Tiny Cash Payday Loans Long Beach
6642 CA-1, Long Beach, CA 90803
(562) 371-3099
WHAT CAN I EXPECT FROM THE TYPICAL ONLINE PAYDAY LOAN PROCESS?
The world of online payday loans can be an intimidating and controversial one for consumers. With all of the negative hype and confusing misconceptions circulating, consumers often don't know whether an online payday loan is the right financial alternative for them and their situation.
The truth is that an online payday loan might just be the answer you're looking for! At the very least, the option of a payday loan is always something worth looking into, especially if you find yourself in need of immediate financial relief.
This article is intended to clear up some of the confusion and illustrate the typical payday loan process. Obviously, different companies will have different ways of conducting business.
In no way does this article represent the full and exact process for each and every payday loan company that you find online. It is only intended as a general guide for the process and what you can expect from a typical, respectable payday loan company.
Always fully research any company you plan to do business with prior to completing any transactions.
WHERE DO I GO?
First you will need to access the payday loan website. Typically, there are two kinds of payday loan sites on the internet.
1. A Payday Loan Lead Site.
o Normally a customer will search for a payday loan site and come across a "Lead Site" thinking it is a payday loan company. "Lead sites" are hosted by companies whose main goal is to gather information from several potential customers, and then sell that information to companies that will further review it and potentially lend you the funds you are requesting. Lead sites are normally identified because they do not have a member log-in section on their homepage. Also look for a disclaimer somewhere on the website which states that their main purpose is to generate name leads for financial loan companies.
2. A Genuine Payday Loan Company Website
o You can usually recognize genuine online payday loan sites by searching for a member's log-in area. These sites are direct lenders for customers who apply for a loan via the company's website. These companies are responsible for processing the applications in-house and depositing the funds into customer accounts once the loan is approved.
GENERAL REQUIREMENTS:
Customers should always research any company they are planning to do business with. After identifying the company you would like to use you will likely need to fill out a loan application. Online payday loan companies will have their own general pre-designated requirements in place that must be met in order to qualify for a loan. Examples of this may include the following:
o Active Direct Deposit
o An established checking and/or savings account that allows unlimited ACH deposits and withdrawals (Established for three months or more as a general rule)
o A minimum monthly take-home pay amount (Generally around $1000)
o An established employment history of 3 months or more
o US citizenship
o Applicant age of 18 years or older
Online payday loan companies tend to be very specific and forthright about all of the requirements in the loan application. Be sure to fully read and understand all of the terms prior to signing the agreement.
After you have fully and truthfully answered all of the questions on the application a determination will be made regarding the approval or denial for the loan. Different companies rely on different systems when researching applicants. Reasons for denial may include the following:
o Active "write-offs" or a bad payment history with other payday loan companies
o Non matching information on the application (i.e. - Social security number does not match name given on application)
o Lying on an application
o Applicants, spouses of applicants, or dependants of applicants who are on current active duty with any branch of the military (Federal law prohibits these individuals from doing business with payday loan organizations)
o Excessive loan inquiries with multiple payday loan organizations
o Recent poor checking or savings account history
o Excessive amount of current payday loans still outstanding
o False reference or employment contact information
TYPICAL FEES:
Once the loan is approved, the funds will be scheduled to transfer into the customer's account. The customer will be notified of the date in which the loan will need to be paid in full. In the event that the customer is unable to pay off the payday loan debt on the agreed upon date, "extensions" can be requested. These extensions usually have a fee associated with them. The fee and a full explanation of the extension process should be explained in the original loan agreement. The purpose of an extension is to extend the amount of time before the full loan payment is due again. Customers are generally allotted a specific number of extensions that can be used during the life of a loan. Once this number is reached no further extensions can be requested and the full loan payment amount will be due.
Another fee which may occur, and should also be explained in the original loan agreement, is what is normally referred to as an "NSF Fee". This fee is charged when attempts to retrieve scheduled payments are made and the customer's bank rejects the attempted withdrawal due to Non-Sufficient Funds. Typical NSF Fees are around $20.
Note: Customers living in specific states may or may not be able to utilize the extension process, depending on state laws that govern acceptable payday loan processes. Other related state laws may exist and dictate different aspects of the payday loan service. Customers should always research their specific state payday loan laws and regulations before entering into an agreement online.
