When you have bad credit but need money quickly, where do you turn?

In 2017, nearly 12 million people turned to payday loans when they needed quick cash.

Shopping for alternatives to online for payday loans with no credit check is a convenient way to browse for loans without the hassled of traveling to a bank or waiting on the phone. Approval happens quickly and the money is deposited soon as well.

Let’s explore some tips for applying online for a loan.

What Is a Payday Loan?

A payday loan, also called a short-term loan, is a loan designed to get you money rapidly so you can pay those emergency expenses. The loans themselves are often smaller amounts when compared to more traditional loans, usually not exceeding $1,000.

A benefit and attraction of payday loans are that they are not  no credit check and a small bit of information about yourself.

Alternatives to Online Payday Loans No Credit Check

Online payday loans are secure and keep your information confidential after the application. This is done through the latest technology.

If you’ve never applied for an online loan before, follow these steps so you’re better prepared.

Check Your State’s Laws

In some states, payday loans are not legal, or will only allow a certain loan amount. Be sure to inquire about your state’s laws before applying.

Have All the Information You Need Available

When you’re applying for a payday loan online, you’ll need a few things handy.

  • Proof that you’re over 18 years of age or meet age requirements for your state
  • Active and open checking account
  • Working phone number
  • Proof of income

Generally, these are the requirements, though they can vary by state. Having all these documents available before sitting down to fill out an application makes the process smoother.

Do Research on the Lender

Even though the internet makes many things easier, without proper research you can fall victim numerous scams or unreputable lenders.

Find a lender that has an email address, phone number, and physical address (with an actual building!) that’s easy to locate on a map. A quick call with questions can solidify them as a reputable lender.

It’s also helpful to learn if you will need to visit a branch to pick up your cash, or if it’s deposited online to your bank.

Understand the Fees, Interest Rate and Payment Schedule

Payday loans accumulate large fees if not paid back promptly, and their interest rates are substantially high, some reaching around 400%. Make sure you understand the terms and conditions before agreeing to one and shop around for the best rates you can find.

The reason behind the name ‘payday loans’ is because they’re required to be paid back quickly, usually by your next paycheck. Paying them late tacks on fees which could lead to further financial difficulties.

Decide How Much You Need

Have a good understanding of how you’re going to utilize the loan and the amount you can afford while taking into account the added fees. Having a clear focus and game plan before applying can prepare you to pay off the loan quickly while avoiding hefty late fees.

Online Payday Loans: Are They Right for You?

Alternatives to online payday loans with no credit checks are an easy way to access quick cash for various emergencies or unexpected bills. If you find a payday loan is right for your situation, follow our steps to ensure a smooth process.

There are other loans and strategies that are helpful for a myriad of financial situations. At Bonsai Finance, we aim to assist you in all your financial needs with compassion and understanding. Learn more about us and how we can help you.