Payday Loans and Fast Cash Guide

Where To Find Fast Payday Loans Online

Payday loans, by nature, are extremely fast.  They’re fast when compared to traditional personal loans, but to do when you need it faster?  I hope to answer that in this post!  Payday loans online are a great way to put some cash into your bank account today, and there are some things you can do to find the fastest lenders and speed the process up yourself.

The first thing is that you have to understand how a payday cash advance works to see what actually happens behind the curtain.  Assuming that you’re applying with actual payday loan lenders, and not a lead generator, your application will be submitted electronically and go through their validation system.  Most lenders use a service from a company called Teletrack that checks out all of your info to make sure that it’s legit.  Almost all no faxing payday loans will do it this way.  Rather than having you send them a ton of paperwork, they can verify everything electronically.  Assuming that you meet their loan requirements and your personal info is valid, they then determine how much you are able to borrow.  This depends on your income, living expenses, and what the lender is capable of giving out.  From front to back, you can expect this process to take at least an hour, and maybe longer.

Payday loans are generally deposited directly into your bank account.  That means that your bank has to be open to approve the funds transfer.  This is where many people get hung up because they are applying for a loan at night or on the weekend.  You have to understand that the lender is going to do everything they can to get you money, but it becomes your bank’s responsibility to make the funds available to your account.  To avoid this, apply for loan early in the morning if possible.

Who Are The Fastest Payday Loans Online?

Think Cash is known for being one of the most legit lenders, and is also very fast.  They also offer tons of different payment options, and larger loans for those that do have good credit.  Aside from them, almost all lenders are about the same speed.  I would venture a guess that nearly 100% of lenders will get you money by the next business day.  That is enough time for them to process your loan and it gives your bank enough time to post your funds to your account.

What Can You Do To Speed Up The Process?

The biggest thing that you can to do speed up your fast cash payday loan is to be prepared when you apply.  Having all of the necessary paperwork, making sure your bank account has some money in it to prevent a hold on the transfer, and setting aside the time to apply will speed the process up and prevent any hang ups.

Another option is to just head to the payday loan store.  Local payday loan lenders are pretty fast, and you’ll get approved instantly if you qualify.  I know it’s frustrating to have to go into a store to do this and have someone review all of your paperwork personally, but it’s still a viable option.

Fast payday loans online are everywhere.  Most of them are pretty much the same, so doing everything that you can on your part, and knowing what to expect once you apply are key to making this process as fast as possible!

Different Ways To Get Fast Cash

If you are in need of fast cash, there are a lot of different ways to get it.  Some work better/faster/easier than others, but in the end all of them will put the much needed money into your pocket.  In this post I want to take a look at a few different ways to get money now.  Some of them you may already know, but hopefully some are new to you and will spark your brain to help you get paid!

The most common way to get money fast are payday loans online.  These work just like your local payday loans, but are much easier and faster.  You also have the ability to search through hundreds of lenders that you wouldn’t be able to normally do in your neighborhood.

If you are unsure how these loans work, they are unsecured, fast, and expensive!  To get approved you’re going to have to prove that you’re employed and have been there for a while, you make over a thousand bucks a month in net income (post taxes), and have a checking account.  It’s actually really simple, and since these are no credit check loans you don’t have to worry at all about them running your credit.  The lack of credit check also makes these loans extremely fast, and you can have your money in as quick as an hour.

Another way to get money quickly is title loans.  These loans are secured and use the value of your car to allow you to borrow money.  In order to qualify for this type of loan, you need to have a car that has been paid off in full and possess the title for it.  Some title lenders will require that the car is also insured.  A title loan will have a longer term than a payday one, usually around 30 days, and offer more money since they will go as high as 50% of your car’s value.  The risk, however, is that if you don’t pay your loan back your car is going to be repossessed and sold.  Don’t think they’ll cut you some slack and let you be late on your loan, doing so will having you waking up and your car not being in the driveway!

Getting fast cash online is a possibility as well.  There are a ton of scams out there, but some programs are legit and will help you get paid quickly.  We’ve written in detail about this in our posts on Project Payday and how to get paid to take surveys online.

Should none of the above options make sense for you and your situation, you can also turn to selling stuff.  Using Craigslist you can post a bunch of stuff that you have laying around the house to try and sell it.  This will make you a lot more money than selling your stuff at a pawn shop, but it is a lot more work.  I’ve found that I get the best results on Craigslist by listing all of the stuff that I want to sell separately, rather than all together.  Again, this is more work, but it helps people searching that website find my stuff a lot better, which results in selling it faster.

There are a million ways to make a buck, but the ones discussed above are tried and true.  If you’re pressed for time and need money now these are the best ways to get started!

