{"id":150,"date":"2018-10-19T14:29:03","date_gmt":"2018-10-19T14:29:03","guid":{"rendered":"http:\/\/loanstar.com\/us\/?page_id=150"},"modified":"2019-06-30T11:03:45","modified_gmt":"2019-06-30T15:03:45","slug":"payday","status":"publish","type":"page","link":"https:\/\/loanstar.com\/us\/loans\/payday\/","title":{"rendered":"Online Payday Loans"},"content":{"rendered":"<p><strong>When you\u2019re dealing with a financial emergency and need fast cash, a payday loan may be a viable option. Your loan application can be approved in minutes and you can receive the cash you need in a jiffy. If you know that you have a poor credit history, <a href=\"http:\/\/loanstar.com\/us\/loans\/payday\/bad-credit\/\">click here<\/a> for information that might be more relevant to your situation.<\/strong><\/p>\n<h2>How Online Payday Loans Work<\/h2>\n<p><img decoding=\"async\" class=\"size-full wp-image-58 alignright\" src=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/ill_gen_1.svg\" alt=\"\" width=\"312\" \/>In a nutshell, payday loans (or cash advances) are secured debt products, usually ranging from $300 to $1,000. They are designed to cover small but unexpected expenses and are usually due on your next pay date.<\/p>\n<p>To protect themselves against the risk of default, the lender will require that you provide them with an electronic check for the amount of the loan, plus any applicable interest and fees. And in the event you default on the loan, they will use your electronic check as collateral.<\/p>\n<p>Most consumers use payday loans to cover everyday expenses, including:<\/p>\n\t<div class=\"list-ticks-secondary\">\r\n\t\t<ul>\n<li>Rent or mortgage payments<\/li>\n<li>Auto loan payments<\/li>\n<li>Electric, gasoline, or water bills<\/li>\n<li>Auto repairs<\/li>\n<li>Cellphone bills<\/li>\n<li>Car insurance or gas bills<\/li>\n<li>Overdraft fees already incurred from your financial institution<\/li>\n<\/ul>\n\t<\/div><!-- \/.list-ticks -->\r\n\t\n<p>Borrowers also use online payday loans to prevent checks\u00a0 that have already been written from bouncing. Mistakes happen, and sometimes checkbooks are balanced incorrectly or money is accidentally spent that was intended to cover a check.<\/p>\n<p>But with a payday loan, you can deposit the funds to prevent the check from bouncing and save yourself a slew of fees from your bank and the service provider, retailer, or company that received the returned payment.<\/p>\n<p>They\u2019re easy to qualify for and in most instances, all you need is a reliable source of income and an active checking account, and you\u2019re good to go. Best of all, you may be able to have the funds in your account the same day or as soon as the next business day.<\/p>\n<h2>Benefits of Online Payday Loans<\/h2>\n<h3>No collateral required<\/h3>\n<p>Unlike title loans that can get you fast cash but only if you offer up collateral, payday lenders don\u2019t require you to bring any of your assets to the table. Instead, you use your proof of income to get approved.<\/p>\n<h3>No credit checks<\/h3>\n<p>Consumers with less than perfect credit sometimes get very nervous when it\u2019s time to apply for loans, and for good reason. They worry that they\u2019ll be faced with rejection at every turn. And if a lender does give them a chance, they\u2019ll more than likely charge a steep interest rate to hedge against the risk of losses arising from a borrower failing to repay their loan.<\/p>\n<p>The good news is that payday lenders generally don\u2019t check your credit history. Their primary concern is your ability to repay the loan, which is why being able to provide proof of income is so important. This also means your credit score won\u2019t be dinged by a hard inquiry.<\/p>\n<h3>Easy application process<\/h3>\n<p>Online payday lenders make the application process quick and easy. Not only can you apply for a loan from the comforts of your own home, office, or while on the go, but you could also have a lending approval decision in just minutes, especially if you are able to upload your personal documents, proof of income, and banking information directly to the lender\u2019s online portal.<\/p>\n<p><strong>(Quick note: if the lender has a brick-and-mortar location, you may be asked to come in with your documents to have the loan finalized).<\/strong><\/p>\n<h3>Fast funding<\/h3>\n<p><img decoding=\"async\" class=\"size-full wp-image-60 alignright\" src=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/ill_gen_3.svg\" alt=\"\" width=\"312\" \/>An easy application process also translates to money reaching you quickly. If you visit an online lender\u2019s physical location to sign the loan documents, you could walk out with the money you need in just a few hours. If you complete the entire process online, you could expect the funds to be disbursed to your account as soon as the next business day.<\/p>\n<p>This is arguably one of the greatest benefits of online payday loans. When you are days away from eviction or your utilities being disconnected, online payday loans can give you much-needed peace of mind. And even if it\u2019s something a bit less serious, like a past-due car loan notice, having the funds you need to get caught up on your auto loan payments beats having your car repossessed.