will be no embarrassing encounters with nosy neighbors or co-workers on the way to a storefront loan agency. You can apply from the privacy of your own home and have your application reviewed by a virtual consultant in a short amount of time.
- Ease - When you apply for a payday loan online, you will simply need to fill out the application form and within the hour, it is possible to have anywhere up to $1,000 directly deposited into your checking account. The process could not be any simpler.
Many people are hesitant to apply for an online payday loan because they have poor or bad credit. In the past, they may have applied for loans and been rejected based on the status of their credit report. This is not a valid concern for men and women that are interested in securing a payday loan. Bad credit is simply not a roadblock when it comes to payday loans, as these short-term loans operate on different terms than the ones on which regular loans operate. Virtually any applicant can be approved for a payday loan online, as long as they meet a few simple criteria:
- Employment - Payday loan agencies require that you show proof of employment for the past three months. They will typically ask for a means to verify your employment status (i.e. paycheck direct deposit verification, employer's telephone number or a faxed copy of your last two paychecks).
- Minimum Income - Most agencies will approve your loan application if you can prove that you receive an average of at least $1,000 income each month. Some online payday loan agencies will even forego the employment requirement if you can offer verifiable proof that you meet their minimum monthly income standards.
- Bank Account - Since most online loan sums are transferred directly to your bank account after approval, many agencies will require that you have a bank account that has been established for at least three months and that is set up for direct deposit.
- Age - You must be at least 18 years of age to be approved for a payday loan.
- Citizenship - You be able to prove U.S. citizenship to be approved for a payday loan.
- Service - You may not qualify for a payday loan if you are currently in active service with the U.S. military (any branch).
If you meet these simple and straightforward requirements, you are almost certain to qualify for an online payday loan. After filling out a simple online application, you can potentially be approved instantly and have the money delivered to your bank account within the hour.
Another concern that many people experience while they consider applying for a payday loan is in regards to the fees they anticipate paying for their short-term loan. While many loan agents do charge outrageous fees for short-term loans, many reputable online loan agents charge fair rates for a fair service. In fact, Congress itself has recently instituted new laws that are designed to protect consumers against loan sharks that are out to take advantage of you in a vulnerable situation.
Here are a few precautions you should take to ensure that you are getting the best online payday loan rates possible, via a trustworthy loan agent:
- Feedback - An honest online loan agency will be transparent with their business dealings and provide a place for their current and previous customers to share their experience with the company and review their overall service. Look for the "Customer Feedback" section on any prospective lender's website in order to get an unbiased view on the rates and customer service provided by the company in question.
- BBB - The Better Business Bureau is a watchdog organization that was established many years ago for the sole purpose of fostering healthy business relationships between businesses and their customers. Check out any prospective online payday loan agency with the BBB before signing on the dotted line, in order to ensure that the company has a proven record of accomplishment in terms of reliable customer service and fair loan rates.
- Research - It is always wise to check out a few rival loan agencies before settling on one with which to do business. The online payday loan industry is a competitive market and agencies are always trying to underbid other companies in order to secure your business. Shop around; you will be glad you did.
While each state currently has different regulations placed on lending agencies, the highest interest rate cap around should not exceed 36%. In some states, such as North Carolina, the interest cap ranks in at an even lower 15%. Check with your individual state regulations in order to ensure that your loan agency is complying with state regulations.
In addition, your online cash loan percentage rates will vary depending on the repayment terms you choose for your particular loan. A payday loan is typically expected to be repaid in around two week's time. However, loan agencies are often willing to work with you if you decide that you would like to repay your loan over a longer period. As with any loan, rates typically rise or fall in direct relation to the amount of time over which you choose to repay the principle amount borrowed.
You can use a payday loan for any reason you see fit and do not need to convince a lender that your case is loan worthy. Whether you need extra cash to pay a bill on time, cover the costs of an unexpected emergency or buy a nice gift for your spouse in between paychecks, once you are approved, the money dispersal is completely at your own discretion.
Our current global economic slump has thrown men and women quite a few curves and a payday loan can be a great help to individuals, who just need a little bit of help to make ends meet. An online payday loan is a viable and simple solution to the common financial difficulties that all of us are sure to face, at one time or another.