A 3-Step Loan Application Process
Regardless of your source of income and credit score, applying for a loan online through Cash Payday Loans is as easy as ABC, literally. The loan application process is simple to follow and straightforward and you’ll only need to take 3 steps:
Step 1. Send in your online application - Fill out the online application form to let our lenders know your personal details and the loan amount you desire to get. Filling out the form only takes minutes. And then submit the form to multiple direct loan lenders with just a single click.
Step 2. Quick application review and feedback - Our lenders will review your application right away and determine if you are eligible for our loan offers and the maximum amount you have qualified for. And you will receive feedback on your application in under half an hour.
Step 3. Get your money fast - If you qualify for a loan, you should receive several loan offers from various lenders for you to choose which one best suits your financial needs. After that, you may be able to receive the money that very day you send in your application. In case of any delays, the longest it can typically take for you to get the money is the following day or the day after. We understand you need money quickly to cater to your emergency and we hope that you will not have to wait for more than 2 days.
What You Should Have With You For Fast and Easy Consideration
There are certain requirements that you need to meet so you can be considered for an online loan, for your application process to run seamlessly when working together with our lenders, and for you to receive the money on time without any problems. And while these requirements may be different in every state in the United States, there are similar basic requirements that lenders in every state expect their clients to meet for consideration. These are:
- Reliable proof of your income source
- A bank account that’s constantly transacting
- An original identity card provided by the government like your passport, military ID, driving license, or another identity card given by your state
- A valid and active phone number and email address
- The borrower is to be 18 years of age and above
Some states and loan types may require some form of collateral, origination fee, proof of address, employer details, low debt-to-income ratio, and a list of expenses you incur every month, among other documents.
Types of Online Loans Available And How They Work
There are various types of loans that are available online. They are as follows:
Payday loans online
As the name suggests, this loan type is aimed at those who have a stable source of income that has been paying them well over the months. The stability of their income, as will be proven by the borrowers, will help lenders rely on future paychecks that will be coming in the near future to settle the loan.
If you’re someone who receives your paycheck after some time, like a month or so, and you run into an emergency that requires money you don’t have at the moment, online payday loans can come in handy for you.
It will help you get access to money fast which you can repay using future paychecks. The two options you have when it comes to payday loans are secured and unsecured payday loans.
Secured payday loans come with an extra requirement of collateral, something like your car title, that lenders can hold onto, in exchange for the loan, that can be used to cover for the loan in case you’re unable to repay, as agreed with the lenders.
Unsecured payday loans don’t require collateral. Proof of your income source and a document you receive on your pay day to show what you’ve earned in a given period are usually enough in this case. However, since no collateral is required here, your credit history and credit score need to give confidence to lenders that you will repay the loan as expected.
Same-day loans online
A payday loan falls under the same-day loan category. Other options available under same-day loans are title loans and installment loans. Here, you can apply for a loan and have it approved and sent directly to your bank account within hours of application.
A major requirement for this type of loan option is to send in your application during the morning hours of lenders’ operational business days.
Installment loans let you access an extended repayment period without needing collateral. You have access to more money with installment loans than with payday loans and you’re also expected to pay small monthly payments until you clear the entire loan amount.
Title loans focus on car titles and often work like installment loans. You offer your car title to lenders as collateral and you may get more than $20,000 which you can pay in monthly installments for up to 3 years.
Often, lenders do soft and hard credit checks with this loan type, and your credit history may determine if you’ll get approval and how much you can borrow.
Guaranteed approval loans online
Guaranteed approval loans don’t necessarily mean that your application will be approved despite lenders discovering any discouraging aspect about your ability to repay. Some applications may get rejected too.
The good thing is, while most other loan options have a heavy focus on the borrower’s credit score, guaranteed approval loans consider factors other than the score.
The reason this type of emergency payday loan is mostly preferred is due to higher approval rates, although it drags along terms and conditions as well as interest rates that aren’t always favorable for the borrower.
Through our online application form, you should be able to access guaranteed approval loans that get processed and sent to your account on the same day. If delayed, you should be able to get the money the following day. Moreover, there are installment loans, title loans, and payday loans available under this loan option.
Bad credit loans online
This is a preferable option for those who don’t have a credit history or a bad credit score. You, the borrower, can get up to $1,500 via bad credit payday loans that you’ll be expected to repay in 14 days.
And the best part is that the loan is unsecured and your bad credit score won’t get in the way of receiving the money in a day or two. However, you may also have to make a one-time repayment, without options for partial repayment.
