Payday loan lenders rendering loan services online are known for the speed and simplified application process. Borrowers applying for a payday loan can enjoy the funds they need on the same day, provided that they have applied during weekdays, not on the weekend.
How are online loans different from traditional loans?
Online lenders don’t require any actual documents from borrowers. The application form contains fields that provide all the necessary information to the lender, so that no papers are required for verification purposes. Same day payday loans are more expensive however, because they allow people with bad credit to apply and get approved for a loan.
When you decide to take out a loan from a payday lender, you must realize that the cost of the loan will be much higher than the same amount of loan taken out from a bank or credit union.
Another difference is no requirement to be physically present at the lender’s office. You can comfortably apply from the privacy of your home. That’s why they often referred to as doorstep loans.
Majority of online lenders will check your credit with credit reporting agencies. Lenders may check your credit with Teletrack or Telecheck agencies. There is no such a thing as “no credit check payday loan”.
Bad credit OK
Bad credit cash advance payday loan processing, which involves no credit check is possible due to the fact that cash lenders use the borrower’s paycheck as a security against the loan. Thus, in case the borrower fails to repay the loan in due time, the lender isn’t put at risk. Since loan processing requires no credit check, bad credit holders’ chances to obtain a 24 7 cash advance payday loan are very much increased. Therefore, bad credit no longer is an obstacle when one wants to take out a cash advance payday loan to settle his financial troubles. Cash lenders use the borrower’s income as a decisive factor in loan instant approval and not his credit history, be it a good or a bad credit history.
Open for business 24/7
Same day payday loans are available all year round,including weekends and holidays. You can count on payday loan services to be available 24/7, nights and days. Applications filed on the weekend are processed instantly, but the funds are usually delivered on the next business day.