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Instant Payday Loans Online Same Day Funding
Payday loans are also referred to as cash advances; they are short term, high interest, low balance loans. The loans have minimal requirements as they are fast and easy to dispense to anyone who has an expected income. At slick cash loan, we provide these loans on same day funding basis after an individual filling an easy application form. The application receives instant online approval once the borrower has met all the requirements. Payday loans are recommended for people with urgent financial need with the intention of clearing the loan with their next paycheck.
Benefits of Taking up Payday Loans Online Same Day Deposit
Payday loans are receiving instant loan approval after the borrower provides all the information needed by the lender. The easy application form is available online and it only takes a few minutes to fill. Depending on the lender, most payday loans are disbursed on the same day or if that is not possible, they are disbursed on the next working day.
Most of our direct partner lenders aim to provide the loans within the shortest time possible as this is what determines the number of customers we get. Also, in case your request is declined, you will be notified within a few minutes so that you can seek out other options.
All transactions involving payday loan are done online. This means that you do not have to physically present yourself to a loan officer or make a call to your lender when in need of cash. The lending companies are available online where you can request for a loan from the comfort of your home or office and receive feedback instantly.
Money received from payday loan lenders is in cash which means that you can spend it on anything you want. This is the opposite of traditional lenders where you have to spend the money on the purpose indicated during loan application.
3. Few Requirements
When requesting for a payday loan, the major requirement is a proof of a stable source of income. The reason for this is because the loan is payable out of your next pay check. As opposed to traditional lenders where one has to provide collateral to get a loan, for payday loans, proof of income is enough to get a loan. You also have to provide an active checking account and be a permanent resident in the state you are residing.
Payday loans do not normally ask for your credit score and may even give you a loan even with a poor credit rating. If you apply for a loan in a bank, chances are that you cannot receive the loan with a poor credit rating; this is one of the advantages of borrowing through payday loan lenders. Former financial challenges do not determine if you will receive a payday loan but current ability to repay will get you a loan.
4. You Can Gradually Increase Your Loan Limit
New borrowers have a limit of the loan amount they can access. However, if you repay your loan at the agreed time and your salary is within a safe range, the lender can increase your loan limit during your next loan request. Depending on your salary and company lending policy, your limit can increase from, for example, $500 to $1,000 after paying the first loan on time.
However, sometimes state laws determine the loan limits for payday loans. The lender will notify you of the limits during your loan application. You should strive to create a good relationship the lender as this will ensure that you will always have a fast solution during financial emergencies.
5. Create a Good Credit Rating
It is always wise to repay your loan at the agreed time. When you default on your loan, you incur fines and penalties which increase the loan. A payday loan is nonrenewable and non-extendable due to state laws. It is therefore advisable to pay your loan at the agreed time to maintain a good relationship with your lender and also to qualify for higher limits in the future.
Reasons for Taking Same Day Loans
1. Debt Consolidation
If you have an existing loan from another lender or institution, you can take a payday loan to repay the loan. This is ideal if the other loan will generate more penalties than the new loan. The loan will relieve you of the stress that comes with pressure to repay an overdue loan.
2. Shunning Embarrassment
Borrowing money from family or friends might be an easier alternative to getting money than borrowing from a lender. However, to avoid conflict and the embarrassment of borrowing from family members, most people prefer to borrow from professional lenders. Even though professional lenders charge interest on money borrowed as opposed to no interest with family, some people still prefer the professional lenders.
3. Holiday Loans
Holidays come with a lot of financial demands that may sometimes not be met by one paycheck. Parents want to make Christmas fun for their children but they do not have the money. Payday loans come in handy at this time as they enable you to provide extra for your family during the holidays. One can also borrow to give a nice birthday party for their child if they do not have the cash.
4. Maintain Good Credit
If you have a loan from a traditional lender such as a bank and for some reason are unable to make your monthly installment, you can borrow from a payday lender. The reason for doing this is to maintain a good credit score with your bank for future borrowing. Once you have a bad credit score with a traditional lender, it becomes hard for you to get loans in the future.
5. Loans to Pay Bills
Once in a while, your power bill might rise to an amount you are unable to pay. Instead of waiting for the power company to disconnect power from your house and avoid the embarrassment that comes with it, why don’t you borrow money from a payday lender to pay the bill? In this case, you will only pay the amount that is above your average monthly power bill making it easy to repay the loan.