If you would like a partial repayment option, installment loans and title loans for bad credit loans are also available.
With installment loans, you can get as much as $10,000 which you can pay back in 2 months to 2 years, and without having to provide collateral.
As for title loans, an amount of up to $25,000 which is payable within 1 month to 2 years is possible, provided you produce your car title with all the correct details.
$255 payday loans online
This loan option is for residents of California who are employed and it can help settle financial problems before the next paycheck comes.
$255 payday loans can also be accessed by people who don’t have any credit history or those that have poor credit scores.
While credit score plays a crucial role in determining how likely a borrower can pay off a loan within the terms and conditions agreed upon by them and lenders, $255 payday loans shift the focus to other key factors like the borrower’s income and their employment status and employment history.
If you can show proof of frequent payment and a checking bank account where money is constantly coming in and out, you stand a high chance of getting this loan. Your bank statement for the last 3 months, your paystub, or even your tax return can help a lot here.
However, you should ensure you send your application on a business day, during morning hours, usually not beyond 11 am. It helps to use services that allow you to send your application to many lenders at a time to avoid sending late applications.
Other requirements you’ll have to provide include your regular income at the moment, employment status, and social security number.
Keep in mind, fees and interest will be added to the total amount you’re required to repay.
$500 loans online
This loan option has favorable requirements as the borrower isn’t required to provide collateral. And they can still get the loan even with a bad credit score.
However, some lenders do credit checks that may affect the possibility of getting the loan as well as the terms and conditions of repayment.
500-dollar loans present two options: installment loans, and payday loans or cash advance. Some lenders should be able to approve and send you the money the same day you apply and you can also be allowed to repay a fixed amount per month within a period of 1 to 6 months.
There’s a possibility of getting the $500 loan without having employment, although it’s often a difficult process as lenders require proof that you have an income source that will help settle the loan. If you have any benefits, dividends, or income from rental property, you may still be able to get the loan.
$1000 loans online
This type of loan lets you take care of new unforeseen expenses that find you when you’re low on cash. Whether your car broke down, you or a family member fell sick suddenly, or you’re needed in another state for an urgent matter, this loan can help.
Even if you want a lower amount between a hundred to a thousand dollars that same day you apply, which you can pay back in a week to a month, this loan type can be of great use.
Although lenders will do a credit check on the borrower, the checks are often soft and won’t tamper with your ability to get approved as they help with confirming the identity of the borrower.
$1500 loans online
Like the $1000 loan, the $1500 loan can help with petty but crucial expenses that may come up unexpectedly.
You won’t be required to provide collateral for this loan type and the payment terms are quite suitable as well, providing a week to a few month's repayment periods.
Nonetheless, you will pay more on the interest than you normally would with a loan from your local bank. But if you consider the fact that you’ll be acquiring the loan using your mobile device and in the comfort of your house, you can understand the reason for the additional cost.
The requirements of this loan include being a citizen or permanent resident of the United States, owning a checking account that’s constantly transacting, being 18 years old and above, and providing proof of an income source that can settle the loan comfortably.
Some lenders may also ask you to provide documents like your social security number and utility bills that verify your home address.
$2000 loans online
If you’d like to get a higher loan limit of up to $2000, this is the loan option to go for. Just like the previously mentioned loan options of $500, $1000, and $1500, you won’t be asked for collateral to get a $2000 online loan. Also, you can qualify for it with a poor credit score as long you have a verifiable income source that’s able to pay off the loan as you will agree with the lender.
Keep in mind, however, it’s not a guarantee that you will qualify for the loan. Lenders may consider other factors that may lead them to conclude that you may not be the best fit for that loan option. Before you apply for this loan, you should first check the availability of this loan option in your state, if you meet the requirements, and if the interest rates are favorable for you.
$2500 loans online
If your financial need requires a high loan limit of up to $2500, you can still get it provided you can meet the requirements for this option. The monthly installment payment for this loan option, as well as the interest rate, is higher but it also comes with a flexible repayment period of up to several years that can help you pay off comfortably if you have a reliable source of income.
Your credit score here may also not affect your ability to get the loan with some lenders and you might receive the money the same day you apply. Nonetheless, the availability together with the terms and conditions of this loan option varies from one state to the other. States like Nevada and Texas allow these loans with favorable terms and conditions. In some states like New York, the loan may not be available while for others such as South Dakota, it may be available but with a lot of restrictions.