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Payday loans with no paperwork or phone calls
Take advantage of the convenience that comes with applying for a payday loan online.
Some payday loans require you to submit a simple online application. If the lender approves it, you can receive the money in your bank account or via a check as soon as the next business day. However, payday loans are considered to be a risky way to borrow, and this type of loan should only be given thought to as a last resort in the event you need to meet emergency expenses.
You can apply for payday loans with no paperwork or phone calls even if you have a poor credit history, but remember you will still have to meet the eligibility criteria set by the lender and the laws of your province. This would mean submitting your relevant documents online, without faxing or physically sending paperwork to the lender.
Are payday loans right for you? Payday loans often come with high interest rates so always have a plan in place on how you will pay them back.
How do payday loans with no paperwork or phone calls work?
Applying for payday loans with no paperwork or phone calls requires you to choose a lender and submit your application. This process should take no more than a few minutes if you have all the required information close at hand. Most providers inform you of the application’s status shortly after.
If you’re looking for a same day payday loan with no paperwork or phone calls, know that you have limited options. Not all lenders accept online applications and allow you to collect approved funds in-store. Typically, payday loans with no paperwork or phone calls give you access to money the following business day when the money is transferred into your bank account.
Alternatives to payday loans
Consider these alternatives before applying for a payday loan:
- Payment plans. Talk to your electricity, phone or water provider to see if you can work out a payment plan. You mightr receive an extension on your due date if you’re behind on payments.
- Contact your creditors. Speak with creditors directly about extending the due date of your payment, or working out a new payment plan that works for both of you. Seek personal loans elsewhere. You may qualify for a loan with much lower interest rates than those offered by payday loan companies.
- Pay with credit card. Consider paying with your credit card to cover your emergency bills or payments. This is not a long term solution, as you’ll need to pay off the balance as soon as possible, but it’s an alternative to a short term loan with high – and immediate – interest rates.
What features may be offered when I apply for a payday loan with no paperwork or phone calls?
Go through online comparison sites and read reviews to find a payday loan that works for you, then compare your results with these features to choose your best option:
- A simple online process. A reputable payday loan provider provides a user-friendly application that should take only about 5 to 10 minutes. Many lenders also accept digital signatures on their loan contracts, further simplifying the process. Once approved, your funds will be available as soon as the next business day.
- State-specified fees. State laws and the amount you borrow affect the fees you end up paying, and lenders can also charge loan fees differently. Choose a lender who has fees you can manage to pay back.
- Lenders who accept bad credit. While receiving a conventional loan with bad credit isn’t easy, many payday loan lenders have relaxed criteria when compared to traditional loans given by banks and credit unions.
Benefits and drawbacks of getting a payday loan with no paperwork or a phone call
What are the benefits?
- Apply from anywhere. You can apply for these loans online from just about anywhere if you have an Internet connection.
- Quick access to money. Depending on the lender you apply with and the time you apply, you could see the approved loan amount in your account as soon as the next business day.
- Use the funds for any purpose. Providers of online payday loans can give you the freedom to do what you want with the approved funds as long as it’s legitimate.
What are the drawbacks?
- High fees. Fees charged by online payday loan providers are high, especially when compared to standard loans. It’s best to only use these for short-term financial solutions or when there are no other options available to you. Always read the terms and conditions with care before you apply, and be absolutely sure that you will be able to make all of the repayments on-time.
- Disreputable lenders. While many loan providers follow the laws, there are some online lenders who are predatory. Before you take out a loan, be sure to confirm that the lender you’re dealing with is practising legally in your state.
What you should try to avoid
- Avoid a loan you can’t repay. If you think you’ll have trouble repaying your loan, don’t take it out. Late or missed payments will lead to extra charges, costing you more money.
- Avoid skimming your loan offer document. Before you accept the loan, take time to go through its terms and conditions carefully. This should give you a clear picture of the fees and charges you might have to pay under various circumstances.
- Avoid bad terms. If you have a loan offer that is extremely costly and full of fees, you’re under no obligation to accept the terms. There are lender-matching services that can help you find a better loan.
Frequently asked questions
How much can I borrow through online payday loans?
The laws and the lender’s policies may determine how much you can borrow through a cash advance.
What eligibility criteria do I have to meet in order to apply for a payday loan with no paperwork or phone calls?
In majority of cases the minimum age for borrowers is 18. You should be a permanent resident or citizen of South Africa, have a regular source of income and have a valid bank account.
Why do I have to provide my bank account details?
When you apply for a payday loan online, your lender will transfer the approved funds into this account. On the due date, the lender will then request the funds automatically from the same account.
Will the lender call my employer?
Yes, your lender may call your employer for a formal employment verification.
Can I pay the loan off ahead of time?
Yes, you can, and in certain instances, you can even be eligible for a refund of partial or complete loan fees. Some lenders will charge you prepayment fees, so keep this in mind when you’re signing a contract and looking to pay early.
Are there any hidden costs I should be aware of?
This varies from lender to lender. It’s important to read your loan contract to find out what fees and charges there are.
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