Surprising Payday Loan Facts

Are you still new to the world of payday loans and fast cash? Don't worry - you don't need to be an expert to take advantage of all the great benefits that they have to offer! If you're still on the edge about getting your loan though, take a look at some of these surprising facts about payday loan lenders and the industry:

It's all Online

With the power of high speed internet connectivity, the process of taking out your payday loan and repaying it can all be done on your computer. Assuming you meet all of the standard qualifications and do not have to fax any information, your lender can approve your loan online in minutes. They can also have your lent deposited into your bank account almost simultaneously. When it comes time to repay your loan, most lenders can even withdraw the amount from your bank account on the due date for you.

Loans don't have to be Small

If you're like most people, you probably think of payday loans as coming in small amounts, like $100. While you can definitely take out that small of a loan if you want, many lenders also offer much larger amounts to qualified customers. For instance, assuming you meet the general income requirements, you may be eligible for loans as high as $1,500.

Your Credit Score isn't a Factor

Unlike just about every other type of loan out there, your credit score typically isn't a factor in the payday loan approval process. While some lenders may view your credit report just to make sure you don't have any recent bankruptcies, a poor credit score will usually not disqualify you from getting approved for fast cash.

There are Repayment Options

Should you reach the due date for your loan and come up a little bit short on cash, your lender may be willing to work with you on different repayment options. Depending on your lender's specific policies, you may be able to extend the life of your loan for another week or make several smaller installments payments.

You can Still Qualify without a Job

Believe it or not, you may be able to take out a payday loan even if you aren't currently employed. As long as you're still earning income in some shape or form, such as from a monthly disability check from the government, lenders may still be willing to approve you for a loan.

The Overwhelming Majority of Lenders aren't Loan Sharks

As you've probably heard, the payday loan industry has been marred a bit by some less than honest lenders. However, this accounts for an extremely small percentage of payday loan lenders, most of which run a completely legitimate business. If you're worried about working with a bad lender, use our service and get matched up with some of the best in the industry! It's completely free and takes just a minutes to sign up for!