Facebook_pixel
A Guide Before Applying for a Payday Loan

A Guide Before Applying for a Payday Loan

Last updated:

We've all had that urgent need to do something. It may have been a little repair, a small grocery supply, an online course, or just anything. But the money wasn't there to make it happen. You look at the calendar and payday is still weeks ahead. What do you do? Nothing? There are options available to you. First, here's how payday loans work. 

Keep reading below or...

Go To Best 10 Apps for Payday Loans
  1. What's a Pay-Day Loan?
  2. Benefits of a Payday Loan
  3. Crucial Factors to Consider Before You Apply
  4. How the Application Works
  5. Where to Get Pay-Day Loans

Just like quick loans, the payday loan is a small-dollar loan you can get until your next payday. It's a small-dollar loan due to restrictions on the amount. The majority fall within the range of $100 to about $1500. You're typically getting this loan to pay back once you've gotten your paycheck.

You can also call it a short term loan, a paycheck advance, a payday advance loan, a bad credit loan, and its many aliases. The bottom line is that it's a quick loan you use to meet your financial needs until your employer pays you.

Payday loans come in handy for salary earners who have pressing needs to meet. So a certain amount which is permitted by the lender is borrowed. When it's payday, you pay back the amount and interest agreed.

The method of application involves similar steps with most loan processes. Repaying the loan could be via check or electronic debit. It's entirely accessible to people with bad credit and zero credit. Hence, it's a significant alternative in times of emergency and the urgent need for cash.

Ease of Access

Payday loans have their benefits. One of them is the ease of access. Most payday lenders offer 24-hour lending access and almost instant response on loan application. Majorly, lenders disburse cash within 24 hours.

Traditional loans are famous for their rigorous application processes. Payday loans, on the other hand, can take just 5 minutes.

Simple Process, Fewer Requirements

Traditional loans usually demand a long list of requirements and documentation. Your proof of income, Social Security numbers, photo ID, and credit history are primary credentials for a loan application. But for the payday loan, requirements are simplified to a few depending on the lender.

Once you're 18 with a government-issued means of identity or Social Security number, you're eligible. Also, you'd need a job or any stable source of income and an active personal bank account for a successful application.

Your Credit Score Doesn't Matter

Good credit is essential to approval if you've considered a traditional loan. The case is different with payday loans. You don't need an impressive credit history to get the "instant" loans. There would be no credit inquiry. Hence, your credit score wouldn't be affected, as well.

Although, in some cases, the payday loan won't impact your credit or increase your chances of accessing more significant financial services.

Before applying for a pay-day loan, there are many considerations you'll need to put into perspective. From the amount you seek to the lender's terms, payday loans can become a financial burden. 

It is wise to apply for a small amount because you would be able to repay with no hassle and still meet other financial obligations. And the fact that payday loans don't build credit ratings is another concern.

First, it's not a secured loan. This loan is different from auto loans and mortgages. The payday loan is unsecured by personal possession or property. Therefore, you may lose your property to collectors should you default.

Besides being unsecured, payday lender terms are other factors to look out for before applying. You may have granted them undeniable access to your bank account to make withdrawals. They can sue you over debts or send your debts to collectors.

Only due diligence and the right information can guide you from predatory lending services. Choose only fair interest rates.

So all you need to do is open a bank account, Have a stable source of income, and valid means of identification. Payday lenders aren't big on credit check inquiry. You specify your amount in your application form. Items like your salary determine your repayment period and schedule. After verification and confirmation, you await disbursement. The lender then pays the requested amount to your account.

You'd need to follow your repayment schedule to repay the amount requested.

On payday, you'd have to remit a specific amount in partial fulfillment of your terms with the lender. This pattern would continue until your the completion of repayment.

You can access payday loans in loan stores and online. Most banks offer it as an add-on service for account holders to consider. You may also want to request from the bank that holds your salary account.

Today, it's faster to access payday lenders online. Most of the best payday lenders offer flexible amounts and friendly terms. You can also see repayment estimates with interest rates included should you decide to apply. Many have also increased their accessibility with apps.

Once you register, you can always download the app and get cash on the go. Apps are becoming the convenient options for instant payment nowadays. 

Needs can be very pressing. But, remember, not all lenders care about their borrowers. With our guide, you can apply and access faster and instant payday loan services. Consider choosing from our Best Apps for Payday Loans to get started.

  • Get our quick loan app and find payday loans, cash advance with instant approval

    4.7 Ratings 1K+ Reviews 50K+ Downloads
    • This payday advance app is my savior! I was on the verge of a nervous breakdown when I couldnt get a money loan with adequate conditions for people. I dont understand those who agree to pay a very high percent. These are rash acts. This application does everything for its customers. I am extremely grateful for that!
      Haya Lepere

    Loading...

  • Apply for money loans online & payday advance when you need money!

    4.7 Ratings 2K+ Reviews 100K+ Downloads
    • It seems to me that I hooked almost all my friends on Payday Loans Bear. I couldn’t keep silent because I wanted to tell them about such a cool application for issuing payday loans. It is cool for many reasons. However, the main reason is the quick issuance of cash loans. I would say even lightning-fast issuance.
      Dorese Lipyeat

    Loading...

