If you’re in a cash bind and need your funds immediately, a fast payday loan is one of the best options available for borrowers. You get the convenience and benefits of a payday loan but you’ll get the funds usually within 24 hours of being approved. Since the entire process can be done online, you don’t have to deal with waiting for a check in the mail or faxing information back and forth with lenders which can take up valuable time for people seeking a loan.
How to get a Fast Payday Loan
Fast payday loans are quite simple to qualify for. Payday loans are excellent for people who have bad credit but can afford to repay a loan. While qualifications for a fast payday loan will differ between different lenders, some of the most common requirements are:
- You have to be at least 18 years old (you’re entering into a legal contract)
- Have a bank account to have the funds deposited into
- You must be employed with stable income
- There’s usually a minimum monthly salary requirement between $800-100 depending on the lender
- Must be a U.S. citizen
Generally, if you can meet these requirements, you will be approved for a fast payday loan. Lenders who offer these types of loans don’t look at your credit as a major determinant for whether or not you’ll be approved. It’s more important that borrowers have the ability to repay the loan, which is why a stable employment history goes a long way in getting approved for a fast payday loan. If your employment situation is a bit shaky, or you only work from time to time then you may have some issues getting approved. However, having cyclical employment will not automatically disqualify you from being approved.
Convenience of a Fast Payday Loan
Since the loans can be completed through the internet, you simply have to choose a fast payday loan lender, and fill out the application from the comfort of your own home. Traditional lenders who require borrowers to come to an office to fill out paperwork force you take time from work, school, or other daily tasks to drive down and apply, and then force you to wait until they call you to find out if you’re approved or not. Fast payday loans will tell you whether or not you have been approved immediately usually through email. Once you’ve been approved, the funds can be deposited directly into your account for you to spend.
Advantages of Fast Payday Loans
The best thing about fast payday loans is that the entire process can usually be completed within 24 hours, which means you get your cash right away. If you’re behind on your bills and want to avoid late fees or damage to your credit, a fast payday loan can get you the money you need to cover your bills until you get paid. One of the worse things that you can do to your credit is have your accounts go to a collection agency and rack up an insane amount of fees. Avoid all of that hassle and apply for a fast payday loan today and get the money within 24 hours.
Also, paying off a fast payday loan will help you improve your credit score. As long as you make your payments on time and in full, you will start to see significant boosts to your credit score over time. Since a lot of people seeking fast payday loans have bad credit, paying the loans off can help you to reestablish damaged credit and get back on your feet in no time.