Getting a Payday Loan Online, is it right for you?
First off, what is a Payday Advance?
A Payday Advance, also known as a Payday loan, is a short term, hi-cost loan generally for small amounts of cash averaging $500 or less. These loans are designed to carry you over until your next paycheck. Because of this they are generally short term, due in full by your next pay check in 1-2 weeks. Some lenders allow up to 4 weeks with higher lending amounts.
They are considered hi cost because the lender deems them more risky. That’s why they have higher interest rates, and usually have extra fees associated with them.
Finding the best Online Payday Loans
Getting a payday loan online has never been easier. Online allows you privacy and 24/7 access from anywhere, using your mobile device or computer. It saves you the hassles of driving through traffic, finding parking, and then waiting in line at a lender storefront.
There are many scam artists out there posing as online lenders. Be wary. A search online for “best online payday loans” will bring up the top lenders, but that does not mean they are trustworthy. You must do your own due diligence.
Carefully read through their loan terms, repayment plan, search out all fees and charges. Know what happens if you cannot make your payment on time, as well as other options available to you if you fall behind. Read their reviews. Check if there’s any consumer finance complaints about them.
You can also bypass the scam artists by choosing a site we at the Loan-Republic have personally vetted, and has passed the test for our Loan Republic’s “Financial Freedom® guarantee. Our top reviewed lenders are listed below.
Vivaloan is our top pick for long term and short term loans of $100 on up to $15,000. The simple application takes 5 minutes to fill out from your phone or computer. Bad credit, poor credit is Ok. They are fast and truly care about their clients. Flexible, affordable re-payment plans are available. Many of their loans provide the opportunity to rebuild your credit.
Zippyloan is known for their next day, long term and short term loans of up to $15,000, for people with poor credit or excellent credit. They also do short term loans starting from $100. The online application takes 5 minutes. Many of their loans provide an opportunity to rebuild your credit.
When to choose the Payday Loans near me option?
You can spend your time and gas money driving to a loan store, hunting to park, and then waiting in line to fill out your application. Or you can save all that time and aggravation by filling out your application online.
If you’re not tech savvy, do not fear. We at Loan-republic did the work for you. We tested various loan sites and found the best sites that are super easy to navigate using a phone or laptop. The sites we list, walk you step by step through their application process, with clear and easy to follow instructions that are fool proof, even to people who feel technology challenged. The online process makes getting a payday loan so easy, it eliminates any need to apply in person.
Payday Loans for Bad Credit
If you have bad credit, or no credit, and need emergency funds, look for a lender that offers Payday loans for bad credit. These types of loans typically have higher interest rates and many extra fees if not paid on time. Hi interest rates and fees can quickly add up, creating additional financial burdens for you and your loved ones. Because of this we at Loan-republic recommend that you first try getting the funds elsewhere. Maybe friends or family can loan you the money? Ask your employer for a payday advance. Try a credit union at a much lower interest rate or your current bank. Maybe you can negotiate with the creditor or debt collector about the debt you owe? Try for a smaller repayment amount.
If these options are not available to you, and you must find emergency cash now, then seek out a trustworthy lender who provides payday loans for bad credit. See our list of Trusted Bad Credit Loans Lenders.
The Dark Side of Payday Loans
These short term loans are where the financial lenders make most of their $$$$, using hi interest rates and hidden fees. And if you can’t pay your loan within the 1-2 weeks, you will be hit with even more fees; late fees, returned check fees, non-sufficient funds fees. Many companies hide fees that show up as charges for adding the money to a prepaid debit card, charges for checking your balance, or calling customer service, fees each time you use the card and/or regular monthly fees.
As payment you may be required to write a post-dated check for the balance in full, including fees, or an authorization to electronically debit the funds from your financial account. If you can’t repay the loan on or before the due date, the lender can cash the check, or electronically withdraw funds from your account. If this happens you will be hit with additional fees.
It is important that you carefully read the entire loan agreement to find all fees and costs before signing your loan agreement. There are many predators out there waiting to take advantage of people in tough situations. So be sure you fully understand all the terms of your agreement before signing.
Or you can use one of our Trusted Lenders who have been carefully evaluated and awarded our coveted Loan Republic “Financial Freedom® guarantee for their excellence in the industry.
Because there’s so many payday loan rips offs and scams, “consumer advocates and lawmakers are urging low-income consumers to avoid payday loans”.
Since bad things happen every day, even to good people, sometimes taking a payday loan is the only solution to a bad situation. We at Loan Republic want those facing dire financial straits to get the best help possible. We aim to ensure you are not taken advantage of by one of the loan shark companies. You are important to us. We are here to guide you through your hard times, and help you get the best online payday loans. We sincerely hope your payday loan will become the light at the end of the tunnel for you.
Loan-Republic is your free online advisor! You can trust that we have your back and are always looking out for your best interests.