In the life of every person there are moments when there is an urgent need to solve a financial issue, but there is not enough money for it. In such situations, you have to contact your friends or go to the bank for a personal loan. However, both options do not always work, and you have to look for the required amount of money elsewhere.
You can get the necessary loan through a payday lender, without unnecessary questions, checks and on condition of complete anonymity. Today we will analyze three reasons why it is most profitable to seek financial assistance in payday lending services.
Reason #1: Minimum investment of time and checks
Credit companies provide online loans without deep verification of the borrower, processing only the ID and TIN. These documents are quite enough to establish the identity of a person and verify the basic information on him.
The procedure for first applying for a loan is as follows:
- register on the website of the selected credit company;
- enter the necessary personal data and attach a photo of the documents (if required);
- link the bank card to the account;
- submit an application for the required loan amount;
- wait for a positive response and depositing.
According to the financial experts, an online loan is issued within only 10 minutes. This time is spent on reviewing the application and making a decision on the loan. At the same time, the average approval rate is 93%. True, additional time (from 5 minutes – up to 3 days) may take the transfer of funds itself.
Reason #2: Bad credit is not a sentence
An online loan can be issued even with a bad credit history. These companies do not take into account your past disagreements with the banking system, but they insure themselves by charging a higher rate.
There is only one way to make the use of payday loans more profitable – to repay the undertaken obligations on time and avoid delays. And for this you need to carefully monitor the amount of debt. How to do it – create your own account on the lender’s website. Having a personal account in payday company, you can:
- visually see the entire accumulated amount of debt with interest;
- repay debt using built-in payment systems;
- track the flow of funds to the debt account, if the transfer was made through a bank or terminal;
- communicate with the company, order rollover and debt restructuring.
A personal account is the main tool for managing an online loan, which you need to be able to use profitably.
Reason #3: No income certificates, guarantors and collateral
Another important reason to apply for a loan from an online lender is the lack of paperwork. Even for a large loan, you do not need to collect any papers and certificates. Companies completely rely on the conscientiousness of the borrower and do not try to assess his financial situation.
An especially important point is that the lender does not require official confirmation of income and even issues a loan to the unemployed. However, the financial experts warn that the rate on such loans is high, because there is a risk of non-return of money. If you really have no income, and you know in advance that you will not be able to return the money on time, experts advise you to refuse the loan. Such an undertaking will not bring anything except trial.
Only a deliberately taken and calculated loan will benefit. Do not get excited and always assess your strength realistically.
Requirements for recipients of payday loans
The list of mandatory requirements for recipients of urgent payday loans includes simple terms. An adult applicant who has:
- American citizenship;
- an ID;
- valid registration;
- full legal capacity;
- a source of regular income.
Online loans are available to pensioners up to 70-80 years old. Some lenders are willing to work with retirees without limiting the age for clients. A preliminary study of the payday loan terms of different companies helps to choose a lender to apply online without rejection by age.
Application for online loans
For urgent application of an online loan without permanent registration, it is useful to submit an online application to a company with remote customer service from any state of the country. Receiving money in offline offices is available to applicants with a permanent residence permit in the city of presence of the lender and nearby settlements or temporary registration, the duration of which exceeds the term of the payday agreement. The complete absence of registration closes access to borrowed funds.
Borrowers with increased credit burden
The presence of valid loans is allowed if the applicant’s income is sufficient to make all mandatory payments. Debt burden exceeding 50% of monthly earnings raises reasonable doubts about the borrower’s ability to fulfill obligations under all contracts without delays. To reduce the risk of non-repayment of debt, the MFI reduces the loan amount or refuses the applicant.