With so many expenses nowadays, it’s becoming impossible to keep up with your finances at times. Not many people can expect sudden expenses that put them under financial strain. Even fewer have savings set aside all the time to handle such a situation. One delayed bill or an accident, and you’re in colossal debt.
Payday loans are one answer to that sudden stress. But, as with every financial decision, you have to make an informed decision. What if you apply for a payday loan and it doesn’t come in time for you to cater to those expenses?
For this reason, it’s important to understand payday loans, their requirements, and the duration to get funded. To apply for one, you can find the best choice for payday loans with no credit check on iPaydayLoans. But first, let’s get down to the basics.
What are Payday Loans?
Payday loans enable you to get funds within a day, in most cases. The loan gets its name from the fact that when your payday is still several days or weeks away, you can get temporary funding to get through those financial hurdles.
In essence, payday loans are short-term loans without the need for collateral to give as security. The loan amount typically goes up to $1000, but with iPaydayLoans, you can apply for as much as $5,000. This loan type needs to be repaid within 4 weeks, but some lenders can give you a concession of up to 3 months.
Applying for online loans nowadays is just a few minutes process, but before that, Charles Mathe caters to necessary loan-related questions on his page that can guide you.
Where Can I Get Payday Loans?
You’ve settled on applying for a payday loan. Great choice. However, the next question is, where do you find one?
You can find payday loans online because traditional lenders either don’t offer payday loans or have strict requirements. Plus, online payday loans have more benefits to them, so you wouldn’t want to overlook that option.
You can either apply to a direct lender or through a broker for online payday loans. With direct lenders, the downside is that you’ll have to research and check reviews of each lender as well as their loan terms on their website.
Alternatively, by applying through a broker, you can select your desired amount, receive offers, and evaluate them, all on the same page.
As a bonus point, broker websites have a pre-qualification feature that only forwards your application if you meet the criteria. Therefore, you won’t have to wait only to get a rejection or have multiple hard credit checks by lenders entered into your history.
How Long Does it Take to Receive a Payday Loan?
To understand how long it takes to receive a payday loan after applying for it, you’ll need to know the duration of each process separately.
Starting with the application, online lenders enable you to apply for a payday loan on their website without having to redirect anywhere else. The application process is smooth and only takes around 5 minutes of your time. Even if you’ve never applied for a loan before, the straightforward steps make it as easy as possible,
Next, if you’re applying through a broker, you’ll have to sit down and review the offers received from lenders. You should evaluate each offer thoroughly, but that won’t take more than an hour.
After going with a lender of your choice, they may take a while to go over your application in detail and approve or decline your loan application. Generally, the approval process takes only a few hours at best. It’s possible to get the approval within an hour, too, depending on the lender.
The final step – getting your funds. Payday loans are known for their instant funding, which means you should receive the money within 1-2 business days. Some lenders are recognized for their quick process and can send the money within a day in some cases.
Can I Get a Payday Loan with Bad Credit?
Another popular concern for those with a poor bad credit score is whether they can apply for a payday loan in the first place. After all, when you’re short on money, you wouldn’t want a rejection because of your bad credit. So, do payday loans allow applicants with bad credit?
The short answer is yes! Again, it’s best to go with an online lender if you want to enjoy this benefit along with other advantages of online loans. Online payday loan providers don’t have rigid criteria that say a 600+ credit score is necessary for loan approvals. Instead, you need to meet basic criteria, which include legal age, UK citizenship, active bank account, and income source.
Despite struggling with bad credit, you can definitely apply for a payday loan. However, you should know that payday loans already have high APRs and fees. With a bad credit score, the lender may charge more than the average due to the risk they’re taking to offer you a loan.
How to Apply for a Payday Loan?
If you’ve decided to acquire a payday loan for your financial emergency, all that’s left to do is to apply for one. With iPaydayLoans, the process takes next to no time. Here’s how you can do it:
Submit an Application
Visit the iPaydayLoans website. On the homepage, swipe the bar to your required loan amount. Then, an application form will open up asking for information such as personal and financial details. Fill out the form and submit it.
Go Over Loan Offers
The website pre-qualifies your application, and if you’re eligible, it’ll be forwarded to lenders. It takes 10 minutes tops for the lenders to review your application and send a customised payday loan offer. You can go with a lender that fits the loan terms you’re looking for.
Get the Loan
After signing official documents, your work is done. Wait for the lender to send the money to your bank account. It only takes a day or two, usually, for the funds to get deposited.
The online lending marketplace has made it easier than ever to get loans when you need them quickly. Payday loans can help sail those rough waters until your next salary cheque. It only takes 1-2 working days to get the funds, so it’s the perfect option for those looking for temporary and quick funding without a long list of eligibility factors.