<\/p>\n<h3>Refinancing options available<\/h3>\n<p>What do you do if you realize you won\u2019t be able to repay the loan when it\u2019s due? In most instances, you\u2019ll be able to reach out to the lender and request an extension. In essence, you\u2019re refinancing the loan and should expect to pay a fee, but it beats a missed loan payment being reported on your credit report.<\/p>\n<h3>Lower stress level<\/h3>\n<p>While this isn\u2019t a tangible benefit, it helps to know that you can get your finances back on track and avoid those sleepless nights, at least for a few weeks, by taking out an online payday loan.<\/p>\n<p>And because there\u2019s no credit check, you may not have to worry too much about the possibility of being denied and feeling ashamed because you\u2019ve had some credit troubles in the past.<\/p>\n<p>As long as you have a steady source of income and a valid bank account, the odds are definitely in your favor when seeking a loan from an online payday lender.<\/p>\n<h2>Drawbacks of Online Payday Loans<\/h2>\n<h3>High interest rates<\/h3>\n<p>Credit card APRs are quite high, but the rates you get with a payday loan are even higher. On average, you can expect to pay at least 300 percent in interest (as APR) on the loan amount. And this limit can be even higher, depending on your financial circumstances, loan terms and the lender. So, you can\u2019t afford not to pay the loan back in time or the interest could become problematic rather quickly.<\/p>\n<h3>Automatic withdrawals for payment<\/h3>\n<p><img decoding=\"async\" class=\"size-full wp-image-59 alignright\" src=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/ill_gen_2.svg\" alt=\"\" width=\"312\" \/>Online payday lenders use the same account that the funds were disbursed in to collect payment. This can be problematic for a few reasons.<\/p>\n<p>For starters, you may not be comfortable with the idea of a lender having direct access to your bank account.<\/p>\n<p>Furthermore, if the funds are unavailable when the transaction is processed to collect payment, you\u2019ll incur fees from both the bank and payday lender.<\/p>\n<p>And if the funds are there but you had already allocated them to something else and forgot to contact the lender for an extension, you\u2019ll be forced to take out another loan to repay your original payday loan.<\/p>\n<p>If you collected your funds directly from their physical location, the lender will automatically withdraw payments from the account provided on your loan application.<\/p>\n<h3>Borrowers are at risk for getting into even more debt<\/h3>\n<p>While refinancing debt is somewhat of a perk if you are working diligently to get back on track, it could also mean trouble for your finances.<\/p>\n<p>Each time you extend a loan, fees and even more interest is tacked on. And if you continue to perpetuate the cycle without making adequate payments on the loan, you\u2019ll end up paying thousands of dollars for a loan that should have only cost you a few hundred dollars, as the interest charges could end up exceeding the initial loan amount.<\/p>\n<h2>How to Qualify for Online Payday Loans<\/h2>\n<p>As mentioned earlier, you don\u2019t have to have perfect credit when applying for a payday loan. In fact, lenders won\u2019t even check your credit. Their primary concern is your income, so as long as you can provide proof that you have a steady income rolling in, you should be all set.<\/p>\n<p>This also explains why the interest rates for payday loans are substantially higher than what you\u2019d find with more traditional unsecured loan products.<\/p>\n<p>You\u2019ll need to meet the following criteria to qualify for an online payday loan:<br \/>\n\t<div class=\"list-ticks-secondary\">\r\n\t\t<ul>\n<li>Be at least 18 years of age or older<\/li>\n<li>Be willing to provide personal identifying information, including a Social Security Number, along with a valid work and home number<\/li>\n<li>Have a valid checking account with your name on it (Note: you\u2019ll have to sign a post-dated check authorizing the loan proceeds plus interest and fees be repaid on your next pay date)<\/li>\n<li>Have a steady source of income (could be from self-employment, government benefits, or alimony)<\/li>\n<\/ul>\n\t<\/div><!-- \/.list-ticks -->\r\n\t\n<h2>How to Apply for an Online Payday Loan<\/h2>\n<p><img decoding=\"async\" class=\"size-full wp-image-53 alignright\" src=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/home_ill_1.svg\" alt=\"\" width=\"312\" \/>Ready to apply for an online payday loan? If you know which lender you\u2019d like to do business with, visit their site, complete, and submit the application. You should have an answer within seconds, and if you decide to move forward, be prepared to upload documentation to their online portal that proves your identity and substantiates the income and bank account information you included in your application.<\/p>\n<p>But if you aren\u2019t quite sure which lender is best, consider using an online loan search and comparison tool to help you find and narrow down your options. Once you\u2019ve found a lender you like, you may be able to apply on the spot. Otherwise, you\u2019ll be directed to that lender\u2019s website to complete the application process from start to finish.<\/p>\n<h2>What Happens If You Can\u2019t Afford to Repay the Loan?