Simple approval payday loans are available online, through sites like MoneyMutual and Smart Advances, when you need cash for an emergency. However, given the exorbitant interest rates, it’s important to shop around before selecting a lender.
Easy Approval Online Payday Loans
We try our hardest to plan out our days and maybe even follow a budget to manage monthly finances, but that doesn’t prevent financial emergencies from rearing their ugly heads. Medical issues, unexpected bills, and sudden travel obligations are unavoidable, and when these situations arise, you need to find a solution to cover these emergency expenses quickly.
An online payday loan is a short-term, high-interest loan whose purpose is to cover your immediate expenses until you receive your next paycheck. These loans are typically offered for small amounts ranging from $100 up to $1000, with interest rates that are significantly higher than other types of loans.
At payday loan stores, borrowers might provide the lender with a post-dated check, but with online cash advances, the lender is given access to withdraw the amount owed from your bank account when you receive your next paycheck. If you fail to pay the loan on time, you’ll be charged a late fee and a non-sufficient funds (NSF) fee. Since payday loans have high interest rates and short repayment periods, people often request additional payday loans to cover the amount they owe.
Local vs. Online Simple Approval Payday Loans
Payday loan stores are very common in the United States, with just about 23,000 payday lenders nationwide. Despite this popularity, these organizations have been known for using exploitative lending practices and have been made illegal in eighteen states. Given these restrictions, online payday lenders have grown in popularity.
The biggest advantage online lenders offer their borrowers is the convenience of applying for a loan online rather than going to their local payday loan store. You have access to apply for the funding you need anywhere that you have an internet connection. The entire process typically only takes 24 hours, from application to the moment you receive the money.
Additionally, unlike payday loan stores, the entire process is automated, with the money automatically deposited to your account once approved and automatically deducted with interest on your next payday. The entire process is completely confidential, so you don’t have to worry about your identity being shared with any third-party agencies.
How to Choose a Lender for Online Cash Advances
As online payday lenders become more popular, choosing the right fit for your needs can be difficult. The following are three things to consider when comparing quick online payday loans.
- Fast Approval: If you’re applying for a payday loan, you most likely are hoping to receive the money as quickly as possible. Most online lenders advertise their services as offering approval within 24 hours; however, it is possible to receive same-day approval on loans. Compare the loan terms and pay close attention to whether the lender has a cut-off time for same-day approvals to determine which has the turnaround time that you’re looking for.
- Loan Cost: The interest rate of your loan will determine the overall cost. The average APR for payday loans is just about 400%, with some as high as 600%. Though there are certain states in the US where government restrictions prevent lenders from offering loans above a certain APR, online lenders have more leeway to offer higher interest rates. Some online lenders are based in areas where payday loan restrictions aren’t as strict or are located outside of the US. To determine if a payday loan is an affordable solution for your financial situation, pay close attention to the interest and opt for the lowest APR possible.
- Lender’s Trustworthiness: Even if you’re applying for a payday loan due to an emergency, take a few minutes to verify the trustworthiness of the online lender you’re about to use. While there are several credible payday lenders online, there are many who implement predatory lending practices, and your main priority should be to protect yourself and your finances. Verify the reviews of borrowers who have used their services and note their opinions of how safe this lender is, how user-friendly their platform is, and their customer service.
Best Simple Approval Payday Loans
Although payday loans are fairly easy to qualify for, there is no promise that quick online payday loans will be approved for every applicant. The following are four options that can help connect you to an online payday loan that offers exactly what you need. Be sure to compare loan offers before choosing one, and remember there’s no obligation to choose a loan offer if you aren’t convinced it’s the right fit for you.
1) MoneyMutual
MoneyMutual is a free resource that connects you to potential lenders. Their form takes only about five minutes to fill out to help you find a lender and receive a loan within 24 hours. On MoneyMutual, you can request a short-term loan to be repaid by your next pay date or a larger loan of up to $5,000 to be paid in as few as three monthly installments.
2) Smart Advances
Smart Advances offers loans from $100 to up to $20,000 with an approval decision in as little as two minutes. This site provides quick loans that usually don’t require a credit check; however, you would need to provide proof that your income can cover the loan amount being requested. Smart Advances would also require you to link your bank account for automatic repayments.
3) Viva Payday Loans
Viva Payday Loans offers short-term loans of $100 to $5,000, flexible payment terms between two to twenty-four months, and a competitive APR ranging from 5.99% to 35.99%. This site requests no upfront fees or costs and only requires a monthly income of $1,000 or more. The application process is quick and simple, with a decision within two minutes of submitting your application.
4) CreditLoan
CreditLoan is an online marketplace for lenders that specifically focuses on helping people with bad credit access the money they need. Through this platform, you’ll be connected to lenders who offer short-term loans from $250 to $5,000 approval within as little as 24 hours.
Other Short-Term Loans
Payday loans are the easiest short-term, online cash advances to apply for and receive. Does that mean payday loans are the best option when you need cash immediately? While it’s definitely convenient to use payday loans, the following are a few additional short-term loan options with interest rates much lower than a payday loan.
- Credit Card Cash Advances allow you to withdraw cash from the ATM or bank using your credit card. The amount available through a credit card cash advance is calculated as a percentage of the cardholder’s credit limit and is subject to a fee. The interest on a cash advance is higher than the interest on regular credit card purchases and begins to accrue immediately.
- Cash advance apps operate similarly to quick online payday loans, offering instant access to cash you repay on the following payday. These loans can vary from as low as $20 up to $500, with the potential to increase depending on your lender. Many of these apps don’t charge interest but have either a subscription fee or an express delivery fee, and most include an optional tip per transaction. These apps are linked to your bank and automatically repay your loan when you receive your next paycheck.
- Pawn shop loans allow you to use your valuables as collateral to receive a loan with minimal paperwork and no credit check required. Jewelry, collectibles, cameras, and electronics are some of the common items used to secure these loans. You’ll most likely be offered between 40% – 60% of the value of the items, and if you are unable to repay the loan by the due date, you forfeit your property to the pawn shop.
- Auto title loans allow you to use your fully paid-off vehicle as collateral for a short-term loan. With this loan, you’re able to borrow between 25% to 50% of the value of your vehicle. These loans are considered high-risk since you could lose your vehicle if you fail to pay the loan. While auto title loans also have higher-than-normal interest rates, they still fall below the average APR of a payday loan.
What to Watch Out For
With no hard credit checks, deposits in under 24 hours, and the freedom to apply from the comfort of your home, it’s no wonder quick online payday loans are so popular; they’re convenient and come in handy in emergencies. However, since the interest rates are exceptionally high, and with repayment due within two weeks, it can be difficult to manage this loan. Despite this being a billion-dollar industry, 90% of borrowers regret using a payday loan.
It’s important to remember that online cash advances should be considered a temporary financial solution and not to be relied on for financing long-term goals. Before committing to a payday loan, ensure that you can afford to repay it on time and in full to avoid falling into a cycle of debt.
So, if you’re looking for the best simple approval payday loans, be sure to do your homework and compare the various lenders carefully to ensure a safe and affordable experience.
