In today’s economic climate, just paying basic living expenses from week to week and month to month can be a challenge. But when you are suddenly hit with an unexpected emergency expense that breaks your budget – you may need to turn to instant payday loans to get you through the immediate crisis and back on your feet again.
It’s ideal if you can just borrow from friends and family and pay them back quickly, but that’s not always possible. And you may not have the time to apply for a traditional bank loan.
Quick-paying payday loans can often be your best option, then, in a financial pinch. But don’t just grab any payday loan that comes along. It’s important to take the time to search for your very best offer.
What Precisely Are Instant Payday Loans?
Perhaps, you are wondering, “What exactly are “instant” payday loans anyway?”
Technically, it doesn’t mean that the amount borrowed is necessarily instantly transferred to your bank account – though, you generally get your money within a single business day! But, “instant” here refers to instant approval for the loan.
The application process for this class of payday loans is extremely short, basic, and simple. You fill out a few basic forms giving only necessary and truly relevant financial and personal information. Then, after only a few minutes spent filling out the forms, you click a button and you are approved for the loan instantaneously.
It’s possible that you could be turned down, of course, but that hardly ever happens. If you have no verifiable source of income sufficient to pay back the loan by the due date, if you already have other payday loans outstanding, or if you never paid back that same lender on a previous loan, then you might not be approved.
But almost everyone else, if they are 18 and up and have a US based bank account, will almost certainly be approved. And that approval takes only a second or two at most.
How Do Instant-approval Payday Loans Work?
The process of getting approved for a payday loan with many online lenders is, as we mentioned above, very fast and simple. Just fill out a few forms and click a button.
But what about after that?
Next, you should get your quick cash deposited into your account in one business day , or at absolute most two business days. At that point, you can immediately use it for anything you want – there are not restrictions, as with traditional loans, as to what you can spend it on.
Your lender will likely gauge the amount they allow you to borrow based on your income and regular expenses. In general, you loan repayment shouldn’t be more than 15% to 20% of your income.
Depending on how often you get paid, your repayment amount will be due either 2 or 4 weeks after your borrowing date. So it needs to come out of your next paycheck. If you need a greater amount or more time to pay, consider online personal loans instead as more fitting option.
It’s true you pay higher rates and fees with a payday loan than with some other loan types, but the total amount of fees plus interest may be relatively low because the terms of these loans are very short. And you can often get better rates than with many credit cards.
Typically, your payment will be auto-deducted from your account by the payday lender. This eliminates the possibility of your forgetting to make the payment on time and getting hit with a late fee, so it’s actually a good thing for the borrower.
But, if you do need more time to repay, you can contact your lender to delay the payment and work out some kind of arrangement. In a situation like that, you’ll be glad you took the time to locate a reputable, fair lender with a good history of working with its clients through tough situations.
What’s the Best Way to Find Your Optimal Payday Loan?
You can do a quick Google search and immediately pull up page after page of links to various payday lender websites, where you could get a loan. It’s not hard to find a payday lender online.
But finding the right payday lender online isn’t as easy. How do you effectively, efficiently search through the “haystack” to find that elusive “needle?”
You can’t possibly look up every site and examine it thoroughly because that would take far too much of your valuable time. But if you only look up a few websites, you could very well be missing out on your best deal – or worse, falling prey to a bad one.
The answer is to use an online payday lender loan-match service, like that offered by Bonsai Finance.
With Bonsai, you can search payday lenders as instantly as you can get approved for their loans! Enter you most important search criteria, and click. Immediately you’ll have scanned hundreds of loan offers and lenders.
If you still have too many options even after your initial search, you can narrow the search further. Or, you can talk to us at Bonsai Finance and get our expert advice on which payday loan/lender might be a good fit for you.
Which Search Criteria Are Most Important?
To a certain degree, the relative importance of search criteria will vary from person to person based on their specific situation. However, here are some of the most common features to search for in a payday loan:
- Quick, simple application process.
- Instant approval virtually guaranteed.
- No limits based on credit scores.
- No credit check run on you.
- A higher permitted loan principal.
- Lower interest rates & fees.
- A longer repayment period (4 weeks, not just 2).
- A good BBB score and high customer satisfaction rate.
- A lender with a history of treating its clients right.
Why Choose Bonsai Finance?
Bonsai Finance exists because we saw a gap in the marketplace online with fast cash loans, including payday loans. We saw that people were struggling to find their best loan offer because they lacked the tools to do it efficiently.
We connect you to a payday lender who will give you the best possible deal on your loan terms and conditions. We have helped many others find their perfect loan, and we can do the same for you.
At Bonsai Finance, our staff is highly knowledgeable in the payday lending industry. We know which lenders have been around a long time and which ones have a good reputation. We can steer you in the right direction and help you avoid the pitfalls that so many fall into who try to find their payday loan on their own.
Our customer satisfaction rates are extremely high, and our online reviews are overwhelmingly positive. And we get a large number of new loan-seekers coming to us on referral from past customers we’ve helped.
Why choose Bonsai Finance? Because we put the tools in your hands and the knowledge at your fingertips that help you make an informed decision on your next loan – be it instant payday loans or another loan type.
We are not a lender and thus have no reason to try to get you to choose loan A over loan B except based on your best interests – and that’s what we do day in and day out!