Benefits of applying for payday loans online
1. Convenience: One of the main benefits of applying for payday loans is convenience. You can apply for payday loans online from anywhere if you have an internet connection. This is among the main reasons why online payday loans are extremely popular. You also get your money deposited directly into your checking account which is also convenient because you can access and use the funds it as you like.
2. Easy to qualify: Another benefit of applying for payday loans online is that it is quite easy to get the loan. If you are 18 years and above, you have a job or stable monthly income, you have a fair credit, you shouldn’t have problems applying and receiving a payday loan.
3. Affordable interest rates: You don’t need guarantors and collateral. You also don’t need to pay anything i.e. application fees which are common when applying for traditional loans. The interest rates charged on payday loans are higher compared to traditional loans, while they are still affordable to repay on your next payday.
4. The application process is short and straightforward: Another crucial benefit of applying for payday loans is that the process is shorter and direct compared to the process of applying for conventional loans. Applicants are only required to complete a loan application and submit a signed loan agreement. Also, borrowers don’t need to submit any electronic documents i.e. employment verification documents which take time.
5. Instant cash access: Another important benefit of applying for payday loans online is that the applications are processed the same day and the cash is deposited into the bank account within 24 hours. This is a very important benefit especially to those borrowers who have emergency financial situation. You don’t need to wait for weeks to get money which is usually the case when applying for traditional loans.
Steps for applying and getting a payday loan:
Applying and getting a payday loan with us is easy. You just need to follow the steps below
Step 1: Complete our online application form. This process takes approximately 5 minutes.
Step 2: Sign the loan agreement electronically.
Step 3: Receive an email confirmation and quick approval.
Step 4: Receive a phone call or official communication from our consultant.
Step 5: Receive cash on the next business day via your checking account.
Payday loan repayment process
Repaying a payday loan is simple. The loan amount plus interest is deducted from your bank account when the loan due date reaches (on your next payday).
What happens in case a borrower is unable to repay their payday loan on the due date?
In case a borrower is unable to repay the loan on the due date, the borrower can negotiate for a loan extension or rollover. This is however accompanied by additional fees. It is therefore better to ensure that you repay your payday loan in time to avoid paying additional fees.