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A payday loan is classified as a short-term loan and usually ranges in amounts of $100 to $1000. There is a minimum of paperwork required and the entire application process can be done quickly and safely online. Not every lender can provide the maximum amount of funds and there is no guarantee of the amount of funds a borrower will be approved for, if any.
Payday loans are normally due to be repaid in full at the end of two weeks or the next payday. This quick repayment period is an important reason why these loans should only be used for true financial emergencies and when all other borrowing options have been exhausted.
With a payday loan, you are basically writing a check to yourself for the loan amount plus all interest and fees. The lender holds this check until the repayment date. The full amount is due and payable as stated in the terms of your loan contract.
Here is a simple explanation of how a Phone payday loans works:
Every lender independently determines the requirements for an applicant to be approved for a payday loan. However, there are some basic minimum requirements which all applicants should meet:
It is important to note that not everyone will qualify for an Phone payday loans. LoansHeaven.com cannot guarantee that you will be matched with a lender or be approved for a loan. Every lender makes the approval decision according to their own standards and this website has no influence or role in the decision.
You can find the loan application on our secure website. It is simple and easy to understand and generally only takes a few minutes to complete. You should fill out the application honestly and completely which will help prevent delays in processing your loan request. Lenders normally will not consider an application that contains unverifiable personal information. Please note that knowingly submitting false information on a loan application is a crime.
Most lenders will run routine credit checks on applicants. However, a poor credit history or low credit score does not automatically disqualify an applicant from being approved. Lenders also look at the applicants current financial situation, including level of income, when determining whether to approve a loan request.
The actual approval process only takes about two minutes. Most lenders are able to transfer funds to your checking account within one business day. To avoid delays, try to submit your loan application during regular banking hours, Monday through Friday. Not every lender offers a one hour cash transfer option. For those that do, this expedited service carries an additional fee.
Once your completed loan application is submitted, this website shares your information with one or more suitable lenders from our large database of trusted payday loan lenders. While we make every attempt to match you with a lender, approval is not guaranteed. Not everyone will qualify for an online payday loan.
Rates and fees are determined by your specific lender. LoansHeaven.com has no control whatsoever over loan fees or interest rates. Lenders carefully consider the information which you provide on your application to determine the rates and fees you will be charged. It is important to remember that payday loans are classified as short-term loans meaning that the repayment period is extremely short (usually two weeks).
Customers who choose payday loans will be subject to higher interest rates and fees for the convenience of getting cash funds quickly (generally within 24 hours). Applicants also can have lower credit scores and less-than-perfect credit histories plus no collateral is required. All of these features of an online payday loan result in higher costs to the consumer.
The Truth in Lending Act states that lenders are legally required to disclose to you all interest rates and loan fees in writing before asking you to sign a loan agreement. If you are not satisfied with the terms and conditions of your loan agreement, you may simply refuse to accept the loan. You are not under any obligation to sign a loan agreement if offered and there are no fees attached to declining a loan.
Rates and fees may depend on the specific laws of your state of residence. Again, OnlinePaydayLoans.net does not set fees or have any control over what specific lenders charge for their online payday loans.
Loans Heaven strongly suggests that all payday loan applicants review and fully understand all the terms and conditions of their payday loan agreement before committing to the loan. Lenders are legally obligated to list all information regarding loan extensions and payments in the terms and conditions section of your agreement.
Not all lenders offer loan extensions and some states strictly forbid them. It is your responsibility to know this information upfront. Online payday loans can be a fast and easy source of much needed emergency cash but consumers should be aware that the repayment period allowed is generally two weeks.
If your lender does allow extensions, it is in your best interest to notify your specific lender as soon as you know you will not be able to fully repay the loan on the original due date. In most instances, you will be required to pay the interest due and in two weeks time you will owe the remaining principal amount plus additional fees and interest.
If you think you will be unable to fully repay the loan when it is due, you should carefully consider if this type of loan will be a benefit to you. Payday loans are designed to be used for emergency financial needs and should not be considered a solution to long-term debt problems.
Loans Heaven tries to match every applicant with a suitable payday loan lender. We do not make loans of any type and have no role in the approval process. All questions regarding your loan, including all terms and conditions, should be directed to your specific loan provider and not to this website.
As long as you have not signed your loan agreement (electronically or otherwise), you are under no obligation to accept a payday loan. If you are not pleased with the terms and conditions of your loan, you may simply refuse the loan offer. There are no fees associated with declining a payday loan offer.
We encourage all consumers to be responsible borrowers. Even though payday loans differ from conventional loans in many ways, they are alike in one important aspect. If you default on a payday loan, the lender has every right to begin collection proceedings against you. Borrowing money is a serious matter and should be considered with great care. Please investigate all your options before committing to an online payday loan.