Overview: Getting Fast and Easy Payday Loans
In our ever-changing economy, more and more people just aren’t making enough money to make ends meet each month. In fact, according to CNNMoney, 76% of Americans are living paycheck to paycheck. This is why fast online payday loans are, in reality, a necessity for many.
If you are in this boat with about ¾ of Americans, chances are you have looked into a fast payday loan at some point or another. The problem is that there are a lot of lenders out there, and they are not all created equally. To find fast and easy payday loans online, you need to know what you are looking for.
Fast cash payday loans are becoming increasingly popular, but they definitely have their drawbacks. Most financial advisors would recommend getting a fast payday loan only when you really need it. The interest rates on these fast payday loans online can be upwards of 300% when you look at it as an annual percentage rate. Some would call it highway robbery.
The truth is, however, that fast payday loans are more commonly sought after than you would think, even with such high interest rates. For some people, it may be their only option for cash when they need it.
The Ever-Growing Fast Pay Day Loans Industry
Sure, there are a lot of people out there that are in the market for fast online payday loans. On the flip side, there are also a whole lot of lending companies out there vying for your business. With so many companies out there offering fast payday options, it is easy to see why it would be difficult to choose the right one.
Source: fast payday
NBC News posted an article revealing that there are more fast payday loan lenders in the United States than there are McDonald’s restaurants. In 2014, there were over 14,000 McDonald’s locations across the nation. This same year, there were over 20,000 payday lenders. If you think about it, these numbers are overwhelming.
Why Are Fast Payday Loans So Popular?
For people that live paycheck to paycheck, and that is an overwhelming majority these days, online fast payday loans may be the only option. This is why these loans are gaining popularity.
Source: fast payday loan
According to Greg McBride with Bankrate.com, “A large number of Americans are literally living paycheck to paycheck. They’re one unplanned expense away from being in financial distress.”
When those unplanned expenses arise, where are the funds going to come from without fast payday loans online? Sure, people with good credit may be able to take out a bank loan or get a credit card to help in these times of crisis.
People with family and friends that they can rely on may be able to borrow the money. Others may have alternative ways of coming up with money, by pawning or selling valuables or doing some side work to get a fast payday.
But what happens if you don’t have good credit? What happens when your family or friends can’t loan you the money? What happens if you don’t have anything of value to get rid of? In these situations, the only option may be a fast payday loan. That means that while the interest is high, it may be unavoidable at times.
Are Fast Online Payday Loans the Right Solution to Your Financial Needs?
Before you jump the gun and apply at every online fast payday loans site you come across, you need to ask yourself a couple of questions. Online fast payday loans might seem like a good idea, but they could actually be more detrimental than good. Ask yourself:
- Do you actually NEED the loan?
- Can you afford to repay the loan?
If the answers to both of these questions was yes, then fast payday loans may be a suitable solution for you.
For many, the answer to one or both of these questions may be “no’” or even “I’m not sure.” In these situations, it may be best that you take some time to consider all aspects of your needs and ability to repay before you accept any online fast payday loans.
More often than not, the need for the extra money is an actual need, not a want. Sometimes, however, it may just be that you want extra money to go on vacation or you want to be able to get the newest version of the iPhone when it comes out. These are not necessities and definitely not a reason to take out fast payday loans online.
If, however, you need the fast payday money for car troubles, bills, groceries, doctor’s visits, etc., then you have your priorities in order.
So, what if you aren’t sure if you will be able to repay the loan? First of all, you really need to make sure that you know the terms of the fast payday loans. This includes when the loan will be due if you can renew it, and how much you will be asked to pay on the due date. Without this information, it really is next to impossible to know for sure if you can afford to repay the fast online payday loans with the interest added.
In many cases, people go from one fast payday loan company to the next, trying to borrow the money to pay another payday loan company back. This is where people get into trouble. If you can’t repay the loan, you really need to look into other options when it comes to your financial needs.
With all of this said, if you do really need the extra cash and can afford to repay the loan, you may be ready to look for a lender.
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What to Look for When Choosing the Best Fast Payday Loans Online
Looking for an online fast payday loans lender is not always the easiest task. When you type “best fast payday loans online” into your search bar, you are going to get thousands upon thousands of results. (Remember, there are over 20,000 lenders out there that want you to do business with them.) How can you weed through the lenders to find the right one? Here are some good factors to consider.
Is the Lender Licensed?
Each state will have various different laws and regulations regarding fast payday loans. Licensed lenders will likely stick to these laws and regulations, keeping them (and you) protected in the long run.
Some states actually have a ban on fast cash payday loans, and this is something that you will want to be aware of. According to paydayloaninfo.org, the following states prohibit fast payday loans:
- North Carolina
- West Virginia
- District of Columbia
If you live in one of these areas, you may have to look for other options besides fast payday loans online when it comes to getting money quickly.
