Online Payday Loan When You Need It Most

With an payday loan online, facing financial setbacks can be a little bit easier. Unexpected car repairs, medical or dental bills, or a lack of cash when an important occasion comes around are all situations that can put us into a financial frenzy. This is especially so when these occur between pay periods. That “cash gap” that happens when our prior paycheck is tapped out may cause you to look for other means of monetary support to make ends meet.

First and foremost is to remember that a Payday Loan should only be used when a cash emergency arises. Never get a Payday Loan until you have exhausted all other options. Interest rates are high and can cause more damage than good. Borrow only what you need and borrow responsibly.

Getting a Fast Payday Loan Online

One of the biggest advantages of an payday loan online is that it’s fast. PaydayLoanOnline.com is not a direct lender but a loan servicing company that works with the best and most trusted direct lenders in the industry. PaydayLoanOnline.com has provided a simple online application that can be filled out in minutes from your home computer, smartphone or tablet. With some basic information, your payday lender can have you on your way the next business day. We understand the need for timeliness which is why your lender asks for little to no paperwork. There are never any embarrassing questions asked or explanations expected. We don’t ask “why” you need the money, just “how much do you need?”

Why Use Online Payday Loans?

Payday loans, cash advances and short-term loans are different names for the same beast. No matter what a company calls them, they are short-term loans with extremely high interest rates. In theory, payday loans seem positive. If you do not have enough money to pay pressing bills before your next paycheck, you can receive a cash advance that you pay back on your next payday along with fees and interest. However, interest rates for payday loans are astronomical.

Payday Loan Companies: What to Look For

Before considering a payday loan online, you want to learn about the lending company and everything you can about its interest rates, fees and policies for paying off your loan. Payday lending is prohibited or limited by the laws of some states. In states where payday loans are permitted, there may be state-specific regulations and laws concerning payday loans. These laws and regulations affect elements such as the loan amount, interest rates and repayment terms, which means that these elements vary depending on where you live. Below is the criteria we considered when reviewing payday loan services and the crucial concepts you should know before getting a payday loan.

Payday Loan Features

The main features of a payday loan online are also the most important: the amount, interest rates and fees. Because payday loans are intended to be a short-term financial bridge between paydays, the maximum amount of most payday loans is smaller than some traditional loans. Be aware that most first-time applicants are not approved for the maximum amount available.

APRs Rate

As discussed above, the interest rate (APR) represents the interest you would pay over an entire year, but the terms of a payday loan almost never go an entire year. Because the typical term of a payday loan is short and APRs represent the interest on a full-year loan, services often express APRs in terms of cost per $100 borrowed for a 14-day loan. Most payday loan interest rates are higher than other forms of borrowing. Some services advertise potentially low APRs, but this is the exception. Also, some loan services offer decreasing loan rates over time if you have a good payment history.

Payday Loan Online Lenders

Some services on our lineup are direct payday loan online lenders, while others process your application and then set you up with lenders with whom you complete your contract and from whom you receive your funds. Most services approve applicants with bad credit and approve payday loans with no credit check, but that is often up to the lender.

Ease of Use

Because a payday loan online itself can be tricky, the ease of applying for and receiving your funds is something to consider. In evaluating these services, we looked at the design of company websites along with the simplicity of the online application processes.

Repayment Terms

The term for payday loan online is generally a matter of weeks as opposed to months or years like a traditional loan. This is because a payday loan’s purpose is to supplement your finances between normal paychecks. Some services offer longer terms. Keep in mind that the longer you have to repay your loan, the more you’ll end up paying in interest and fees.

Help & Support

Reliable customer support is crucial in case you run into any issues with your loan, especially if you can’t make your payment and need to know your options. Most services offer a couple of ways to contact customer service. With most services, you can reach a representative by telephone or by completing an online email form. Some services offer live chat as well.

Payday loan online are a risky choice because of the high interest rate and the short time period you have to pay them back. We recommend avoiding payday loans but if you have no other option, at least make sure that you’re well educated on payday loans and only agree to interest rates you can handle and terms with which you can comply.