Payday loan: A quick way to get some cash

It happens to everyone. Life is going along seemingly fine and then, all of a sudden, you are thrown a curveball. More often than not, that curveball tends to leave us a few dollars short. When that happens, what can you do? You could wait until payday and hope the wolf doesn’t come to your door before then, but there’s another option. With payday loans online, direct lenders give you the cash when you need it. And you don’t even have to leave home to apply.

With most online payday lenders, all you have to do to apply is to go on to their website, fill out their application and wait just a few minutes. Your application will be reviewed on the spot and you’ll receive notification whether it has been accepted or rejected just a few minutes later. What’s easier than that?

To make the application process go as smoothly as possible, however, it’s important to a little bit of preparation before you log on to the application website. First, gather up all of the documents you’re likely to need during the application process. You’ll have to provide proof of your identity, your age and your address, as well as your banking information. You’ll also need your SSN and your driver’s license number, most likely. It’s a good idea to have your last couple of pay stubs available too, to verify that you are currently employed where you say you are. In terms of banking information, you’ll need your checking account number as well as the routing number.

Once you’ve got all the information gathered, it’s just a matter if filling in the required information online and waiting to see if you have been approved. If you receive approval, your funds will be directly deposited into the account for which you supplied the information. The length of time it takes for the money to be in your account various by lender, but generally it’s in 24 hours or less – sometimes as quickly as 1 hour.

One caveat about online payday loans direct lenders: They do come with a price. They carry heavier finance charges and other fees that aren’t typically levied on other types of loans. Essentially, you are paying these fees because the lender knows you really need the money quickly. You are paying for the convenience of being able to get a loan from your home computer. In spite of the heavy fees, however, guaranteed online loans are a great option if you need to get money quickly. The key is to pay it back as quickly as you can, ideally from your next paycheque or two, so the amount doesn’t begin to spiral out of control.

Although payday loans can be a lifesaver if you are in a bind, it’s not a good idea to borrow money this way regularly – even though the convenience factor can make it tempting to do so. Before you agree to borrow the funds, be sure you thoroughly understand all of the fees that you will be required to pay over and above the actual amount of the loan.