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Life can be so unpredictable. Some issues are easy to overcome, and others are a bit more challenging, particularly those that place a dent in your finances.

Are you in the midst of a financial crisis and need money fast to cover an expense? You have three options to find relief:

  • Use funds from your savings account to get over the hump
  • Ask your relatives or friend for cash
  • Apply for a quick loan and get the cash you need the same day

If your savings account is empty and you can’t borrow the money from a friend or family member, don’t panic. Quick and easy payday loans can help you find the relief you desperately need. There’s no credit check, and the process is both fast and simple.

Why You May Need a Quick & Easy Payday Loan

There are many reasons for you to need an online payday loan. Some people turn to this easy lending solution because they haven’t saved enough to cover certain expenses. Others have maxed out their credit cards or have bad credit.

According to the Federal Reserve, the total revolving credit debt of American consumers reached $1.057 trillion in 2019 and is continuing to grow.

How to Get Easy Payday Loans Online

Keep these tips in mind when evaluating if a quick online payday loan is right for you.

#1 Do You Really Need Extra Money?

Easy payday loans online can help cover unexpected expenses that are necessities if you can’t find the funds elsewhere. However, they aren’t the best option for non-essential expenses, like a new phone purchase or last-minute birthday gift. These loans are designed for consumers with bad credit and come with higher interest rates, making them a more expensive option.

#2 Can You Afford Quick & Easy Loans?

Even if you are in desperate need of extra money, you may not be able to afford the loan payments due to the high-interest rates lenders charge. The interest alone can add up to several hundred dollars over the life of such a small loan, causing you to repay much more money than you’ve actually borrowed.

If you don’t have a steady income source and worry about affording the monthly payments, think twice before you borrow. Taking out an online payday loan will only get you into more debt and could ruin your credit score if you don’t make timely loan payments.

#3 Get Ready for a Fast Loan

Review the qualification criteria before you submit the easy loan application online. Confirm you qualify and collect the documents you will need to provide to the lender.

Also, order a free credit report from the credit bureaus to see where you stand. If your credit is not in good shape, you may have trouble getting approved for quick cash loans. Most bad credit lenders ask for personal details, proof of income, and review your debt-to-income (DTI) ratio.

#4 Read Reviews

Browse the web and the lender’s website for reviews from past and current customers. This is one of the best ways to get additional insight on how the lender does business and if they’re a good fit for you.

#5 Shop Around for Solutions

Quick and easy cash loans are all over the web. That doesn’t mean you should select the first lender you find, though. Instead, compare offers from several lenders before choosing the option that best suits your needs. Aim for lenders with competitive interest rates and minimal fees.

#6 Apply Online 24/7

There are several storefronts and conventional lending institutions that offer similar loans. However, many have far stricter criteria for borrowers. Fortunately, applying online through Personal Money Service will help you save time and boost your chances of qualifying for a quick loan since our partner lenders are more lenient.

#7 Always Repay the Debt

You can maintain a decent credit rating by responsibly managing your debt and making your payments on time. By contrast, carrying high balances and missing payments can wreak havoc on your credit score.

If possible, pay your installment loans on time or even before the due date. It’s also a good idea to pay off your loans early to save on interest (if there are no prepayment penalties). These actions can help improve your credit score and open the door to better opportunities and lower interest rates in the future.

What Makes Quick and Easy Loans Online Popular?

The Federal Reserve Bulletin has shown that 15% of American families are spending more cash than they earn monthly.

There are many reasons why cash-strapped consumers with bad credit prefer online payday loans:

  • Convenience. An easy and quick payday loan can be obtained from the comfort of your home. Such fast cash solutions are available online with a soft credit check, even if you have bad credit.
  • No faxing or paperwork. Most lenders don’t require a mountain of paperwork to approve you for a quick and easy loan.
  • Fast and simple application. You can complete the application from your computer or mobile device in just minutes.
  • Quick lending decision. Often, the lender will review the loan request and come back with a decision in minutes.
  • Soft credit check. Some lenders claim to provide quick, easy loans with no credit check. But, in reality, every lender will conduct a soft credit check before making the decision. The good news is soft credit checks do not impact your credit score.
  • Same day response. If you apply for a quick and easy payday loan, you could be approved on the same day. Some companies take between 24 and 48 hours to issue a loan and deposit the funds into the borrower’s bank account.
  • 24/7 access. You can apply for an easy online loan at any time of the day or night. It is much more convenient than seeking loans at conventional lending institutions that don’t work in the evening hours or on weekends and holidays.

It’s essential to understand how quick and easy online payday loans work before applying. These loan products are not without risk, and you should read the fine print before accepting a loan offer and receiving the cash in your bank account. Most importantly, confirm that you can make timely payments to prevent further damage to your credit score and overall financial health.

Edited by Allison Martin



Allison E. Martin is a Certified Financial Education Instructor (CFEI) and an accomplished finance writer who has written articles for many reputable publications like The Wall Street Journal, Investopedia, MoneyTalksNews, ABC News, MSN Money, Yahoo!Finance and Fox Business.