THE BOTTOM LINE
Online Payday Loans don't have to be an intimidating or confusing subject. Responsible customers often find them to be the perfect solution for a tough financial situation. The ball is often in the customer's court when utilizing this option since all of the terms, fees, and guidelines of the payday loan process are readily available prior to accepting any agreement. The key to any successful payday loan transaction is the customer's grasp in understanding the process and anticipating the way it will play out.
If you need money fast and you have bad credit, you're about to learn one of the best ways to get approved for a personal payday loan.
You'll also discover why applying for a payday loan online is safe and easy.
I'll share two simple strategies you can use to pay zero interest or fees on your personal loan... and... Boost your chances of getting approved for a payday loan - even if you have bad credit or no credit.
Here's how it works...
Until recently, if you needed a bad credit personal loan, you had to drive across town. Then - on top of that - wait in line forever to get a loan. If you have kids with you, that's a huge hassle!
Not anymore.
Now you can apply for a payday loan from the comfort of your home, know if you're approved in minutes, and get fast cash wired into your bank account. No waiting in line. No driving across town.
But, be forewarned --
If You're Not Careful, This Convenience Can Cost You
Online payday lenders fall into three categories:
Honest Lenders, Offering Honest Service - These companies don't hide behind a web site. They give you their phone number and postal address, and they clearly disclose their loan terms. When you do business with them, you can rest assured your personal information is kept safe and you're getting an honest deal.
Dishonest Lenders, Who Sometimes Break The Law - Some online lenders charge more interest than state laws allow. Others lend money to people living in states where payday loans are outlawed - or to military personnel. And worse... Some aren't lenders at all!... Just scam artists out to steal your hard-earned money and personal information. Fortunately, there aren't too many scammers, but you still have to protect yourself.
And, finally,
Brokers Who Don't Fund Payday Loans - The majority of bad credit loan sites on the Internet don't lend money. They accept your application and forward it to lenders they're affiliated with. While this seems like a good thing (lenders "competing" for your business), you lose of control over the application process. Do you really want to get a loan from a company you don't research yourself? I didn't think so.
You may wonder...
Are Online Payday Loans Worth It?
Absolutely! Applying is fast and easy, and the money is zapped right into your account.
The good news is, you can protect yourself by following these three precautions: First, only apply for a loan if the application page is secure. You can verify this if you see a closed padlock in the top-right or bottom-right corner of your screen. Second, never apply for a loan from a company that charges more than your state allows (usually no more than $25 per $100 borrowed.) And, Third, always be sure you can find a postal address, phone number and clearly-disclosed loan terms on their site within 15 seconds of landing on their homepage. If that information is too hard to find, they may be hiding something.
When you follow these three simple rules, you'll weed out 99% of the dishonest lenders and/or scam artists.
Now that you know how to protect yourself when you get a bad credit personal loan, here's how to get a fee-free loan.
How to Get A Fee-Free Bad Credit Payday Loan
Just as I promised, you're now about to learn how to borrow money for free, even if you have bad credit.
Because there are so many payday loan sites and only ten spots on Google's first page for "payday loans", lenders are working harder to attract your business.
And that's good news for you!
In fact, there are a handful of honest companies that will give you your first loan free.
Here's how it usually works:
You apply for a loan online
If approved, your first loan (usually between $100-$500) is wired to your bank account within 1 business day
When you pay-off your loan, the loan fee is waived
What that means to you is...
If you take out a loan and pay it off the first time it comes due (instead of rolling it over), you pay no fees! You can't beat a fee-free payday loan, can you?
If you take out a loan and roll it over (extend your loan when it comes due), you'll pay a fee to roll-over your loan. However, when you finally pay-off your loan, your last loan fee will be waived.
So, no matter what, you save money!
And, bad credit is usually not a problem. That's because most payday loan lenders don't check your credit report. They may check with a company called TeleTrack to see if you have any other loans out - or - if you've defaulted on any payday loans in the past. But, recent bankruptcy and even some severe credit problems may not always get you turned down for a loan.
Plus, since you can apply online, you can safely apply without worrying about the embarrassment of getting turned down face-to-face if you don't meet their guidelines.
You can apply for a fee-free payday loan today and find out fast if you're approved.
Here are two ways to find companies offering first time borrowers fee-free payday loans.
Tip #1: Search Google for "Payday Loan First Loan Free" and see what comes up. Follow the advice I gave you above to protect yourself from scams or hassles.
Tip #2: Or, search Google for "Payday Loan Reviews" and see what people say about popular online lenders, so you can make an informed decision.
Online bad credit loans are a great option, and when you follow these simple rules, you can protect yourself and save money, too!