Many modern consumers are faced with more and more financial stress, and small loans from short term loan providers are now needed more and more often. Traditional credit cards are not as plentiful as they used to be, and the same goes for bank loans, and this means that when you desperately need money to cover an unavoidable expense like a bill or repair, small loans are now often the best choice. But how do you find the best online small loans lenders, and what other information do you need to know? The following advice will help you understand small loans and make the best choice.
The Important Details
Online payday advances are short term cash loans that provide you with $100-$1500 to be paid back over a very short term (from the date you apply until your next payday, usually with a maximum loan duration of 30 days) with added interest. Other small loans have extended repayment plans or give you the choice to extend the plan if you do not have as much money now as you previously thought you would. Typically, interest rates are very high, equating to a quarter of what you borrow at the least, and you should always consider this before you apply. Small loans are available from many brokers and chains like MoneyGram, though it is often easier to apply for them online.
The application process is quick and simple. You enter your personal details into an online form, detailing the amount you want to borrow and your personal information, and once you send your application you will be notified almost immediately whether your application has been approved. Money will be transferred to bank account within a day. Better providers give you an online account where you can track your loan status, showing exactly what interest is applied and how much you need to pay back.
How to Qualify for Payday Advances
Short term loans are often called bad credit loans or no credit check loans, and this is because they will give you money even if you have a poor credit history. The majority of all lenders will not make a thorough credit check (this is why they are so quick), though you will still need to meet some basic requirements. You will have to be over the age of 18, be a permanent US citizen and have a permanent job or a provable source of regular income. Some providers will ask for more, for example proof of employment for over 90 days and a valid drivers’ license.
Only borrow money when you absolutely need to and you have exhausted all other available options. When used correctly, small loans give you the money you need very quickly, helping you get yourself back on track.