Mention money loans and most people would sermonize you about usurious interest rates, vicious debt cycles and morbid details about an industry that has gained notoriety off late. But what is being labeled the bête-noir of the poor, by all and sundry is in reality a very critical part of the economy that almost 10 million Americans rely on each year.
Oh yes, you heard that right.
In any given year, 10-12 million Americans seek access to a cash advance. If the government is to be believed, then people are losing their assets, their sanity and some, even their lives due to predatory loan companies.
...But with Good, Reputable Loan Companies, Statistics Clearly Point in Another Direction.
At a time when the entire industry is under the risk of being severely curbed or restricted, what does the future hold for someone who lives from paycheck to paycheck and is faced with an emergency requirement for cash?
Where does he head to when he certainly isn’t in contention to head to a bank due to his credit score or the lack of it?
According to a report by Onedeck, a meager 20% of entrepreneurs get the credit they seek from banks in the US.
That’s a staggering number of people looking for easy loans that can cut through the red tape and get them the money they need, sometimes desperately.
But as always, you have bureaucrats who believe that public sentiment is the least of their concerns and are ready at the drop-of-a-hat to play messiah.
The question is,’ Who is really winning here?’
Making Money Loans More Difficult to Obtain
As if the Dodd Frank bill wasn’t making it difficult to obtain same day loans, Google recently joined the bandwagon and banned Payday loan advertisements from appearing on search result pages.
So, if you search on Google for ‘easy loans’, the chances are slim that you’ll find anything that is helpful at all. If anything, you are most likely to find more chest-thumping governmental claims of saving people from loan sharks.
Does that mean that the only option to get a cash advance is to walk into one of those storefront establishments with a Neon signboard screaming Payday Loans?
No. We wouldn’t be caught dead in one of those storefronts either. That’s where we step in folks.
If you have made it so far, then chances are that you are seeking a cash advance for an emergency or for business uses but have no clue which lender to trust or how this works.
The last thing you want is to get trapped in an on-going debt cycle and be saddled with more debt than you can ever repay.
You can trust us on this. If you are a responsible borrower, then money loans can be a lifesaver. If you act irresponsibly, then just about any loan can pile up and become impossible to pay over a period of time.
Before we continue, we’d like to explain a tad about ourselves and the reason why we created a website like this.
How Money Loans Saved Us
Without delving too much into a not-so-glorious past that was riddled with financial problems, we would like to reveal that we have relied on cash advance loans for years. So did a lot of other people in our town because most of them were workers who lived paycheck to paycheck.
A broken down refrigerator in the middle of summer would be a sudden unexpected expense that could either mean losing weeks worth of food or seeking a cash advance from a trusted lender. Quite naturally, we sought the second option.
On most occasions though, the loan was repaid on the next payday. On some occasions, it got renewed and extended to the one after it. Either option was a better choice than waiting without food for a paycheck that was a week away.
This is just one of the scenarios that millions of Americans face each day. There are many more like a sudden medical emergency, the death of a family member, credit card fees, unexpected home repairs, mortgage payments and overdraft charges.
When we noticed that it was becoming more difficult than ever to find a reputed and trusted lender who could give you a cash advance within just five minutes without probing into your financial past, we decided to create a list of the best ones out there and put it all together on a website.
Lo and behold, OnlineCashAdvance.co was born.
On our site, you will find some of the best and most recommended sources for easy loans without any hurdles. No credit checks, no paperwork, no subprime interest rates or lenders with murky tactics. Just money when you need it the most in the shortest possible time frame.
Finding Money Loans with Bad Credit
‘Bad credit’ is a term that is thrown around more frequently than it should be in the financial industry. And it has been contorted to the point of becoming a misnomer. What defines bad credit these days?
Let us explain.
Let’s say that five years ago, you missed out on paying a utility bill due to reasons that were beyond your control. Unbeknownst to you, that one missed bill has been recorded in your credit history turning you into a high risk consumer who will most likely default on the loan.
That’s what banks call bad credit history.
Your financial status may have changed over the years. But you will continue to be looked down upon as an untrustworthy person. Banks will shut their doors on you and sadly, friends and relatives will rarely lend you money, irrespective of how professional you may try to make it.
Recovering from bad credit is a tedious and painstakingly long process of maintaining a spotless financial record for years. Any urgent requirement for cash during this process needs to be met from an unconventional lending source.
A no-credit check lender like this on the other hand, will approve your loan in minutes without even checking your credit history. The best part is that the entire application process is so ridiculously simple that you will have the money wired into your account in as less as 15 to 20 minutes.
What’s the catch?
To be honest, nothing!
There is no catch. It is a completely legitimate business that lends money to people who are considered ‘unlendworthy’ by banks and financial institutions.
Is There a Limit to What You Can Borrow from Online Loan Companies with Bad Credit?
The amount of money that you can borrow from any online cash advance loan companies have nothing to do with your credit score at all. It does have a lot to do with state laws though. Some states have introduced a lending cap curbing the maximum amount of money that can be lent on a short term. This may range from $100-$1000, though some loan companies can lend out so much more!