  • Payday loans online - fast cash advance app and quick loans finder.

    4.7 Ratings 555 Reviews 10K+ Downloads
    • It is really good platform for those who want to avail low budget loans. Payday loans are sanctioned on time and the payment process is also simple. I am thankful for helping in my time of need, they approved my loan in just hours.
      Lana Volkova

    Loading...

  • Need payday loans? Use or payday advance app and get money today 💰💰💰

    4.3 Ratings 473 Reviews 10K+ Downloads
    • I work alone in other places! My friend recommended me this loan software! I used it once! borrowed money to buy a mobile phone. It feels good!
      Светлана Харитонова

    Loading...

  • Payday Loans GO - Find quick loan

    4.9 Ratings 405 Reviews 10K+ Downloads
    • Always there and always helpful. Our responsibility is to repay the loans in time. I had a temporary debit card because I lost my original one and Payday Advance had no problems taking it. Right when we needed it. I'm new here still waiting to see the service up until i can give full thumps up. Love these people.
      Vladislav Chernov

    Loading...

  • Find payday loans and apply for a loan online easily. Advance loans helper

    4.6 Ratings 897 Reviews 10K+ Downloads
    • your loan application is the only one i have that gives room for people to say how much they want, reasons for the loan and giving a better and longer repayment period. you request for the loan, approval, get paid, then simply pay them back on your next pay day. i have zero complaints and owe a million thanks to them! from the person on the phone to the young lady at the kiest location everyone was very polite and helpful. highly recommended.
      Ljudmila kudrjavtseva

    Loading...

  • Instant Approval - No Credit Check - Fast Cash Direct Deposit - Payday Loan App

    4.7 Ratings 857 Reviews 100K+ Downloads
    • I appreciated this app, and I am very happy to recognize approximately it. It continually enables me in the course of a difficult time. Also, technical guide may be very capable right here. My request become quick accredited and I immediately were given the cash. And I am thrilled with the truth that I can make bigger the payout length. Thank you.
      Suat Yatkın

    Loading...

  • Payday loans app - apply for a loan online, match with lender and borrow money

    4.8 Ratings 667 Reviews 10K+ Downloads
    • This app is the good app though I do not get loan since I request my loan but I hope they will Send me loan but its a good app Good user interface. Excellent process, very easy and reliable. For now I rate them 5* in near future you will see my comment and recommendation whether you should go for it or not. I give our a five star.
      Александр Волков

    Loading...

  • Borrow money by applying for instant payday loans with this safe and secure app.

    4.7 Ratings 2K+ Reviews 100K+ Downloads
    • Instant loans are really useful when you need cash urgently and have no time for asking your friends. So, I tried this payday loans app and was not disappointed. The registration is simple. It takes you about minutes to complete. After - minutes your application is approved, sometimes even earlier.
      Kol Ashplant

    Loading...

  • Jimbo - Payday loans online finder. Easy way to get cash advance

    4.9 Ratings 1K+ Reviews 10K+ Downloads
    • I am very satisfied with the service. The app is doing a great job. A little reading goes a long way, guys payday loans is innovative, unique, and educational - I’ve already learned so many tips and tricks that will help me rebuild my credit. Then I decided to go pick up the money It was easy. It help us out in hard times. When I needed it most!!!
      Roald Artemev

    Loading...

  • Apps for Budgeting

    726 Apps
    20
    9.4K+
  • Apps for Investing

    457 Apps
    6
    5.7K+
  • Financial Calculator Apps

    490 Apps
    3
    17.0K+
  • Apps for Mortgage Management

    756 Apps
    1.2K+
  • Mortgage Calculator Apps

    454 Apps
    14.5K+
  • Apps for Tax Preparation

    503 Apps
    1.2K+
  • Apps for Finance News

    630 Apps
    2
    21.0K+
  • Loan Calculator Apps

    625 Apps
    7
    15.8K+
  • Apps for Calculating Credit Card Debt

    720 Apps
    2
    1.9K+
  • Apps for Insurance

    593 Apps
    2
    17.7K+
  • Apps for Exchanging Money

    623 Apps
    5
    16.3K+
  • Financial Advisor Apps

    762 Apps
    10.8K+
  • Apps for Payday Loans

    282 Apps
    23
    323.2K+
  • Apps for Calculating Auto Financing

    424 Apps
    1
    4.8K+
  • Auto Mileage Tracker Apps

    403 Apps
    4.4K+
  • Banking Apps

    570 Apps
    6
    3.8K+
  • Credit Card Apps

    344 Apps
    14
    16.1K+
  • Bitcoin Apps

    444 Apps
    12
    24.3K+
  • Apps to Balance Checkbook

    504 Apps
    8
    102.3K+
  • Apps for Tracking Expenses

    474 Apps
    3
    3.8K+
  • Apps for Transferring Money

    580 Apps
    11
    7.6K+
  • Apps for Personal Finance

    390 Apps
    22
    3.8K+
  • Apps for Trading Stock

    483 Apps
    7
    6.9K+
  • Apps for Monitoring Credit

    439 Apps
    4
    2.4K+
Ask