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What are online payday loans?
They are short-term loans offered over the Internet. The loans are heavily regulated by the government. Each state has its own laws regarding payday industry. Some states have banned payday loans, making them illegal (Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia ). The reason for the ban is the high interest rate carried on these loans. Many states have usury laws which forbid interest rates in excess of a certain APR. When applying for a payday loan, you should check your local laws to see your State’s permissible APR.
Online lenders offer quick services, which come at a higher price. In short, if you decide to take a payday loan for whatever reason, you must know that you will have to pay higher fees for the service than you would have otherwise paid at your local bank.
Direct lenders operating within our network provide an easy application form. The application consists of three parts: personal information, employment information and banking information. Each part must be completed fully with accurate information. Failure to do so may result in your application being denied.
When your application is submitted to the network, it is processed by many lenders, who will provide you with an instant decision. You will be automatically approved or rejected while you’re waiting. The verification process doesn’t involve any actual papers, because the whole process is electronic, meaning it takes place completely online. It is important that you provide all the required details otherwise verification and processing may not be possible.
The application is available during opening hours, which are 24/7, including weekends (Saturdays and Sundays). Some lenders process applications during national holidays. The network is shut down for 3-4 days a year. When applying late at night and upon approval, you will receive money the next day.
Money in the bank
Once you have been approved, a lender will contact you to arrange a money deposit. Most common practice is to wire money directly into your savings or checking account. This is one of the options but there are other options available. This is something you may discuss directly with a lender.
If you’re facing long-term financial problems, a payday loan may not be right for you. You’d better seek other options. Payday loans are much harder to repay if you’re facing serious difficulties. In a serious financial crisis, a debt consolidation loan might be a much better solution. Debt consolidation loans are much cheaper and offer long term solution to your financial problems.