Overview
Are you facing a financial constraint and can’t wait for weeks to receive funds from traditional financial institutions? If yes, then payday loans are a commendable solution. Paydays are short-term high annual percentage rate (APR) financing sources you can receive in less than 24 hours. Usually, the payday loan amount is low, ranging from $100 to $5000, and it’s due until the next paycheck, i.e., within 2-4 weeks. So, be it an unforeseen household, medical, rent payment, or car repair expenses, you can overcome the emergency through payday loans. However, payday loans aren’t free of conditions; there are several eligibility requirements one must fulfill. Want to know whether you’re eligible for a payday loan? Let’s find out!Basic Eligibility Criteria for Payday Loans
Payday loans are regulated at the State level, so each State has its own rules regarding these loans. Payday loans might be illegal in some states, while some may impose tighter regulatory controls on these cash advance loans. Although the requirements vary according to the State, there are some common eligibility criteria factors, which are as follows:- Age: Borrowers must be over 18 years to qualify for a payday loan.
- Proof of Income: The income level varies by State, but lenders generally require borrowers to have a consistent, steady income. Also, having a full-time job is not necessary and even retirement or disability income may also suffice for this requirement.
- ID Proof: You must submit a driver’s license, passport, or a state-issued card as identity proof. Furthermore, lenders may also require your email, contact number, or home address to track you in case of non-payment.
- Active Checking account: Not every lender will ask for a checking account, but it’s beneficial for lenders since they can directly deposit the amount in your bank account. Some lenders may even want an auto-draft to recover the loan amount automatically at the due date.
Top Online Payday Lenders
We have reviewed six reputable payday lenders that provide exemplary customer satisfaction and a promising user experience. Let’s talk about each one of them briefly. As the name suggests, BadCreditLoans is a popular lending marketplace for low-income and poor credit individuals. Their intuitively designed website is unique and user-friendly, allowing users to navigate and apply easily for a loan. All you need to do is fill out a simple encrypted form that asks for your location and salary. Once submitted, your loan request is shared with a vast network of lenders willing to approve loan amounts ranging from $500 to $10,000. You may even receive offers from multiple lenders, which allows you to compare and choose the best loan plan which can be deposited in your account within 1-2 business days. The best part is that there are no minimum credit score requirements, and you are free to customize APRs, loan amounts, and repayment plans to receive personalized offers. Let’s also not forget about the valuable content on the BadCreditLoans website that educates the users about the prevalent scams and their prevention.Pros | Cons |
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How Did We Choose The Top Payday Lenders?
We shortlisted the above six lenders using a few parameters. Here are some of them:- User Experience: We checked the website design, ease of navigation, and loading time to judge the user experience of each platform.
- Market Reputation: We studied each platform’s prevailing user reviews, industry reputation, and certifications to gauge the reputation factor.
- Transparency: It was an important metric to identify the trustworthiness and authenticity of each lending platform.
- Flexibility: Some payday lending platforms don’t approve loans for bad credit borrowers. Hence, we judged the flexibility factor by identifying the lender’s openness to accept borrowers from all walks of life.