What Is the Interest Rate for the Fast Payday Loans?
Interest rates on fast and easy payday loans will vary up to around 400% APR. This is sometimes confusing to consumers. The good news is that some lenders will offer an introductory APR to first-time borrowers. They may give you a better deal and sometimes will even let you get your first advance interest-free.
As you shop around for the best fast payday loans online, make sure that you know about the interest rates. This is going to affect how much you borrow over time.
What Are the Terms of the Loan?
Finally, you will want to consider the terms of the fast online payday loans. Many lenders will allow borrowers to borrow money until their next payday, at which time the payment for the loan will become due.
Others may let you stretch it out to the following payday. Understanding the length of the terms for the loan is important for many reasons but mainly so you can pay the fast payday loans back on time without penalties.
Some companies will allow you to roll your loan over to your next payday, as long as you pay the interest that has accrued on the loan. Typically, fast cash payday loans are very short-term loans, with terms anywhere from a week to thirty days.
Are Fast Online Payday Loans a Scam?
Any time you do financial business online, there is a risk involved – even with a fast payday company. This is why so many people opt to go into brick-and-mortar lending offices to help them with their payday loan. The good news is that there are legit fast online payday loans sites out there that aren’t out to scam you.
If you are worried about being scammed (and you should be, with all of the crooked people out there), here are a few things that you can do to make sure that your online payday loan experience goes well:
- Steer clear of fast online payday loans lending sites that act as a broker, as in they don’t actually lend directly.
- Look for the seal of the Community Financial Services Association, or CFSA.
- Look for a physical address, phone number, and other information for the lender.
- Avoid going with a fast payday loans online lending company that solicited to you rather than you seeking them.
Never go with a company that charges you to process your application.
Source: fast cash payday loans
If you use this advice, chances are you will not fall victim to online payday loan scams. You may also use www.scam-detector.com to look for information about a particular lender.
Tips for Getting Payday Loans Fast
Do you need payday loans fast? Once you find a lender and apply, it can sometimes take days to get your money. When you don’t have days to wait, you will want to know how you can get your payday loan fast. The good news is that there are a few things that you can do to speed up the process. Here are a few tips:
1. Apply with a Direct Lender
When you apply for fast payday loans online, oftentimes you will be directed to sites that just pull your information and forward it on to the actual lending companies. This can actually be quite frustrating. These landing pages are basically baiting you in, getting your information, and allowing the lenders to solicit to you.
This is an unnecessary step that can take a lot of time. You can avoid this by looking for direct lenders rather than bait-and-click sites that just want to get your information. After all, they only do it to provide paid leads to these actual fast online payday loan lenders.
2. Consider the Time and Day That You Apply
Believe it or not, when you apply for your fast payday loans online can make a difference in how quickly you see your cash deposited into your account. If you apply on the weekend or on a holiday, chances are the approvals department won’t be working as quickly. That is, if they are even working at all on those days.
The best time to apply for your fast payday loans is toward the beginning of the week, and if you are looking for same-day cash, you should try to apply in the morning. This will give you time during the day if you need to supply the lender with any information, such as paycheck stubs, identification or other personal documents.
3. Talk to Your Personal References Beforehand
When you fill out your application for your payday loan, you will likely have to include two or three personal references. While some lenders won’t actually call your references, there are some that do. Instead of having your references be blindsided by this call, talk to them ahead of time. Doing this can save you time in the long run if your references know to expect a call.
4. Look for Lenders That Don’t Require Faxing Information & Offer Same-Day Approvals
Our last tip for getting fast cash payday loans online is to avoid having to fax information. Look for companies that boast “no faxing.” Faxing in information can take time, and sometimes fax lines are down. If you can avoid this step, chances are it will save you some time.
Same-day approvals are also something to look for. Some companies have a swift and steady approval process while others may take their sweet time. If they claim same-day approvals, you can likely expect it to go quickly.
Conclusion: Are Fast Online Payday Loans Right for You?
We have put a lot of information out there about fast online payday loans. Have you decided that it is the right option for you? The question remains, “Where are the best fast payday loans online?”
While we won’t recommend just one lending company when it comes to your fast online payday loans, there are quite a few out there that would get our seal of approval. With our tips and tricks for finding a reputable online payday loan company, you are sure to find a lender that will meet your needs.
Remember, with fast payday loans online comes great responsibility. If you have taken out a payday loan, here are just a few tips to ensure that you pay the loan back in a timely manner:
- Understand your due date and how much is due
- Write your due date down on your calendar
- Don’t get more money than you need with your loan
- Create a budget for repaying the loan and stick with it
Let us know about your online payday loan experiences. Have you ever applied for fast payday loans online? How did the process go for you? Is it something that you would recommend to your family and friends?
AdvisoryHQ (AHQ) Disclaimer: Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info. Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.