Under the threat of a pandemic, many company employees were transferred to remote work, and some were forced to go on unpaid leave. Mainly the situation affected the small business. Given that additional money may be needed at any time - car repair, dentist payment, other unforeseen expenses - people need some security guarantee. Such a guarantee of financial protection is online loans. It should be understood that this service solves short-term problems. You should not consider this type of assistance as a long-term financial policy.

Loans for ANY  NEEDS
APR from 4.99%

Table of Contents:

How online loans work?

Why choose online loans instead of banks or credit unions?

How do I apply for loans online?

Bad credit and loans no credit check

Online Payday Loans?

Personal Installment Loans online

Title loans online

Best online loans

How online loans work?

There are specialized sites for providing quick financial assistance to the population work on the same principles as ordinary banks. After applying, the borrower is checked for compliance with the conditions of the company. After a successful selection, the money is credited to a bank account or customer card. If necessary, the amount received can be sent directly to the repayment of another debt.

The main difference from banks is that the borrower does not need to visit the office of the creditor company personally, and the decision is made in a few hours. Also, the solvency test of potential customers is softer and does not appear in the credit history, even in the event of a refusal. To compensate for their risks, companies providing online loans set higher interest rates. Most are limited to 36%. Users with a good credit history can count on 4.99 - 28.99%.

Online Cash Advance From $100 to $35000 

Why choose online loans instead of banks or credit unions?

The advantages of online services for quick financial assistance are apparent:

  • Borrowers do not need to go to the bank office and wait for a decision within a few days. You can fill out an application without leaving your home from a PC or smartphone. It is very relevant given quarantine. The applicant will receive a response within a few hours, so there is a chance to collect money on the same day that the application was submitted.
  • Checking your credit history is not as thorough and lengthy as in ordinary banks. It does not mean that anyone can get the money. The applicant will be asked to upload in a particular form on the selected site the last four digits of his social security number, and identification and income confirmation form (payment receipt or W-2). Any format is suitable, including PDF, scan copies, photos from a smartphone or a screenshot.
  • You can find out personal conditions, tariff and interest rate before applying. It is easy to calculate the amount of available loan and the repayment period on the site using a unique loan calculator.

why borrow online

How do I apply for loans online?

To get fast financial assistance, you need to meet simple criteria:

  • Be a US citizen (sometimes of a particular state) over 18 years of age (a must).
  • Have an active bank account.
  • Have a good credit history (desirable, but not necessary).online loans requirements

If the potential customer meets the requirements, he performs simple actions:

  1. Fill out the preliminary verification form on the website of the selected company. Some services allow you to send a single application to several direct lenders to save time.
  2. Examine the offers of online services and select the appropriate conditions. The main indicators are the annual interest rate, available loan amount, term and frequency of debt repayment. Some companies offer rollover. It may seem convenient, but there is a danger of remaining indebted for a long time.
  3. Fill out the form and upload photos of the required documents to identify the client.
  4. After approval of the application, you should carefully re-read the contract. If there are unclear places, be sure to contact customer support.
  5. You can sign the contract in person at the office of the company or without leaving your home using a specially generated personal code.
  6. Wait for funds to be credited to your bank account.

To attract customers, creditor companies are continually improving their work algorithms. Now, most of them provide instant online loans same day.

Bad credit and loans no credit check

Bad credit history or its absence is not a 100% guarantee that the borrower will be refused. But in the case of a low financial rating, additional steps will need to be taken.

Read more: Bad Credit Loans

Online Payday Loans?

Although these services are similar, they make a significant difference. Payday loans online are issued with little or no credit history at a higher interest rate. The return period varies from two weeks to one month. The amount of assistance is usually limited to $1000. For new customers, the average limit is $250-500.

Payday loans also usually provide amounts up to $1000, sometimes you can count on $2000. The interest rate for these offers is lower and is calculated individually for each borrower.

Installment loans online

Large Personal Installment online loans without collateral are typically limited to $ 50,000. If the client has provided a security deposit, the amount increases to $ 100,000. Payments on such loans are usually made twice a month in equal installments. The customer selects the repayment period based on their capabilities.

Title loans online

Title loans are financial assistance secured by any valuable property. Previously, these types of loans were provided only with the personal presence of the asset owner. Now the service has become available online. Speaking title loans, most often mean a pledge in the form of a car. Ownership of the vehicle passes to the lender, while in fact, the vehicle remains with the borrower. This condition allows you to maintain your usual standard of living until the loan is fully repaid.

Title loans gained popularity because their design does not require verification of credit history. People with a low credit rating or without it at all can count on fast financial assistance on bail of a car. But creditor companies are forced to insure themselves in case of debt non-payment. Therefore, online title loans are more expensive than regular personal loans. The annual percentage rate for them is 100-300% depending on the company. The amount that the client can receive does not exceed 25% of the value of the collateral.

Best online loans

Each client can choose the best available offer after a preliminary check. Algorithms of online services analyze such solvency indicators as credit history, education, profession, place of work and financial behaviour. The last criterion includes transactions on the personal bank account of the future borrower. Based on the results, the service algorithm determines the available rate. It is wise to use a site that automatically sends a request to several direct lenders. It eliminates the need for the client to fill out several applications and compare the results. Most online lenders offer trusted borrowers with a good credit history an interest rate of 4.99 - 5.99%.

Read more: Best Online Loans

LendYou is will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collatera or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

 

PaydayloansUSA.online offers Payday Loans, Installment Loans, Personal Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Vary by state.
  • Rates and fees: 4.99% to 1386% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Installment Loans
  • Personal Loans
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
Pros
  • Quick - no driving, waiting, faxing, paperwork.
  • More than 300 direct lenders.
  • High approval rate even for bad credit Payday Loans.
  • Online Payday cash advance with no collateral.
  • 24 / 7 online service.
  • No hard credit check Payday Loans.
Cons
  • High interest rates.
  • Available not in all the states.
  • Not many financial products offered.

 

 

Credible offers Personal Loans, Student Loans, Mortgages, Credit Cards and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $1000
  • MAX Loan Amount: $100000
  • Terms: Vary by state.
  • Rates and fees: starting at 4.99% APR
  • Turnaround Time: 1 business day
  • Personal Loans
  • Student Loans
  • Student Loan refinancing
  • Mortgages
  • Mortgage refinancing
  • Credit Cards
  • Credit score of 640+
  • An active checking account 
  • US residence
Pros
  • Apply once to get access to multiple lenders
  • Quick funding within 1 -2 business days
  • No additional fees
Cons
  • Not many lenders to choose from
  • Not always available for bad credit
  • Sometimes lenders may charge fees to borrow

 

 

GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms. 

  • MIN Loan Amount: $100
  • MAX Loan Amount: $1000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day

$100 - $1000 Payday Loans

  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $100.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

 

Bottom line

To surely choose the best loan product, consider several options for online loans. It will also be useful to read several comparative reviews with reviews on existing companies.