Rick asked us the following question:
I’m in my early twenties working in a tech startup. The company’s future seems promising, but as with most startups, cash flow is tight. We’ve had to bear salary delays in the hope that in a few months our rates will be doubled once business improves. In the meantime, I thought of applying for payday loans to augment my income when we don’t get paid on time. I want to know how fast it is to secure a payday loan so I can schedule it on the same day that we’re supposed to get paid. Also, is the process 100% online and are there credit checks that will take a few days? – Rick, Henderson, NV
If you need some extra money in the middle of a month, you might want to consider applying for a payday loan online. Whenever you find yourself in a difficult financial situation, you may want to obtain such a loan.
Moreover, you can use the cash for whatever you want and, what is most important, the money will most often be transferred to your personal bank account the same day you apply.
All you need is a checking account or even a regular bank account might be just enough for some companies. Of course you will also need to show the provider that you have a steady job to pay back the payday loan you apply for. You can get as much as 1000 dollars or even more with a single application.
No Credit Check
Bad credit will not stop you from getting a payday loan because there is no credit check, but only the verification of the data you provide. This is why payday loans are so fast and easy. Cash advance companies do not ask you any further questions or call your employer (unless they want to verify the information about your occupation only). So if you need cash and need it now just apply for a payday loan and get it the same day you apply.
For Emergency Use Only
Payday loans were designed to help you survive in difficult situation where you have no money and some urgent financial needs appear, but it should not be used as a regular lending source. Generally speaking, payday loans cost more than a regular loan, but might be really helpful in emergency. If you think a short-term payday loan is the best choice for you, then you can be easily approved and have up to 1000 dollars or more (some companies offer even up to $1500) transferred into your checking account often as soon as the very same day you applied for it.
How It Works
The interest rates are different for every each company. There are some providers that might offer discount rates for a new customer or for the returning clients. Financial companies and banks offering payday loans require you to fill in their application form with the necessary information concerning your employment and banking details, full name and address. The best thing about payday loans is that they work so fast! After you apply for a payday loan, the information is verified by the company and the money is transferred even the same day to your personal bank account. Sometimes you may need to fax your last paycheck slip and some kind of an ID with your picture on it.
Incidentally, let me share with you TheLadders.com’s advice on the pros and cons of joining a startup. Do consider that payday loans are expensive and it’s actually bringing your salary rate down. Worse, in case your company folds up, you’ll end up paying for the payday loans, putting your credit at risk when you miss a payment.
About Martin Glover:
Martin Glover has a solid academic, journalistic and industry background in financial planning. He’s privileged to share his proficiency specifically about online loans with Americans grappling to understand the in and out of this capital stream. He holds a Masters of Arts in Economics from the Darla Moore School of Business, University of South Carolina and a Bachelor of Science in Business Administration major in Finance in the same university.