In case you encounter an emergency that you are unprepared for, there is a possibility that your friends and family members will not always have extra cash to let you borrow. During times like these, direct payday loan lenders are your best bet. Sometimes you cannot easily get a salary advance from your employer but you cannot wait until the next payday so you find yourself faced with only one option. You might need the cash to fix your car, take care of a sick relative or even yourself, or perhaps another issue that needs cash right away.
These are reasons why there are a lot of people who consider taking out online payday loans. There are other things that you can try to do to get fast cash but online payday lenders are the fastest answer to your need.
Direct lenders that you can find online allow you to easily obtain the cash that you need, often within the same day that you make the loan application. Of course this is assuming that you make the application early on in the day.
You can expect these payday lenders to have certain criteria that they expect to be met before they let you borrow their money. You have to prove that you are earning a stable income each month, that you are of legal age, that you are a legal US citizen, and that you have a working bank account to which they can send your money. Aside from this, you will also be asked to fill out a simple application form. But one thing they do not look at is your credit history so you do not have to worry about having a low credit score as long as you meet the criteria specified above.
The following step that you have to do is to go over the details of the loan with a representative of the payday lender. But usually everything just happens over the internet. You might receive notifications via email in case the lender needs extra documents to complete your loan application process.
Sometimes you might incur an added fee for them to directly transfer the funds to your bank account especially if you want a same-day transfer. If you do not wish to pay the extra fee, there are lenders that might take three or four days before they send you the money.
Often the repayment scheme is that you pay back what you borrowed the next time your paycheck is given to you. But you can also find several payday lenders who are willing to extend the loan period, provided of course that you are willing to pay for an extra charge. Work this out with the lender while you are discussing the loan details with direct lenders.