Who Qualifies for Online Payday Loans?

There’s nothing that quite compares to getting a rejection letter from a bank or credit card company when you need cash to cover emergencies but can’t quite come up with it on your own. When the need isn’t too high, online payday loans can provide a solution even for those who have a pile of rejections from traditional funding sources.

Online payday loans are different than bank loans that require lengthy background checks and approval times. They’re also different than credit card lines of credit since the funding doesn’t revolve and the commitment to the lender isn’t open ended.

Qualifying for this type of funding is a whole lot easier than many realize, too. This is even so for those who have heard nothing but rejection from all other options.

Qualification Process

When there’s a need for funding right away, online payday loans provide an option that works. The qualification process is generally pretty easy. It involves:

* Applying for the loan – While the actual application can vary from state to state and lender to lender, applying for a loan online is typically pretty simple. Most application forms only require a little bit of background information and details about a person’s ability to repay a loan. This means proof of employment or another steady stream of regular income.

* Setting the amount – Payday loans, as the name implies, are meant to be paid back rather quickly. With that in mind, the lending amounts tend to be rather small. Think $1,000 or less. Applicants will need to say how much money they require.

* Qualifying – Once the form is filled out, online lenders review the details and get back with applicants almost immediately. Since these loans are set online and involve small amounts, funding is generally available within a day. All it generally takes to qualify is that proof of income mentioned. Many online lenders don’t run credit checks, which means just about anyone with an income can qualify.

Repayment is Easy

While there are fees and some interest involved in most online payday loans, repayment terms are typically pretty simple and straightforward. Repayment is handled in installments to make sure the amount is affordable. This money is generally withdrawn directly from a bank account to streamline the process even more. Contact Short Term Loans for more information.

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