Cash Corner Loans

Payday loans

What are Payday Loans?

Payday loans are short-term loans that generally have less strict requirements than other types of loans. These loans are usually for smaller dollar amounts — from a few hundred to $1,000 — and are due soon. In fact, they’re called payday loans because you usually need to pay them back by your next payday.

Because these loans are short-term and smaller-dollar, they don’t require the stringent requirements of other types of financing. In fact, you might not even need to get a credit check to get this loan. That’s why payday loans for bad credit or no credit individuals can be such a helpful tool.

Online payday lenders are still flexible but do often check your credit. The downside is, payday loans often come at a high cost. Some have APRs as high as 400%, so they’re only recommended if you can’t qualify for other types of financing.

What are Requirement of Payday Loans?

Unlike bank loans or other personal loans, you don’t need much to get payday loan online. Basic requirements include:

• Age: At least 18 years old
• Income: Proof of stable income
• SSN: Social Security Number or Individual Taxpayer Identification Number
• ID: Valid ID number from state- or government-issued identification
• Money account: Active checking or savings account
• Email: Active email address

Who is Cash Corner Loans?

At Cash Corner Loans, we understand how important it can be to get access to funds when you’re facing an emergency. In these situations, the last thing you need is a slow and complicated borrowing process. That’s why we make sure that we provide a quick and simple application process.

Cash Corner Loans is a referral service that works by connecting consumers to licensed lenders across the country that are willing to provide payday loans online.

We are committed to helping our customers in sudden financial struggles and making them satisfied. Our goal is to extend a helping hand in all kinds of life situations when you need money quickly. Even if you have bad credit, our services will be the right fit.

How to get Online Payday Loans at Cash Coner Loans?

If you plan on applying for payday loans online, there are a few steps to the process. To apply for a payday advance, you should:

• Fill out the loan application form – Whether you apply online or in person, you’ll need to fill out an application with each lender. Make sure to have important personal information handy, including your banking info.
• Receive and compare offers – Whenever you’re applying for a financial product, you should always compare different offers in order to make sure you’re getting the best deal possible. Try to choose a lender with the lowest rates and fees.
• Sign the agreement – Once you decide on a lender, you’ll have to sign the agreement before you can access the cash.
• Receive the money – Payday loans are known for their quick turn-around times, and you’ll likely receive your money soon after you sign the agreement.

Cash Corner Loans

Reasons To Get a Payday Loans

According to latest survey, nearly 70% of Americans have less than $1,000 in savings, with almost half of them having no money at all. Cost of living increases, low wages, college debt, and other financial obligations can make it challenging to put cash aside for a rainy day. Those with limited access to funds may find same-day payday loans are a solution to pay for pressing expenses like:

• An ER visit for a sick child.
• Loss of job income.
• Emergency home repairs.
• Overdrawn accounts.
• Surprise car repairs.
• Last-minute travel.
• Insurance deductibles.
• Sudden moves due to changing life circumstances.

Why are Payday Loans expensive?

A payday loans is one of the most expensive forms of borrowing. For starters, payday loan come with a fee. Depending on what kind of cash advance you choose, you’ll be paying either a flat rate or a percentage of your advance amount. Payday loan providers tend to charge sizable fees, and credit cards have a separate cash advance fee as well.

On top of that, you’re subject to a higher interest rate. Credit cards typically have a separate, higher APR for cash advances. Payday loans can have an APR that’s as high as 500% or more. Cash advances have no grace period, so this interest kicks in right away. While most states have their own laws around payday cash advance loans, costs remain similar across the country.

How do you get a Payday Loan with Bad Credit?

More and more payday loan lenders offer loans online. Find a lender you can trust (it pays to do your homework and read reviews about a potential lender before working with them) and go through their application process to get the loan you need.

Is a Payday Loans right for You?

Payday loans offer fast access to money you need but don’t currently have, and often with minimal requirements and from the comfort of your home. It’s a reasonable option to consider if you only need to borrow a relatively small sum and are sure you can repay it when first due.

If you’re already struggling financially, the high interest rates and short lending periods on payday loans can make them harder to repay. Consider other alternatives like borrowing from friends, using a credit card, or taking Payday Alternative Loans (PALs) from a credit union.

The Pros and Cons of a Payday Loans

Here are some of the benefits and drawbacks to payday loans to help decide if they’re right for you.

Pros of Payday Loans

• Quick money source in a financial emergency.
• Receipt of money is quick, so waiting periods are minimal.
• Are easy to apply for.
• Is an unsecured loan, so you don’t need to provide any collateral.

Cons of Payday Loans

• Come at a high cost due to fees and interest rates.
• Risk extra costs like overdrafts or overcharges if the loan is connected to your bank account or credit card, and you’re unable to repay the loan on time.
• People who are already financially struggling may renew or default on their loan, creating a cycle of debt that is hard to get out of.