Living paycheck to paycheck — that sums up the lives of eight in 10 American workers.
Shocking, right? Especially considering that the U.S. is the world’s 12th wealthiest country.
What’s even more shocking is that low-income workers aren’t the only ones living this way. 10% of people earning a yearly $100,000 or higher also live paycheck to paycheck.
So, if you often find yourself asking “When is payday?”, you now know you’re not alone.
But here’s some good news: There are payday loans online that can tide you over until your next paycheck comes in. With these, no more skipping meals or worrying about getting your power and water cut off.
Ready to learn more about what these loans are and what they can bring to the table? Then let’s get right into it!
What’s a Payday Loan?
A payday loan is a small personal loan no credit check you pay back in full on your next payday. These are small, short term loans with borrowing amounts starting at $100. Some lenders offer up to $5,000, but qualifying for that depends on how much your monthly salary is.
When is a Payday Loan Due?
When exactly depends on how often you get your salary or the lenders’ terms. In most cases, the payday loan is due in two weeks’ time, but there are some lenders who offer a 30-day term. Because these loans are so short, they are paid back in a single payment. Remember, this is different from an installment loan, that gets paid back through multiple payments, over months or years.
Before taking out one of these loans, check the lender’s terms to ensure the due date isn’t before your next payday. As helpful as payday loans are, they can have higher interest rates than personal loans online. A late payment can make your payday loan quite expensive because of the higher interest rate.
How Soon Can You Get the Loan?
Within the same day if you apply for 24/7 payday loans or the following day if you apply for next day payday loans. Also, you should’ve completed the application process. Don’t worry, as the application is easy, completely online, and has few requirements.
To address what’s most likely on your mind, most payday lenders don’t take your credit score into account. This is perfect if your score has been damaged in the past, or you haven’t had the chance to build up your credit score. Because of this, payday loans no credit check can be very helpful for people who fall into the category of bad or poor credit score.
First, you need to be at least 18 years old, which is the legal borrowing (and working) age. You can prove this by supplying your social security number and a copy of your driver’s license.
You also need to have a regular source of income, which your employer deposits to your bank account. This is how the lender will confirm your employment status for these bad credit loans. For that, the lender will ask for your bank account details, together with a bank statement.
Once the lender has confirmed everything, they will notify you of your eligibility. Depending on what time you finished the application, that can be on the same day! If you agree to the loan terms, you may see the money as soon as the next business day.
How Do You Pay Back the Loan?
The lender needs your permission to make an electronic withdrawal from your account. This withdrawal will serve as your payment for the payday loan once it due dates rolls in. The withdrawal is usually made from your bank account, which is where the money gets deposited.
If you don’t have a bank account, you’ll need to work with a lender who can deposit onto your debit card. You’ll also need to make sure your debit card has a routing and account number, so it can act like a bank account for your lender.
Before giving the lender a go signal, check the term of the loan to see its due date. Then, check when your next pay date is. Make sure you’ll get your salary before they perform the electronic withdrawal!
That way, you can avoid paying for late payments and other lender penalties. Also, withdrawing against a bank account without funds will incur bank charges. That’s money you could prevent wasting by ensuring you can pay back the loan on time.
Are Bad Credit Borrowers Qualified?
Definitely. In fact, payday loans exist to provide financial help for the 30% of Americans with bad credit. Bad credit payday loans are like regular payday loans, but their interest rates may be higher.
Still, that’s much better than not qualifying for any loan at all. Especially today, with loan application rejection rates being as high as 76%!
How About No-Credit Borrowers?
Having no credit score is pretty much like having a bad credit score. Traditional lenders can’t gauge your creditworthiness, so they may reject your application.
Whereas payday loan no credit check instant approval lenders won’t take your non-existent credit score against you. What matters more to them is your ability to pay back what you owe them. That makes payday loans a good choice for working individuals without a credit score yet.
Do Payday Loan Lenders Run Credit Checks?
Traditional lenders run credit checks on applicants to see how creditworthy they are. These are hard checks, which has a considerable impact on credit scores.
If you apply for a traditional bank loan with a poor score, a credit check can further damage your score. Plus, once the lender sees that you have a less-than-stellar credit score, they’re likely to deny you.
Whereas payday loan lenders won’t check your credit standing, only your employment. Although some may run a credit check, that’ll only be a soft credit check. That won’t have any effect on your current credit score, making these good options as no credit check loans you can apply for quickly.
Do Payday Loan Lenders Qualify Everyone?
People in bankruptcy or those who have outstanding payday loans may not qualify. Also, there are loan limits depending on an applicant’s monthly gross income. Most lenders don’t approve loans that go beyond 15% of a borrower’s monthly income.
Should You Get a Payday Loan?
While most people can get payday loans, these loans aren’t ideal for everyone. For starters, they have higher interest rates. Their short repayment term also makes it riskier for people who aren’t sure of when their next payday is.
But if you need cash as soon as possible, a payday loan may help. It can bridge the gap between today and your next payday. So long as you’re 100% sure you can pay it back on its due date, then consider applying for this loan.
Getting a Payday Loan to Make Ends Meet
Now that you know help is available if you’re short on cash, you can stop asking “When is payday?” in a panicky voice. You can get the money you need in as little as 24 hours — you only have to make sure to pay it back with your next paycheck.
Ready to explore your payday loan options? Then please feel free to request a loan from us! Whether you need $100 or $5,000, we can help you find the best loan program you can afford. Here are some other articles you might find helpful: