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    What are Online Payday Loans

    An online payday loan is a short term high-interest loan that is due on your next pay-cheque. It is also known as cash advance loans/check advance loans because people typically take them to sort emergency bills that come up before the payday.

    Most online payday loans range from $100 to $1500. The amount one qualifies for depended entirely on their salary and credit history, until fraud cases and scamming complaints were noted to be on a steady increase. FTC intervened and put in place stringent rules to govern the lenders and protect the borrowers. Here’s all you need to know about payday loans and how to get them online.

    Standard Features of a Payday Loan

    • Unlike banks, credit unions, and other financial institutions, online payday loan lenders hardly ever take into account your ability to repay the loan or your credit score before giving you a loan.
    • Depending on where you get your loan, you can either get your money via check, direct deposit, or cash. For safety purposes, avoid giving out your private bank information and opt for cash or check.
    • Online payday loans are mostly for small amounts as, on average, lenders have a $500 limit. However, this loan limit differs from state to state.
    • When drafting a payday loan agreement, you will have to set up the exact date of repayment. Typically, the date will be exactly when you receive payment from elsewhere, be it your salary, social security, or pension.
    • Most lenders require you to repay the whole amount in one sitting as opposed to installments. However, some states permit the lender to renew the loan such that you only pay the interest but get a later repayment date for the credit itself.
    • As a precautionary measure, you will need to sign a post-dated check or issue authorization for the lender to withdraw the amount from your account directly. If you happen not to repay the loan on time, the lender withdraws the amount or cashes your check.

    How Do You Get an Online Payday Loan?

    In the past years, payday loan lenders had a physical office where you would go and sign the agreements as you get your money. However, most of them are now embracing the modern way of doing business online.

    online payday loans
    Online payday loans

    To get a loan, you need to provide payslips, identification documents, and a blank check. You then state the amount you would like to be given according to your credit history and salary, and the lender will decide whether to provide you with the loan or not.

    Since online payday loans are notorious for their high-interest charges that range up to 500% in annual percentage yield (APR), they will set the repayment amount at $15 for every $100 or a similar arrangement. If you agree, you will decide on the repayment date and give the lender some security.

    Most lenders will require you to set up a recurring payment (continuous payment authority) that is authorized to withdraw the money directly from your account when payday arrives. It can prove tricky if you don’t have enough money to cover other bills. But the good news is, state laws allow you to cancel a CPA anytime.

    Advantages of an Online Payday Loan

    Online payday loans are gaining popularity fast, with more and more vendors joining the bandwagon. Their benefits include;

    Very convenient

    Convenience plays a significant role in the world we live in. Since you only need two documents to get the money wired to you within 72 hours, many people take the said loans for no other reason than convenience. The loans are ideal if you have an emergency, need to buy something urgently, or if your salary runs out before payday.

    No credit score required

    Unlike with banks, your credit score does not determine whether or not you qualify for a loan when dealing with online payday loan lenders. So long as you have viable employment, necessary documents, and a bank account, you are good to go.

    No need for collateral security

    When dealing with banks and credit unions, you risk losing your house or car if you delay payment. Luckily, with online payday loans, such collateral security is not required.

    Rationalized borrowing

    Since the amount you are allowed to borrow should be a small part of your salary, it’s virtually impossible to acquire more than you can pay. So, in the long run, online loans rationalize the amount of debt you will accumulate.

    Disadvantages of an Online Payday Loan

    Like everything else, online payday loans have several negative aspects that may make you rethink the whole thing. Below are a few of the outstanding ones;

    High-interest rates

    Since payday loans have a short maturity period, the lenders ensure they set the interest rate very high to get similar returns as if the time was longer. Most of the time, the interest rate will be ten times what you could have paid in a bank if you needed more money. If you happen to defy payment, the interest rate can vary as much as double, forcing you to pay way more than is fiscally logical.

    Can only sort minor issues

    Payday loans have a meager loan limit. Therefore, you can only borrow a small amount of money per month. This setting makes it hard to use the funds for anything substantial such as investments or sorting out a big spending bill.

    Less transparency

    FTC continually arrests payday loan lenders as most of them do not play by the rules. That and the fact that there are not enough rules to protect the borrower means there is a high possibility of being scammed. Also, most lenders are hard to track. So if you fall prey to their schemes, chances of getting your money back are slim.

    You need employment and a checking account

    You need to provide proof of employment and an active checking account before you can get an online payday loan. This requirement is disadvantageous to individuals running businesses and those with a less formal employment arrangement.

    Online Payday Loans

    Online payday loans are short-term loans that are very convenient. This fact makes them addicted because every time you encounter a financial problem you know where to run to. However, due to the high-interest rates and high chances of fraud, one is advised to avoid online payday loans unless in cases of emergencies. So unless you are in a fixed position and are confident of the ability to repay the loan on time, opt for conventional loan sources.

    This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan, we are able to help you with our large referral network.

    We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

    All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

    If you need fast internet title loans, give our team a call, and we will sort you out within minutes.

     

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    Disclosures

    DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

    We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

    *Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

    *Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

    *Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

    *All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

    *The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

    *In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

    *Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

    *Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

    *Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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