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Who Does Payday Loans
14 Mar 2019

Knowing Where to Look: Who Does Payday Loans?

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Are you short on cash? Do you need help making ends meet until your next payday rolls around?

There’s nothing worse than feeling stressed out about money and wondering how you’re going to pay your bills. If you’re in this position right now, you might want to consider applying for a payday loan.

Chances are you’ve heard of payday loans in the past. You might have questions about them, though.

For example, how do you get a payday loan online? Where do you look for one? Who does payday loans?

Read on to learn the answers to these questions — and any other questions you might have about payday loans.

What are Payday Loans?

First, let’s go over the basics and clarify what payday loans no credit check actually are.

Payday loans are a type of short-term personal loan. The average term of a payday loan is just a few weeks. They’re meant to be paid back on your next payday (hence the name).

Payday loans are usually for relatively small amounts — a few hundred dollars in most cases. They tend to have very high interest rates, though. In fact, the average interest rate is nearly 400 percent!

Payday loans may also have high fees associated with them, especially if you are not able to pay them back on or before the day they’re due.

Who Does Payday Loans?

If you’re interested in applying for a payday loan, you might be wondering where you ought to go to apply for one.

There are a few different options you can look into if you want to apply for a payday loan online no credit check. There are lots of brick-and-mortar payday lenders out there. Chances are you’ve driven past one at one time or another.

You can also apply for payday loans online. More online payday lenders are popping up these days. Many of these lenders offer better interest rates and fees than traditional brick-and-mortar lenders.

How Do You Apply for Payday Loans?

If you want to apply for a payday loan, there are a couple of different approaches you can take.

If you are applying for a loan in-person, you will usually write the lender a post-dated check. The check will be for the total amount of the loan, along with any other fees associated with the loan.

If you are applying for a payday loan online instant approval, you will need to give the lender access to your bank account.

If you do not pay back the loan on or before the due date, the lender will either cash your post-dated check or withdraw the amount of money due from your bank account.

Not only will you lose the amount of money you borrowed initially, but you will also likely be charged extra fees from your bank for having your account overdrawn.

How to Qualify for a Payday Loan

There are not many requirements you need to meet before you can get approved for a payday loan.

Payday lenders typically do not check your credit score or employment history before approving you for a loan, making these true no credit check loans. There are a few basic criteria that you need to meet for you can get approved, though:

  • You must have an active checking account
  • You must provide proof of income
  • You must have a valid form of identification
  • You must be at least 18 years old

If you can check these boxes, there’s a good chance you’ll be able to walk away with a payday loan. The specific amount of money you’re able to borrow varies, though, depending on a number of factors.

The lender might put a limit on what you can borrow depending on your income or borrowing history.

Some states also have limits set on how much money you can borrow at one time. They might have limits on the number of payday loans you can take out at once, too.

How to Find a Payday Lender

Okay, now that you know who does bad credit loans guaranteed approval and how to apply for them, these guidelines can help you find the right payday lender.

There are a lot of predatory individuals out there looking to take advantage of folks who are applying for payday loans. Many of these individuals operate online.

At the same time, though, there are also reputable lenders out there who can help you get the money you need.

Follow these guidelines when you begin searching for a payday lender. These tips are especially helpful if you’re looking for a payday lender online:

  • Make sure they are accredited with the Better Business Bureau
  • Look for online reviews and make sure there aren’t any complaints against the lender
  • Look for contact information (including a phone number and physical address) on the lender’s website
  • Reach out to the lender and see if they respond
  • Make sure they lay out all the fees and charges you will be expected to pay right from the beginning — payday lenders are legally required to do this
  • Check your state’s specific payday lending laws and regulations to make sure the lender you’re considering is in compliance with them
  • Avoid lenders that require you to pay a fee upfront — you shouldn’t have to pay any kind of loan origination fee when you borrow; that money is paid out of the loan amount

Finally, make sure the lender doesn’t put any stipulations on how you can spend the money you borrow. They shouldn’t try to dictate how you can use the loan.

Apply for Payday Loans Today

Now that you know more about payday loans and have a clear answer to the question, “who does payday loans?” are you interested in applying for one?

Keep this information in mind if you decide to apply so that you can increase your chances of approval and find the right installment loan lender.

If you’re ready to apply for a payday loan, apply online with us at Bonsai Finance today.

We make it easier than ever for you to apply for a payday, and we will help you get the amount of money you need as quickly as possible. Here are some other articles you might find interesting:

Your guide to the best personal loans available
The pros and cons of taking out payday loans
Lender review – CashNet USA
Bad credit credit cards