Payday Loans
If you need cash now, but your next paycheck isn’t going to cover you in time, a payday loan can help. Payday loans are a great way to get cash fast – for whatever life throws at you.
Read on to find out everything you need to know about payday loans. Got a question you don’t see below? Contact us!
How does a payday loan work?
A payday loan is a short-term loan that can be used for any purpose. It’s usually used to cover small unforeseen expenses. Payday loans usually need to be repaid on your next pay date – usually between two to four weeks.
Because of this feature, a payday loan is sometimes referred to by different names, such as payday advance, cash advance, payroll advance, check advance, paycheck advance, or deferred deposit.
Payday loans are fast, easy ways to make ends meet for many people. If you’re struggling with unexpected bills or other expenses, a payday loan can help you get through to your next payday.
How much money can I borrow?
A payday loan is a short-term loan that can be used for any purpose. It’s usually used to cover small unforeseen expenses. Payday loans usually need to be repaid on your next pay date – usually between two to four weeks.
Because of this feature, a payday loan is sometimes referred to by different names, such as payday advance, cash advance, payroll advance, check advance, paycheck advance, or deferred deposit.
Payday loans are fast, easy ways to make ends meet for many people. If you’re struggling with unexpected bills or other expenses, a payday loan can help you get through to your next payday.
How much money can I borrow?
The amount lenders can offer for payday loans is regulated by provincial law. These typically range from $50 to $1,500. The amount you will ultimately receive will depend on your eligibility criteria, and your ability to repay the loan.
How do I apply for a payday loan?
You can easily apply for a payday loan online. The application process is streamlined, so you can get the cash you need fast. It only takes a few minutes to complete the online application and get a decision.
Have your Social Security number, income and banking information on hand while you’re completing the application.
What do I need to get a payday loan?
You don’t necessarily need good credit to get a payday loan. This is one of its main advantages over other types of loans. You’ll also likely receive a decision much faster than other loan applications. That means you’ll have time to look into alternatives should you not get approved.
All you need to apply for a payday loan is:
- Your current contact information: usually email address and telephone number
- Income information: proof of employment or other documentation
- A bank account that allows for electronic transfers: your money will be deposited into your account directly if you’re approved.
Payday Loans FAQ
Why take out a payday loan online?
A payday loan is a quick and popular solution for covering short-term unexpected changes in income and/or expenses.
Here are a few common reasons why someone would get a payday loan:
- Medical bills
- Household expenses
- Car repair
- Everyday bills: rent, food, and utilities
It’s important to note that payday loans are expensive, and should only ever be used in the short term to cover pressing financial needs. You shouldn’t take out a payday loan to pay off credit cards or other debts.
What information do I need to provide in order to be considered for a payday loan approval?
All you need to submit to complete the application for a payday loan is:
- Your home address
- Your income amount
- Social security number
- Checking account information (one that can accept electronic transfers)
Can I get a payday loan if I have bad credit?
Yes. Generally speaking you can still apply for and receive a payday loan if you have bad credit. In fact, the average applicant’s credit score is around 550. We are able to look at other data points to make the decision to approve a payday loan.
Do payday lenders run a credit check?
In many cases, payday lenders will not run a hard credit check. Instead, they will normally use an applicant’s income as a way to determine eligibility.
Can I apply for money at a location near me?
The application process for a payday loan is done entirely online for your convenience. There is no need to visit a physical establishment to apply for and receive a payday loan. The decision will be made instantly, and if you’re approved, your money will be transferred directly to your checking account.
If I need a payday loan today, why should I choose Loans SOS?
We are a trusted, transparent lender. You won’t need to worry about hidden fees or debt traps. We are here to help you get through tough financial times with quick and easy personal loan solutions.
Our process is entirely done online. It’s easy to apply and you’ll receive a decision quickly and you’ll get your money deposited directly into your bank account if you’re approved.
Our team is here to answer any questions you may have about the process. We’re here to guide you and ensure you make the right decision for your situation.
Unlike many lenders, we’re actually committed to creating and maintaining long-term relationships with our customers.
We’re here to help you rebuild your credit and set you on the right financial path. Contact us today to find out how you can get started.