An emergency situation where you need money doesn’t give red flags before arrival. Now, is your bank already empty and the next payday isn’t coming anytime soon? That’s something to worry about.
Before you start selling off your assets to a pawnshop, there are solutions that can get you through the next few weeks. For one, payday loans are readily available. Let’s dive into an introduction and how you can get one easily.
What is a Payday Loan?
Ever felt the need for some money to get through your expenses until the next payday? A payday loan probably answers for itself, but let’s review what it is first.
A payday loan is a means of temporary urgent funding where you can borrow up to $5,000 from a lender. These loans are given on a short-term basis and need to be repaid within 4-6 weeks as a lump sum. Generally, the repayment date is on or right after your payday.
Payday loans are beneficial in terms of emergency funds. However, the high APRs is definitely something to keep in mind before moving forward.
Getting a payday loan is a risky process, but with the right lender it can be a blessing for your financial troubles. Consider getting payday loans with WeLoans online for reputable lenders and competitive offers.
Benefits of Payday Loans with WeLoans
Nabila Yusuf at WeLoans (an experienced financial writer) believes that tt’s best to know the features of a loan before finalizing. There’s always a possibility it might not offer what you need. Usually, a payday loan is a great option for quick funding, here are a some other benefits:
Multiple Lender Options
Getting a payday loan can take hours if you’re trying to find a lender on your own. If that wasn’t enough, you’ll have to verify the lender and their license.
Applying through WeLoans takes that hassle away. You’ll find thousands of licensed lenders with satisfied customers on their website once you apply for a loan. Expect at least a handful of loan offers after submitting an application.
Payday loans could scare you with their high APRs that go up to 400%. When you’re already struggling, that’s the last thing you need.
WeLoans’ lenders ensure market competitive rates that won’t rob you of the little money you have left on you. Plus, you can always compare offers and go for the most budget-friendly loan if that’s what you’re aiming for.
Don’t want a loan that restricts where you use it? Nobody does. Luckily, the lenders on WeLoans platform won’t decline your loan application based on the case and necessity. You can get a payday loan through them for any reason considering you’re eligible.
Tired of loan applications that take forever? Aren’t we all? The trick is finding a platform that won’t have you giving up midway.
WeLoans has made applying for a payday loan as simple as can be. A 3-minute application and that’s it. The only thing left is to select a lender and wrap up the process. The entire process is online without any lengthy steps and will only take an hour of your time at most for the application and reviewing lenders.
Can You Get a Payday Loan with Bad Credit?
With all these benefits, you’d be tempted to get a payday loan when you need one. However, many people fear that their depreciating credit scores will lead to a straight rejection, as is the case with traditional lenders.
Payday loans are mostly offered by online lenders and not traditional lenders. Only a few in the latter category may offer it, but even then, it’s best to go with reputable online lenders that are exclusively in this service.
With that said, online lenders accept bad credit applicants. Even if your score is below 550, the lender won’t reject you unless you don’t fulfil their criteria, which includes legal age, US citizenship, active banking, and sustainable income.
However, note that the lower your credit score, the higher APR the lender will charge to balance out the risk of your inability to repay the loan on time.
If you’re looking for the best of both worlds – bad credit acceptance and average APRs, apply through WeLoans so you don’t have to make a rushed decision and go for the first lender that sends an offer.
How Do I Apply for a Payday Loan?
Expecting the traditional paperwork and having to find lenders yourself with hours of research? Hold your horses. Apply through WeLoans with this step-by-step process to get that payday loan:
Open Up the Application
You can find various loan types on the WeLoans website. Click on payday loans under the services tab. The application that opens up after selecting your desired loan amount requires personal information and bank account details. Fill those in and submit.
Select an Offer
What sets WeLoans apart from direct lenders is that you can find thousands of licensed lenders in one place. Upon submitting an application, these lenders will send their individual offers your way with varying interest rates and repayment terms. You can select one based on your preference and requirements.
Get the Approval
After reviewing your application, the lender will take some time to go over the official documentation process. After making it official, you only have to wait 2-3 business days normally to get the funds.
Nowadays, a lot of people are getting payday loans for their urgent expenses. If you didn’t know what to do in such scenarios before, don’t miss out on the benefits of payday loans now that you do.
Tackle those financial troubles without having to wait weeks on end for a lender’s response anymore when WeLoans can connect you with a licensed lender that usually takes only 2-3 days to proceed with an application.