6. Mortgage Repayments
Falling behind on a mortgage repayment is one thing that you should avoid at all costs. Once you’ve failed to repay one installment, the mortgage company might start rethinking your payment terms. Instead of tarnishing your record with the mortgage company, you can just take a payday loan and make the installment without being late.
7. Medical Emergency
Once in a while, you may face a medical emergency that requires instant financial resources. An accident can occur or a sudden illness might befall a family member. Your insurance limit might run out where you are required to make extra payments out of your pocket. In such instances, you can take a payday loan where you will get same day funding. Delaying paying a medical bill might result in accruement of interest on the bill.
Reasons for Denial of Same Day Online Payday Loans
1. Failure to Meet Minimum Requirements
Some of the requirements that a borrower should meet are specified by the state, such as one must be over 18 years to borrow money. Another requirement is that you must have a bank account to prove regular income plus it is the same account where your money will be sent.
2. Existence of other Payday Loans
If have an existing payday loan and you want to take another one from a different lender, it may be an indication that you are unable to repay the first loan. Therefore, no one will give you a loan if you have an existing one that you are unable to repay.
3. Overdrawn Bank Account
When applying for a loan, the lender requests for your bank account details. If your bank account is overdrawn, it is proof that you do not have the ability to repay the loan if disbursed. An overdrawn account is also proof that you are living beyond what you can afford.
4. Lack of a Stable Income
Most payday loan lenders prefer to lend money to individuals who earn a salary. If you are self-employed it might not be easy to access a payday loan. The objective of a payday loan is to repay the loan on you payday.
5. Unverifiable Income
It is always wise to receive your salary through a bank account; the reason for this is that your bank account details will prove that you have a regular income. If you receive your salary in cash, you will not have proof of stable income hence may be denied a loan.
6. You Are on Welfare or Unemployment
Lenders do not consider money received from welfare as a source of stable income. You cannot therefore state that you are on welfare on the application form and expect to qualify for a loan. Being in welfare is a first indication that you do earn an income hence the need for help from the state.
7. Poor Credit Scores
Although most lenders do not check your credit score ratings, there are some who do check. This is because there are serial borrowers who borrow from any available lender and then fail to pay their loan. Failing to repay a loan from one or two lenders might not affect your current loan, but, if you have pending loans from about five lenders, the current one will surely not approve your loan.
8. Past Bankruptcy
You will be considered a credit risk if you filed for bankruptcy in the past. A bankruptcy report is available on your credit report for a period of 10 years. An individual who has filed for bankruptcy cannot be sued for failure to repay a loan as it is in public knowledge that do not have the funds. Therefore, lending money to a bankrupt person is just like giving away the money without expecting it back.
9. Untruthful Information
You should not exaggerate your income as your lender will eventually find out how much you really earn. If the lender discovers the exaggeration, it is proof that you cannot be trusted hence deny you the loan.
Quick Application and Next Steps
Our company offers payday loans up to a limit of $2,500. Fill out our easy application form and receive instant loan approval on the same day. The requirements for getting the loan are:
- Be over 18 years
- Provide proof of a stable source of money/income
- Provide bank details
- Provide identification and proof of residency
After determining that all the information provided is true, the loan will be disbursed on the same day. However, depending on terms of the receiving bank, this may not be possible instantly until the next working day. You will however receive communication instantly on whether your loan request has been approved or not.
Our interest charges depend on the amount of money you request for but they are competitive compared to other lenders. There is no need to sweat over where your financial help will come from, you just have to fill out the application form and we will take care of the rest. Take your first loan and grow your credit score to increase your loan limit. There is no need to go through the embarrassment of borrowing from friends and relatives who might disappoint you in the long run.
Financial Help for Your Needs
There is no need to be stuck with a financial problem in current times. Instant same day payday loans online are available to get you out of your situation. All you have to do is meet their few requirements that include proof of a stable source of income, and an active bank account and you are good to go. Just make sure that you repay your loan at the agreed time to increase your chances of getting another loan in the future. If you fail to repay on time, chances are you will not grow your loan limit and might be denied loans in the future.