Minnesota for example, has a maximum lending cap of $350, which is downright stupid to be honest. Utah on the other hand has no upper limit on same day loans. The only restriction that they have is that the lending period cannot exceed more than 10 weeks.
If you are unable to repay a cash advance in ten weeks, then it would be in your best interest to address your financial problems sooner than later. Because frequent borrowing can lead to excessive debts and it can quickly transform into a habit that you may find is very difficult to get rid of.
Many lenders in different states are now using innovative strategies to circumvent these arcane laws and make it possible for entrepreneurs to borrow much bigger sums of money.
This lender here, for example, can lend you up to $15000 with no credit checks. They have one of the fastest approval processes in the business, have no limits to the maximum amount of loans that you can have at a time and no limits on rollovers either.
Some other lenders ‘may’ consider your credit score as a yardstick to set a cap on the amount that you can borrow. But even people with the poorest credit scores qualify for money loans of up to $1000. If your credit scores are slightly better, then you can qualify for borrowing much higher amounts which is impossible in a conventional financial institution.
Also, lenders will be more lenient towards you with your second loan with them. For example, if you qualify only for borrowing $1000 the first time due to a very bad credit score, the lender will increase the lending cap to $1500 or $2000 if you repay the first loan on time without a rollover. This will also help you in improving your credit score.
How Do These Cash Advance Money Loans Work?
It almost seems like there has been a consistent effort to malign the entire cash advance loan industry in the recent past, with a barrage of negative press. And it wouldn’t be wrong to say that it has been largely successful.
People are becoming more suspicious about a check advance loan than they were a few years ago. While it pays to be discerning about hidden charges and usury, you need not be wary about borrowing short sums of money from reputed and transparent vendors.
A check advance loan has remained unchanged over the past decade or so.
You logon to the website of your chosen and trusted lender like this one over here, fill a small form with a few personal details, get a loan approved in minutes and wait for the money to be wired or deposited into your account. It usually happens on the same day. Hence the term ‘same day loans’
In exchange, you write the lender a check or authorize them to electronically debit the repayment amount from your checking account on your Payday or within a stipulated time frame. There will be a fee involved while repaying which is typically $15 per $100. So, if you have borrowed $500, you can expect to repay approximately $575 on your Payday.
In the rare event that you cannot repay the amount by the agreed timeframe, you can choose to extend the loan to another term. This is called a rollover and most lenders have a rollover time frame of 14 – 30 days.
While it is a lot more expensive than a conventional loan, it is one of the easiest and the most convenient way to get access to cash when you need it urgently.
What do you do if you have an emergency requirement for $1000 in the middle of the night on Saturday? An online cash advance loan is your best bet. You will have the money in just hours after applying for it without even stepping out of your home.
Which bank would be open on a Sunday? None! And even if they were to open early on Monday, it would still take days or even weeks to complete the paperwork and process your loan application.
Are the High Interest Rates with Online Money Loans a Drawback?
That depends on why you need the cash and if you have explored all other possible options before choosing instant money loans.
Let’s get the facts right. These loans are expensive. But if the reason justifies the added cost and convenience, then we wouldn’t consider it a drawback at all.
The Anti-Payday Loan brigade often highlights the APR or the Annual Percentage Rate for these loans which in some cases can be as high as 260% or more. But the very purpose of a check advance loan is short term borrowing.
No one in their right senses would borrow from a Payday lender for a year.
It is estimated that one in five fast money loans end up in a rollover and eventually get into a debt cycle. That is the same number of student loans that go into default too.
So, as we said earlier, it is about handling your finances responsibly rather than maligning a particular type of business as snake oil.
Just to give you some insight into the so called ludicrous APR for same day loans, here’s how it fares when compared with the APR for some other commonly used financial services on the basis of a typical (14 day) cash advance period.
- Outstanding credit card balance of $100 – Late payment fees $37 – APR = 965%
- Unpaid utility bill of $100 – Late payment or reconnection charges of $42 – APR = 1203%
- Cash advance loan of $100 – Interest charges of $15 – APR = 390%
There you have it. As long as you don’t get conned into signing up for a loan with tons of hidden charges and unreasonably high interest rates, you can use these short term loans for financial emergencies to tide through until its Payday.
What Details Do I Need to Provide to Loan Companies, to Get an Approved Check Advance?
That varies from one lender to the other. Most lenders will ask for the following.
- You must be of legal age (18 in most states in the US)
- You must have a valid ID or proof of residency in the US
- You must have proof of employment (Usually for the past 90 days or more)
- You must have an active checking account in your name
- You must have a working phone number
- You must provide the lender with a personal check equal to the loan amount plus the applicable fees which will be cashed on an agreed upon date.
Lenders in some states, for example Indiana and Oklahoma may also ask for your social security number.
Some lenders also ask for your pay stub or the most recent copy of your bank statement. But those are just a handful. Most lenders aim to process money loans with as less paperwork as possible. In an online application, all that you need to do is provide electronic copies of the documents and you can know the status of your loan application in 30-60 seconds.
