There is no shortage of lenders offering payday loans in the US, and with developments on the internet over recent years, there are many lenders who offer a fully online service that can be extremely fast and simple. The best can have money in your bank within one hour of you submitting an online application form.
Not all payday loans can be obtained this quickly and there are several things to look out for to help you find the fastest and most straightforward lenders. It is always best to go for direct payday lenders as this is a more streamlined process than dealing with a third party broker who then pass your details onto various lenders. You should also try to find a company that do not carry out a credit check, as this is another step that can be missed out and speed up the process.
Payday lenders often do not do credit checks, which is why they are an affective form of borrowing money for people who have bad credit. They do not need to check your credit rating because there are other factors which are more important for them to know about in terms of assessing the risk of lending to you. As payday loans are for small amounts and short periods of time, all they need to know is that you have a source of income which will put enough money in the bank by the repayment date to cover the loan.
It used to be the case that you had to fax through various documents before you could be approved, but this is easier to avoid with the increase in companies that operate wholly online. You need to start by selecting companies that do not ask for faxing of documents as part of their process, but there are still some circumstances when even these might ask you for documentary evidence. You can reduce the likelihood of this happening by making sure you complete the application form fully and accurately in the first place. The more you can give them up front, the less likely they are to need anything else.
Even if lenders promise to get cash to you within hours of applying, you should check what hours their service actually operates. While a website will be available 24 hours a day, the rapid service may only be available while there is someone in the office hours from Monday to Friday. There are companies who are genuinely round the clock, but you need to check.
Another factor that can slow things down for US citizens is finding a company that seem to tick all the boxes, only to find at the last moment that they do not offer loans in the state you live in. You can avoid this by checking this first, or selecting a lender that covers all states where payday lending is permitted.
Your main concern, however, should be to find a reputable and reliable payday lender, because there are many companies operating who unfortunately set out to exploit people who need to borrow money. While fees for payday loans will vary, some companies will add enormous penalty charges to any late payments, which is a practice that can lead to rapidly spiralling debts that become almost impossible to get out of.
For all these reasons, it is important to start by following recommendations for payday lenders that are well established and reputable, as well as being fast and efficient. When you have a manageable shortlist of a few good lenders, you can then compare to see which suits you best.
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