Real Payday Loans
Consumers who are in difficult financial situations may be tempted by companies or lenders that promote fast payday loans or instant payday loans. Borrowers should be wary of such lending companies as it is typically impossible to get an instant approval payday loan. Trusted payday lenders are those that adhere to small-dollar lending laws.
Payday loans are cash advances that are taken out against a borrower’s paycheck. This means that borrowers are expected to repay their debts in full, plus interest, at the time of their next paycheck. While such loans may prove more flexible than those from traditional banks and credit unions, they also come with rules and regulations that borrowers and lenders alike, must adhere to.
Are No Credit Checks Payday Loans Still Real?
Consumers might get suspicious when they see companies offering payday loans for bad credit. And they should be! The fact of the matter is that payday lenders will, in fact, check an applicant’s creditworthiness to determine loan approval. Individuals with poor credit histories and scores can consider the following alternatives:
Federal assistance: The U.S. government offers a number of benefits to those who are unemployed. These include the Short-Term and Long-Term Disability Insurance which provides disability insurance to those who are unable to work due to an illness or being injured.
Temporary Assistance for Needy Families (TANF) can also be useful to those experiencing temporary financial difficulties. The program can provide food, housing, home energy, child care, and job training to families until they are able to sustain themselves.
Local assistance: Some local churches and credit unions offer financial assistance and coaching to residents who are facing monetary difficulties.
Friends and family: Borrowing money from trusted friends and family members is an option for those who might not want to operate within financial institutions.
Cutting discretionary spending: Experts advise that consumers save money by cutting unnecessary spending expenditures, in order to avoid opting for shorter-duration funding.
Quick Payday Loans
As mentioned prior, same day payday loans are typically not possible to attain. The loan application process can take up to one hour to complete, after which lenders will have to determine an applicant’s loan eligibility.
While requirements will differ from lender to lender, applicants should be prepared to provide the following information:
- An active bank account
- Proof, the borrower, is a citizen of a specific country and legal age
- Proof of income
- Promising credit score
Regulations and Restrictions
The best way to ensure that you are getting a real payday loan is to check the local restrictions and ensure that the lenders you work with are sticking to them. Any lender who is flouting these laws is not likely to be trustworthy.
The local regulations and restrictions should be set up by the local state government. You should check the restrictions where you are. For instance, if you are based in Las Vegas, you would need to check the Nevada payday lending laws.
Some states do not even allow payday lending! This can be a huge red flag if you see lending advertised in a state where it is not allowed.
Restrictions are likely to be set on things like fees, APR, and how much can be borrowed, so if you see a payday lender ignoring these, you should report them.
Consumers who live in states where payday loans are prohibited can opt for a payday installment loan.
Finding Real Payday Loans
Payday loans should only be sought if you are in a difficult financial situation and do not have the facility to borrow money from elsewhere. Anyone who is 18 or over and has a bank account in good standing in the United States, should be able to apply.
Our service is designed to help link people to the right payday loans for them. We work with trusted lenders, connecting potential borrowers so that they can quickly find the most appropriate loan for them.