What Are Payday Loans?
Before you check out Loan Solution to apply for instant cash loans, it’s important to understand how payday loans work. Like title loans, payday loans are short-term loans you can apply for and agree to repay the debt when you receive your next paycheck. This means the loan comes with a term of about two weeks, so you must review your situation to ensure you can comfortably settle the amount on the due date. Typically, you are expected to repay the whole amount plus interest. Because terms may vary, it’s advisable to check out the lender’s website for terms on payday loans.
When you apply for instant payday loans online with guaranteed approval, you can expect to receive an amount from $100 to $1,000. This depends on your income, as people with a higher income can qualify for a higher amount. Also, because the loan is unsecured, you can only get approved for the amount you can afford to repay using your income.
On interest, payday loans typically charge from 15% to 30% per month. This means for every $100 you borrow, you would pay from $15 to $30 in interest. Calculated as an annual percentage rate, this can vary from 391% to more than 600%. It’s important to review the loan terms to know how much interest you will need to pay. Use an online loan calculator to check what you will owe at the end of the loan term. Only get an amount you can repay without default, as failure to honor the loan agreement will attract penalties.
Common Uses of Payday Loans
People opt for payday loan solutions for many reasons. While instant payday loans direct lenders don’t regulate how you can spend the money, here are some common ways people use the money they get from payday loans.
- Being Made Redundant: One of the reasons to get instant cash loans is to address your problems during a period of unemployment. Lacking an income can be financially and emotionally stressful, so when you have bills to pay, you can use a quick online payday loan. The loan gets you the money you need without delay, it allows you to live your lifestyle after losing your job, and the psychological benefits ensure you can search for a new job as some of your bills are taken care of.
- Debt Consolidation: If you have pending debt, maybe credit card debt, you can use an instant payday loan to settle the existing debt from another company. This is an ideal option if you’re getting a better interest rate on the payday loan than the pending debt charges. It’s a good way to settle several loans and combine them into one pool to make repayment easier.
- Holiday Loans: Holiday seasons are a time for people to spend. To fund all the expenses, you can apply for installment loans or a payday loan that will allow you to get presents and pay for fun activities. Instant payday loan lenders like LoanSolution give you the money you need to enjoy your holiday. You can apply and get approved quickly if you need the money on the same day.
- Loan for Bills: Another reason people apply for payday loans is to settle pending bills. If your paycheck is a few weeks away and you need to address some bills, you can apply for a short-term loan to help you get through the period until you receive your paycheck. This can be an option if you’re late on utilities and don’t want to suffer disconnection or penalties.
- Mortgage Repayments: Falling behind on your mortgage repayments can send a message to the lender that you cannot afford to settle the debt. This can trigger a reaction from the lender, so an instant cash advance offers you an option to honor mortgage repayments to avoid incurring penalties or risking losing your home.
- Medical Emergency: Sometimes, you will encounter a medical emergency that will require getting medical attention quickly. An instant cash advance allows you to access cash almost instantly to address your problem. It could help you when you need to get drugs, especially if you don’t have health insurance.
How to Apply for Payday Loans Online
Getting approved for instant payday loans online is easy as you need to check out the lender’s website to find the loan application form. But before you get started, ensure you have these documents.
Payday Loan Qualification Requirements:
- Proof of income: Attach proof of your income to help the lender gauge if you can afford to repay the loan. You can use your pay stub or any other document that shows you receive a regular income.
- Age: You must be 18 or more to apply for the loan. A state-issued ID can offer proof of citizenship and age.
- Bank details: Share information about your checking account. This is where the lender will deposit the money.
- Means of contact: Use a valid email address and an active phone number.
Once you get all these ready, you are ready for the next steps. Of course, also confirm if the lender requires additional documentation as each lender offers varying terms. With everything ready, here are the steps you should follow to apply for the payday loan online.
- Loan Application Form
- Sign Documents
- Get Your Money
The first step involves filling out a loan application form, which you can find on the lender’s website. The form asks for different types of information, including bank details, the amount you need, and proof of income. Submit once done and wait for feedback.
The lender will review your request and provide a response in under one hour. If your application was approved, you can proceed to the next step.
The third step is about signing documents to confirm you accept the loan terms. Read all the terms and conditions to know what it means to borrow the money.
Lastly, you will receive the cash to the checking account you specified. All these steps can take under 24 hours.
How Instant Approval Loans Work
When you apply for the best online payday loans with instant approval, you expect to receive the money quickly. This is unlike traditional lenders who will take a few days to review your application. An instant funding payday loan is suitable when you need cash quickly to address a financial emergency. You can apply in under 15 minutes on the lender’s website by filling out a loan request form. Once you submit your request, the lender quickly reviews everything and provides a response in less than one hour. Their response includes information about the loan’s status and next steps if you’re approved.
Typically, the lender will release the money to your account within one business day, so when you apply today, you can expect the money by tomorrow. However, the service can be slow on weekends, so check if the lender accepts same-day cash transfers. You can call them to know if you can receive the money on the same day if you’re facing a financial emergency that requires the money quickly. Most lenders will accept to send you the money on the same day.
Why Your Payday Loan Application Was Rejected
For many people, getting a payday loan seems like an easy route out of a financial emergency. While you don’t need to meet crazy requirements, sometimes the lender may reject your application. Here are among the top reasons your payday loan application was rejected.
- You don’t meet requirements: If you don’t meet any of the requirements offered by the lender, you will be denied access to the cash. There are basic conditions you must satisfy, including that you must be at least 18 years old. In some states, you can only apply if you’re 21 years or older, so check all the qualification requirements to ensure you meet everything the lender wants.
- You cannot prove your income: Proof of income is an important part of the loan request review process. The lender wants to see that you receive sufficient income to comfortably repay the loan. If you failed to prove your income, the lender would definitely reject your loan application.
- You don’t have a checking account: Failure to provide information about your bank account can lock you out. Most lenders require applicants to submit information about their checking account, which facilitates a way to get the money once approved.
- Outstanding payday loans: If there are outstanding payday loans, the lender may be leery about giving you more money. Getting more loans increases your debt, which will affect your repayment plan.
To improve your chances of approval, ensure you have proof of income. This could be your bank statement or a pay stub. Also, check if you have pending payday loans and clear those before you apply for more money. Read the lender’s requirements to ensure you can meet all the conditions while applying for the loan.
Where Can I Get Instant Payday Loans?
If you want to apply for an instant payday loan, you can find lenders online. LoanSolution.com is a recommended option as they have over 1000 direct lenders in different states. This means you can find a lender near you if you search on Loan Solution Center, and you can also enjoy the best rates when applying for a payday loan. The process is fast and allows you to get money when you desperately need it. Just ensure you have the required documents to upload on the online loan request form available at the lender’s website.
Can I Get Approved for Payday Loans With Bad Credit?
Often, the lender does not consider your credit rating to decide whether to approve your loan request. You can get approved for instant loans with no credit check as you only need to prove you can repay the debt. Check the lender’s terms to know what you need to get approved for payday loans for bad credit with instant approval.
Why You Should Use LoanSolution for Instant Payday Loans
Among reasons you should choose LoanSolution for your payday loan applications is that:
- You can find many direct lenders.
- You enjoy a secure experience while applying for a payday loan.
- The platform offers quick access to cash when you need it.
- Enjoy some of the best rates on payday loans.