Find The Best Deal With Payday Loans Online

It’s easy to find payday loans online, but how are you going to know if you’re getting a good deal? Or ripped off?  Many people feel that the payday loan industry have unfair lending practices due to their loose regulation and dealing with those who don’t make enough money.  This is very true with online payday loans.  There are some companies that are honest and fair, while others are out to charge you as much money as they feasibly can!

This post will take a look at how fast payday loans online work, and the things to watch out for.  There certainly are fast cash lenders out there that are willing to help you out, but there are just as many (probably more) that want to leech as much money off of you as they can!

What Is A Payday Loan?

For those of you that are new with this, a payday loan, or payday cash advance, is a short term loan that is very easy to qualify for and get fast cash when you need it.  The basic requirements are that you’re employed and can prove it, you’re who you say you are, and you have a bank account.  Each lender has their own requirements for their loans and each state has their regulations, but these are the basic factors and there is no credit check involved.  The amount of money that they lend you will depend on how much money you make, how often you’re paid, and your general living expenses (rent, child care, etc.).  The cash advance is repaid after you receive your next paycheck, and usually you’ll write a post-dated check for the amount that’s due.

The interest rates on payday cash advances are pretty high, but when compared to things like late fees and credit card penalties they aren’t so bad (see video on sidebar).  The average rate for payday loans in the U.S. is around $25 per $100 borrowed.  25% is a really high interest rate, but the risk is fairly high on these types of loans and their terms are very short compared to a personal loan from the bank.  Also, the average amount lent is around $500, and the money will be in your hand within the day in most cases.

How Payday Loans Online Work

Online payday cash advances work in a very similar fashion as their brick and mortar counterparts, but you never have to deal with an actual person.  The application process with traditional online payday loans is you visit their website, download the application, fill it out, fax it back, and you’re approved via email.  After you’ve qualified the money is transferred to your bank account.  Loans vary from $100 to $1500 when done online.  If you need more than that, I recommend heading to a storefront lender.

The loan is repaid by your bank allowing the online payday lender to withdraw the money from your account to theirs.  This might not seem like a big deal now, but if you miss a payment they’re going to leech money until they are repaid.

Be sure that your bank account hasn’t been overdrafted before accepting the loan.  I’ve seen people be seriously hurting for cash, get the money, then can’t do anything with it since there are holds on their account!  It seems like a boner move, but it happens a lot.  Some lenders will check your bank account balance before lending to make sure that this doesn’t happen.

The problem with this isn’t identity theft, like you might think, it’s that many lenders operate in the states with the most lax regulations on payday loans.  Your loan will fall with that state’s jurisdiction, so you can be charged an incredible interest rate, sometimes as high as 40-50%!  If you miss a payment, you’re in even deeper doo-doo and the payments will skyrocket!

Online No Fax Payday Loan

Faxless payday loans are the same as other online loans, but the application process is done totally online.  Each lender has their own method for determining your identity, but you’re at least going to need a driver’s license/state ID, a social security number, and a bank account.  Again, your credit score doesn’t matter since there is no credit check involved.  The online payday loan application will go through your information to verify that you’re honest with it, and verify that you’re the owner of the bank account.  Most times this is done with a automated phone call, so you may need to be near a telephone as well.  Confirmation of your faxless payday loan is done via email.

Getting A Good Rate On An Online Payday Loan

As I said above, payday loans online are much less regulated than the stores are.  What this means for you is that each one is going to have very different rates than the next guy, so you’ll have to do some homework.  Not every company has their interest rates and fee structure listed on their website, so it might take having them contact you to get the full story.  Don’t be scared to turn one down for a better rate!  If you’re offered more than $35 per $100 borrowed, it’s probably a good idea to find a different company.  Shopping around will get you the low rates that you want, and save you a ton of money.

Beware, there are some serious sharks in the online payday loan industry.  These companies want nothing more than to suck every dime from you they possibly can, sometimes doing it illegally.  Laws are different from state to state, and in some situations what is legal in one state can be legal in a state where it’s usually not.  The state that the company operates in will usually determine how it operates.  That isn’t always the case and many times they’ll cross boundaries to get money from you.  If you feel like something’s fishy about a companies terms, turn them down before you sign anything!  That’s your right as a customer.

My Story With Online Payday Loans

My experience with payday loans is short.  I needed a cash advance once when I was sick and needed to go to the doctor (no insurance of course!).  Since I was so sick, I really didn’t want to have to go to the payday lender and figured I would try the online ones that I’d been hearing about.  Keep in mind that this was a few years ago and right when these companies came on the scene.  Regulations were even looser then, so when I heard what my terms were going to be I canceled and walked down to the payday lender.

Don’t forget that the online payday loan industry is much better now than it was then!

Thanks for reading,

Lydia

Page optimized by WP Minify WordPress Plugin