<\/h2>\n<p><img decoding=\"async\" class=\"size-full wp-image-47 alignright\" src=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/ill_body_18.svg\" alt=\"\" width=\"312\" \/>Do you recall that electronic check the online payday lender made you put on file when you took out the loan? Well, if the due date rolls around and you go missing without a trace, the lender will simply cash the check. And if the funds aren\u2019t in your bank account, you\u2019ll incur fees from both your financial institution and the lender.<\/p>\n<p>You should also expect the lender to start pestering you with phone calls or even worse, turning it over to a collection agency to turn it up a notch in hopes that they\u2019ll collect what you owe. And if their attempts are unsuccessful, the lender will write off the loan and report it to the credit bureaus as a collection account.<\/p>\n<p>But what if you\u2019ve already rolled the loan over several times and are out of refinancing options with the lender? Unfortunately, if you can\u2019t work out an agreement that works for both parties, the account will be turned over to a collection agency and reported to the credit bureaus. This can have serious implications for your credit rating and make it even harder to qualify for loan products in the future.<\/p>\n<h2>What to Do If You\u2019re Rejected for an Online Payday Loan<\/h2>\n<p>Denied for an online payday loan? You may be able to find an alternative lender that will approve your application. But in the meantime, you should do your research to determine why your application was rejected. That way, you\u2019ll know what issues need to be rectified.<\/p>\n<p>Some common reasons why online payday loan applications are denied:<br \/>\n\t<div class=\"list-ticks-secondary\">\r\n\t\t<ul>\n<li>You have a tarnished track record.<\/li>\n<li>You don\u2019t meet the minimum income criteria or your employment history isn\u2019t substantial.<\/li>\n<li>Your banking history isn\u2019t long enough.<\/li>\n<li>Your banking history reflects severe account mismanagement, including repeated overdraft or NSF fees and bounced checks.<\/li>\n<li>You\u2019ve recently filed or are currently in bankruptcy proceedings.<\/li>\n<li>You\u2019re an active-duty military member.<\/li>\n<\/ul>\n\t<\/div><!-- \/.list-ticks -->\r\n\t\n<strong>Quick note: while payday lenders typically don\u2019t check your credit history<\/strong><strong>, they do use third-party consumer reporting agencies to conduct background checks and review banking history. If your application was denied because you have less than good credit, <a href=\"http:\/\/loanstar.com\/us\/loans\/payday\/bad-credit\/\">click here<\/a> for information that might be more relevant to your situation.\u00a0<\/strong><\/p>\n<h2>Should You Apply for an Online Installment Payday Loan?<\/h2>\n<p>Considering an online installment payday loan? It may seem like a feasible idea as you\u2019ll have more time to pay back the lender. However, the interest rates are sky high, particularly if they\u2019re advertised as a no-credit-check product. This means you will pay triple, quadruple, or even more in interest by the time you\u2019ve repaid the loan in full.<\/p>\n<p>Therefore, you should only take out an online installment payday loan if you have the means to make timely payments and possibly eliminate the balance before the loan term ends.<\/p>\n<h2>The Bottom Line<\/h2>\n<p><img decoding=\"async\" class=\"size-full wp-image-32 alignright\" src=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/ill_body_3.svg\" alt=\"\" width=\"312\" \/>While payday loans are often frowned upon because of their high-interest rates, they are an easy way to get over a rough financial patch until the next direct deposit hits your account. And as long as you manage your finances responsibly and pay back the loan with interest in a timely manner, you can minimize the impact on your wallet.<\/p>\n<p><strong>Most importantly, never sign on the dotted line unless you\u2019ve read and completely understand the fine print.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re dealing with a financial emergency and need fast cash, a payday loan may be a viable option. Your&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":92,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/calculator-follow-up.php","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Online Payday Loans - LoanStar US<\/title>\n<meta name=\"description\" content=\"Payday loans are small cash advances designed to cover small but unexpected expenses and are usually due on a borrower&#039;s next pay date.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/loanstar.com\/us\/loans\/payday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Online Payday Loans - LoanStar US\" \/>\n<meta property=\"og:description\" content=\"Payday loans are small cash advances designed to cover small but unexpected expenses and are usually due on a borrower&#039;s next pay date.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/loanstar.com\/us\/loans\/payday\/\" \/>\n<meta property=\"og:site_name\" content=\"LoanStar US\" \/>\n<meta property=\"article:modified_time\" content=\"2019-06-30T15:03:45+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/loanstar.com\/us\/wp-content\/uploads\/sites\/6\/2018\/09\/ill_gen_1.svg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/loanstar.com\/us\/loans\/payday\/\",\"url\":\"https:\/\/loanstar.com\/us\/loans\/payday\/\",\"name\":\"Online Payday Loans - 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