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ONLINE PAYDAY LOAN : APPLICATION REQUIREMENTS
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Online Payday Loans – Are They Right For You?
Online payday loans are payday loans offered over the internet. As the name implies the entire process of applying for a payday loan is done online. Payday loans are short term loans granted to a borrower and payable by the next pay day of the borrower. This is why it is popularly referred to as a payday loan. Some people call it a deferred-deposit check loan, yet still others call it cash advance loan.
If you are in dire need of money and you don’t want to bother your friends or family members with your problem and you have nowhere to turn to for help, you can apply for a loan online.
If you have a job and expect to receive a pay check at the end of the next pay day cycle and you only need the money for a short time, you can apply for a payday loan.
Applying For Online Payday Loans
To apply for a payday loan, if you live in Ontario or anywhere in Canada you can visit a payday lending agency, have an interview, fill out the usual lengthy application and registration forms, have your application assessed and then get a decision as to whether you get the loan or not.
There is no doubt that applying for the loan directly at the lender’s office location is a long process, especially if you need the money urgently and need a quick response. Your best option is to apply for an online payday loan.
Advantages Of Online Payday Loans And Payday Loans In General
There are some distinct advantages to applying for a payday loan online. Here are some advantages of applying for payday loans online.
- Quick: Filling out the application form for online payday loans only takes a few minutes. And receiving the loan or cash advance also takes only a few days. These days there are several payday lenders that provide a one hour guarantee for receiving your money after you are approved.
- Online payday loans are convenient to apply for: Many payday lending companies stay open even outside the regular office hours. This enables people to apply for emergency cash loans after office hours. However, online payday lending companies are open 24 hours and 7 days a week. This also means you can apply for a payday loan online from the comfort of your own home.
- Simple to Apply and Qualify For: Applying and then qualifying for online payday loan or cash advance loan is extremely easy and does not require much effort on your part. Payday lending has simple lending criteria so most people with a regular income qualifies for a loan. You just need to prove you have a regular source of income to pay off the loan when it is due.
- Invaluable for emergencies: Since you can very easily get the loan in less than an hour you can use it to solve emergency cash flow difficulties. You can also use the money in any way that you like, like paying for late bills and overdue expenses.
- No credit checks: All the conventional lenders and banks would check your credit score prior to deciding whether to give the loan or not. But, there is indeed no credit checking with payday loans and that is the reason why even people with poor credit can get a loan.
- Cheaper than credit card debt: Generally, payday loans are more expensive than normal loans from the bank. But, still it’s cheaper than credit card debt if you borrow the money only for a very short period of time.
- No collateral Security: Whether you apply for the payday loan online or in person there is no security required.
- Flexible: As payday loans are for short term purpose, you can pay them back as per your own comfort and convenience or when you get your next pay check.
- No need to submit a mountain of documents for online payday loan application: To apply for a payday loan online, you only have to fill your name, address, contact details, employer’s name, employer’s address and your bank details in the form provided online.
In summary, online payday loans have quick online decisions and high acceptance rates. There is no need to fax or email documents. When the application is approved, the money is deposited into your bank account very easily online.
Payday loans comes handy when you need cash very quickly. However, is it always the best loan to go for when in need of urgent loan? In addition to the expediency, one other reason why people go for a payday loan is because they have bad credit. Because one’s credit history is not that important to payday lenders, may people with bad credit can get a payday loan.
Why You Need To Avoid Online Payday Loans
Compared to many other forms of loans, online payday loans or payday loans in general can be very expensive. There is the all too well known high interest rates for pay day loans, but the main problem is the trap of a payday loan. You can end up in perpetual debt, living on one payday loan after another.
When you get a payday loan, most often you have to pay it back by your next pay period. This mean that you are left with less money for essential expenses for that month. To cover these expenses, you may be tempted to borrow again till the end of your next pay period. This cycle can go on and on and difficult to come out of unless you get an extra money from somewhere.
The best way to avoid this debt trap and debt cycle is to get a longer-term loan and pay off the loan in installments. There are lenders who will give you a loan even if you bad credit history.
Loan Away Inc. is one such lender. You can borrow between $1000 to $3000 and pay it over 36 months. Even though the loan is for 36 months’ period, you can pay it off anytime you want within the 36 months’ period. The smaller installments and the extended repayment period can help you to plan your finances better.
Finally, you can also apply for the Loan Away loans online just like any of the online payday loans out there.
WHERE WE OPERATE
We are committed to provide best customer experience possible. Currently we offer personal term loans in Ontario, Alberta and Newfoundland, but do check back with us soon, as we are working on expanding our reach to other provinces and territories.