PERSONAL LOANS BLOG

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Payday loan process
1 Nov 2017

Understanding the Process of Getting a Payday Loan

Loans sometimes get a bad rep.

This is likely due to the trillions of dollars worth of debt that American students have, or the millions in auto debt in the nation today.

But when you are facing financial hardship, the consequences of not getting money fast can be devastating. When handled correctly, loans are a responsible way to stabilize your financial situation while you work to make more money.

For those seeking small loans or who need money fast, payday loans are a responsible, simple solution.

If you’re thinking about getting a payday loan, but aren’t sure how to get started, keep reading to learn more!

Figure Out How Much Money You Need

Before you can start the process of getting a payday loan, you need to decide exactly how much money you need.

Payday loans are designed for those who need money fast, without needing to jump through the legal loopholes of other types of loans. As a result, payday loans are also usually for lower amounts than you could get with other types of loans.

These types of loans are also designed for those who need money fast.

When money is tight, you could face getting evicted or foreclosing on your home, having your vehicle repossessed by the bank, and more. Which usually means that you need money fast, and can’t wait for a traditional loan.

Sometimes there are indicators of financial strain far ahead of time, allowing you to apply for personal or other types of loans.

But when you need money fast, or when you have bad credit and can’t get approved for a loan, you need a different solution. That’s where payday loans can come in handy.

Payday loans are typically for less than $500. If you need more money than that, you’ll want to look into other types of loans, such as personal loans. If you still need money fast, then you may consider getting a payday loan while you’re in the process of applying for a personal loan for a greater amount.

Check Your State’s Laws

Despite their reputation for being a great resource in times of unexpected financial hardship, there are some states that do not allow payday loans. Others have strict regulations about how much can be borrowed or how the loan is processed. Still more have no regulations on payday loans, making it easier to obtain them.

Before you start looking for a loan provider or applying for payday loans, check to make sure that your state doesn’t have a ban on these types of loans.

Find a Financial Source that You Can Trust

Once you’ve decided that a payday loan is the right choice for you, it’s time to find a provider.

Many companies will promise to get you the money that you need, as fast as you need it.

But taking out a loan is a big responsibility, regardless of your financial situation. When choosing a loan provider, it’s important to find one that understands the personal risk that you are taking, and is prepared to help you rather than trying to convince you to take a greater risk than you need to.

Some loan companies will try to encourage you to borrow more money than what you need. Others will take misuse your valuable personal information, or continuously contact you about taking additional loans.

At Bonsai, we understand the personal risk of taking a loan, and the value of your personal information. We’ll never try to talk you into borrowing more than you need. And you’ll never have to worry about the sensitive information that you give us being passed on or misused.

We’ll work with you from the beginning of the loan process, to help ensure that you’ll be able to pay back your debt without creating further financial strain.

Look for Provider Who Don’t Require a Credit Check

While looking for a loan provider that you can trust may bring you across banks or other financial institutions, many will require a credit check.

Unfortunately, if you have less than perfect credit, this can make it tough to obtain a loan. The result is an inability to pay your bills or other debts, which can, in turn, make your credit even worse. It’s a never-ending cycle that can be very tough to break.

Luckily, there are loan providers that don’t require a credit check. At Bonsai, if you have a job, you won’t need to provide a credit check to be eligible for a loan.

Applying for a Payday Loan

Once you’ve tackled the process of choosing what type of loan you need, how much money you’d like to borrow, and found a lender, the process of applying for payday loans is simple.

All you need to do is go online and fill out a simple online application. You’ll be asked to confirm a few simple details, including:

  • Confirming that you are a U.S. resident
  • Validating that you are between the ages of 18 and 65
  • Prove that you have a U.S. bank account that you can transfer to and from
  • Provide a credit or debit card number to be used as a backup
  • Provide a current cell phone number that you can be reached at

After you’ve confirmed and provided these details, your application will be complete. You’ll receive confirmation fast and can then receive your requested funds.

If you decide that you need more than a payday loan, the process for applying for other types of loans from Bonsai is equally simple.

Start Applying for a Loan and Get the Money You Need Right Away

Whether you need a loan to buy a vehicle, pay off other debts fast, to pay for a family vacation, or any other financial need, a payday loan may be the solution.

Payday loans can provide fast cash without the need for a credit check, making it easy for anyone to get the loan that they need when they need it.

If you think that a payday loan might be the solution for you, start your loan application with Bonsai today!

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