How to Find Reputable Money Lenders for an Online Cash Advance
It’s a dog eat dog world out there. Like any other business, you have to be wary while choosing a service provider, which in this case is a lender. Money loans are a multi-billion dollar industry that thrives on aggressive marketing strategies. And a part of these strategies is to appear like a legitimate business with no hidden terms and conditions or costs.
But sadly, that’s not always the case. There are tons of unscrupulous lenders out there who connive and deceitfully lend out loans only to tack hidden charges and unbelievably high interest rates.
In a recent conversation with someone who had been trapped in a debt cycle, we discovered a lender with an APR of 2100%.
Did that shock you out of your shoes? Like we said earlier, there are loan sharks in this business. But not all of them are thieves as they are often made out to be.
In the past few years, we have had the fortune to do business with some of the fastest, safest and trusted money lenders in the business who specialize in lending money on the same day without a credit check.
We can vouch for the credibility and the reliability of each one of these lenders and we frequently update this list with newer additions. By keeping a constant vigil on the terms and conditions ensuring that any slight updates that smell of a scam are detected, we weed out the scammers and keep this list clean.
Talking about scams, this is also a good time to share a few pointers on how you can identify one and save yourself from getting burdened under debt.
How to Spot Cash Advance Loan Scams
Venturing into the market looking for easy loans with bad credit plastered on your forehead is like advertising your availability to be conned. Predators will already be circling waiting to swoop down on you with offers that sound too good to be true.
That’s because they are untrue. But they are so sneakily disguised under glossy advertisements and are sold by innocuous looking salesmen with a smile, that most first time borrowers would fall for it.
Here are a few red flags to be aware of while navigating the landscape:
- They hound you with calls: A reputed lender will never hound you with phone calls, messages or emails. If you are receiving unsolicited emails or phone calls with loan offers, then chances are that it’s a scam or a lender with potentially higher interest rates.
- They have a name that almost sounds like a reputed lender: This is one of the oldest strategies that unfortunately still works. Unscrupulous lenders often create a website that mimics that of a reputed lender. They even have a name that sounds very similar. For example, ZippyLoan may be copied as "Zippiloans" or something similar. That’s just an example. But you need to keep an eye for such scammers and ensure that you are dealing with the original reputed lender.
- They demand an upfront fee: It is illegal to demand any sort of upfront payment while you are reviewing your options or filling out applications. Skedaddle at the first sign of any demand for money upfront.
- They pressurize you into signing up: Any lender that resorts to pressure tactics or even worse, scare tactics is a big resounding no. That’s irrespective of how good their rates sound or how much they agree to lend you. Imagine what they would resort to if you default on the payment for some reason.
Always do your research about any lender before signing up with them. Read reviews online, check if any of your friends or relatives have borrowed from them before, check their rating on the Better Business Bureau, confirm if their physical address exists or is fake. If you do your due diligence, you can easily spot a scam a mile away.
Which Other Options are Available for Getting Easy Loans from Loan Companies?
If for some reason, you are not too keen to opt for an online cash advance loan, then you can consider one of these alternatives. The drawback is that none of these options qualify as an emergency or easy source of money. You can expect typical loan processing times and documentation delays with all of these.
The only way to get a same day loan is to borrow from a lender who specializes in such loans.
Here’s one of them.
Secured Loans: If you have collateral to pledge, then you can apply for a secured loan for people with bad credit. The chances of you qualifying for such loans are a lot higher than applying for unsecured loans. Secured bad credit loans usually have better terms and conditions than other types of loans. The APR is lower and the loan term is higher. However, unlike instant money loans, there is no rollover option. If you are unable to repay on time or beyond an accepted limit, you risk losing the collateral that you pledged.
Co-Signer: If you have a family member or a friend who has a good credit score and is willing to apply as a co-signer with you, then you have chances of getting a loan from a conventional financial institution with favorable terms and conditions. However, if you do not repay the loan on time or default on the payments, then you risk ruining your co-signers credit score and in all probability, your relationship with the person.
P2P Lending: P2P lending or Peer to Peer lending started in 2005 and has become quite popular with borrowers. There are online portals where you can post a loan request with details of the amount you need and the reason that you need it for. This portal will connect you with an individual, called an investor, who may lend you a loan. Investors screen applications and approve or reject them based on the details including the borrower’s credit score. The interest rates can be significantly lower than instant money loans. But the chances of you landing a loan with a dismal credit score are slim for the same reason as why a bank refuses your credit request.
Compare and Shop for Easy Loans from Reputable Loan Companies
Always evaluate offers from multiple vendors while you are shopping for money loans. You should be looking to do business with a lender who looks beyond an old blemish on your credit score and is willing to lend you the amount you need with reasonable interest rates. Enquire about the fee structure and if it includes charges for prepayment, rollovers, late payments and an unsuccessful payment attempt.
A reputed and trustworthy lender will be transparent while explaining the fee structure to you. Most of them do not charge anything beyond the interest.
If you wish to skip the effort, then here’s our recommendation of the top lender for online money loans (click the big, "click here" button, below).
We hope that this helps you find the best rates and the best prices in the shortest time frame. Feel free to shoot an email if you need any further assistance.